European and American bishops talk about the financial crisis

An EU perspective:

Members of the Social Affairs Commission of COMECE met in Paris on 8-9 October for their annual meeting. Their exchange of views on the topic of "The future of social protection and social policy in Europe" was marked by the crisis in the financial markets and its consequences for social policy in Europe.

At the end of the meeting, Bishop Reinhard Marx, archbishop of Munich and President of the Commission, said: "At the present time it is the case that the governments of the EU should undertake all possible efforts to end this crisis of confidence which is undermining the financial markets. The social teaching of the Church has for a long time recognised the idea of global governance in order to bring justice, transparency and responsibility into the world's financial markets. Now the time has come to implement this social teaching. It is also important for our governments, as well as for the EU-Institutions, to start caring for the situation of those citizens who - without being responsible - will nevertheless have to carry the social consequences of the financial crisis. We have arrived at the precise moment where the European social model should prove itself in order to avoid turning the financial crisis into a political and social crisis."

Archbishop O'Brien of Baltimore, the first diocese of the United States, talks about the books:

These are uncertain times. Banks are failing, Wall Street is reeling, and the cost of just about everything seems to be through the roof. Talk of bailouts and mergers, record declines and a looming recession – not to mention the fast-approaching presidential election – has much of the nation in a frenzy of uncertainty and worry. Understandably, many people, when not peeking through their hands at their investment account statements, find themselves taking inventory these days. This local Church is, too.

The Gospel and our own Church teaching reminds us that we must be good stewards of those gifts that have been so generously bestowed on us. It is a priority of this local Church – at every level – to ensure that our limited resources are used to the best possible effect.

Sober words as we go into our weekend. Let's take stock, pray and keep moving.

Ph/t: Rocco.

These days are a helpful reminder to America that the ideal of "radical individualism" is a mirage: we are all deeply connected to one another, and must (prudently) help shoulder each others' burdens.