Notes on the Vatican Statement on Global Financial Reform
UPDATE:
Thinking this post (written last night) over again in the light of morning, it strikes me that while getting a lot of the real text out there is doubtless is a real service, many people simply won’t read the whole thing, so I’m adding the following summary bullets at the top. The document:
- Blames easy money and easy credit for the origins of the global financial crisis (classic Austrian business cycle explanation)
- Criticizes a “liberalist approach” to avoiding intervention and the failure to bail out Lehman Brothers (notes later that financial institutions should be bailed out on condition of contributing to the real economy through “virtuous behavior”)
- Notes that globalization has been a huge benefit to many, but has left others behind
- Calls for people to remember spiritual and ethical considerations rather than putting their hope in technocracy
- Expresses concern that speculation has hurt global markets and the developing world in particular
- Praises the G7 and G20
- Suggests the need for a global “authority” stronger than the UN or IMF
- Says that such a world authority would have to be voluntary in nature, not use force or compulsion, and would probably start as an association of a smaller number of nations (like the G20 or EU)
- Expresses concern that financial markets have grown faster than “real markets”
- Endorses the idea of a world central bank
- Lists as purposes of a world authority and central bank that it would: 1) encourage free trade and efficient markets, 2) prevent excessive government deficits, 3) pursue sound money, 4) prevent speculation and excessive credit, 5) fund itself via a financial transaction tax
Now on to the detailed post.
If my circle of Catholic acquaintance on Facebook is any guide, there’s been a fair amount of buzz going around about the “note” released Monday by the Pontifical Council for Justice and Peace: TOWARDS REFORMING THE INTERNATIONAL FINANCIAL AND MONETARY SYSTEMS IN THE CONTEXT OF GLOBAL PUBLIC AUTHORITY. Those of a more left-leaning description did some preemptive crowing that this would “put the pope to the left of Nancy Pelosi”, but having downloaded a copy of the full document yesterday I figured I’d avoid any commentary, read the document cold, and post thoughts on the text itself.
First, a little context: This document was written by the Vatican’s Pontifical Council for Justice and Peace, an office responsible for providing thought on social justice issues. This is, thus, not something written by the pope, but it does come from people that Benedict XVI has put in charge of thinking on political and economic issues. The document itself is fairly short and less densely written than most encyclicals. Given what it covers, it seems to me that there’s not really any teaching presented here, per se, but rather an attempt to summarize the understandings of certain experts about the current global economic situation, and then to apply well established Catholic moral teachings to the current world situation.
Without getting further into editorializing, I’m going to work through a number of quotes from the text while providing some notes with my own thoughts on it. I’ve preserved the numbered headings of the original document. (The document is in the block-quote indents, my notes are in the out-dents.)
1. Economic Development and Inequalities
In material goods markets, natural factors and productive capacity as well as labour in all of its many forms set quantitative limits by determining relationships of costs and prices which, under certain conditions, permit an efficient allocation of available resources.
This is a fairly standard observation, but as a pricing guy I found it interesting that one of the first things in the document was a note to the efficiency of price as a means of achieving efficient markets.
In monetary and financial markets, however, the dynamics are quite different. In recent decades, it was the banks that extended credit, which generated money, which in turn sought a further expansion of credit. In this way, the economic system was driven towards an inflationary spiral that inevitably encountered a limit in the risk that credit institutions could accept. They faced the ultimate danger of bankruptcy, with negative consequences for the entire economic and financial system.
…
The speculative bubble in real estate and the recent financial crisis have the very same origin in the excessive amount of money and the plethora of financial instruments globally.
This is interesting in that it is an essentially Austrian account of the sources of the financial crisis: blaming it on easy money and easy credit. As Blackadder observed a while back, this wouldn’t be the first time that a Vatican official has taken an explicitly Austrian (and anti-Keynsian) stance on economic issues.) Continue reading
Forget Those Who Protest: Keep Watch on Jesus’ Disciples at Work in the World
When it comes to the media, nothing seems draw its members more than a group of Catholics who are protesting Church teaching. It doesn’t matter much where the protest is staged, outside of a local parish, a diocesan cathedral, a chancery office, or even at a bishops’ meeting. Listening to the protesters who are getting their “face time” on television, one might walk away with the mistaken impression that there’s absolutely nothing the Church has to say about anything that is of any worth for today’s world.
