Vatican Calls For Central Global Bank and Radical Economic Reform : Full Document Now Available

Dorothea Lange's "Migrant Mother," a...Image via Wikipedia

Since posting this morning the summary , the full text is now available to read 

The provisional English translation of the full 16-page text  titled, “Toward Reforming the International Financial and Monetary Systems in the Context of Global Public Authority.” Prepared by the Pontifical Council for Justice and Peace, 
is now available here ( thanks to Rocco Palmo over at Whispers in The Loggia for this)

The document cites the teachings of popes over the last 40 years on the need for a universal public authority that would transcend national interests. The current economic crisis, which has seen growing inequality between the rich and poor of the world, underlines the necessity to take concrete steps toward creating such an authority, it said.

One major step, it said, should be reform of the international monetary system in a way that involves developing countries. The document foresaw creation of a “central world bank” that would regulate the flow of monetary exchanges.

The document also proposed:
– Taxation measures on financial transactions. Revenues could contribute to the creation of a “world reserve fund” to support the economies of countries his by crisis, it said.

– Forms of recapitalization of banks with public funds that make support conditional on “virtuous” behavior aimed at developing the real economy.

– More effective management of financial “shadow markets” that are largely uncontrolled today.

Such moves would be designed to make the global economy more responsive to the needs of the person, and less “subordinated to the interests of countries that effectively enjoy a position of economic and financial advantage,” it said.

In making the case for a global authority, the document said the continued model of nationalistic self-interest seemed “anachronistic and surreal” in the age of globalization.

“We should not be afraid to propose new ideas, even if they might destabilize pre-existing balances of power that prevail over the weakest,” it said.

The “new world dynamics,” it said, call for a “gradual, balanced transfer of a part of each nation’s powers to a world authority and to regional authorities.”

“In a world on its way to rapid globalization, the reference to a world authority becomes the only horizon compatible with the new realities of our time and the needs of humankind,” it said. Helping to usher in this new society is a duty for everyone, especially for Christians." 

This line pulls me up short.

“We should not be afraid to propose new ideas, even if they might destabilize pre-existing balances of power that prevail over the weakest”

G20 Leaders Summit on Financial Markets and th...Image via Wikipedia
How come The Vatican finds it easy to propose radical overhauls of a global economic system and yet disturbingly is so reluctant to extend the same largesse to other issues within it's own church ? Just asking ....

I'm also wondering about these words from this Sunday's Gospel from Matthew:

Jesus spoke to the crowds and to his disciples, saying,
"The scribes and the Pharisees
have taken their seat on the chair of Moses. 

Therefore, do and observe all things whatsoever they tell you,
but do not follow their example. 

For they preach but they do not practice.
They tie up heavy burdens hard to carry
and lay them on people's shoulders,
but they will not lift a finger to move them. 

All their works are performed to be seen...................Mmmm....

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