P R A Y I N G W I T H T H E C H U R C H
|
INTENTION : |
That the world economy may be managed according to the principles of justice and equity, taking into account the real needs of peoples, especially the poorest.
|
The grave financial crisis which broke out in the second half of 2007 has been a glaring and tragic demonstration of the insecurity of the bases on which the world financial framework is built. The crisis was generated in an atmosphere of exaggerated optimism in a system which gave rise to the illusion that nothing could continue but growth. Together with a 'constructive euphoria', credit was abused, and loans were allowed without the requisite securities. 'Bad payers' accumulated, many could not or would not be responsible for their debts.
Unbridled speculation, secret lies, investments that promised impossible returns, were the normal procedure of financial enterprises, and no-one seemed to be able or to want to stop it. Until the bubble burst.
Today we are suffering the consequences of a global economic management that was irresponsible, incapable of limiting the ambition and avarice of a few. Once again, the weakest, and the poor, pay the highest price, unable to cope with paying their debts, with the consequent loss of millions of jobs, and many people losing their homes. It is not the greedy bankers or the unscrupulous speculators who have suffered the effects of the crisis most. Those who caused the catastrophe, and their institutions, have been and are being helped in many countries from State funds, to prevent the collapse of the whole system, in the hope of avoiding worse consequences for everyone. The double standards of the prevailing system, which privatises gain and socialises losses, are highly visible. When the system failed, the State had to pay, and goes on paying, with the people's money.
The real reasons for this situation are not just technical defects in the financial system, but the results of a profound moral crisis. Ambition, unregulated greed, the law of the most powerful, ruled. Consequently, and as the only real road to a solution, today a moral renewal is necessary on the large scale of modern societies and commercial relations. This is the basis of the Pope's intention for this month. Direct the world economy in a responsible way to achieve real solidarity. Learn that a change of mentality is needed in the way we live in the world together, that may produce new ideas and models.
Let us pray with the Holy Father that this crisis, which can mean a danger or an opportunity, may make us more capable of carrying out lasting changes. We cannot go on with the insulting inequality between the high level of consumption of the rich and the situation of the poor, which is becoming more and more tragic. The crisis is an opportunity to move in earnest towards alternative forms of economy. The bad moment showed that when political will combined with concern for the common good, in a few months huge funds could be produced to save the financial markets. It is possible to bring together great efforts for great solutions.
|
|