Arguably, the biggest protests—coming from those who claim “the People are the Church”—have to do with the Church’s alleged “misogyny.”
Contrast that image of publicity seekers with that of a group of Catholic obstetricians and gynecologists, MaterCare International (MCI).
Mother Teresa: How to Love God
Today is the Feast Day of Blessed Teresa of Calcutta. I honor her today as a convert to Catholicism who, after finding Jesus in the Catholic Church, was eager to find people in the Church who were good models for me in these troubling times that we live in. Back then, in 1991, good models of Christian virtue were easy to find in Pope John Paul II and Mother Teresa.
It was Mother Teresa who taught me what authentic social justice is. Get up. Do something. Work for those who have need. Stand up and do something yourself. Be active yourself. No matter who you are, reach out to those around you in need and help. Open the door for the elderly woman. Help the poor mother struggling to care for her children. Wipe the brow of the dying man.
Mother Teresa lived a dark night.
The Dark Night. Throughout 1946 and 1947, Mother Teresa experienced a profound union with Christ. But soon after she left the convent and began her work among the destitute and dying on the street, the visions and locutions ceased, and she experienced a spiritual darkness that would remain with her until her death.
Many of us experience dark nights. I have myself. I am in awe of what she did with her life while enduring this dark night for so many years.
Wisconsin Bishops Neutral on Union Issue
There’s been some dispute in Catholic circles of late whether the Wisconsin bishops have come out on the side of the public sector unions in the current union dispute in Wisconsin. Bishop Morlino of the Diocese of Madison has effectively answered that question himself in a column today entitled “Clarifying the Fairness Issue”:
Believe it or not, I frequently try to avoid weighing in-on certain situations. However, the recent happenings in our state capital with regard to legislation about labor union practices beg for a comment. In this column, I simply want to point out how a well-informed conscience might work through the dilemma which the situation poses.
Should one support or oppose the legislation which regulates union procedures? The Wisconsin Catholic Conference (WCC) has chosen a neutral stance because the present dilemma comes down to either a choice for the common good, of sacrifice on the part of all, at times that pose immense economic threats, both present and future on the one hand, and on the other hand, a choice for the rights of workers to a just compensation for services rendered, and to the upholding of contracts legally made. As Catholics, we see both of these horns of the dilemma as good, and yet the current situation calls many of us to choose between these two goods. Thus the WCC has taken a neutral stance, and this is the point of Archbishop Listecki’s recent statement, which I have echoed. Continue reading
Locke & CST
Inside Catholic has been kind enough to publish a reworked and hopefully more coherent account of my thoughts on Locke and Catholic political thought. For those who didn’t want to wade through my verbose musings, this ought to be more readable.
Catholic Political Thought & John Locke: Part III
In the previous part of this series, I gave a detailed comparison of the views of John Locke and Pope Leo XIII on the state of nature, the origin of private property, and the proper use of private property. In this final part, I want to make a few more points regarding what I think can be called “Lockean” thought, at least as it exists in contemporary America, explore the relationship between the Catholic Church and the United States, and explain why I think all that has been considered thus far is relevant for our political situation today.
Catholic Political Thought & John Locke: Part II
by Joe Hargrave
In the previous part I showed how Locke’s argument for government by consent was similar to, and may have even been influenced by, that of St. Robert Bellarmine. I also showed how some of the more well-known early-modern political theorists who dreamed of powerful authoritarian regimes also dreamed of obliterating the Church as an obstacle to their fruition. Now I will argue that there is a clear overlap between the political theory of John Locke, and that of Pope Leo XIII, the pope who is responsible for Catholic social teaching as we know it today. In the final part of this series I will address why these overlaps are important, and what they mean in our contemporary political situation.
Why I Am Voting Anti-Democrat Come November
by Joe Hargrave
With the political storm clouds gathering over the horizon for November, I want to take this opportunity to explain why I will be voting for GOP candidates (specifically Tea Party candidates when possible) at the midterm elections. It is not because I “believe in” the Republicans, or because I think that a Republican Congress is going to lead America into a new golden age. It is because the Obama/Democrat agenda must be slowed down, and more importantly, because I do not share the hierarchy of priorities or values of the left.
Analyzing Catholic Endorsements
Today is my birthday, which means that while I get cake, ice cream, and annoyance for having to study on my birthday, you get to realize that the November elections are merely a month and a week away. In the Catholic blogosphere, this means that the “republicath” & “Catholyc” labels are getting dusted off for use in the political war.
