Pope calls for global, ethical finance reform, end to cult of money

[Ohana]

Wow, Go Pope Francis!!!

 

[Ruthie_again]

While not in the least disagreeing with our Pope, he said one thing that is open to misinterpretation: it presents a temptation to think that riches, in themselves, are bad. And the Socialists and Communists can jump on it as proof that he agrees with them.

While the income of a minority is increasing exponentially, that of the majority is crumbling.

We’re seeing that in this country (USA) and it’s also happening in others. And why? A reason the Pope didn’t mention is that governments are taxing the rich to excess. My soundbyte about this is, “The rich give the rest of us our jobs, and the higher their taxes, the fewer employees they can afford.” **

I suspect that the Holy Father means (among other things) that the rich persons themselves must use their money wisely and with charity. He said,

…the Pope has the duty, in Christ’s name, to remind the rich to help the poor…

but did not say that they had to give all their money away, or even let the government take an unjust proportion of it.

When people’s taxes go up too high for them to meet their payroll, they stop employing people. The only private employers who stay in business will be making money hand over fist, because they will have no competition. And because of that, they will be able to treat their employees shamefully (though not all will). They will also be able to donate huge amounts to candidates who support their monopolies, and fair elections will go out the window.

And as we see in this country every day, making people dependent on the government (not their neighbors) for their daily bread is not spiritually healthy. Check the stats on unwed motherhood (and children in poverty) now against those from before “the War on Poverty.”

** I’m not saying that rich people are all saints. Of course not! It’s just that we need rich people. It’s better to inspire them to real charity than to take their money away.

 

[Allworth]

A few days ago the Pope remarked during the beatification of a Saint that “they loved poverty” as if poverty was a virtue. True poverty – not the comfortable poverty of a cloistered nun or monk – is horrific and no virtue. Real poverty and destitution where people are trying to survive each day is nightmarish. God does not want us to be poor or to strive to be poor. He told us to go forth and multiply, be fruitful and be masters of this earth.

Yet, the new Pope has switched gears and now poverty is a bad thing as he’s railing against capitalism and international finance using all of the tired cliches we’ve seen from socialists over the last hundred years. Capitalism and free markets have raised the standard of living today to astronomical heights – it’s not perfect but it’s the best system we have.

Capitalist governments send billions of dollars of foreign aid all around the world. We send food, we send medicine, we send assistance anytime there is a disaster. How much aid do communist regimes send? Zero. Will the Pope condemn them for that or will that prevent “dialogue”?

I wish the various Popes would stop trying to be economists and stick to matters of faith. Does the current Pope have a degree in economics? Has he ever run a business? On what basis is he making all these disparaging remarks about capitalism and finance?

Of course we should help the poor, orphans and widows. But the best way to do that is via capitalism not socialism or variants of it. Jesus said the “poor will be with you always”. Besides who defines what poverty is?

The real poverty the Pope should be concerned about is spiritual poverty.

 

[CatholicGeek1]

A few days ago the Pope remarked during the beatification of a Saint that “they loved poverty” as if poverty was a virtue. True poverty – not the comfortable poverty of a cloistered nun or monk – is horrific and no virtue. Real poverty and destitution where people are trying to survive each day is nightmarish. God does not want us to be poor or to strive to be poor. He told us to go forth and multiply, be fruitful and be masters of this earth.

Yet, the new Pope has switched gears and now poverty is a bad thing as he’s railing against capitalism and international finance using all of the tired cliches we’ve seen from socialists over the last hundred years. Capitalism and free markets have raised the standard of living today to astronomical heights – it’s not perfect but it’s the best system we have.

Capitalist governments send billions of dollars of foreign aid all around the world. We send food, we send medicine, we send assistance anytime there is a disaster. How much aid do communist regimes send? Zero. Will the Pope condemn them for that or will that prevent “dialogue”?

I wish the various Popes would stop trying to be economists and stick to matters of faith. Does the current Pope have a degree in economics? Has he ever run a business? On what basis is he making all these disparaging remarks about capitalism and finance?

