Papal message seeks "global authority" for economy

[century]

* Benedict's third encyclical wants world economic authority

* Says unregulated markets "thoroughly destructive"

* Financiers must rediscover ethics

(Adds reaction, paragraphs 9-10)

By Philip Pullella

VATICAN CITY, July 7 (Reuters) - Pope Benedict called on Tuesday for a "world political authority" to manage the global economy and for more government regulation of national economies to pull the world out of the current crisis and avoid a repeat.

The pope made his call for a re-think of the way the world economy is run in a new encyclical which touched on a number of social issues but whose main connecting thread was how the current crisis has affected both rich and poor nations.

Parts of the encyclical, titled "Charity in Truth", seemed bound to upset free marketeers because of its underlying rejection of unbridled capitalism and unregulated market forces, which he said had led to "thoroughly destructive" abuse of the system.

The pope said every economic decision had a moral consequence and called for "forms of redistribution" of wealth overseen by governments to help those most affected by crises.

Benedict said "there is an urgent need of a true world political authority" whose task would be "to manage the global economy; to revive economies hit by the crisis; to avoid any deterioration of the present crisis and the greater imbalances that would result".

Such an authority would have to be "regulated by law" and "would need to be universally recognized and to be vested with the effective power to ensure security for all, regard for justice, and respect for rights".

"Obviously it would have to have the authority to ensure compliance with its decisions from all parties, and also with the coordinated measures adopted in various international forums," he said.



REFORM NEEDED

The United Nations, economic institutions and international finance all had to be reformed "even in the midst of a global recession", he said in the encyclical, a booklet of 141 pages.

The pope's call for a supranational body to tackle global economic woes disturbed some Catholic capitalists.

"There is a difference between coordination and mandate ... a reckless loan in the United States can and did impoverish people in Latvia. So obviously coordination is important as long as it is not mandates," said Frank Keating, CEO of the American Council of Life Insurers and former Governor of Oklahoma.

An encyclical is the highest form of papal writing and gives the clearest indication to the world's 1.1 billion Catholics -- and to non-Catholics -- of what the pope and the Vatican think about specific social and moral issues.

This one was addressed to all Catholics and "all people of good will" and was released on the eve of the start of the G8 summit in Italy and three days before the pope is due to discuss the global downturn with U.S. President Barack Obama.

In several sections of the encyclical, Benedict made it clear he had great reservations about a totally free market.

"The conviction that the economy must be autonomous, that it must be shielded from 'influences' of a moral character, has led man to abuse the economic process in a thoroughly destructive way," he said.

"In the long term, these convictions have led to economic, social and political systems that trample upon personal and social freedom and are therefore unable to deliver the justice that they promise," he added.

Profit was useful only if it served as a means to a brighter future for all humanity.

"Once profit becomes the exclusive goal, if it is produced by improper means and without the common good as its ultimate end, it risks destroying wealth and creating poverty," he said.

He said the current economic crisis was "clear proof" of "pernicious effects of sin" in the economy.

"Financiers must rediscover the genuinely ethical foundation of their activity ... right intention, transparency, and the search for positive results are mutually compatible and must never be detached from one another," he said.

The pope appeared to back government intervention "in correcting errors and malfunctions" in the economy, saying "one could foresee an increase in the new forms of political participation, nationally and internationally".

"Today's international economic scene, marked by grave deviations and failures, requires a profoundly new way of understanding business enterprise," he said.

In other sections of the encyclical, his first on social issues since his 2005 election, he addressed topics such as development, migration, union rights, terrorism, sexual tourism, population issues, the environment, bioethics, and energy. (Additional reporting by Daniel Bases in New York)








© Thomson Reuters 2009 fuck your rights

[century]

I love this order out of chaos thing :evil:


we are screwed

[century]

Love the blood red cape Darth Sidious

[boycotteverything]

hey- i guess the guy's just another cheap bilderberger. thanks for waking us up.

