Pope Says Capitalism Is Failing
Posted in Main Blog (All Posts) on July 9th, 2009 4:44 am by HL
Pope Says Capitalism Is Failing
In the spirit of the poignant critiques of capitalism made popular by Pope John Paul II, Pope Benedict XVI has written a scathing letter just in time for the capitalist G-8 economic summit in Italy that demands we find a “profoundly new way of understanding business enterprise.”
CNN:
Pope Benedict XVI, on the eve of a global economic summit, lashed out at modern capitalism for being shortsighted and short on ethics.
“Today’s international economic scene, marked by grave deviations and failures, requires a profoundly new way of understanding business enterprise,” the pontiff said in his third encyclical letter, “Charity in Truth,” which was released Tuesday.
The papal letter was released as the heads of leading industrialized nations started gathering in central Italy for the Group of Eight economic summit, which begins Wednesday.
U.S. President Barack Obama is expected to speak about the economic outlook. The leaders of the other G-8 nations—Japan, Britain, France, Italy, Germany, Canada and Russia—also are scheduled to speak.
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G8 Leaders Agree to Limit Their Hot Air
G8 summit participants have all agreed to cut carbon emissions by 80 percent over the next four decades. Enough to keep Florida above water? The world leaders involved have to keep their promises first, as do successive governments over the next 41 years. Then there are the developing nations that could just absorb all that outsourced pollution. Nice start, though.
BBC:
Leaders of the G8 leading industrial countries have agreed to try to limit global warming to just 2C (3.6F) above pre-industrial levels by 2050.
The summit, in the Italian city of L’Aquila, also set tough new targets for carbon emissions considered necessary to achieve the goal.
Developed nations are to cut carbon emissions by 80% by 2050, to allow a global 50% reduction by the same date.
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