Wednesday, November 2, 2011

Archbishop Rowan Williams Confronts the Idols of Global Finance

Archbishop Rowan Williams wrote this piece published in the Financial Times about the Global Financial crisis, and the need to internationally regulate Financial markets and practices. This article is no mere moral exhortation; the Archbishop champions three specific proposals coming from the recent Vatican Document:

  1. Separate routine banking business from speculative trading

  2. Recapitalize banks with public money; in return, the banks should be obligated to take steps to reinvigorate the economy.

  3. And a Financial Transaction Tax, which can be relatively small, but which would provide a high rate of return.

You may read Archbishop William's entire essay here:  Time for us to challenge the idols of high finance

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