Tired of all the talk of currency wars, the Holy See wants peace.
The Vatican this week called for G-20 leaders, meeting in Cannes early next month, to set up a global central bank. The Pontifical Council for Justice and Peace’s statement is only available in Italian but here’s an article from the Telegraph:
Such an authority would have “universal jurisdiction” over governments’ economic strategies.
Existing financial situations such as the World Bank and International Monetary Fund were outdated and no longer able to deal with the scale of the global financial crisis, which had exposed “selfishness, greed and the hoarding of goods on a grand scale”.
The global financial system was riddled with injustice and failure to address that would lead to “growing hostility and even violence”, which would undermine democracy.
The church’s call for action is not dissimilar to a point made by some of the world’s leading economists. Read more