MORE ON THE VATICAN AND GLOBAL ECONOMICS

Go to the Market Ticker and read his post about the paper released by the Vatican yesterday. I agree with him and his assessment of the Vatican's position. And since he's a financial professional and a much better writer than I am he can explain it a whole lot better.

THE POPE CALLS FOR ONE WORLD GOVERNMENT? IN YOUR DREAMS MR. MARX

"What is valid on the national level is also valid on the global level. A person is not made to serve authority unconditionally. Rather, it is the task of authority to be at the service of the person, consistent with the pre-eminent value of human dignity. Likewise, governments should not serve the world Authority unconditionally. Instead, it is the world Authority that should put itself at the service of the various member countries, according to the principle of subsidiarity. Among the ways it should do this is by creating the socio-economic, political and legal conditions essential for the existence of markets that are efficient and efficacious because they are not over-protected by paternalistic national policies and not weakened by systematic deficits in public finances and of the gross national products – indeed, such policies and deficits actually hamper the markets themselves in operating in a world context as open and competitive institutions."
TOWARDS REFORMING THE INTERNATIONAL FINANCIAL AND MONETARY SYSTEMS IN THE CONTEXT OF GLOBAL PUBLIC AUTHORITY

This is one key paragraph from the recent paper published by the Pontifical Council for Justice and Peace that will be roundly ignored by the media. This isn't a call for one world government. In fact, it's just the opposite. It's a call for a distributive (not re-distributive) form of economics that pushes the means of production and the wealth as close to the family as possible.

The media on both sides of the spectrum are too lazy to actually read the paper and then put it in the context of Catholic Social Teaching. That wouldn't give them the sensational story they're looking for.