Vatican Calls for ‘Central World Bank’

The Guardain – If Vatican cardinals have yet to join the Occupy Wall Street protesters, a document released by the Holy See calling for a “world authority” to crack down on capitalism suggests some are considering it. Written by the Vatican’s Pontifical Council for Justice and Peace and released on Monday, Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority, suggests a beefed-up United Nations could police the financial markets and inject a dose of ethics to replace rampant profiteering and reduce inequality.The pamphlet claims that in combination with a “central world bank”, such an authority would help restore “the primacy of the spiritual and of ethics”, as well as “the primacy of politics – which is responsible for the common good – over the economy and finance”. Financial transactions would be taxed to promote global development and sustainability, while “virtuous” banks helping out the “real economy” would qualify for state subsidy should they need it. Read Article