IN THE LARGEST currency change that the world has ever seen, the euro was launched on New Year’s Day 2002 with great excitement and ceremony in 12 eurozone member countries. At the time, the shared currency was considered to be a vehicle for tying together separate states and cultures with numerous economic benefits, particularly to trade, employment, and tourism.
Now imagine a humble, 90-year-old Catholic priest, vibrant yet shrunken and bent with age. In Italian, he addresses a group about the euro in the celebratory year of its launch. In one hand he holds up an unconsecrated host; in the other, a one-euro coin. They are the same shape, and nearly the same size. But the coin is shiny silver and gold. The priest speaks simply and directly about how, despite their similar appearance and promise of life enrichment, the euro is deceptive. The dominance of finance and capitalism that it supports is a false idol, he says, which leads to addiction.
This story was recounted by a number of Italian press outlets at the time. It contributes to the mythos of this man who writes extensively about the Eucharist, which he believes, in contrast to the euro, creates a relationship not just with God but with our fellow human beings.
That priest is Arturo Paoli, now 102 years old and still quite active.
After spending most of his life overseas, Father Paoli returned to his native Italy in 2005 and lives in Lucca. Despite being a prominent activist, writer, and thinker in Catholic circles for nearly 70 years, he is largely unknown in the English-speaking world. (I am aware of only three of his 50 books having been translated into English: Freedom to be Free , Meditations on Saint Luke , and Gather Together in My Name . Of Paoli’s countless articles and public addresses, only rough web translations are available.)
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In the latest edition of The Economist, a new theory on how to tackle poverty: offer hope.
The idea that an infusion of hope can make a big difference to the lives of wretchedly poor people sounds like something dreamed up by a well-meaning activist or a tub-thumping politician. Yet this was the central thrust of a lecture at Harvard University on May 3rd by Esther Duflo, an economist at the Massachusetts Institute of Technology known for her data-driven analysis of poverty. Ms Duflo argued that the effects of some anti-poverty programmes go beyond the direct impact of the resources they provide. These programmes also make it possible for the very poor to hope for more than mere survival.
"There's one thing that might help with aid cynics. Because clearly no one likes the culture of dependency," Bono said. "No one's arguing for it. We're arguing to end it. I think there's something a bit funky about aid as it stands right now. The two most important parties involved in the transaction – the taxpayer who's providing the resources and the person who needs those resources to stay alive or keep their family alive – are the two people who know the least about what's going on. So that has to change."
Where is the compassion in our economy and our politics? It says much of the economic system that Sojourners even needs to campaign for a "moral budget." How do we, as Christians, challenge structures that allow billions of dollars to be wasted via tax loopholes while 1 in 6 Americans live in poverty?
Let’s face it — while lawmakers are picking their own battles in Washington, they aren’t fighting on the ground in Afghanistan. Winning elections has become more important than implementing winning foreign policy strategies that would end the war and bring our service men and women safely home.
On Monday the Dow Jones industrial average fell 634.76 points; the sixth-worst point decline for the Dow in the last 112 years and the worst drop since December 2008. Every stock in the Standard and Poor's 500 index declined.
It is easy to blame bipartisan bickering for the impasse that led to Standard and Poor's downgrading of the American debt, and in turn the vertiginous fall of the Dow. This bickering -- this substitution of ideology for reason, of egotism for compassion and responsibility on the part of lawmakers -- is a national disgrace; but while it failed to fix the problem, we must realize that it did not cause it. The cause -- and potential for a significant renewal -- lies much deeper.
So let's allow ourselves to ask a fundamental question: what's an economy for?