Vatican Calls for ‘Central World Bank’ to Be Set Up
Monday, 24 Oct 2011 | 6:54 AM ETBy: Reuters
The Vatican called on Monday for the establishment of a “global public authority” and a “central world bank” to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.
A major document from the Vatican’s Justice and Peace department should be music to the ears of the “Occupy Wall Street” demonstrators and similar movements around the world who have protested against the economic downturn. [Actually many of these people are well-heeled university students and seasoned protesters; their intention is to set off a “people’s revolution” that will overthrow conventional government and replace it with a form of Marxism.]
A major document from the Vatican’s The 18-page document, “Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,” was at times very specific, calling, for example, for taxation measures on financial transactions.
“The economic and financial crisis which the world is going through calls everyone, individuals and peoples, to examine in depth the principles and the cultural and moral values at the basis of social coexistence,” it said.
It condemned what it called “the idolatry of the market” as well as a “neo-liberal thinking” that it said looked exclusively at technical solutions to economic problems.
It called for the establishment of “a supranational authority” with worldwide scope and “universal jurisdiction” to guide economic policies and decisions.
Such an authority should start with the United Nations as its reference point but later become independent and be endowed with the power to see to it that developed countries were not allowed to wield “excessive power over the weaker countries.”
In a section explaining why the Vatican felt the reform of the global economy was necessary, the document said:
“In economic and financial matters, the most significant difficulties come from the lack of an effective set of structures that can guarantee, in addition to a system of governance, a system of government for the economy and international finance.” [Does this sound like control to you? It does to me. What exactly is an “effective set of structures” and how can they “guarantee” changes in financial affairs worldwide?]
It said the International Monetary Fund (IMF) no longer had the power or ability to stabilize world finance by regulating overall money supply and it was no longer able to watch “over the amount of credit risk taken on by the system.”
The world needed a “minimum shared body of rules to manage the global financial market” and “some form of global monetary management.”
“In fact, one can see an emerging requirement for a body that will carry out the functions of a kind of ‘central world bank’ that regulates the flow and system of monetary exchanges similar to the national central banks,” it said.
The document, which was being presented at a news conference later on Monday, acknowledged that such change would take years to put into place and was bound to encounter resistance.
[Please consider this final statement very carefully…]
“Of course, this transformation will be made at the cost of a gradual, balanced transfer of a part of each nation’s powers to a world authority and to regional authorities, but this is necessary at a time when the dynamism of human society and the economy and the progress of technology are transcending borders, which are in fact already very eroded in a globalized world.”
[The only two options here are a GRADUAL move toward a Global Bank or a SWIFT one that is now needed and apparently possible.]
We in the UK are already incensed that our Government is surrendering again and again to the demands of the Eurozone countries, not taking this opportunity to pull BACK from the “greater integration” that is being called for, but actually demanding MORE centralised control. What lunacy!
The Euro has been doomed as a currency ever since it began, and now that weaker countries are defaulting on their debts they are pulling everyone else down with them. But at least the UK is not in the Euro.
However, with ONE centralised global banking system (doubtless working towards one global currency) what protection will the well-managed economies have from profligate, defaulting, corrupt and badly-run economies? We’ll all be in the same (sinking) boat!!
The cry of “unity” can sound glorious on paper. It did so in the churches, until we realised that unity came with a price: centralised control, hence corruption and heresy. The only safety-net from the apostasy has been independence, and that is as true for the political world as it is for the Church.
Unity and oneness is all well and good when it’s wisely and fairly led, and when common concerns democratically overrule personal self-interest and the lust for power.
But since human nature is greedy and selfish the righteous go to the wall. We have learned that the hard way ever since we joined the supposed “common market” now turning into a behemoth called the United States of Europe. We are now more enslaved to the EU than we would have been if we’d lost the Second World War, and it’s been OUR foolish choice!!
I am writing this on the same day that our spineless lackey of a Prime Minister has gone out of his way to defeat a Commons Motion to have a referendum on Europe. This is the same Prime Minister who is bending over to do the bidding of his EU buddies, and pledging yet more billions to their doomed currency.