Market Mayhem

The global financial crisis and the worldwide recession it triggered have demonstrated that allowing financial markets to regulate themselves does not serve national interests nor the good of the international community, according to Archbishop Silvano Tomasi, the Vatican’s permanent observer to U.N. agencies based in Geneva. Speaking on April 22 during a U.N. Conference in Doha, Qatar, Archbishop Tomasi said the 2008 financial crisis “marked a turning point for the world economy.” The subsequent global economic recession, he said, “eliminated at least 30 million jobs around the world.” As a result, “the enjoyment of fundamental economic and social rights by countless persons has been compromised, including the right to food, water, decent work, education and health.” He added, “The international community cannot let the financial system continue being a source of global economic instability; it must urgently take measures to prevent the outbreak of other financial crises in the future.”

Don't miss the best from America

Sign up for our Newsletter to get the Jesuit perspective on news, faith and culture.

The latest from america

Immigration officials “no longer will exempt classes or categories of removable aliens from potential enforcement” and “have full authority to arrest or apprehend an alien whom an immigration officer has probable cause to believe is in violation of the immigration laws.”
Michael O'LoughlinFebruary 21, 2017
El sistema de libre empresa es compatible con nuestra preocupación por los desfavorecidos, escribe un economista y católico converso.
Arthur C. BrooksFebruary 21, 2017
The pope's emphasis on protecting undocumented workers is particularly significant for Europe and the United States, where the treatment of refugees and migrants has been a consistent challenge.
Gerard O'ConnellFebruary 21, 2017
With his 5,800-word manifesto on “Building Global Community,” the Facebook C.E.O. seems to be easing ever more into his role as benevolent dictator of the media universe.
Nathan SchneiderFebruary 21, 2017