Monday, January 11, 2010

Pope, Skeptical on Recovery, Predicts Ongoing ‘Dramatic Crisis’

By Flavia Krause-Jackson

Jan. 11 (Bloomberg) -- Pope Benedict XVI, skeptical about an economic recovery, said today that the “New Year continues to be marked by the dramatic crisis of the global economy and consequently a serious and widespread social instability.”

The pontiff’s remarks come six months after his 150-page encyclical entitled “Caritas in Veritate” in Latin, or “charity in truth” that called for a new financial order and condemned the “improper” use of profit.

Italian Finance Minister Giulio Tremonti has credited the pope with being the first to predict the crisis in the global financial system, referring to a “prophecy” in a paper Benedict wrote when he was a cardinal. Cardinal Joseph Ratzinger became Pope Benedict in April 2005.

Ratzinger in 1985 presented a paper titled “Market Economy and Ethics” at a Rome event dedicated to the Church and the economy. He said a decline in ethics “can actually cause the laws of the market to collapse.”

Last Updated: January 11, 2010 09:13 EST

See also from Catholic Culture-Documents, Pope Benedict's commentary on his encyclical, "Caritas in Veritate: Building A World of Justice and Peace" and his encyclical, "Caritas in Veritate."


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