Wednesday, July 7, 2010


"Vatican Secretary of State Cardinal Tarcisio Bertone has warned against elevating the economy as an absolute good, adding that an economic model that supports human development is needed.

The cardinal noted that Pope Benedict's Caritas in Veritate encyclical calls for the economy to be understood as "human activity that accords with the integral development of peoples", reports Zenit.

He warned that making the economy an absolute will end up "subverting the order between ends and means", making it into something "omnipotent", as a result "the earthly end is confused with the transcendent"."

If only the world would listen to the Church when she speaks like this. When I hear the corporate apologists, people like Limbaugh and Hannity, treat the free market as if it were a god, it absolutely drives me crazy. They're so fond of talking about Smith's "invisible hand" yet they fail to realize that the hand he refers to isn't some omnipotent marketplace but God and the boundaries placed on economic activity by His natural law.

The markets must work for the people, not the people for the markets.

It's interesting that in the video with Karl Denninger in my last post he compares a debt based monetary system to a needs based monetary system, coming in on the side of needs based. In other words, money should be created by the treasury and spent into the economy based on the needs of the people, not borrowed into the economy based on the greed of the central bankers. This is, in many ways, just what the Church teaches. Every dollar created by the Federal Reserve is created through debt and lines the pockets of the bankers. This debt burden has become so great that every dollar created today actually has a negative effect on our GDP.

There's got to be a better way and there is. God's way. The free market must accept the natural law and function within its framework. Only when it does this can it be truly free and beneficial to man.

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