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Vatican banker sees flaws in Western economies

August 17, 2011

Ettore Gotti Tedeschi, the head of the Vatican Bank, has some interesting and incisive thoughts on the worldwide economic crisis and the moral underpinnings of capitalism, in this interview for Catholic World Report.

Among his many useful observation, Tedeschi notes that a strong capitalist economy is predicated on growth, and economic growth requires a steady expansion of both the workforce and the market of consumers--which, in turn, requires growth in the overall population. The Western nations, he observes, are no longer growing in population, and their economic systems are now based not on production but on a steady expansion of consumption and debt.

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  • Posted by: - Aug. 17, 2011 4:23 PM ET USA

    "Tedeschi notes that a strong capitalist economy is predicated on growth, and economic growth requires a steady expansion of both the workforce and the market of consumers--which, in turn, requires growth in the overall population." Tedeschi (at least here) seems to ignore the role of technology but, hey, there are only so many nails you can hit on the head with so few words. Is he available for POTUS?