Of course we should help the poor, orphans and widows. But the best way to do that is via capitalism not socialism or variants of it. Jesus said the “poor will be with you always”. Besides who defines what poverty is?

The real poverty the Pope should be concerned about is spiritual poverty.

Capitalism is the best system we have, and I don’t think anyone including the Pope is saying otherwise, what I think he is saying is that there are also real problems with capitalism and how it has been implemented throughout the world. One of those problems being people caring more for money than for the welfare of others, see the news on the building collapse in Bangladesh for an example. I think that the Pope is saying that we need to make sure that we are not taking things too far and looking at money as the end instead of the means. The means to lift people out of poverty. The means to do good in the world.

And for the record, this is an issue of faith and morals, as is almost everything else, because your faith and morals will determine how you act in almost every situation, economic or otherwise. The Pope not only has a right to speak on these issues, I believe that he has a duty to do so.

 

[godisgood77]

I wish the various Popes would stop trying to be economists and stick to matters of faith. Does the current Pope have a degree in economics? Has he ever run a business? On what basis is he making all these disparaging remarks about capitalism and finance?.

Pretty sure he successfully ran a massive business in the Archdiocese he ran in Argentina and is now running one of the largest business’ in the world.

I’m assuming that are being sarcastic about the basis for his “disparaging remarks about capitalism and finance”. Should we go instance by instance through the utter lack of faith and morals in the running of free financial markets across the world? Just look to the Wall Street scandals over the past 10 years and then tell us that the system is not corrupted and ordered to serve the few and not society at large.

 

[John_Cocktosen]

Everything the pope said is true. Pure capitalism without moral supervision is a bad thing. If that is what you want, then you get child labor, sweatshops with long hours and dangerous conditions. The US has solved those problems on our own shores with laws preventing abuses, but the response of companies seeking to be ever richer is to move the sweatshop overseas where we don’t see it. Love your neighbor…hardly.

 

[kag1982]

Everything the pope said is true. Pure capitalism without moral supervision is a bad thing. If that is what you want, then you get child labor, sweatshops with long hours and dangerous conditions. The US has solved those problems on our own shores with laws preventing abuses, but the response of companies seeking to be ever richer is to move the sweatshop overseas where we don’t see it. Love your neighbor…hardly.

Correct… I think that we can all be against these things. Also, one could argue that some of the “victims” of the financial crisis are being criticized as well. For instance, Francis would likely find it sinful for people to purchase a McMansion using shady mortgage instruments. And aren’t Europeans protesting seemingly minor cuts to their rather generous welfare state? (The protests against raising the retirement age in France are a good example.). Libertarians can be guilty of worshipping profits above all else. But couldn’t also those on the left be guilty of selfishness?

 

[Allworth]

Pretty sure he successfully ran a massive business in the Archdiocese he ran in Argentina and is now running one of the largest business’ in the world.

I’m assuming that are being sarcastic about the basis for his “disparaging remarks about capitalism and finance”. Should we go instance by instance through the utter lack of faith and morals in the running of free financial markets across the world? Just look to the Wall Street scandals over the past 10 years and then tell us that the system is not corrupted and ordered to serve the few and not society at large.

A few financial companies caused great problems and I agree, were immoral in how they conducted their businesses, but that doesn’t make capitalism or finance an evil thing in it’s totality. Don’t throw the baby out with the bathwater.

It’s also worth think mentioning that the financial scandals that plagued the world a few years ago had their genesis in the USA with the Clinton administration changing the rules of the Community Reinvestment Act that forced banks to lend money to low income and minority persons who previously could not qualify for home mortgages.

It was the unintended consequences of good intentions of helping the poor and vulnerable that essentially laid the groundwork for the financial instability of the world’s finance system. We also have the deaths of a hundred million people who died because of the pursuit of “equality” via Marxism in the previous century as example when regimes embrace ideologies that try to fix capitalism. (Which by the way, Vatican 2 failed to even mention and address in their council.)

There are so many problems in this world that the Pope should be addressing head on. The deficiencies of capitalism are are the bottom in my opinion. The Pope should look inward toward his scattered flock and focus on getting his own house in order first.