For example, MM has launched an humorless satirical website a mini-crusade against Thomas Peters & CatholicVote. Specifically, he’s angry about the very high rating they gave to Sharron Angle, a Republican running against Harry Reid. While I disagree with some of the exaggerations (if he thinks that’s a racist ad, he doesn’t watch much TV during October), I think his question is a good one: when ought a Catholic group be offering endorsements? Continue reading
The Catholic Left: The Real Home of Calvinism
We here at The American Catholic, along with conservative Catholics in general, have been accused many times of “Calvinism” by certain writers at Vox Nova. I am going to go out on a limb and suggest that this accusation is nothing more than a massive projection made by people who harbor Calvinist theological assumptions themselves, of which they may or may not be fully aware. Particularly, I think in their constant shilling for big government programs, for slavishness before all forms of authority, for the unlimited extension of “rights” (i.e. entitlements), and the rest of the statist agenda, the leftists at Vox Nova and throughout American political landscape have absorbed a perverse Calvinist doctrine of their own, namely that of the total depravity of man.
I have actually written about this before: the process by which radical leftism transformed from a project rooted in optimism, in a fanatical belief in man’s goodness and reason (apart from God of course), to one of utter pessimism and misanthropy. The first communists, and particularly Marx – for all of their deep flaws, errors, and hatreds – retained a belief in man’s goodness that they had mistakenly come to believe Christianity had rejected through the heresies of the Protestant rebellion.
Catholic Distributarianism: A Preemptive FAQ
I’ll begin by stating that part of the blame or praise for this post ought to go to Christopher Blosser and David Jones for their excellent overview and commentary on the ongoing political/economic dispute between Catholic Distributists and Catholic libertarians.
I wish I could easily come up with a logical, smooth flow to all of these points. But really I just want to get them out there, no matter how disjointed in appearance.
Finally, I really mean it this time: we will have a respectful discussion on this topic, or none at all. That means certain people and their comments will likely be banned from the discussion. It will not be possible to avoid charges of “being afraid” to debate with such indestructible champions of the one true political philosophy, given their amazing ability to rule out all other possible reasons, including their coarse and offensive personal behavior, as to why no one wishes to engage in discussions with them. C’est la vie.
The best way to contribute here, though, is to ask questions that I can answer for this FAQ!
*
Where does the word “Distributarian” come from?
The word “Distributarian” was pejoratively applied to me and a few others who have attempted to blend libertarian and Distributist ideas by those not so enamored with the project. Since I see it as a good thing, I don’t mind wearing the label as a badge of honor.
What is a Distributarian?
It is one who does not see a necessary conflict between the basic propositions of Distributism and libertarianism, and insofar as possible, seeks to incorporate both of them into their social vision.
What are these propositions?
The following propositions are both necessary and sufficient for each ideology:
Of Distributism: property should be as widely distributed as possible.
Of libertarianism: social relationships should be as voluntary as possible.
Naturally some doctrinaires will dislike the wording “as ___ as possible”; why should we care about what is possible when great ideas are at stake? Either they exist full-fledged without imperfection in the world or they may as well not exist at all! If we move past this childish expectation and begin with the possible, I think we will find that there is no contradiction between these propositions.
Distributism and libertarianism challenge each other in a good way. Distributism challenges libertarianism to move beyond individual autonomy and articulate a vision of the common good; libertarianism challenges Distributism to clearly articulate how property distribution ought to come about – through force, or through consent?
Not only do they challenge each other; they compliment each other. Property owners will thrive in an environment of economic freedom; genuine liberty will thrive as it is rooted in solid social institutions based upon private property. As property ownership will increase the self-sufficiency of individuals, families, and communities, it will decrease dependency upon the state.
Read the rest and comment here.
And please note that this is a work in progress!
Is Tea Party Idealism Social Darwinism?
Former Bush speechwriter, Mike Gerson, and David Brooks have been working to show why the Tea Party is at odds with some key aspects of conservatism, as Gerson comments, “It is at odds with Abraham Lincoln’s inclusive tone and his conviction that government policies could empower individuals. It is inconsistent with religious teaching on government’s responsibility to seek the common good and to care for the weak. It does not reflect a Burkean suspicion of radical social change.”
