A Voice from the Vatican

Emily Holbrook


December 11, 2011

Opposition to Wall Street greed and general immorality in the pursuit of profits has gained momentum recently. First there were the "Indignados" in Madrid, then there was Occupy Wall Street, which, after months of protesting against economic inequality and corporate gluttony, is still going strong and has spread to almost 1,000 U.S. and international cities.

And now, an unlikely voice has emerged in the fight. The Vatican recently called for an overhaul of the world's financial systems and proposed the establishment of an international, all-encompassing authority to oversee the global economy. The report, issued by the Pontifical Council for Justice and Peace, claimed that multinational institutions such as the International Monetary Fund have not done enough to combat the worldwide economic crisis.

"We should not be afraid to propose new ideas, even if they might destabilize pre-existing balances of power that prevail over the weakest," concludes the report. Essentially, it calls for people-centered ethics within the global economy -- something people of any faith can agree is currently lacking. Though politically liberal Catholics applaud the report, conservatives called it unofficial, stating that it does not carry the full force of church teaching since it was issued by a Vatican office and not by the pope himself.
Emily Holbrook is the founder of Red Label Writing, LLC, a writing, editing and content strategy firm catering to insurance and risk management businesses and publications, and a former editor of Risk Management.

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