Click here to advertise on CatholicCulture.org

Vatican Bank president analyzes raising of US national debt ceiling

Catholic World News - August 04, 2011

Writing for L’Osseravtore Romano, the president of the Vatican Bank asks, “What does it mean to raise the ceiling on public debt?”

“It means essentially to nationalize private debt, which had become unsustainable,” says Ettore Gotti Tedeschi in answer to his own question. “But it also means inflation, more taxes and the devaluation of the dollar. The ratings of the American economy worsen and the cost of debt increases.”

“The solution to economic problems would necessitate a long-term politics of austerity,” he adds. “But this is an unpopular strategy and risks electoral defeat for whoever attempts to put it into practice.”

Tedeschi concludes:

But are all of these problems really the consequence of today’s economic crisis? Or are we only experiencing the effects of a preceding crisis, which is not economic but has produced economic effects? In reality, the real crisis has been created, lived and fed by the Western world, in accepting the idea of a man who needs to be satisfied only materially, making him consume.

Additional sources for this story
Some links will take you to other sites, in a new window.

An appeal from our founder, Dr. Jeffrey Mirus:

Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!

Progress toward our August expenses ($14,980 to go):
$35,000.00 $20,019.98
43% 57%
Sound Off! CatholicCulture.org supporters weigh in.

All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!

There are no comments yet for this item.

Subscribe for free
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

The Blessed Book of Beasts 10 hours ago
Weekend reading 19 hours ago
Frustrating the Moral Law 20 hours ago
Weep for slaughtered Christians, not for dialogue with Islam 24 hours ago
An Appointment that Francis Should Withdraw August 28

Top Catholic News

Most Important Stories of the Last 30 Days
‘A real via crucis’: Pope Francis, patriarch plead on behalf of Iraq’s Christians CWN - August 8
Hundreds of thousands of Iraqi Christians in flight as Islamic State advances CWN - August 8