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It's following on directly from -- -- financial institutions need help in dealing with crises so says the Vatican.
At a school for the establishment of a global public all foreign that's a quote and they quote central World Bank to rule of a financial institutions and look who's sitting right -- -- Jonathan Morris Fox News contributor and also -- the book.
God wants you think all right -- -- -- the welcome to the program thanks is to look as we speak.
The the Europeans or an absolute chaos they are flat out falling to pieces.
And that's because they're trying to centralize all -- -- I put it to you.
The -- some idea of a central bank for Europe dealing in ethics is utopian dream and has no -- in finance whatsoever.
Make the counter.
The polygamy and I would take.
At out of question weathered the falling apart part specifically because they're trying to centralize that -- niche that's worthy of debate but let me say first of all.
Reading the reports before -- actually read the document the eighteen page document by the Vatican.
Really the ports of what was in it I was absolutely terrified as it on my dash for some probably have to try to explain that's it -- like a terrible thing let me say what this is not.
Okay this is very important.
This is what it this is what this document does not say this is first of all not from the Pope.
Hello this is because I'm a department in the Vatican official there are levels of authority so if that if the Pope is talking about the divinity of -- us.
As -- Catholic -- Christian you better believe it will if I did -- and money.
If if they if they if they department of the Vatican is speaking about finance it's a different level of authority.
This is also not the Vatican's response to occupy Wall Street's OK OK Willis is important stuff -- This is very important step there's no specifics in this at all will let Kevin -- -- and the answer is we don't know because they didn't even proposed that they say this is that's not for us to decide that was at the mall bank.
-- these had first about the the prices right now that we're dealing with is predominantly an optical and a moral issue I think we would all agree with that there's people who live well I -- agree that any.
What -- on any sort.
It's paid -- not spending money that they didn't have which is a moral issue would we be in this crisis sending money which they borrowed assaulting him all about -- unless it's not that it's borrowing more money that you could ever pay back.
That's a -- I'm gonna break in for a second because the Wall Street Journal a sister publication is now definitively saying that will be no finance me to eat meat ministers' meeting tomorrow.
Now again I have to stress this this is a big deal because.
The whole of Europe a -- of the world's financial system has been looking forward to tomorrow when was supposed to have a planner.
On the table and accepted that would deal with European chaos.
Were down a 110 points moving a little Lola as these reports keep on coming in know meeting.
I wanna pick up when you adjust for sector this is not moral issue in Europe I mean the most distant sent is it tomorrow.
Issue of foundational sensitive -- technical aspects -- financial crisis for heaven's -- the Greeks are deeply -- -- the campaign.
The Italians are deeply in debt probably campaign there's a run on banks there's a wrong on sovereign debt that's what's happening is that what I'm saying you know there's -- -- the very fact of.
Living way outside your means -- Greece has done.
For all of this time is a moral issue they shouldn't do it it's called living within your means.
Integrity of the but let me let me say that I've got 32 -- -- quickly.
11 thing that's about it -- the -- there are really strong words in -- stock and I encourage people to read go to the Vatican dot EA there's a principal there that says that's very quickly.
It says this higher authority of this not time I got but the central thirty.
Is it must act only when the individual social financials actors on a lower level are intrinsically deficient or incapable in other words.
No global authority should be stepping in when -- lower level of society or government.
-- Sovereign States cannot do it for themselves cannot I picked that out of something good fit I'm with the on this one -- okay.
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