[theeindiee]

Hail Satan!

[century]

Hail Satan!


:shock:

[Silly Sausage]

Pope Palpatine is one of the evilest MFR's I've ever seen in my life... from the very first moment he walked out on the pulpit with that double Nazi salute...

Jesus

[anarch]

Hail dark lord and master, destroyer of worlds overlord of the dead.

[MissSilver]

One nice frigging bump :thumleft:


As always, the papal authority is not just minding his own business.

[Raptor Jesus]

As always, the papal authority is not just minding his own business.

http://impoliteconversation.files.wordpress.com/2009/04/lackoffaith.jpg

[Raptor Jesus]

http://sarcastro.files.wordpress.com/2008/04/pope_looks_like_palpatine_021.jpg

[MissSilver]

He does resemble the emperor. Kind of freaky.

[Gunter]

"The conviction that the economy must be autonomous, that it must be shielded from 'influences' of a moral character, has led man to abuse the economic process in a thoroughly destructive way," he said.

"In the long term, these convictions have led to economic, social and political systems that trample upon personal and social freedom and are therefore unable to deliver the justice that they promise," he added.The guy's right. Karl Marx couldn't have said it better. When the central impetus of economics is greed the outcome is slavery. He's doing nothing more than reinvigorating awareness of one of the most odious of the Cardinal Sins.

[Raptor Jesus]

Yep, he may have made a good point but what is he proposing as an alternative? From capitalist hell to socialist hell?

The whole thing needs to be rethought, there are plenty of other options.

[MissSilver]

The guy's right. Karl Marx couldn't have said it better. When the central impetus of economics is greed the outcome is slavery. He's doing nothing more than reinvigorating awareness of one of the most odious of the Cardinal Sins.


Great point but at the same time, what is the true wealth of the Vatican and are they willing to share.

This statement coming from a place who has an unknown amount of gold, relics, treasures unknown to any government on earth. This is why I feel that the guy should mind his own business considering the Vatican never came clean about their own economics and assets

[Gunter]

From capitalist hell to socialist hell?
I didn't see the dichotomy that you saw between capital and socialism but rather a blending of the two. All he's talking about is introducing ethics into commerce. It's based on the Scandinavian-Social Democracy model that Trauma Teased promoted here so often. At this point in our social evolution it may be a decent alternative to the destructive corporate laissez-faire that we suffer now.

[Raptor Jesus]

I've heard good things about scandanavian systems but don't know much about them...

I think we're being forced from one dysfunctional system to another.

I think we need a genuine Ron Paul style free market economy, underscored with technology that provides free/cheap energy and food for all.

We have to bring basic needs tech into the equation otherwise we're just shuffling around ideologies.

The less fortunate can grow their own food and have cheap energy, so no one goes without. On top of that you've got a dynamic free market that ensures continual growth.

The key is the less fortunate are not so much looked after by the state, but by self-sufficient homes that they can more or less tend to themselves.

The second key is that the strong have infinite rewards and vistas in an economy that supports genuine free market capitalism.

There was a great thread on ATS about this called The Great Awakening, if anyone saw it. Proxy up and check it out: http://www.abovetopsecret.com/forum/thread500968/pg1

***

In short, a free market with a basic-needs-technology safety net.

***

We can't criticise free markets cos we've never had one on Earth. The US has a highly managed pseudo-free market with a lot of great stuff, like hemp, sidelined for profit.

[Gunter]

free market that ensures continual growth.
...that is our biggest problem in my view. It chokes the planet with a Malthusian garrote. It's worth remembering that cancer is also characterized by 'continual growth.'

[Jackinthebox]

Yeah, because the Catholic CHurch did such a good job the last time they ran the world's economy.

[pack3tg0st]

free market that ensures continual growth.

WTF is wrong with equilibrium?

[pack3tg0st]

Yeah, because the Catholic CHurch did such a good job the last time they ran the world's economy.

?

I'm trying to think of a time where that would have happened...

nothing is coming to mind...

