FPR readers will be interested in the Vatican’s new call for international authority over the financial institutions and policy. I understand the Pope’s beef with many contemporary capitalists and financial wizards. However, I wonder whether this call for international authority can even pass a basic prudence-test. Given the historic tendencies for monied interests to acquire significant influence over political authorities, there is very little guarantee that similar financial opportunists will not commandeer and “occupy” the levers of the new international authority that the papacy now calls for. This is what ultimately happened in America when economic control shifted from more local-levels to the national level. Big business just found a way to make their new more powerful national regulator their “own,” and regional attempts (e.g., the Granger Movement) to regulate business at the state level were overpowered by big business’ new friend, the Federal Government. Will not the same thing happen at the global level?
h/t: Drudge Report