Vatican Calls for 'Central World Bank' to Be Set Up

Vatican Calls for 'Central World Bank' to Be Set Up
Published: Monday, 24 Oct 2011 | 6:54 AM ET

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of a "global public authority" and a "central world bank" to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.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.

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.

"In fact, the crisis has revealed behaviors like selfishness, collective greed and hoarding of goods on a great scale," it said, adding that world economics needed an "ethic of solidarity" among rich and poor nations.

"If no solutions are found to the various forms of injustice, the negative effects that will follow on the social, political and economic level will be destined to create a climate of growing hostility and even violence, and ultimately undermine the very foundations of democratic institutions, even the ones considered most solid," it said.

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."

Effective Structures

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."

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."

RELATED LINKS

Euro Zone Business Activity Shrinks Further In October
Euro Zone Fund May Draw on China, Brazil: Officials
Can We Handle a Turnaround?

"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.

"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 globalizes world."
Copyright 2011 Thomson Reuters. Click for restrictions.
Link:

http://www.cnbc.com//id/45013499

E-mail me when people leave their comments –

You need to be a member of Ashtar Command - Spiritual Community to add comments!

Join Ashtar Command - Spiritual Community

Comments

  • Very True Marianinia ~ That is Why its Good to Spread the News ~ Informed People Make Better Choices !
  • Exaaactly ! 

    I am sure there are Still People Who would listen ~ Not Everyone is Informed sadly !

    There are MANY People Still Out There that Have NO CLUE about Many Many Things !!!

  • Why the heck would anyone listen to the Vatican?
This reply was deleted.

Copyright Policy: Always Include 30-50% of the source material and a link to the original article. You may not post, modify, distribute, or reproduce in any way any copyrighted material, trademarks, or other proprietary information belonging to others without obtaining the prior written consent of the owner of such proprietary rights. If you believe that someone's work has been copied and posted on Ashtar Command in a way that constitutes copyright infringement, please Contact Us and include the links to these pages and relevant info. 

Latest Activity

Krishna Kalki replied to Krishna Kalki's discussion REAL DEAL SPECIAL (18 JUNE 2022): HARRISON HANKS ON FALSE FLAGS & CRISIS ACTORS
"Yes Crisis actors are well paid ..all they have to do is fool suckers and there is no shortage of suckers"
31 minutes ago
Krishna Kalki posted a discussion
Lots were false flags and lots believed them to be true ..suckers https://m.beforeitsnews.com/alternative/2022/06/jim-fetzer-harrison...
50 minutes ago
𝒮𝒜𝒩 不滅 left a comment on Comment Wall
"It is more likely that the government initiates a political dogma when it lacks money for its own wallet.

http://en.people.cn/n3/2022/0412/c90000-10082753.html"
4 hours ago
Drekx Omega left a comment on Comment Wall
"𝒮𝒜𝒩 不滅 said: "In the future, you should invest in real estate and gold."

Drekx response: I would say now, rather than wait for the future....Hard assets are real assets, so property is a good investment, as well as a place to live...I fully own my…"
4 hours ago
Roaring Lovely left a comment on Comment Wall
"A proper 'economic war' only targets military. So 'arms embargo' for instance, is a proper war. But freezing assets of civilians of a warring country? Nope!"
5 hours ago
Roaring Lovely left a comment on Comment Wall
"'Weaponization of banks' in a so called 'trade war' must be seen as a war crime because it targets the civilians. Everything that targets civilian, from damaging infrastructure to killings, in a war, or that indiscriminately target pple is a war…"
5 hours ago
𝒮𝒜𝒩 不滅 left a comment on Comment Wall
"In the future, you should invest in real estate and gold. Try to make yourself as independent as possible from the state and from the consumer society. Grow your own fruit and vegetables, collect and clean rainwater? Buying houses with existing…"
6 hours ago
Drekx Omega left a comment on Comment Wall
"Ivy, this is a link to AlternateEarth's forum on crypto...Hope it helps...It offers some pointers for those starting the process of mining for Bitcoin....💰💵💶💷👑Cheers, Drekx x

https://www.ashtarcommandcrew.net/forum/topics/the-crypto-tipping-p..."
6 hours ago
More…