Vatican calls for global authority on economy

New Documents Includes Demands For a “Global Public Authority” And a “Central World Bank” 

Source: Dateline Zero

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of a “global public authority” and a “central world bank” to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.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 few things seem inevitable on the planet’s stage these days: One is a more uniform global financial system, marked with an “official” global currency. The other, as a result, is a global government of some kind. After all, today’s realities include the increased speed of global communication, the ease of global travel, and the resulting realities of global trade.

Many institutions think it’s past time to accept these realities, to accept the inevitable. But up until now, calls for a restructuring of the world economy and for a new global currency have been made mostly by politicians and government bodies (notably China).

But now the Vatican has joined the ranks of major institutions calling for a new, world-wide system. Why? Because “the economy needs ethics,” says the new document released today by the Vatican’s Pontifical Council for Justice and Peace. [Full text here.]

The Vatican suggests “the reform process begin with the United Nations as its point of reference.”

Rev. Thomas Reese, senior fellow at the Woodstock Theological Center, Georgetown University, calls it the Vatican view “closer to views of the ‘Occupy Wall Street’ movement than anyone in the U.S. Congress.”

In the past Rev. Reese has urged prudence and reason when wading into the political sphere as a Catholic. He’s also emphasized humility.

When Catholic clergy make comment on political matters, according to Rev. Reese’s past comments: “This is outside their area of expertise. … This is simply their opinion, their recommendation. And the laity can listen and smile and vote the other way, or they can applaud them.”

Commenting on this latest document, Rev. Reese says it’s not only to the left of Barack Obama, it’s “to the left of Nancy Pelosi.” Reese also observed that this document follows a Papal Encyclical where the Pope calls for more, not less, government regulation of the global economy.

Read the full post at Dateline Zero.