Thread: 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
By: Reuters

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of a "global public authority" and a "central world bank" to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.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

"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."

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

If a 'world currency' were implemented globally, it would temporarily suspend the global economic depression devouring the world into chaos and disorder.

First, I encourage the vatican to make the first deposit to this "bank". Second, is this suggestion because the Euro is working out so well?

Originally Posted by HAPPY2BME

If a 'world currency' were implemented globally, it would temporarily suspend
the global economic depression devouring the world into chaos and disorder.

Selling one's person, one's people, or one's posterity into slavery for temporary provision is a permanent . . .
no, I don't have a word for it. There may not be a word for that which is unspeakable.

[quote="Concerning the Hebrews of about 1850 B.C., Moses"][size=117]Now there was no bread in all the land; for the famine was very severe, so that the land of Egypt and the land of Canaan languished because of the famine. And Joseph gathered up all the money that was found in the land of Egypt and in the land of Canaan, for the grain which they bought; and Joseph brought the money into Pharaoh’s house.

So when the money failed in the land of Egypt and in the land of Canaan, all the Egyptians came to Joseph and said, “Give us bread, for why should we die in your presence? For the money has failed.â€

[b][color=darkred][size=150]Catholic Church Wants “Supernational Authorityâ€

[quote="AirborneSapper7"][b][color=darkred][size=150]Catholic Church Wants “Supernational Authorityâ€

Originally Posted by MinutemanCDC_SC

Selling one's person, one's people, or one's posterity into slavery for temporary provision is a permanent . . .
no, I don't have a word for it. There may not be a word for that which is unspeakable.

=============================================




[quote][i][b] “If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.â€

Panic Sets Up Global Coup Conditions

Chris Poindexter
Oct 24, 2011
many links on this post

I try not to be alarmist or give too much credence to the myriad of conspiracy theories that swirl around the global financial system.

The global web of commerce is prone to false alarms and I’m always skeptical of claims that organizations barely capable of coherent management of their core mission are somehow capable of pulling off a global coup.

I don’t need to traffic in conspiracy theories or fear to make a case for precious metals being part of your investment mix; there are many good reasons to invest in gold and silver, even in a perfectly healthy economic climate. All the same, I’m going to sound alarmist this morning.

The reports coming in from Europe are troubling and convey the impression that a sense of panic is setting in across the Atlantic. There is good reason for concern here because of the intertwined nature of the global banking system.

If the European finance ministers fail, Europe fails. That fairly alarming statement is not overstating the situation. First, Greece would fold up like a pup tent in a wind storm. That by itself would be bad enough; European banks would get crushed. The shock waves from Greece could swamp Italy a day or two later, followed by Portugal and Spain. The European banking system would slam shut in a matter of hours.

I’m not talking about next year or even next month; I’m talking about next week.

Our banks in the U.S., already on life support, would be dragged down by the tentacles of derivatives trading that was one of the primary drivers of the meltdown in 2008 and continues today.

Imagine the Argentinian melt down of the late 90s happening everywhere at once. Withdraws of money would be limited and everyone would be waking up at once to the reality that, other than change for the teller drawers, banks don’t really keep much cash on hand these days.

Such an event would certainly spur the Fed to pour money into the economy, whether it would help or not is not clear. Adding more money to an economy when no one is spending the money they have is like using gasoline to fight a forest fire.

Keep in mind all these ominous clouds could disappear in a blink. It’s not unusual for Europeans to fight and back-bite over the most trivial of matters, only to have a consensus decision materialize seemingly out of thin air. European banks have been laying on reserve capital for months and it’s possible a Greek default could turn out to be painful but manageable.

Still, the possibility is real enough some prudent precautions might be advisable. Perhaps keeping a little more cash on hand than usual, at least temporarily. What’s the harm in that? You can always put spare cash back in the bank later. And it’s always wise to keep a small stash of emergency supplies on hand.

It’s not paranoid or alarmist to advise people to take prudent and reasonable precautions that would be helpful in any kind of an emergency situation. Honestly, I think the potential for a nightmare scenario is really quite small. Still, the essence of being prepared for storm is putting away supplies when skies are sunny. .

http://finance.townhall.com/columnists/ ... page/full/

FRENCH AND GERMANS IN ‘SUPER TREASURY’ PLOT


EU President Herman Van Rompuy

Monday October 24,2011
By Daily Express Reporter

FEARS of fresh empire-building at the EU were sparked yesterday amid claims that eurozone states are plotting a “euro treasuryâ€

[b][color=darkred][size=150]Vatican calls for global authority on economy, raps “idolatry of the marketâ€