Pope says free market, ‘trickle-down’ policies fail society

Pope says free market, 'trickle-down' policies fail society

VATICAN CITY — Pope Francis said on Sunday that the COVID-19 pandemic was the latest crisis to prove that market forces alone and “trickle-down” economic policies had failed to produce The deal gives Chicago a little bit of financial flexibility Investors cheered what appeared to be improvements in President Donald Trump’s health. Our daily publication covering trade and customs news in the U.S. and worldwide. Pope Francis says the coronavivrus pandemic had proven that the ‘œmagic theories’ of market capitalism have failed and that the world needs a new type of politics that promotes dialogue and solidarity

VATICAN CITY — Pope Francis said on Sunday that the COVID-19 pandemic was the latest crisis to prove that market forces alone and “trickle-down” economic policies had failed to produce the social benefits their proponents claim.

In an encyclical on the theme of human fraternity, Francis also said private property cannot be considered an absolute right in all cases where some lived extravagantly while others had nothing.

Called “Fratelli Tutti” (Brothers All), the encyclical’s title prompted criticism for not using inclusive language after it was announced last month.

In Italian, Fratelli means brothers but it is also used to mean brothers and sisters. The Vatican said it was taken from the “Admonitions,” or guidelines, written by St Francis of Assisi in the 13th century to his followers and could not be changed.

The pope says in the first line of the 86-page encyclical that St. Francis had “addressed his brothers and sisters” that way. In the document, he uses the term “men and women” 15 times and speaks several times about defending the rights and dignity of women.

Encyclicals are the most authoritative form of papal writing but they are not infallible.

The encyclical, which Francis signed in Assisi on Saturday, covers topics such as fraternity, immigration, the rich-poor gap, economic and social injustices, healthcare imbalances and the widening political polarization in many countries.

The pope took direct aim at trickle-down economics, the theory favored by conservatives that tax breaks and other incentives for big business and the wealthy eventually will benefit the rest of society through investment and job creation.

“There were those who would have had us believe that freedom of the market was sufficient to keep everything secure (after the pandemic hit),” he wrote.

Francis denounced “this dogma of neo-liberal faith” that resorts to “the magic theories of ‘spillover’ or ‘trickle’ … as the only solution to societal problems.” A good economic policy, he said, “makes it possible for jobs to be created and not cut.”

‘Empire of money’

The 2007-2008 financial crisis was a missed opportunity for change, instead producing “increased freedom for the truly powerful, who always find a way to escape unscathed.” Society must confront “the destructive effects of the empire of money.”

Francis repeated past calls for redistribution of wealth to help the poorest and for fairer access to natural resources by all.

“The right to private property can only be considered a secondary natural right, derived from the principle of the universal destination of created goods,” he said.

A Vatican official said the pope was referring to those with massive wealth.

The pope wrote that the belief of early Christians — “that if one person lacks what is necessary to live with dignity, it is because another person is detaining it” — was still valid.

Those with much must “administer it for the good of all” and rich nations are obliged to share wealth with poor ones. But he said he was “certainly not proposing an authoritarian and abstract universalism.”

Some ultra-traditionalist Catholics have accused Francis of secretly backing a perceived plot for a “One-World Government,” a debunked conspiracy theory.

Without naming countries or people, Francis condemned politicians who “seek popularity by appealing to the basest and most selfish inclinations” or who enact policies of “hatred and fear towards other nations.”

Addressing racism, a key issue in the United States following the Black Lives Matter movement, Francis said: “Racism is a virus that quickly mutates and, instead of disappearing, goes into hiding, and lurks in waiting.”

He repeated calls for the abolition of nuclear weapons and the death penalty, positions which have been assailed by conservative Catholics, particularly in the United States.

Source: www.unionleader.com

Author: Philip Pullella Reuters


Kings acquire Olli Maatta from Blackhawks in trade that sends prospect Brad Morrison to Chicago

Kings acquire Olli Maatta from Blackhawks in trade that sends prospect Brad Morrison to Chicago

The Los Angeles Kings have acquired defenseman Olli Maatta from the Chicago Blackhawks in exchange for forward Brad Morrison. The deal, which was completed on Sunday, gives the Kings another experienced defensive piece while freeing up some necessary cap space for Chicago.

Maatta, 26, was acquired by the Blackhawks last summer via trade with the Pittsburgh Penguins, He played 65 games for Chicago this season, recording 17 points (four goals, 13 assists) and averaging 18:25 of ice time per game. He was arguably the Blackhawks’ best defenseman during their playoff run this season, scoring three goals and adding three assists while points while being a plus-7 in their nine postseason games.

