In a surprising move that should garner a thumbs-up from Occupy Wall Street, the Vatican has called for a “global public authority” and “central world bank” to monitor ineffective financial institutions (NYSE:XLF) dealing with crises. Would Bank of America (NYSE:BAC), Citigroup (NYSE:C), JP Morgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) submit to such a regulating body?
The Vatican’s Justice and Peace department created a document, “Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority.” It suggests a number of new measures for the financial arena, including taxation on financial transactions.
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The document specifically states, “The economic and financial crisis which the world is going through calls everyone, individuals and peoples, to examine in depth the principles and the cultural and moral values at the basis of social coexistence.”
In addition, the department also looked at possible technical solutions for the current economic problems and noted that in addition to stopping the crisis’ selfish and greedy behavior by Wall Street, the world economy should have “ethic of solidarity” among nations.
At a news conference discussing the document and whether it should become a manifesto, Cardinal Peter Turkson, head of the Vatican’s Justice and Peace department, said a dialogue should take place:
“The people on Wall Street need to sit down and go through a process of discernment and see whether their role managing the finances of the world is actually serving the interests of humanity and the common good. “We are calling for all these bodies and organisations to sit down and do a little bit of re-thinking.”