10 Responses to Notes on the Vatican Statement on Global Financial Reform

  • Ecclesiastics playing at being economic analysts is as hilarious as economic analysts attempting to play at being ecclestiatics. With good reason Christ, when asked whether it was lawful to pay tax to Caesar, simply replied: “Render unto Caesar the things which are Caesar’s and unto God the things which are God’s.” Although I do think the entertainment value when this admonition has been ignored by either Caesar or the Church would be truly priceless if the results throughout history had not been so deeply tragic on so many occasions.

  • T. Shaw says:

    They should concentrate on saving souls, even if it renders them “irrelevant” to the NYT/CNN crowd, and quit concocting schemes to wreck national economies.

    I apologize in advance.

    It’s infallible ignorance.

    Seems they think the Great Recession was created by free markets. Nothing could be more dangerously far from the Truth. The unemployment, the foreclosures, the crashing housing prices, the soaring food/fuel prices, the unemployment/underemployment could not have occurred without Washington (70% of offending mortgage derivatives were securitized and guarantied by FNMA or FHLMC; the Fed and governments keeping rates too low and bailing out LTCM, Bear Stearns and Merrill Lynch; etc.) and over-weaning government interference.

    So, how does a One World Central Bank solve the multi-crises? We see, on a smaller scale, that that works oh sooooo swell in the Eurozone.

    Seems this malarkey represents the fruits reading the NYT and watching the idiot reds on Commie News Network.

  • Well, FWIW, this particular document seems to place a lot of the blame for the recession on the easy money and easy credit — thus essentially on the Fed. This is what a lot of Austrian economists would do, including those who go so far as to support returning to the gold standard. Krugman and the NY Times folks would hate that.

    Not that I think a World Central Bank is a good solution to that (or that I necessarily agree fully with the Austrian diagnosis in this case) but just to be clear.

  • T. Shaw says:

    Father Sirico, in today’s WSJ Op/Ed page makes similar arguments.

    I think the CNN/NYT/collective control/central planning/”one bank to rule them all” factions fear and loathe the gold standard because it removed their “policy genius” from the monetary “equation.”

    Abandoning the gold standard was true “deregulation.” It removed market forces from monetary economics and replaced with political forces.

  • Mike Petrik says:

    Darwin is right. The document is being misinterpreted in many quarters, in some cases perhaps deliberately. That said, I really am uncomfortable with the Church giving counsel on matters that really do not pertain to the mission Christ delegated to Her. No matter how well-intended, such counsel will inevitably err in embarrassing ways, and thereby give ammunition to Her enemies.

  • Kyle Cupp says:

    Again, there’s probably material here to make just about everyone at least a bit uncomfortable. I’m willing to bet that the author considers at least some of what I would consider sensible market-drive ideas to be “utilitarian” or examples of “individualism” — though I would disagree.

    I felt quite comfortable myself, but anyhow, the distinction you make here between judging an ideology as bad and judging whether an idea falls under that ideology is an important one. The Church can be right that Ideology X is bad while being wrong about what ideas fall under Ideology X.

  • I seem to recall you saying, Kyle, that you yourself were a bit uncomfortable with some of the sections on a world Authority — being a bit of an anti-authority guy yourself. But that’s besides the point.

    I agree that there’s an important distinction to be made between judging that an ideology is incorrect and judging that a particular idea or policy much necessarily be an endorsement of that ideology. Of course, speaking of lack of comfort, this argument was perhaps made most eloquently in the Catholic context by the (heretical) Jansenists — who responded to condemnations of their writings by saying that they agreed with the Church authorities that the ideas being condemned were wrong, but disagreed that those ideas appeared in their writings.

  • Kyle Cupp says:

    My comfort was with the quoted paragraph to which you were responding in the section I quoted. Regarding the document as a whole, and specifically the notion of a global authority, yes, I am apprehensive.

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