[skunk]

I think he means the vatican bank loaning out money.

[pack3tg0st]

I think he means the vatican bank loaning out money.

Thats not 'running the economy' though...

[Lexion]

It's a conspiracy, Pack.

Of course they are running
the economy.

It's just covered up.

[skunk]

Hahah HAARP banks!!!!


Thats not 'running the economy' though...

I'm well aware of that, but I think that's what he was referring to.

[Jackinthebox]

?

I'm trying to think of a time where that would have happened...

nothing is coming to mind...

I was more thinking of a time when they ran the "world" more than the globe in the literal sense. Take the mark of the beast or be burned at the stake.

[Alessandra]

I was more thinking of a time when they ran the "world" more than the globe in the literal sense. Take the mark of the beast or be burned at the stake.


NOBODY EXPECTS THE SPANISH INQUISITION!

CSe38dzJYkY

[Gunter]

well- except Jack...

[Jackinthebox]

X5McSEU48Y8

[Hazelnut]

"* Financiers must rediscover ethics"

Hahahahahha. It would be an earth shattering original discovery for them.

[Alessandra]

"* Financiers must rediscover ethics"

Hahahahahha. It would be an earth shattering original discovery for them.


does anyone see the irony of the Vatican saying this?

[pack3tg0st]

does anyone see the irony of the Vatican saying this?

Shit... The pope invented ethics...

Just ask him.

[Alessandra]

Shit... The pope invented ethics...

Just ask him.

kiddyfiddling ethics.
jaUkt59vY1Q

[MissSilver]

After watching the documentary "O Canada our bought and sold out land" Free to watch or download

http://www.ohcanadamovie.com/

I came to a new understanding on how my native country works and why it is so much in debt, it really made me sad.


Banks are allowed over there to loan money they do not even possess, to the government and particulars, then charge interest on it. The most fascinating part was that no one seems to know who order the printing of new money (mint) over at the government level and that alone is frightening! Just a bunch of clueless clowns that holds government level positions.

*Sigh*

What Rat should have said is... "Banks should not be allowed to continue their nefarious practices"

Banks are what are bankrupting a country by loaning the money they do not even possess themselves, allowing for fiat currency to grow exponentially until hyperinflation ensues.

[MissSilver]

Someone had the right Idea.


t_LWQQrpSc4

[Snow Crash]

kiddyfiddling ethics.
jaUkt59vY1Q

I AM THE PAEDO-FINDER GENERAL, AND I FIND YOU GUILTY, OF PAEDOPHILIA!

[Alessandra]

lol

by the power invested in me by the uneducated masses...

[Cogburn]

http://media.onsugar.com/files/ons1/338/3389156/30_2009/d4/1149.jpg

[Alessandra]

ROFL

[Alessandra]

http://www.yonasu.com/wp-content/uploads/pedobear.jpg
also
http://cdn0.knowyourmeme.com/i/7209/original/pedobear.jpg?1249104856

[Cogburn]

http://www.myconfinedspace.com/wp-content/uploads/103019/Pedo%20Bear%20(2).jpg

[Alessandra]

:lol:

[boycotteverything]

there is something to be gained from the wisdom of the church.

[Raptor Jesus]

By continual growth I didn't mean economic growth, but a dynamic open society where new technology could grow and develop. A society free of industrialist manipulation, which has held back a golden age for at least 100 years. For example: Industrial hemp will be one of the household words of the future. Until it is, we are being lied to. Hemp could stop hundreds of environmental problems, including deforestation, within a few short years, and stimulate any country's economy. It's a billion if not trillion dollar crop.

Currently a lot of genuinely helpful science is being underfunded as many people know.

Yes, I know those 'The world's economy grew by 3 per cent this year' figures are bullshit.

[Raptor Jesus]

WTF is wrong with equilibrium?

You need more than passive aggressive one-liners in an economic debate. Define equlibrum.

[Cogburn]

Fucking potheads.

