Posts tagged with: Pope John XXIII

On Saturday morning, Acton Institute President Rev. Robert A. Sirico joined host Larry Kudlow on the nationally syndicated Larry Kudlow Show for a wide-ranging Easter weekend discussion. Sirico and Kudlow talked about everything from the so-called “Gospel of Jesus’ Wife” to the collapse of poverty rates worldwide over the past few decades, and ended with a conversation about the upcoming canonizations of Pope John XXIII and Pope John Paul II, and a reflection on whether the march of secularism can be turned back in western society.

You can listen to the interview via the audio player below.

In the Wall Street Journal, Acton Institute President and Co-Founder Rev. Robert A. Sirico looks at the recent “note” on economics released this week by the Vatican. The document, titled “Toward Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,” was published with an eye toward the upcoming G-20 meeting in Cannes, France, on Nov. 3-4. This 18-page document has, Rev. Sirico observes, “been celebrated by advocates of bigger government the world over.”

But what’s missing from the popular analysis is that the Vatican document “embraces a sound economic theory concerning the cause of the world financial crisis: the breakdown of the postwar Bretton Woods monetary system and the unleashing of fiat currencies and central-bank printing presses.”

Rev. Sirico:

We went from a hard-money regime, in which there were restrictions on the power of central banks and financial institutions to create money and credit, to one where money became purely paper. There were no restrictions remaining on the power of governments to finance unlimited debt. Banks could create credit seemingly without limit. Central banks became the real power in the world economy.

None of this was true under a gold standard. That system limits the expansion of credit by an indelible physical fact. There was a limit, a check, a rule that went beyond the whim of financial masters and politicians. The Vatican seems to understand this.

But discerning the disease and finding the cure are very different undertakings, and here the document falls short. It imagines a new world central bank and political authority that will rule without “any partial vision or particular good” but rather seek “the common good.” Its decisions 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.”

Somehow, with an intelligence never before discovered in government bureaucracies, these proposed global authorities would create “socio-economic, political and legal conditions essential for the existence of markets that are efficient and efficacious.”

Read “The Vatican’s Monetary Wisdom” on the website of the Wall Street Journal (may require registration).

Blog author: jcouretas
posted by on Wednesday, March 24, 2010

A new commentary from Dr. Donald Condit. Also see the Acton Health Care resource page.

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Health Care Rights, and Wrongs

By Dr. Donald P. Condit

As Speaker Nancy Pelosi promoted passage of Sunday’s health care reform bill, she invoked Catholic support. However, those who assert the right to health care and seek greater responsibility for government as the means to that end, are simply wrong. This legislation fails to comport with Catholic social principles.

Claiming an entity as a right requires clear thinking about who possesses a claim to something while defining who must fulfill this obligation. We can clearly agree on responsibility to care for our neighbor and yet not promote federal dominion over doctors and nurses.

Some mistakenly quote Pope John XXIII‘s 1963 Encyclical Letter Pacem In Terris (Peace on Earth) discussing “the right to live… the right to bodily integrity and to the means necessary for the proper development of life, particularly food, clothing, shelter, medical care, rest, and, finally, the necessary social services (11).” In this context, the Holy Father speaks of health care as a natural right, with corresponding responsibilities, not as a direct obligation of the state. Nowhere in Pacem In Terris is government assigned accountability for food, clothing, shelter or health care.

Archbishop Charles J. Chaput recently reiterated the Church’s understanding of health care as a right. “At a minimum, it certainly is the duty of a just society. If we see ourselves as a civilized people, then we have an obligation to serve the basic medical needs of all people, including the poor, the elderly and the disabled to the best of our ability.” Yet, there are options for society to meet this duty apart from the federal government. (more…)