Maatta has two years remaining on his current contract with a cap hit of $4.08 million. The Blackhawks will retain $750k of Maatta’s hit in the deal.

“Olli is a well-rounded player who will fit well with our group of defensemen,” said Kings Vice President and General Manager Rob Blake in a team release. “He is a young player that already has a lot of valuable NHL experience, including a pair of Stanley Cups, and we look forward to having him join our organization.”  

Maatta won those two Stanley Cups with the Pittsburgh Penguins, who drafted him with the 22nd overall pick in the 2012 NHL Draft. 

From Chicago’s end, dealing Maatta gives them some breathing room financially, even with the retained money. The Blackhawks now have around $11 million in cap space as they look to give new contracts to Dominik Kubalik and Dylan Strome (both restricted free agents) and sign at least one goaltender. Their top two rostered goaltenders, Corey Crawford (unrestricted free agent) and Malcolm Subban (restricted free agent), are in need of new contracts this offseason. 

Chicago remains tight against the cap and will have to get creative as they look to build out their roster. They still have plenty of holes, especially on the defensive end.

Morrison, 23, is a young center who had 19 points in 17 games for the Fort Wayne Komets in the ECHL last season.

Source: www.cbssports.com

Author: Pete Blackburn


Dow jumps 350 points on stimulus optimism as traders monitor Trump's health

Dow jumps 350 points on stimulus optimism as traders monitor Trump’s health

U.S. stocks rose on Monday as investors cheered signs of progress toward the next fiscal stimulus deal.

Monday’s gains also came amid signs of improvement in President Donald Trump’s health and the prospect that he may be leaving the hospital soon.

The Dow Jones Industrial Average climbed 350 points, or 1.3%. The S&P 500 also rose 1.3%, while the Nasdaq Composite gained 1.7%. 

“I think this is more stimulus. I really do,” CNBC’s Jim Cramer said on CNBC’s “Squawk on the Street” on Monday. “This is hope on talks between Secretary Mnuchin and Speaker Pelosi that may be going on now.”

Trump’s coronavirus diagnosis, as well as a weak September jobs report, highlighted the urgency for further coronavirus aid after a months-long stalemate in Washington.

Optimism for reaching a compromise rose over the weekend after House Speaker Nancy Pelosi, D-Calif., signaled progress on Friday, saying “we continue to work on the text to move quickly to facilitate an agreement.”

Pelosi on Friday called on the airline industry to delay furloughs, saying additional relief for the industry is “imminent.” The president also put pressure on Congress over the weekend to get a deal done, saying in a tweet that lawmakers should “WORK TOGETHER AND GET IT DONE.”

Investors continued to monitor Trump’s Covid-19 prognosis, which added more uncertainty to the already-chaotic election season.

White House chief of staff Mark Meadows told NBC News Monday that, “The discharge decision will be made later today between the president and his medical team.”

In a minute-long video posted on Twitter late Sunday, Trump said that “we are getting great reports from the doctors.” The president also took a short motorcade ride to wave to his supporters standing outside the hospital. Early Monday morning, Trump fired off a series of tweets urging Americans to vote for him, citing the “biggest tax cut ever” and “stock market highs.”

He was transferred to Walter Reed National Military Medical Center on Friday after he was given the antiviral drug remdesivir. Trump’s physician, Dr. Sean Conley, said Sunday that his condition has improved and the president may be discharged as soon as Monday.

Wall Street had been more concerned after his doctors said Sunday they had begun treating him with dexamethasone, a steroid recommended for severe cases of Covid-19. The president was said to have experienced two drops in his oxygen levels since his diagnosis announcement just before 1 a.m. ET on Friday.

After Trump’s diagnosis, former Vice President Joe Biden opened his widest lead in a month in the presidential race with 51% of those polled backing him and 41% saying they would vote for Trump, according to a Reuters/Ipsos poll released on Sunday from October 2-3.

A win for the former vice president in November could spell headaches for Wall Street in the form of higher taxes and tighter regulations, but some also say it could lead to a bigger fiscal stimulus deal that would be good for stocks.

At the same time, a convincing win could ease concerns about a drawn-out or contested election result.

“Markets seem (to) have lowered the chance of prolonged uncertainty post-November 3,” wrote Ajay Rajadhyaksha, head of macro research at Barclays. “Given that Vice President Biden has been ahead in most polls, this suggests that markets are assigning a bit more probability to his win and a bit less to a close and contested outcome.”

