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The Vatican Calls For An End to Capitalism

October 31, 2011

10/30/2011 Bill Frezza Real Clear Markets

Posted on Monday, October 31, 2011 8:44:04 AM by SeekAndFind

Adding a spiritual dimension to the incoherent war on capitalism rapidly spreading across Europe and America, the Pontifical Council for Justice and Peace, an official Vatican body, last week published a sweeping scholarly tome calling for the end of capitalism, individualism, free markets, and national sovereignty. Sound far-fetched? Consider what the proposal would entail.

Under the Council’s proposal, the fiscal and monetary authorities of all nations of the world, as well as that of all financial institutions both public and private, are to be gradually subjugated under a supranational public authority with universal jurisdiction. This is to be financed by a global central bank empowered to collect a tax on all financial transactions. This bank would regulate all monetary exchange while also having the authority to promote global development and sustainability according to the principles of social justice and solidarity. It could also contribute to the creation of a world reserve fund to support the economies of countries hit by crisis.

This reform process is to be managed by the United Nations, whose mandate will be to act on behalf of the common good. Details as to what constitutes the common good are left to the reader’s imagination.

I am not making any of this up; most of the words above come directly from the document. You can read it yourself on the Vatican website. I read it four times before I came to the conclusion that it was not published by The Onion. Given its timeliness and its influential source, I was amazed at how little news coverage it received.

Calls for the end of selfishness and income inequality coming from an organization that has spent centuries amassing treasure, none of which has been pledged to form the capital of the recommended global central bank, begs many questions.

Editorial Note: You can bet the farm that anyone that would support such a tax will be a reciepiant of this tax.I should be suprised by this radical move but after all the scandal and property loss because of illegal activity on the part of the Catholic Church around the world,They are atruggling to regain power again.If the Pope wasn’t a former member of the Nazi Party you would never hear such a statement.GOD save the Catholic Church from their folly.

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