My suspicion of the Tea Party stems from the fact that I grew up on conservative thinkers like Edmund Burke, Russell Kirk, and Irving Babbitt. As a Catholic, the nativist rhetoric of the Tea Party echoes back to a time when a time that many believed you couldn’t be Catholic and American, just like today many think you can’t be Muslim and American. What we see reflected in the Tea Party is an ethnocentrism that chooses to selfishly horde the American dream.
In his column (linked to above), Gerson has raised some key questions about problematic Tea Party thinking: 1. They tend to think anything not written in the Constitution is unconstitutional, especially government programs like Medicare and Social Security. 2. As I mentioned above, they have a nasty nativist streak when it comes to immigration. 3. The have a problematic approach to the 2nd Amendment.
Markets and Morality: Ron Paul and Wilhelm Ropke
The relationship between markets and morality has been the subject of analysis and sometimes intense debate for centuries, since Aristotle wrote chapter 1 of The Politics and possibly sooner. I myself have participated in many of these debates, and the position I would typically take is that markets were either amoral at best, or a cause of vice at worst. There are many Catholics and many Distributists who probably share the same view. They will concede and even embrace the fact that the Papacy has not categorically condemned market activity, but they will spend the majority of their time highlighting why markets ought to be regulated and taxed, why we need welfare programs, labor unions, and all of the rest.
I have written extensively against a phenomenon called consumerism, which is also heavily critiqued in the Papal encyclicals. But it would be wrong to associate consumerism, which is a byproduct of mass production and communications technology, with market activity as such, since it pre-dates industrial society by thousands of years.
Of Protestants and Priorities
It was ok when THEY did it...
A recent post over at Vox Nova by Henry Karlson gives me an opportunity to address an issue that has been on my mind as of late: the state of evangelical-Catholic relations in the United States. It will likely surprise no one that my views on this matter are diametrically opposed to his. I believe this is the case, quite frankly, because Karlson – and he is far from alone in this, among his comrades – has a disordered hierarchy of values. He writes:
Vox Nova has for years pointed out the negative influence Evangelical Protestantism have had on American Catholics, where such Catholics have engaged Protestant sensibilities, turning their back on authentic Catholic teaching. It is easy to see how many American political ideologies have become a part of the religious faith of Catholics, so that when discussing religion, they end up echoing American political screeds.
So much for ecumenicism! Somehow Catholic dissent on torture is to be blamed on the influence of high-profile conservative evangelical converts, i.e.:
[T]hose who mock Catholic social doctrine in Papal Encyclicals and those who think intrinsic evils, such as torture, is [sic] fine…
I wonder to which conservative evangelicals Karlson might point to explain left-wing dissident Catholic acceptance of intrinsic evils such as abortion and the perversion of marriage.
In order to understand this matter at all, we have to understand that while they overlap and intersect in many places, religion and politics are not one, nor should they be. Aside from non-negotiable issues, and I agree with Karlson at least on the point that torture is one of them, Catholics are under no obligation to categorically reject “American political ideologies” as if they were the graven images of Baal.
The reference to “American political ideologies” is all the more absurd when one considers a) that the “ideology” most publicly supportive of torture, neo-conservatism, is deeply rooted in Leo Strauss’s views of European philosophy as well as disillusionment with Trotskyism, and b) that the ideologies, at least on the right, most opposed to torture – libertarianism and paleo-conservatism – pride themselves on a much more solid foundation in Anglo-American political thought. Has he never heard of Ron Paul’s position on torture?
It is arguable at any rate that many of the policy positions held by Karlson and some of his co-bloggers violate the principle of subsidarity, though this is neither tantamount to theological dissent or a lapse of personal piety.
Why Aren't There More Worker Co-Ops?
Despite their obvious potential advantages, employee owned businesses tend to be rare. In 2004, there were an estimated 300 worker owned cooperatives in the United States. If that sounds impressive, consider that in 2001, there were over 18.3 million nonfarm proprietorships in the U.S. Nor is the situation much different overseas. The Mondragon Cooperative Corporation is typically cited as an example of a successful worker cooperative, and it is indeed quite successful . . . for a co-op. Compared to other types of businesses, however, Mondragon performs well, but not stellar. It is the seventh largest corporation in Spain, and despite being a conglomeration of more than a 100 different companies, it accounts for less than 4% of the GDP of the Basque region of Spain where it is located. When one considers that Mondragon is in all likelihood the most successful worker cooperative on the planet, the idea that the co-op’s success proves the viability of worker cooperatives generally begins to seem doubtful.
