File Under Silly

This should be filed under silly!

"In “Market Economy and Ethics” the future pope said a decline in ethics “can actually cause the laws of the market to collapse,” Bloomberg reported."

That statement is just common sense when any market starts breaking it's own rules and the ethical standards decline you will see a decline and the absence of trust in those markets, it's not a prophesy though no matter how much one might try and make it so.



Pope credited for predicting financial crisis
Posted: November 20, 2008, 9:09 AM by Jonathan Ratner
Economics, Credit Crisis, recession

There is no shortage of experts claiming that they foresaw the global financial crisis. While some have a legitimate argument, many others don’t.

The most interesting such suggestion to emerge recently gives credit to the head of the Roman Catholic Church. Pope Benedict XVI was the first to predict the crisis, a “prophesy” in a 1985 paper presented when Joseph Ratzinger was a cardinal, according to Italian Finance Minister Giulio Tremonti.

“The prediction that an undisciplined economy would collapse by its own rules can be found” in that paper, he said Wednesday at Milan’s Cattolica University.

In “Market Economy and Ethics” the future pope said a decline in ethics “can actually cause the laws of the market to collapse,” Bloomberg reported.

Jonathan Ratner

Photo: Pope Benedict XVI kisses a baby at the end of his general audience in Saint Peter Square at the Vatican October 8, 2008. REUTERS/Max Rossi (VATICAN)