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Pope Calls for New Financial System and Debt Jubilee: Supports BRICS Gold-Backed Currencies
On June 26, 2024
By Awake-In-3D
Pope Francis Aligns with BRICS+ in Bold Financial Reform Proposal
In This Article
- Pope Francis’ urgent appeal to global finance ministers and economists
- The need for a new international financial architecture
- The 2025 Jubilee Year as a catalyst for debt relief
- Insights on the pope’s economic perspective
As the global fiat currency debt system faces undeniable collapse, Pope Francis has made a powerful appeal supporting international mechanisms for debt relief ahead of the Vatican’s 2025 Jubilee Year.
He lamented that poorly managed globalization has deprived millions of a dignified future.
In order to try to break the debt-financing cycle, it is necessary to create a multinational mechanism, based on the solidarity and harmony of peoples, that takes into account the global nature of the problem and its economic, financial and social implications.
Pope Francis, June 5th 2024
“We find ourselves facing a debt crisis that mainly affects the countries of the south of the world, generating misery and anguish, and depriving millions of people of the possibility of a dignified future,” said Francis on June 5. “Consequently, no government can morally demand that its people suffer deprivations incompatible with human dignity.”
The pope called for a new international financial architecture to break the financial-debt cycle that has contributed to a current global debt now estimated at $313 trillion.
He is likely referring to and putting his support behind the ongoing BRICS+ development of a new gold-backed currency and financial system when he speaks of the “Global South.”
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Pope Francis’ Call to Action
Francis’ remarks were delivered during a meeting with participants in the “Addressing the Debt Crisis in the Global South” conference.
Organized by the Pontifical Academy of Social Sciences, the conference included some 50 finance ministers, economists, and international development agency heads.
The meeting comes as major legislation is being considered in New York and the United Kingdom on sovereign debt restructuring.
It occurs at a time when both church leaders and development groups are pushing for greater foreign debt relief, coinciding with the upcoming 2025 Jubilee Year, a once-every-quarter-century event that includes the Biblical tradition of forgiving debts.
“For this reason, dear friends, the Holy Year of 2025, to which we are heading, calls us to open our minds and hearts to be able to untie the knots of the ties that strangle the present, without forgetting that we are only custodians and stewards, not masters,” Francis told conference participants.
The Need for a New Financial System
Eric LeCompte, the leader of Jubilee USA, a network of religious and development groups advocating for international debt relief, described the pope’s remarks as “powerful and forceful.”
LeCompte, who attended the Vatican conference, noted that “secular institutions are aware that 2025 is a Jubilee Year” and are interested in using it to push new policies for a better global financial model.
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“Debt can no longer be disconnected from the broader economic stability of nations,” said LeCompte. He believes that the pope has always understood this connection, as evidenced by his proactive stance on economic reform.
“The north really owes a debt to the south because we took all of their resources and fueled industrialization,” he said. “We took from them and now we owe them a debt to be able to ensure their economic stability.”
The Impending Collapse of the Fiat Currency System
In his June 5 remarks to economists and financial leaders, Francis emphasized the need for a multinational mechanism for dealing with debt to counteract an “every man for himself” attitude, where “the weakest always lose.”
According to LeCompte, what the pope is really demanding is a “global transformation of our financial system” to address the collapse of the current fiat currency debt system.
While Francis is building on the teachings of Popes John Paul II and Benedict, LeCompte pointed out that Francis speaks from direct experience, having faced long-standing economic crises during his time as Archbishop of Buenos Aires.
“He stared down the barrel of a gun from these vulture funds in Argentina … and led his country through the greatest economic crisis the country had ever faced,” said LeCompte. “He has a direct understanding of these issues, saw what they did and saw what inequities in the financial system do to developing countries.”
The Bottom Line
Pope Francis’ call for a new financial system and a global debt jubilee ahead of the 2025 Jubilee Year is a clarion call for economic justice.
His emphasis on the interconnectedness of global financial stability highlights the moral imperative for global financial leaders to act.
The ongoing collapse of the global fiat currency debt system underscores the urgency of his appeal, as the world can no longer deny or wish away these critical issues.
The BRICS+ development of a new gold-backed currency and financial system offers a tangible solution, aligning with the pope’s vision for the future.
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Contributing article: https://www.ncronline.org/vatican/vatican-news/ahead-2025-jubilee-pope-francis-rallies-global-finance-heads-back-debt-relief
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