I believe that there are several concerns being expressed here that have rather simple answers.
I won’t say that you’re off base but I think you are not directly addressing the matter that most concerns myself, and I suspect quite a number of others here (and many writers and guests, e.g. on ETWN).
The first concern is the apparent misreporting of the document as by or from “the Vatican” or “the Church” such that Catholics are expected to get in line behind it or be declared anathema. It’s not dogma but neither is it a random opinion. As far as I can tell it is a contribution to a discussion and ought to be treated as such.
I have no objection to the Church involving itself in “secular” matters. I do object when people hide behind the Church to advance arguments that entail matters of significant prudential effect. Economics is
both a moral and a technical subject. I would have more confidence in “vatican” pronouncements on economic issues if the cardinals had some economic training. Failing that, they will have to invite Catholics with some economic expertise into a dialog to arrive at a solution that satisfies
both moral and technical concerns. There are way too many people who think that morality trumps prudence. Usually such enterprises end with “well, they meant well.”
I am concerned also with the use of the word “only” as in “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.” That’s
not an invitation to dialog. That’s a declaration of a solution and an implicit rejection of all other alternatives, seen and unseen. We should be very suspicious of such declarations particularly on prudential matters.
Of course, the common good is of interest to all Catholics. But what is arousing concern is the notion that pursuing common good requires a central authority of our betters, as if world history had not demonstrated the folly of that approach. If that is what is required, why not make the pope emperor of the world? If the pope is not up to the task, who is? While this is ostensibly only about financial regulation and recapitalization of banks, history has shown also that central authorities are seldom content with limited powers. “Never let a crisis go to waste,” is the saying.
I will add one more concern: throughout the recommendations of the document there is an implied preference for political over economic solutions as if one were morally superior to the other. Both are crude measures of the public good and there is no shortage of examples of
very bad politics. In fact, there is a great sense in which the current financial crisis one of the economy correcting politics. The Greeks, for example, have been voting themselves a lavish lifestyle but, it turns out, one that they cannot afford. Should they be bailed out? Or should they be required to face the consequences of their poor choices? In effect, the authors of this document are leaning toward the bailout option. What kind of moral teaching is that?!