As active U.S. military involvement in Iraq draws to a close, what does the moral scorecard on this adventure look like from an American point of view? Granted that a comprehensive weighing of results will only be possible some years from now, at the moment the picture is something like this. In a perverse way, … Read more
Watching the Euro melt has confirmed what only a handful of people had predicted — and had done so against the expectations of the entire European and American establishment, for whom the creation of this single currency was the achievement of a lifetime of planning. The whole European currency scheme was both brilliant and crazy. … Read more
This past September, Archbishop Timothy Dolan, President of the USCCB, sent President Obama a letter that was long overdue. “I write with a growing sense of urgency about recent actions taken by your Administration that both escalate the threat to marriage and imperil the religious freedom of those who promote and defend marriage,” the archbishop … Read more
A barrage of news headlines on the Solyndra scandal continue to remind us that President Obama made green jobs one of his administration’s priorities. Those headlines also reveal this initiative to have been a costly mistake. The bankruptcy of Solyndra, the solar-panel manufacturer that has collapsed despite receiving half a billion dollars from the federal … Read more
This piece is paired with another view of usury from a distributist perspective, also running today. What makes “social teaching” different from the faith-and-morals magisterium of the Catholic Church? Most of the latter was settled early in Church history, with developments coming over time as subtle elaborations and careful applications of eternal truths. Social … Read more
A review of Money and Beauty; Bankers, Botticelli and the Bonfire of the Vanities, an exhibition at the Palazzo Strozzi, Florence—September 17, 2011—January 22, 2012 In our current global economic crisis, what could be more timely than an exhibition of art that concentrates on money? The Strozzi Palace Foundation in Florence, Italy, currently has … Read more
This piece is paired with another view of usury from an Austrian economics perspective, also running today. The Catholic Church is always condemned for condemning sins. Since we are all sinners, sin is the last thing we want to hear about. But of course, if we don’t confess our sins and flee from our … Read more
The recent note from the Vatican on financial markets, along with the outbreak of protests in many cities against what is seen as the failures of capitalism, has once more brought up the question of what it is exactly that the Catholic Church teaches about economic issues. A recent contribution to this subject came with … Read more
The recent Note issued by the Pontifical Council for Justice and Peace, “Toward Reforming the International Financial and Monetary Systems in the Context of Global Public Authority,” has liberals jubilant and conservatives apoplectic with its call “to create some form of global monetary management” (Sec. 4). This Note is a compilation of papal Social Teaching … Read more
Do we need a supranational authority to enforce social justice? The Vatican’s Pontifical Council for Justice and Peace (PJCP) seems to think so. Its new document, “Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,” calls for global economic regulation by a supranational body and a central world … Read more
With many intricate illustrations, John Henry Newman argued that the highest teaching office of the Church, cathedrated in Rome, is by paradox negative in the most positive sense. The Pope does not invent truths: he defines them against challenges. This is the essence of conservatism, not in a political sense, but in a pastoral ecology. … Read more
Distributists and followers of the “Austrian school” of free market economics are notoriously at odds with each other over what constitutes a just economic order. We disagree, at times vigorously, on how to structure an economy that best guarantees the rights of the family and that offers the best opportunities for prosperity and liberty. We … Read more
The Occupy Wall Street demonstrators are demanding “people before profits” — as if profit motivation were the source of mankind’s troubles — when it’s often the absence of profit motivation that’s the true villain. First, let’s get both the definition and magnitude of profits out of the way. Profits represent the residual claim earned by … Read more
“Nowhere is the need for ongoing development more acutely felt,” writes Father Thomas D. Williams, L.C., “than in the area of the Church’s social teaching” — which makes Catholic social thought “one of the most exciting areas of theology in which to be engaged.” In his new book The World As It Could Be: Catholic … Read more
Let’s say you go to the doctor with a pain in your gut, and the doctor very astutely discovers that you have been poisoned. He knows how and when it happened. He knows the precise kind of poison that victimized you. Then he gives your prescription: more poison in higher doses. You would be at … Read more
To our readers: These are exciting yet challenging times at Crisis. When we hung out our “Gone Fishing” sign back in late July — without indicating a firm date when we would return — some faithful readers wondered if there were changes in the works behind the scenes. And, indeed, in the months since our vacation, … Read more
With Europe and the regional Euro currency teetering on the edge of a cataclysmic crisis, politicians and central bankers are scrambling desperately to save their cherished dream of the European Union. All the supposed rules have already been broken as the continent’s rulers prepare ever-greater bailout packages for bankrupt governments and big banks. EU leaders … Read more
President Obama’s effort to enact a $447 billion stimulus bill was derailed by rejection of the plan in the U.S. Senate. The administration and Democratic leaders have vowed to resubmit it later in various pieces, a strategy designed to wring political favor from the tragedy of high unemployment while avoiding any culpability for an … Read more
Over the past 30 years, the language of business life has become replete with ethical phraseology. Words such as “social responsibility,” “business ethics,” and “triple bottom line” bounce around in MBA classes, in corporate boardrooms, and even on stock trading floors. This phenomenon is not limited to the business world. Individual and institutional investors regularly … Read more
What’s the common thread between Europe’s financial mess, particularly among the PIIGS (Portugal, Ireland, Italy, Greece and Spain), and the financial mess in the U.S.? That question could be more easily answered if we asked instead: What’s necessary to cure the financial mess in Europe and the U.S.? If European governments and the U.S. Congress … Read more