TIME.com - The Vatican’s Radical Ideas on Financial Reform
Time reports: "Those politicians who think the Dodd-Frank law went too far in attempting to reform Wall Street will likely need smelling salts after taking a look at a proposal for reforming the global financial system that was released by the Vatican on Monday. The proposal’s centerpiece is a call for the formation of a global political authority that would, among other things, possess broad powers to regulate financial markets. The reality of globalization, says the document, necessitates a 'gradual, balanced transfer of a part of each nation’s powers to a world authority and to regional authorities.' The Vatican envisions this global authority playing a role not just in overseeing financial markets, but also disarmament and arms control, food security and peace efforts."

Comment: Sure, that's what we need, a global authority to manage commerce, what could go wrong?