Skip to main content

Pope Had `Prophecy' of Market Collapse in 1985 (Italian Finance Minister Giulio Tremonti) - 'Bloomberg Europe'

How important it is for us to focus on ethics, values and discipline … and ‘GOD’

 

 

Pope Had `Prophecy' of Market Collapse in 1985, Tremonti Says

By Flavia Krause-Jackson and Lorenzo Totaro

Enlarge Image/Details

Nov. 20 (Bloomberg) -- Pope Benedict XVI was the first to predict the crisis in the global financial system, a ``prophecy'' dating to a paper he wrote when he was a cardinal, Italian Finance Minister Giulio Tremonti said.

``The prediction that an undisciplined economy would collapse by its own rules can be found'' in an article written by Cardinal Joseph Ratzinger, who became pope in April 2005, Tremonti said yesterday at Milan's Cattolica University.

German-born Ratzinger in 1985 presented a paper entitled ``Market Economy and Ethics'' at a Rome event dedicated to the Church and the economy. The future pope said a decline in ethics ``can actually cause the laws of the market to collapse.''

Pope Benedict in an Oct. 7 speech reflected on crashing markets and concluded that ``money vanishes, it is nothing'' and warned that ``the only solid reality is the word of God.''

The Vatican's official newspaper, l'Osservatore Romano, on the same day criticized the free-market model for having ``grown too much and badly in the past two decades.''

To contact the reporters on this story: Flavia Krause-Jackson in Rome at fjackson@bloomberg.net; Lorenzo Totaro at in London or ltotaro@bloomberg.net

Last Updated: November 20, 2008 05:54 EST

 

Courtesy: http://www.bloomberg.com/apps/news?pid=20601085&sid=aGSJzqaJm_b0&refer=europe

Comments

Post a Comment

Popular posts from this blog

apocalyptic ---->> Obama ???

Cardinal Says Future With Obama Is Gethsemane Affirms That Life Cannot be Controlled by Government WASHINGTON , D.C. , NOV. 19, 2008 ( Zenit.org ).- The decline in respect for human life has had “catastrophic effects” on the unity and integrity of the United States, which are evidenced by the presidential election, says a Vatican official. Baltimore-native Cardinal James Stafford, major penitentiary of the Apostolic Penitentiary, affirmed this in a lecture on "Humanae Vitae" last Thursday at the Catholic University of America. His lecture, “Pope Paul VI and Pope John Paul II: Being True in Body and Soul,” pointed out the need for Catholics to return to the true values of marriage and human dignity faced to the current challenges. “Because man is a sacred ! element of secular life,” the cardinal said, “[…] a person’s life cannot ultimately be controlled by government.” "On Nov. 4, 2008, America suffered ...
Post a Comment
Read more

Seven Needs

TGIF Today God Is First Volume 2 by Os Hillman "The weapons we fight with are not the weapons of the world. On the contrary, they have divine power to demolish strongholds" (2 Cor 10:3-5). Jerry had grown up with a father who was a successful workaholic. Although he lacked for nothing materially, he never sensed much warmth or compassion from his parents. Then, when Jerry was still in his early teens, his father died very suddenly. His large family was left with little support, and insecurity and fear became the dominating factors in the young man's life. Vowing to himself that he would never lack financial need again, Jerry worked hard at his business. A stronghold of idolatry brought reliance on the wealth he had accumulated rather than a prayerful dependency on God. Arguments over money dominated his marriage. Distrust and greed permeated his home and business relationships. No one could "stand in his face" and tell him what to do. Finally, as his ma...
Post a Comment
Read more

Bioethics and the Myth of Relativism

Interview with Father Tadeusz Pacholczyk By Giovanni Patriarca PHILADELPHIA, Pennsylvania, JUNE 17, 2009 ( Zenit.org ).- A neuroscientist and ethicist is underlining the need to base bioethics in moral principles, and is affirming that even people who profess relativism count on certain absolutes in life. Father Tadeusz Pacholczyk is the director of education at the Philadelphia-based National Catholic Bioethics Center . He writes a monthly column for The Catholic Herald titled "Making Sense out of Bioethics." In this interview with ZENIT, he discusses some of the need to base bioethics in absolute moral principles in light of recent events related to his field. ZENIT: In recent years bioethics seems to have become a battleground where many interest groups try to impose their political views separated from any consideration of the field's moral foundations. The 2005 U.N. Universal Declaration on Bioethics and Human Rights could be considered a starting po...
Post a Comment
Read more