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Vatican Calls for 'Central World Bank' to Be Set Up

Vatican Calls for 'Central World Bank' to Be Set Up
Published: Monday, 24 Oct 2011 | 6:54 AM ET


The Vatican called on Monday for the establishment of a "global public authority" and a "central world bank" to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises.

A major document from the Vatican's Justice and Peace department should be music to the ears of the "Occupy Wall Street" demonstrators and similar movements around the world who have protested against the economic downturn.

The 18-page document, "Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority," was at times very specific, calling, for example, for taxation measures on financial transactions.

"The economic and financial crisis which the world is going through calls everyone, individuals and peoples, to examine in depth the principles and the cultural and moral values at the basis of social coexistence," it said.

It condemned what it called "the idolatry of the market" as well as a "neo-liberal thinking" that it said looked exclusively at technical solutions to economic problems.

"In fact, the crisis has revealed behaviors like selfishness, collective greed and hoarding of goods on a great scale," it said, adding that world economics needed an "ethic of solidarity" among rich and poor nations.

"If no solutions are found to the various forms of injustice, the negative effects that will follow on the social, political and economic level will be destined to create a climate of growing hostility and even violence, and ultimately undermine the very foundations of democratic institutions, even the ones considered most solid," it said.

It called for the establishment of "a supranational authority" with worldwide scope and "universal jurisdiction" to guide economic policies and decisions.

Such an authority should start with the United Nations as its reference point but later become independent and be endowed with the power to see to it that developed countries were not allowed to wield "excessive power over the weaker countries."

Effective Structures

In a section explaining why the Vatican felt the reform of the global economy was necessary, the document said:

"In economic and financial matters, the most significant difficulties come from the lack of an effective set of structures that can guarantee, in addition to a system of governance, a system of government for the economy and international finance."

It said the International Monetary Fund (IMF) no longer had the power or ability to stabilize world finance by regulating overall money supply and it was no longer able to watch "over the amount of credit risk taken on by the system."

The world needed a "minimum shared body of rules to manage the global financial market" and "some form of global monetary management."


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"In fact, one can see an emerging requirement for a body that will carry out the functions of a kind of 'central world bank' that regulates the flow and system of monetary exchanges similar to the national central banks," it said.

The document, which was being presented at a news conference later on Monday, acknowledged that such change would take years to put into place and was bound to encounter resistance.

"Of course, this transformation will be made at the cost of a gradual, balanced transfer of a part of each nation's powers to a world authority and to regional authorities, but this is necessary at a time when the dynamism of human society and the economy and the progress of technology are transcending borders, which are in fact already very eroded in a globalizes world."
Copyright 2011 Thomson Reuters. Click for restrictions.

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Comment by ian on October 26, 2011 at 3:21am

Haha thanks for this.  There is a lot i would miss out on if it were not for you guys.  I can't believe it.  Putting it in the public's face and still people don't see it.

Comment by Lydia on October 26, 2011 at 12:15am

Comment by Lydia on October 26, 2011 at 12:05am

WE are Shifting Our Collective Consciousness As WE SPeak :)

Comment by Lydia on October 26, 2011 at 12:03am

We Can Do It paTricia ~ I Have no Doubts and STRONG Faith !
I did not come into this reInCarnation for Nothing ....LOL....this TIME It Will BE DONE as In Heaven So On Earth ~ 28 October 2011 end of the Separation and SO IT IS !

Comment by Lydia on October 25, 2011 at 8:21pm

Yes ~ INTERESTINGLY I am Curious How Many People are Still Now Aware and AWAKE Yet ! ;(

Comment by patrick on October 25, 2011 at 8:09pm


Comment by Claude on October 25, 2011 at 6:50pm

Never....They Are Not To Be Trusted..

They Have Major Think Tanks...and Knew This Was Coming- OWS.....

And The United Nations -Their Friends Will Go Along With Them.

They will use the Example of the World's Poor Nation to Push For their AGENDA..??????


The Vatican Empire, is the Richest Organization On Earth...

They are Part Of the NWO- New World Order..

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