There’s nothing legally preventing people from choosing to start a workers-owned cooperative rather than some other form of business, and in fact cooperatives receive more favorable tax treatment than do standard business corporations. Why then, aren’t they more common? The question has actually inspired a fair amount of research, which has identified at least four obstacles to the success of worker owned businesses.
The Long Reach of Obamacare
The entire country, including and especially the blogosphere, is ablaze with commentary, debate, and verbal warfare over the merits and potential consequences of Obamacare’s passage into law on Tuesday. Among us Catholics debate has been particularly intense, since the American Church played a key role in opposing Obamacare due to its anti-life provisions, though I can’t say that I agree at all with the bishops when they suggest that the bill was otherwise acceptable.
I opposed, and continue to oppose Obamacare for many reasons, abortion funding being only one of them. Indeed, while the absence of the Hyde language from the bill is certainly troubling, the truth is that Catholic taxpayers have been funding “medically necessary” or “exceptional” abortions at the state level through Medicaid for decades – abortions which are still offenses against life according to the teaching of the Church. Some Catholics have also been doing so through their participation in private health care plans that cover abortion. In modern America, we may as well forget about any kind of meaningful “conscience protection.”
It occurs to me that there are – among several others – two major problems that I have not seen adequate coverage of in the news that will result from Obamacare, though I admit, I can’t read everything, so if someone can direct me to analysis of these issues, I would be grateful.
Culture, Religion & The Nation-State
The recent controversy at our blog over the appropriate relationship between Catholics and the nation-state gives us an opportunity to clear the air, and, hopefully, rebuke the provocative and absurd charges of “Christo-fascism” leveled against some of the contributors to this blog. Such a phrase could have any number of meanings, or be applied (or misapplied) in an arbitrary way.
I do wonder, for instance, whether or not our friend the Catholic Anarchist approves of the Church’s support of Franco during the Spanish Civil War, and the role it played in the Spanish state thereafter. One sometimes gets the impression that, in the view of some people, it would have been better if the Church offered herself up, and all of her flock, to martyrdom at the hands of the communist and anarchist marauders instead of acting in accordance with the most basic instincts of self-preservation. The Franco dictatorship was, of course, practically a democratic utopia compared to the horrors of Bolshevik Russia or Maoist China, especially for Christians.
What about the United States, or shall we say, “the American nation-state”? As in all matters, there are two extremes to avoid.
Middle Ground Between Storck and Sirico?
This essay I wrote today is a much more developed treatment of the libertarian-distributist alliance I proposed not long ago. It was inspired by a critique of the Acton Institute and it’s Fr. Sirico by distributist Thomas Storck, linked through the essay.
My hope is that it can be an opening move in a real dialogue between libertarians and distributists. Comments are welcome.
Pragmatic Libertarianism: When Two Wrongs Make a Right
Introduction
Brace yourselves, everyone. I am about to announce one of those major shifts in thinking that causes everyone I know to recoil in shock and horror, or, if they’ve been paying attention to what I say and write, simply shrug because they saw it coming. Most people do not change their thinking as drastically in a lifetime as many times as I do in a decade. I am hoping that I will eventually reach an equilibrium. I can’t help it that new facts require a reexamination of old logic.
For the last few years, I have been a pretty consistent advocate for a particular interpretation of Catholic social teaching. The central argument was that, contra all forms of libertarianism, the state had a right and a duty to intervene in the economy in particular, and social life in general, short of establishing a command economy, in order to promote the common good.
Before continuing, I should make clear that I still believe this ought to be the case in principle. Should the right conditions arise, I would be the first in line to support everything that follows from this political and moral premise. But I have come to understand that the conditions for this project do not exist. For the premise that a just socio-economic order will arise from the intervention of the state presupposes that the people who are in charge of the state are themselves just.
This presupposition, in the United States of America, in 2010 Anno Domini, is entirely false.
Liberal Capitalism and Catholic Economic Theory
The so-called American conservative movement is not conservative in the sense that many of its proponents would suggest. In reality, American conservatism, in many ways seeks to preserve and reassert classical liberalism. In fact, the entirety of the American political spectrum is liberal in different ways and varying degrees—but it is unmistakably and manifestly liberal.
