Financial expert backs Vatican proposal for global authority [CNA]

[CNA_News]

Birmingham, England, Oct 25, 2011 / 05:01 pm (CNA).- A leading financial expert is backing the Vatican’s proposal for a global financial authority.

“It is right for the Vatican to set out a marker of how the world should and perhaps sometime could be,” Edward Hadas remarked to CNA.

Hadas’ comments follow the Oct. 24 publication of a 20-page document by the Pontifical Council for Justice and Peace advocating a new global authority which, it hopes, can make economic decisions based on the international common good rather than individual national interest.

“Some American students of the Vatican see a great split between Left and Right, but this document does not suffer from that tension,” said Hadas.

He views the document as having a “consistent view” in suggesting that “the world needs a stronger political order, a more ethical orientation in government and a global economy which is consciously and globally organized to serve the human good.”

At the same time, Hadas believes it also encourages “the exercise of human freedom” but discourages “authoritarian control.”

Hadas teaches political and social philosophy at the Maryvale Institute in Birmingham, England. He is also the Economic Editor at Reuters Breakingviews, where he won the Business Journalist of the Year Award for economics in 2009. Prior to becoming a journalist in 2004, he worked for 25 years as a financial analyst for various firms, including Morgan Stanley.

The biggest problem for the pontifical council’s plan is the “real tension” between “practicable policies and idealistic aspirations,” he said.

Hadas noted that while the G20 countries have already considered a financial transaction tax and new rules on investment banking, “much of the rest” in the Vatican proposal, “while attractive and theologically sound, seems distant from the thinking of world leaders.”

Nevertheless, he sees the good in the Vatican laying out a proposal for how the world could be, especially since “there may come a time—after another crisis or in some moment of reflection—when this advice will seem useful as well as hopeful.”

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Full article…

 

[Vouthon]

Interesting. At least some people are cutting the Pontifical Council some slack!

I too think that what appears to the world atm to be “devastatingly naive” and too “idealistic” and “utopian”, will in the next decade or so be recognised as prophetic, visionary and actually ahead of its time.

Its not the first time that has happened.

 

[Chipper]

Birmingham, England, Oct 25, 2011 / 05:01 pm (CNA).- A leading financial expert is backing the Vatican’s proposal for a global financial authority.

I believe this guy does have a reason to back it up, since the Euroepean Central Bank is highlighted in the document as a possible beneficiary.

Quote from the document:
"On the regional level, this process could begin by strengthening the existing institutions, such as the European Central Bank. "

He views the document as having a “consistent view” in suggesting that “the world needs a stronger political order, a more ethical orientation in government and a global economy which is consciously and globally organized to serve the human good.”

I read it and I see contradictions, not consistency. Did this guy actually read it?

 

[Vouthon]

I read it and I see contradictions, not consistency. Did this guy actually read it?

What inconsistencies do you perceive in the document Chipper? I have read it in full so I am interested to know. Some of my friends thought that it went against the Church Teaching on subsidiarity. I personally do not feel that it does, however. Each to their own though.

 

[Chipper]

What inconsistencies do you perceive in the document Chipper? I have read it in full so I am interested to know. Some of my friends thought that it went against the Church Teaching on subsidiarity. I personally do not feel that it does, however. Each to their own though.

Okay, here is my repost from the other thread covering this topic. This is an example of one contradiction.

This document is illogical, unreasonable and contradictory.

Example: extract from the document.

“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. However, it should not be forgotten that this development, given wounded human nature, will not come about without anguish and suffering.”

So let me get this straight. Anguish and suffering are the only horizon available, so let’s get started on establishing this World Authority, such that, we can cause anguish and suffering which is good for social justice and the common good. Everyone is going to be well taken care of through Anguish and suffering, being that in of itself is good.

Not.

It seems to me that this document should be saying that, since a World Authority will establish anguish and suffering, then, we cannot support this world authority, since it is detrimental to the Common Good. .

 

[Lisa4Catholics]

Yeah, I bet he does and I am sure he will benefit from it too.