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Thread: Cardinal calls for new not-for-profit finance bodies

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    Default Cardinal calls for new not-for-profit finance bodies

    It's good to see that someone shares my belief that we should set up our financial instutions so that they serve the needs of society rather than the needs of vested interests.

    The current system, which most people don't seem to understand, is based on making profits for shareholders - hence the recent decision by Irish Permanent to increase their margins.

    We can also expect to see Insurance Premiums rising for the forseeable future as the Insurance Companies seek to offset losses on stock market with increases in premium income.

    Any such new instutions will need robust constitutions though - INBS was a mutual, and we saw how Fingers Fingleton was able to turn that institution into a personal fiefdom run for the benefit of Fingers Fingleton.


    Cardinal calls for new not-for-profit finance bodies
    CATHOLIC PRIMATE Cardinal Seán Brady has suggested that with confidence in commercial banks declining, the time may have come for responsible Catholic economists to take the lead in developing credit union-type institutions.

    These would focus on systems of lending, saving and insurance built on an ethic of authentic human development, the cardinal stated at the opening of the national novena in Knock shrine, Co Mayo, on Thursday.

    In a major homily, Cardinal Brady, dwelling at length on the current economic slump, said “it would be tragic if nothing was learned from the recession”.

    Addressing thousands of pilgrims on the theme “Seeds of Hope”, the cardinal said it was probably an understatement to say that confidence in many commercial banks was declining and that disillusionment was setting in.

    He asked: “Has the time not come for responsible Catholic economists to take the lead in developing some not-for-profit systems of lending, saving and insurance, built on an ethic of authentic human development?
    "Always do right. This will gratify some people and astonish the rest." Mark Twain

    “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoléon Bonaparte

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    Its a pity the Catholic church didnt say this BEFORE the horse had bolted. Well, better late than never I suppose.

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    Well that's never going to happen.
    Happiness is a dry martini and a good woman … or a bad woman.
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    Quote Originally Posted by CookieMonster View Post
    Well that's never going to happen.
    Not if the likes of you have their way.

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    Quote Originally Posted by Cael View Post
    Not if the likes of you have their way.
    True. But also because any such effort will need capital to begin with and they're not going to get it if they're not making a profit.

    But you're a bit blinkered, which is fine because as a commie that's what I'd expect from you, but there are numerous non-profit based financial organisations out there. The one I am involved with is Kiva - Loans that change lives. I've contributed thousands to them todate and will continue to.

    But continue with your weird ass presocution complex and distorted view of everybody who isn't a commie.
    Happiness is a dry martini and a good woman … or a bad woman.
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    Whilst the Cardinal mentioned credit unions and the Knights of Columbus, he failed to mention Islamiic banking -Shariah which is practised throughout the Muslim world.

    The basic principle of Islamic banking is the sharing of profit and loss and the prohibition usury or charging interest on loans.

    But again they are not christain so must be not be copied.

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    well the Roman Catholic church is one of the wealthiest organizations in existence, could they not (for once) practice what they preach and actually set same up rather than expecting others to do it for them ?

    they've done a lot of damage to society and suffered a lot of negative PR, actually doing something constructive even at a low level could benefit both them and the community they claim to serve...

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    Politics.ie Member Nipper's Avatar
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    I wonder if he will give me a loan!

    He could always convert to Islam as they don't don't allow interest as far as I know

    I wonder do the church accept interest from the bank on the cash the swindle out of people at mass?

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    Quote Originally Posted by cunningstunt View Post
    Whilst the Cardinal mentioned credit unions and the Knights of Columbus, he failed to mention Islamiic banking -Shariah which is practised throughout the Muslim world.

    The basic principle of Islamic banking is the sharing of profit and loss and the prohibition usury or charging interest on loans.

    But again they are not christain so must be not be copied.
    Well that's not entirely true, infact they said pretty much that a few months ago:

    Vatican Says Islamic Finance May Help Western Banks in Crisis - Bloomberg.com
    Happiness is a dry martini and a good woman … or a bad woman.
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    Quote Originally Posted by disgruntledcitizen View Post
    well the Roman Catholic church is one of the wealthiest organizations in existence, could they not (for once) practice what they preach and actually set same up rather than expecting others to do it for them ?

    they've done a lot of damage to society and suffered a lot of negative PR, actually doing something constructive even at a low level could benefit both them and the community they claim to serve...
    Largest charitable organisation in te world, more money flows through Church organizations to those in need than any country, and they are a lot more efficient. The do ind practice what they preach. I have no quibble with your second point.
    The truthiness will set you free! - Stephen Colbert.

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