This should come as no surprise since many of the Founding Fathers were men of the Enlightenment and there is no more obvious case than that of Thomas Jefferson, the author of that quintessential Enlightenment masterpiece The Declaration of Independence. The philosophical paradigm by 1776 had already shifted—anthropology was evolving toward an increasingly false view of man and the natural law (because the philosophical concept of “nature” was changing) was something different than that articulated by classical philosophers, which had been incorporated into the Christian tradition.
The American legal tradition seeking to adhere to the letter of the social contract, i.e. The Constitution of the United States of America, seems to have individual liberty at issue in every question of law. This, to be sure, is not something to be regarded as a problem in and of itself, insofar as the operative definition of liberty is not philosophically false and the norms of justice, in the classical sense, are not contradicted.
To the learned mind, it is patently clear that the predominant philosophical paradigm, anthropological assumptions on human nature, concept of the nation-state, view of society, of freedom, of responsibility, and so forth found in the Western world is undoubtedly borne of Enlightenment thinking. The United States is most certainly no exception. In America, across the political spectrum, there is a dubious philosophical premise, that of an abstract ideal of autonomy, which, no matter how admirable or attractive it may seem, is radically incomplete. Indeed, man does possess a free will, but the form of freedom requires content. Continue reading
Charity, Act Not Emotion
At times looking at an example of someone getting an idea wrong is actually the most helpful thing in formulating a better understanding of the topic. That’s how I felt, some while back, when I ran into this post descriptively entitled, “Love Never Ends, So How Could A Just Society Bring An End To Charity?” which argues:
I have heard it said by many people that if the government provides for the needs of society through its social services, there will no longer be any need for charity. Yet, we are called to charity, and therefore, we must not allow governments to interfere in our acts of charity. There is something very mixed up with this notion. It is perverting the very nature of charity, twisting it in a way to make sure there will be people who are suffering, so that they can be the objects of our good will. We are being told we cannot wish for a more just society because if such a society exists, charity will vanish.
But this cannot be the case, can it?
What exactly is the aim of charity but love? Love can be manifest in many ways; when someone is in dire straights, love seeks to help them out of it. But that is not all love seeks for them. Indeed, does a husband or wife love their family less after they have provided for their family’s needs? Certainly not! If we would not look at our family relationship in this way, why do we look at the world in this fashion?
…
Charity is caritas, love; to act in charity is to follow the dictates of love. Charity seeks for the betterment of others; in doing so, it recognizes that the most immediate need should be taken care of first (food, shelter, clothing, health, quality of life, etc). If these are taken care of, this does not diminish the need for charity: it provides room for greater forms of charity, for greater forms of love.
Now, I don’t think that, “Where will that leave charity,” is a universally good answer to suggestions of instituting social services. In a society which is already weak and uncohesive, there’s clearly a need for some minimal level of social services. The legitimate question to be argued between political factions is what the appropriate extent and form of social services should be — not whether there should be any at all. (If you’re unsure of this, ask yourself if you’d really support closing government homeless shelters and food assistance, abolishing unemployment, or eliminating the federal deposit insurance that assures that if your bank runs into problems your saving account doesn’t vanish over night. The sight of people literally dying in the street was not uncommon 150 years ago in many parts of what is now the developed world, and the fact that we’ve largely eliminated that — though social programs as well as through charity — is certainly not a bad thing.)
Continue reading
Social Doctrine is Ours… Let's Take it Back!
One of the many unfortunate aspects of “cafeteria Catholicism” in our country today is that the Church’s social teaching has become virtually synonymous with liberal, quasi- or outright-heterodox forms of our faith. This should not be. The social doctrine of the Church is part and parcel of the deposit of faith, and those of us who embrace the truth of Catholicism must stop ourselves from assigning guilt by association with regard to social doctrine merely because its loudest proponents are very picky in the cafeteria line.
Fr. Robert Barron reviews Michael Moores Capitalism: A Love Story
What strikes me as a fair critique of Moore’s documentary, which draws, howbeit with some misrepresentation, from Catholic social teaching in addressing the current financial crisis. (Via Carl Olson).
Poverty: Separating Morality from Politics
As you can clearly see, I have been bitten by the writing bug. This will be my last post for a little while, so I wanted to make it a good one. Starting Monday my contributions to the discussion will be sporadic at best for at least a week.
Consider it yet another fulfillment of my promise to certain commentators here to get back to economic issues so we can continue our disagreements after so much agreement on life issues and the liturgy 
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