The pope publishes a paper on economics

January 13th, 2017 at 7:10:09 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 1068
Posts: 12569
The new world the Pope envisions is a gradual transformation of current international institutions such as UN, ECB, IMF and G20, into strengthened and centralized world authorities to which nations and individuals give their sovereignty:

Quote: Pope Francis
In recent decades, it was the banks that extended credit, which generated money, which in turn sought a further expansion of credit. In this way, the economic system was driven towards an inflationary spiral that inevitably encountered a limit in the risk that credit institutions could accept. They faced the ultimate danger of bankruptcy, with negative consequences for the entire economic and financial system.
...
The establishment of a world political Authority should be preceded by a preliminary phase of consultation from which a legitimated institution will emerge that is in a position to be an effective guide and, at the same time, can allow each country to express and pursue its own particular good. The exercise of this Authority at the service of the good of each and every one will necessarily be super parties or impartial: that is, above any partial vision or particular good, with a view to achieving the common good. Its decisions should not be the result of the more developed countries’ superior power over weaker countries. Instead, they should be made in the interest of all, not only to the advantage of some groups, whether they are formed by private lobbies or national governments.


When the ECB was created, there was discussion of the world currencies being reduced to 4 or 5 global currencies. Now after two decades the Euro zone seems to have expanded by a few percentage points with the the following seven countries : Slovenia (2007), Cyprus (2008), Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2014) and Lithuania (2015). Bulgaria, Croatia, Czech Republic, Hungary, Poland, and Romania don't have a target year. Sweden seems determined to move to an electronic currency, and Denmark is not obliged to join.

If Sweden does adopt a pure electronic currency, the Swedish crown can be fixed to the Euro much easier by government decision. Although at present 1 EUR =9.47913SEK it wouldn't necessarily be required to fix at an easily converted exchange rate of 1 EUR = 10 SEK. Right now Sweden is circulating 144€ per capita in small banknotes and 452€ per capita in larger value banknotes. If they do eliminate most of the larger value banknotes, then an even exchange rate would be helpful with the small bills.


Is anyone going to take the Pope's paper seriously, or will it be chalked up to naive commentary?
January 13th, 2017 at 7:21:42 AM permalink
Nareed
Member since: Oct 24, 2012
Threads: 346
Posts: 12545
Quote: Pacomartin
Is anyone going to take the Pope's paper seriously, or will it be chalked up to naive commentary?


Yes.

The French foreign minister is reported to have said at the Paris conference after WWI "God gave us ten commandments. We broke them. Mr. Wilson has given us fourteen points. We shall see,"

Did the European powers take Wilson seriously, or did they think he was naïve?

The answer is: yes.
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