Posted on 06/17/2014 9:05:04 AM PDT by Gamecock
I am pretty sure the editors of the Wall Street Journal would be disinclined to endorse Pope Francis' call for international regulation of markets via state action, to promote impact investment. Yet, that is just what he called for yesterday in speaking to a meeting at the Vatican on the theme "Investing in the Poor," which was organized, in part, by the University of Notre Dame. The pope said:
No spinning that is there. I am sure our libertarian friends think this pope just keeps wandering down the road to serfdom.Advances in technology have increased the speed of financial transactions, but in the long run this is significant only to the extent that it better serves the common good. In this regard, speculation on food prices is a scandal which seriously compromises access to food on the part of the poorest members of our human family. It is urgent that governments throughout the world commit themselves to developing an international framework capable of promoting a market of high impact investments, and thus to combating an economy which excludes and discards.
That is patently false.
Stick with G-d, and leave economics to business people. We'll deliver the food because we're self interested in doing so. Alternate economics for delivering food have been much less successful. See China, 1950s, North Korea, recently, etc.
What is the Pope’s preferred price setting mechanism?
If he hasn’t a plan, then STFU.
Jesus said: “You will always have the poor among you, and you can help them whenever you want to.” Mk 14:7
Sorry pope but you appear to be a communista.
Mistranslated again, perhaps.
And how do we know that he gets God right?
From each according to his ability, to each according to his need . . . . .
‘Alternate economics for delivering food have been much less successful. See China, 1950s, North Korea, recently, etc.’
See Venezuela!
“Hundreds of National Guardsmen in riot gear and armoured vehicles prevented an “empty pots march” from reaching Venezuela’s food ministry on Saturday to protest against chronic food shortages.”
http://www.theguardian.com/world/2014/mar/09/venezuela-protest-food-shortages
The Pope’s hated speculation in food prices is illegal in Venezuela.
People are starving.
Way to go, Comrade Pope.
Man does not live by bread alone.
Well I thought it would be apt since Venezuela is in his part of the world, but I didn’t know that about food price speculation being illegal. Thanks for bolstering my point!
I’m pretty much alarmed at Pope Francis’ economic illiteracy. This guy isn’t stupid, but he’s in waaayyy over his head, intellectually, failing to recognize that his immediate two predecessors had a knack for such commentary on such a wide range of subjects because they were absolute geniuses, that they could immediately distill truth out of hundreds of conflicting theories.
However, speculation on food prices is the modern equivalent to hoarding, and it is, quote in fact, spectacularly evil. Especially, in this case, because the hoarders aren’t driven by self-preservation, merely pure profit motive.
And while the NCR is more socialist than Catholic, there is no need to adopt socialism to prevent speculation; it’s a problem which has attracted libertarian and other free-market approaches.
My limited knowlege of speculation is that without speculation you won’t have price swings but you will have empty shelves.
I'd bet on that.
Oh, lookie, lookie, lookie! The REAL quote, IN CONTEXT, promotes FREE-MARKET solutions and INDIVIDUAL CHOICES as to how to invest in a more Christian light:
Impact investors are those who are conscious of the existence of serious unjust situations, instances of profound social inequality and unacceptable conditions of poverty affecting communities and entire peoples. These investors turn to financial institutes which will use their resources to promote the economic and social development of these groups through investment funds aimed at satisfying basic needs associated with agriculture, access to water, adequate housing and reasonable prices, as well as with primary health care and educational services.
Investments of this sort are meant to have positive social repercussions on local communities, such as the creation of jobs, access to energy, training and increased agricultural productivity. The financial return for investors tends to be more moderate than in other types of investment.
The logic underlying these innovative forms of intervention is one which “acknowledges the ultimate connection between profit and solidarity, the virtuous circle existing between profit and gift … Christians are called to rediscover, experience and proclaim to all this precious and primordial unity between profit and solidarity. How much the contemporary world needs to rediscover this beautiful truth!” (Preface to the book of Cardinal Gerhard Müller, Povera per i poveri. La missione della Chiesa [“Poor for the Poor.” The Mission of the Church]).
It is important that ethics once again play its due part in the world of finance and that markets serve the interests of peoples and the common good of humanity. It is increasingly intolerable that financial markets are shaping the destiny of peoples rather than serving their needs, or that the few derive immense wealth from financial speculation while the many are deeply burdened by the consequences.
Advances in technology have increased the speed of financial transactions, but in the long run this is significant only to the extent that it better serves the common good. In this regard, speculation on food prices is a scandal which seriously compromises access to food on the part of the poorest members of our human family. It is urgent that governments throughout the world commit themselves to developing an international framework capable of promoting a market of high impact investments, and thus to combating an economy which excludes and discards.
Not mistranslated, but out of context.
Central Planning at it's finest.
Yep,I thought so!
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