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 July expenses ($16,137 to go):
$35,000.00 $18,863.29
46% 54%
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

Renewal with God Behind Us: Man Determines All July 28
Introducing the Church Fathers July 27
Straws in the Wind July 25
Hans Urs von Balthasar on Renewal that Matters July 25
Wrongheaded diocesan legal defenses in abuse cases July 24

Top Catholic News

Most Important Stories of the Last 30 Days
New management, new changes coming for reformed Vatican bank CWN - July 8
Sweeping reforms to Vatican's media, financial operations CWN - July 9
‘Even Genghis Khan didn’t do this’: Mosul emptied of Christians CWN - July 21