Morals, Market Meltdown, and the Pope: Secular Markets Can’t Function without Faith


The Founding Fathers knew that the kind of democracy they proposed for the United States would last only as long as the people were Christian because all the rights they gave us could only be balanced by a just and moral society in which responsibilities were as sacred as rights.  In a society that teaches the fallacy of absolute truth and that truth at best is social created is it any wonder that no one has any faith in government or Wall Street anymore?  How do we know that they’re telling us the truth?  Given that our entire economy is based on the “faith” that a dollar bill has value, that a bank is strong, that the government is not corrupt, when truth becomes elusive, even illusionary than faith becomes impossible.  Once you lose faith that a dollar has value, or that a bank is strong, or that a government is honest, all sense of morality leaves the equation and we’re left with a society in which self interest and personal security become the pervading behavior.  Ethics in a rigged game is seen as fool hardy and there’s no need to be fair in what’s degenerated to a free-for-all competition for survival recourses. 

               For years the Progressives in education and politics have railed about the imposition of Christian values on the people and how fundamentally exploitive that’s been.  Now that the Progressives have managed to impose their values on our society we begin to see that a truly free society is not a “values free zone” as progressives imagine but one in which there are rules.  When you throw out the rules you don’t get more freedom you get anarchy and no society at all.  Progressives wanted to use our tax dollars to be seen to help the poor with housing and so they created Fannie Mae and Freddie Mac to do just that.  These two quasi government organizations created a market for loans made to people who by any standard containing logic and reason should never have gotten a mortgage.  Nevertheless, such people were given mortgages and all these years later we have the subprime meltdown that is probably going to take the whole country down the dumper with it.  You ignore the truth that someone can’t pay and you’re amazed when, low and behold, they can’t pay the mortgage!  You ignore the truth that people have the right to private property and free will and then impose a bizarre equality of outcome, irrespective of personal conduct or initiative, that gives everyone houses, education and healthcare paid for by other taxpayers, in the name of fairness and social justice!  Progressives have imposed their will and their ethic of absolutely no ethics on our society and now no one knows where to park their money and everyone is terrified.  Equality at last!  We can all be equally terrified as the economy tanks, banks go bust, congress argues, and jobs are lost.

               Bloomberg had a fascinating piece concerning Pope Benedict the 16th that hit home to this fundamental business truth?  Or is it just a bit of ‘”absolute truth”? It took the leader of the Roman Catholic Church to diagnose what economists, financiers, and Wall Street CEO’s lost track of in our brave new world of moral relativism:  You can’t have an economy where there is no faith.  You can’t have faith unless you know the truth.  You can’t know the truth if you pound your feet in the sand and insist that there’s no such thing as truth!  When the truth of things become so obscure that you can’t figure out a safe place to put your money your economy is dead.  Did Warren Buffet come up with this?  Nope.  Did Henry Paulson or Mr. Ben Bernanke come up with this basic key to the economy and indeed life?  Nope.  Did Barak the Beneficent proclaim this fundamental economic/life principle from the rooftops of Chicago and boldly proclaim it from the bully pulpit of the presidency elect?  Nope.  Who had the wisdom to see this basic truth and quietly state it in more than enough time; that if we had heeded his words we wouldn’t be such terrified twits today? 

               The Pope.  The Christian, Catholic, Wears Funny Robes, Carries a Great Stick, Pope in Rome.

               What’s up with that?


               Consider this small article in Bloomberg today:



Pope Had `Prophecy’ of Market Collapse in 1985, Tremonti Says

By Flavia Krause-Jackson and Lorenzo Totaro

Nov. 20 (Bloomberg) — Pope Benedict XVI was the first to predict the crisis in the global financial system, a “prophecy” dating to a paper he wrote when he was a cardinal, Italian Finance Minister Giulio Tremonti said.

“The prediction that an undisciplined economy would collapse by its own rules can be found” in an article written by Cardinal Joseph Ratzinger, who became pope in April 2005, Tremonti said yesterday at Milan’s Cattolica University.

German-born Ratzinger in 1985 presented a paper entitled “Market Economy and Ethics” at a Rome event dedicated to the Church and the economy. The future pope said a decline in ethics “can actually cause the laws of the market to collapse.”

Pope Benedict in an Oct. 7 speech reflected on crashing markets and concluded that “money vanishes, it is nothing” and warned that “the only solid reality is the word of God.”

The Vatican’s official newspaper, l’Osservatore Romano, on the same day criticized the free-market model for having “grown too much and badly in the past two decades.”


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