Sunday, 30 October 2011

Vatican Poposes A World Government... To Stabilize The Financial System

The Holy See has released a new document with ambitious proposals to tackle the world's debt crisis. It's titled “Towards a reform of international financial and monetary system in the prospect of a public authority with universal competence”. The paper criticizes the current leadership system, focusing on groups like the G7 and G20, which exclude most of the world's nations. 
The Vatican says that if a “world government” isn't created with the ability to cope with large-scale speculation, “A climate will generally progress with growing hostility and even violence to undermine the foundations of democratic institutions”.

The proposal includes a world central bank, taxes on financial transaction proportional to the sophistication of financial products, a fund for the recapitalization of world banks, and different rules for commercial and investment banking.

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