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Savings crucial to economic recovery, says Vatican bank president

Catholic World News - September 15, 2011

Saving is essential to the economic growth that will allow wealthier nations to escape their debt crises, according to the president of the Vatican Bank.

Calling upon nations to “stop seeing [savings] as a lemon to be squeezed and value them instead as a good to be sustained and increased,” Ettore Gotti Tedeschi notes that “savings today are the target of heavy taxation on the income they produce and are subject to further fiscal charges when they are invested and when income is created … They must not be considered as a burdensome guarantee of the debts contracted by states but rather as a guarantee of autonomy and independence of the family that has made them.”

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  • Posted by: AgnesDay - Sep. 15, 2011 11:55 AM ET USA

    How utterly refreshing! We have ignored the cardinal virtue of prudence for so long, we have forgotten it is there. Most of us are only barely entrepreneurial due to our distaste for risk. Savings allow us to advance our positions with a tolerable amount of risk.

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