In plain yet powerful language, Pope Francis is challenging the givens of our deeply unequal world - and helping inspire resistance to it.
Sometimes you don’t have to say anything “new” to make news. Consider, for instance, the “apostolic exhortation” the Vatican released last Tuesday.
This statement from Pope Francis, observers note, didn’t really break any bold new theological ground. But the Pope’s exhortation, the first all his own since he stepped onto the world stage last March, still made front pages the world over — and fully merited all that attention.
What makes this new papal statement so significant? No global religious figure has likely ever before denounced economic inequality with as wide-ranging — and as accessible — an assault.
Commentators are already tracing the roots of the new exhortation, formally titled Evangelii Gaudium, or The Joy of the Gospel, in the Catholic religious tradition. But the statement also seems to draw inspiration from the world’s most insightful research into inequality’s economic, social, and political impact.
And just what insights can we take from what Pope Francis has to say about inequality? These five jump out most dramatically.....
Sam Pizzigati, Inequality.org | Op-Ed
Wealth works best when we share it. da Pope
ReplyDeleteAnd what have I been saying about eliminating the counterfeiting cartel because shares in equity (common stock) is a perfectly ethical form of endogenous private money?
Is my work finished now? Somehow I doubt it.
1) Even honest usury will lead to gross inequality over time which is why debt jubilees have been common in history.
ReplyDelete2) But worse, government-backed credit creation DRIVES people into debt.
3) The so-called creditworthy always includes those who are rich anyway. Redlined blacks needed not apply though.
4) Government backing for credit creation precludes truly private money forms such as common stock which requires no usury.
I'm not so much for common stock as private money as AGAINST credit creation by a government-backed cartel or by the government itself if it violates Equal Protection under the Law.
So that would leave only purely private credit creation as a form of endogenous money creation. But what if that is insufficient?
So, I'm merely pointing out that should purely private credit creation prove inadequate then common stock as private money is a perfectly ethical, plausible form of endogenous money creation.
Or must we endlessly oscillate between fascism and socialism till the Lord calls it quits?
Yes, I know you have new hope in MMT, which is definitely part of the solution, but unfortunately Wray, Mosler, Bill Mitchell (sadly because I like Professor Mitchell) don't plan to use it to euthanize those ultimate rentiers, the usury for stolen purchasing cartel, the banking system. Instead, they'd use it to keep the current system going with a return to Glass-Steagall perhaps but GS helped redlined blacks not a whit nor prevented the urban riots of the 1960.
You'll do what you'll do but you won't be able to claim ignorance or TINA at the Judgement, not if I can help it, so help me God!
But F,
ReplyDeleteRight now the "cartel" as you term it hasnt net made a loan in going on 5 years... bank credit was higher 5 years ago, check the H.8 report...
Do you think God works on a "net basis"? And He reads the Fed's H.8 report??
If so, then these people should be ok right????
This comment has been removed by the author.
ReplyDelete[I mispelled "being" in deleted comment]
ReplyDeleteRight now the "cartel" as you term it hasnt net made a loan in going on 5 years ... Franko
So what? Aren't existing loans plus usury being paid off? And can't the counterfeiting cartel start net lending again should the economy improve?
Unlike the Austrians, I recognize that the price deflation inherent in the present system is just as, if not far more, unjust than price inflation.
Neither are necessary. Common stock is spent, not lent, into existence so deflation is not built-in. Plus, price inflation is under the control of the only people affected by it, the shareholders since they OWN the issuing company.