Challenge Grant: Our Boosters will match donations up to $45,000. We have $36,649 to go. Please donate!
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!

Our Fall Campaign
Progress toward our year-end goal ($124,738 to go):
$150,000.00 $25,262.05
83% 17%
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.

Fall 2014 Campaign
Subscribe for free
Shop Amazon
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Could respect for the papacy mean resisting the Pope? 2 hours ago
The Church Moves On, Slowly October 24
Is Cardinal Kasper losing his grip? October 24
The Pope is not the problem October 23
Do not confuse sacramental discipline and Catholic doctrine. October 23

Top Catholic News

Most Important Stories of the Last 30 Days
Key synod report calls for 'gradualism' in Church response to irregular family situations CWN - October 13
As synod concludes, bishops issue message, approve document; Pope weighs in CWN - October 20
Cardinal Parolin: UN must protect innocents from Islamic State CWN - September 30
Synod of Bishops opens with Mass in St. Peter’s Basilica CWN - October 6