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Unfortunately it seems many of you who are skeptical about the media when it comes to everything else, let your guard down when it comes to the Pope and economics. You only need to ask yourselves whether the media has any love for the Catholic church to answer the question of whether they would love to put his words in a certain, favorable, context.

To understand what the Pope is talking about takes a bit more than a few quotes in a tilted press article, this paper here does a good job of explaining just that:

http://www.catholicsocialscientists.org/CSSR/Current/2009/Burke%20-%20Article.pdf

An excerpt...

Benedict criticizes capitalism where it falls into materialism and when, as a consequence of that error, it attempts to separate reason from moral values. He is also concerned with what he sees as a growing sense of alienation and the lack of charity in capitalist societies. He is particularly concerned about the extent to which the role of charity has been replaced by the activity of the State in modern economies. These criticisms can all be connected to the disordered idea of liberty in capitalism.

“Liberty” in capitalist societies means the power to do what one wants, and Benedict sees this notion of liberty as deficient, and even a potentially destructive force in the lives of individuals. Essential to this sense of liberty is a radical autonomy of the individual will, one that recognizes no authority outside of itself, either in a higher power or in nature. Benedict observes that with such a conception of freedom, man recognizes no duties or obligations to his fellow man. Addressing the Bishops Conference of Saints Cyril and Methodius, he remarks, “An incorrectly understood concept of modernity is tending today to excessively exalt the needs of the individual to the detriment of every person’s duties to God and to the community to which he belongs.”

Wow!

I’m sorry.

I especially like “He is particularly concerned about the extent to which the role of charity has been replaced by the activity of the State in modern economies.”

I already donate money to church or even to help neighbors (times are hard) and I would donate more if I got to keep the some of what the State takes from me.

“Liberty” in capitalist societies means the power to do what one wants,...

I understand this conflicts with the Catholic definition of liberty, which is the freedom to do what it correct. But, this is not the classical liberal definition of liberty, which is to be free from arbitrary force.

The distinction is important because the corrupt definition of liberty criticized by the Pope (the power to do what one wants) means that enslaving others, stealing from them, or taxing and regulating them through the state are potentially legitimate. They give you the power to do what you want.

But, money isn’t freedom. It’s the opportunity to make money that is true freedom. When your problem is how to make money, you have to weight the benefit and the cost. As long as the government protects the rights and property of others, making money means you have to serve others in order to serve yourself.

Now, it would be better to see this, to appreciate that making money serves others. It would also be good if the things our customers want, and the things we want ourselves, are good, and not degrading of our humanity. Hence, religion uplifts us as producers and consumers, to demand and supply good things to each other.