“A rich world and vibrant economy can and should end poverty”
Pope Francis calls on economists and Financial leaders during his impromptu conference in the Vatican last week. His holiness stated in his talk of “New Forms of Solidarity” that “modern resources make ending global poverty possible” an “outdated financial structure is endangering our planet and dividing our societies.”
Presenting keynotes at the conference were- the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, Nobel Laureate Economist Joseph Stiglitz, and Columbia University Professor Jeffrey Sachs. Off the record, Sachs delivered a speech on “Restoring the Ethical Foundations of Economics,” .
“You, who have kindly gathered here, are the financial leaders and economic specialists of the world, you know firsthand what are the injustices of our current global economy, or the injustices of each country. Let’s work together to end these injustices” Francis told them.
This solidarity conference has taken place ahead of the upcoming International summit “The Economy of Francesco” — named for the the pope’s patron, St. Francis of Assisi. This conference will bring 2,000 young economists and entrepreneurs together in Assisi March 26-28 to explore alternatives to the current global economic system that will be of more help to the poor and environment.
Amartya Sen and Muhammad Yunus ,Nobel laureate economists, will provide the opening statements of the International summit.
“The 50 richest people in the world have an equity equivalent to 2.2 trillion dollars. Those 50 people alone could finance the medical care and education of every poor child in the world, whether through taxes, philanthropic initiatives or both. Those 50 people could save millions of lives,” Francis told the conference. “If there is extreme poverty in the midst of wealth – also extreme wealth – it is because we have allowed the gap to widen to become the largest in history,” he added.
“If there is extreme poverty in the midst of wealth – also extreme wealth – it is because we have allowed the gap to widen to become the largest in history,” he said.
“A new ethic means being aware of the need for everyone to commit to work together to close the fiscal lairs, avoid evasions and money laundering that steal from society, as well as tell the nations the importance of defending the justice and the common good over the interests of the most powerful companies and multinationals – which end up suffocating and preventing local production,” he stated.
“Hundreds of millions of people are still mired in extreme poverty and lack food, housing, medical care, schools, electricity, drinking water and adequate and indispensable sanitation services. It is estimated that approximately 5 million children under 5 this year will die from poverty. Another 260 million children will lack education due to lack of resources, due to wars and migrations,” the pope said and “These realities should not be cause for despair, no, but for action.”
Referenced from www.catholicworldreport.com