[pack3tg0st]

Define equlibrum.

Seriously?

bah, nevermind then...

If you really need that defined, than this conversation would go nowhere.

[anarch]

* Benedict's third encyclical wants world economic authority

* Says unregulated markets "thoroughly destructive"

* Financiers must rediscover ethics

(Adds reaction, paragraphs 9-10)

By Philip Pullella

VATICAN CITY, July 7 (Reuters) - Pope Benedict called on Tuesday for a "world political authority" to manage the global economy and for more government regulation of national economies to pull the world out of the current crisis and avoid a repeat.

The pope made his call for a re-think of the way the world economy is run in a new encyclical which touched on a number of social issues but whose main connecting thread was how the current crisis has affected both rich and poor nations.

Parts of the encyclical, titled "Charity in Truth", seemed bound to upset free marketeers because of its underlying rejection of unbridled capitalism and unregulated market forces, which he said had led to "thoroughly destructive" abuse of the system.

The pope said every economic decision had a moral consequence and called for "forms of redistribution" of wealth overseen by governments to help those most affected by crises.

Benedict said "there is an urgent need of a true world political authority" whose task would be "to manage the global economy; to revive economies hit by the crisis; to avoid any deterioration of the present crisis and the greater imbalances that would result".

Such an authority would have to be "regulated by law" and "would need to be universally recognized and to be vested with the effective power to ensure security for all, regard for justice, and respect for rights".

"Obviously it would have to have the authority to ensure compliance with its decisions from all parties, and also with the coordinated measures adopted in various international forums," he said.



REFORM NEEDED

The United Nations, economic institutions and international finance all had to be reformed "even in the midst of a global recession", he said in the encyclical, a booklet of 141 pages.

The pope's call for a supranational body to tackle global economic woes disturbed some Catholic capitalists.

"There is a difference between coordination and mandate ... a reckless loan in the United States can and did impoverish people in Latvia. So obviously coordination is important as long as it is not mandates," said Frank Keating, CEO of the American Council of Life Insurers and former Governor of Oklahoma.

An encyclical is the highest form of papal writing and gives the clearest indication to the world's 1.1 billion Catholics -- and to non-Catholics -- of what the pope and the Vatican think about specific social and moral issues.

This one was addressed to all Catholics and "all people of good will" and was released on the eve of the start of the G8 summit in Italy and three days before the pope is due to discuss the global downturn with U.S. President Barack Obama.

In several sections of the encyclical, Benedict made it clear he had great reservations about a totally free market.

"The conviction that the economy must be autonomous, that it must be shielded from 'influences' of a moral character, has led man to abuse the economic process in a thoroughly destructive way," he said.

"In the long term, these convictions have led to economic, social and political systems that trample upon personal and social freedom and are therefore unable to deliver the justice that they promise," he added.

Profit was useful only if it served as a means to a brighter future for all humanity.

"Once profit becomes the exclusive goal, if it is produced by improper means and without the common good as its ultimate end, it risks destroying wealth and creating poverty," he said.

He said the current economic crisis was "clear proof" of "pernicious effects of sin" in the economy.

"Financiers must rediscover the genuinely ethical foundation of their activity ... right intention, transparency, and the search for positive results are mutually compatible and must never be detached from one another," he said.

The pope appeared to back government intervention "in correcting errors and malfunctions" in the economy, saying "one could foresee an increase in the new forms of political participation, nationally and internationally".

"Today's international economic scene, marked by grave deviations and failures, requires a profoundly new way of understanding business enterprise," he said.

In other sections of the encyclical, his first on social issues since his 2005 election, he addressed topics such as development, migration, union rights, terrorism, sexual tourism, population issues, the environment, bioethics, and energy. (Additional reporting by Daniel Bases in New York)








© Thomson Reuters 2009 fuck your rights

THe op

[century]

Go figure the Pope thinks people should reanalize their ethics.

[century]

0M1XVE9W67g