Vatican banker: Economic crisis likely to keep getting worse.

A devout Catholic and father of five who used to be a director of Santander bank, Gotti Tedeschi has consistently said the underlying causes of the current economic crisis, particularly in Europe, is a decline in the birth rate.

The Western world’s population growth rate (zero percent, or two children per couple) has led to a profound change in the structure of society, with less productivity and an aging population, leading to the inability of governments to reduce taxes, he said.

Read more

Moral bankruptcy preceded world financial crisis

archbshezzati“If I look at the origins of this crisis and I analyze the first and fundamental fact, I find an action that is immoral: speculating with money that belongs to others; huge investments with no foundation and backing; the desire to profit at the expense of others,” the archbishop said. 

“It can be said with certainty,” he continued, “that this crisis was foretold by Pope Benedict XVI one year earlier in his encyclical ‘Spe salvi,’ when he warned that the foundation upon which the growth and development of the world was being carried out was erroneous and would lead to failure.” 

According to Archbishop Ezzati, “The moral crisis is due to a crisis of faith in human intelligence, because human reason is called to seek the truth, as an ethical obligation. But it is not enough to find it, it must also be followed. For this reason, the leaders of the world economy have a great task, that of using their intelligence to seek the truth that leads to true development.”

Click here to read the whole article