Many people today still have not figured out that our economy is in dire straights because of the immorality of the people controlling it. However, it seems the Pope predicted this in 1985. Here is the final paragraph of his Market Economy and Ethics By Joseph Cardinal Ratzinger.
These realms have come to appear mutually exclusive in the modern context of the separation of the subjective and objective realms. But the whole point is precisely that they should meet, preserving their own integrity and yet inseparable. It is becoming an increasingly obvious fact of economic history that the development of economic systems which concentrate on the common good depends on a determinate ethical system, which in turn can be born and sustained only by strong religious convictions. Conversely, it has also become obvious that the decline of such discipline can actually cause the laws of the market to collapse. An economic policy that is ordered not only to the good of the group — indeed, not only to the common good of a determinate state — but to the common good of the family of man demands a maximum of ethical discipline and thus a maximum of religious strength. The political formation of a will that employs the inherent economic laws towards this goal appears, in spite of all humanitarian protestations, almost impossible today. It can only be realized if new ethical powers are completely set free. A morality that believes itself able to dispense with the technical knowledge of economic laws is not morality but moralism. As such it is the antithesis of morality. A scientific approach that believes itself capable of managing without an ethos misunderstands the reality of man. Therefore it is not scientific. Today we need a maximum of specialized economic understanding, but also a maximum of ethos so that specialized economic understanding may enter the service of the right goals. Only in this way will its knowledge be both politically practicable and socially tolerable.
Link to full article
Pope Had `Prophecy’ of Market Collapse in 1985, Tremonti Says
By Flavia Krause-Jackson and Lorenzo Totaro
Article on Bloomberg.com
And yet we have the same executives and politicians that caused the problems in the first place still in control of our government, corporations, and economy. In the last election the American people still have not learned to look for morality in our leaders. Until we wake up to this fact, we are doomed to more of the same.
Instead we American people as a whole have bought into the rhetoric and have blamed one of the few moral leaders we have for the mess, when in fact the real culprits are many immoral leaders in congress, Fannie Mae, Freddie Mac, and other corporate executive who were and are in collusion with them.