Trump’s sickened condition also emphasized the gravity of the pandemic that is still roiling major states and cities in the country. New York City Mayor Bill de Blasio announced Sunday that nine ZIP codes in Brooklyn and Queens will most likely shut down on Wednesday due to a recent spike in new cases.

Despite Trump’s diagnosis, major averages all eked out modest gains last week. The S&P 500 climbed 1.5% for its first positive week in five.

— CNBC’s Thomas Franck contributed reporting.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source: www.cnbc.com

Author: Yun Li


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    Pope: Market capitalism has failed in pandemic, needs reform

    Pope: Market capitalism has failed in pandemic, needs reform

    ROME — Pope Francis says the coronavirus pandemic has proven that the ‘œmagic theories’ of market capitalism have failed and that the world needs a new type of politics that promotes dialogue and solidarity and rejects war at all costs.

    Francis on Sunday laid out his vision for a post-COVID world by uniting the core elements of his social teachings into a new encyclical aimed at inspiring a revived sense of the human family. ‘œFratelli Tutti’ (Brothers All) was released on the feast day of his namesake, the peace-loving St. Francis of Assisi.

    The document draws its inspiration from the teachings of St. Francis and the pope’s previous preaching on the injustices of the global economy and its destruction of the planet and pairs them with his call for greater human solidarity to confront the ‘œdark clouds over a closed world.”

    In the encyclical, Francis rejected even the Catholic Church’s own doctrine justifying war as a means of legitimate defense, saying it had been too broadly applied over the centuries and was no longer viable.

    ‘œIt is very difficult nowadays to invoke the rational criteria elaborated in earlier centuries to speak of the possibility of a ‘˜just war,'” Francis wrote in the most controversial new element of the encyclical.

    Francis had started writing the encyclical, the third of his pontificate, before the coronavirus struck and its bleak diagnosis of a human family falling apart goes far beyond the problems posed by the outbreak. He said the pandemic, however, had confirmed his belief that current political and economic institutions must be reformed to address the legitimate needs of the people most harmed by the coronavirus.

    ‘œAside from the differing ways that various countries responded to the crisis, their inability to work together became quite evident,’ Francis wrote. ‘œAnyone who thinks that the only lesson to be learned was the need to improve what we were already doing, or to refine existing systems and regulations, is denying reality.”

    He cited the grave loss of millions of jobs as a result of the virus as evidence of the need for politicians to listen to popular movements, unions and marginalized groups and to craft more just social and economic policies.

    ‘œThe fragility of world systems in the face of the pandemic has demonstrated that not everything can be resolved by market freedom,’ he wrote. ‘œIt is imperative to have a proactive economic policy directed at ‘˜promoting an economy that favours productive diversity and business creativity’ and makes it possible for jobs to be created, and not cut.’

    He denounced populist politics that seek to demonize and isolate, and called for a ‘œculture of encounter’ that promotes dialogue, solidarity and a sincere effort at working for the common good.

    As an outgrowth of that, Francis rejected the concept of an absolute right to property for individuals, stressing instead the ‘œsocial purpose’ and common good that must come from sharing the Earth’s resources. He repeated his criticism of the ‘œperverse’ global economic system, which he said consistently keeps the poor on the margins while enriching the few – an argument he made most fully in his 2015 landmark environmental encyclical ‘œLaudato Sii” (Praised Be).

    Francis also rejected ‘œtrickle-down’ economic theory as he did in the first major mission statement of his papacy, the 2013 Evangelii Gaudium, (The Joy of the Gospel), saying it simply doesn’t achieve what it claims.

    ‘œNeo-liberalism simply reproduces itself by resorting to magic theories of ‘˜spillover’ or ‘˜trickle’ – without using the name – as the only solution to societal problems,’ he wrote. ‘œThere is little appreciation of the fact that the alleged ‘˜spillover’ does not resolve the inequality that gives rise to new forms of violence threatening the fabric of society.’

    Francis’ English-language biographer, Austen Ivereigh, said with its two key predecessors, the new encyclical amounts to the final part of a triptych of papal teachings and may well be the last of the pontificate.

    ‘œThere is little doubt that these three documents … will be considered the teaching backbone of the Francis era,’ Ivereigh wrote in Commonweal magazine.

    Francis made clear the text had wide circulation, printing the encyclical in the Vatican newspaper L’Osservatore Romano and distributing it free in St. Peter’s Square on Sunday to mark the resumption of printed editions following a hiatus during the COVID-19 lockdown.

    Much of the new encyclical repeats Francis’ well-known preaching about the need to welcome and value migrants and his rejection of the nationalistic, isolationist policies of many of today’s political leaders.

    He dedicated an entire chapter to the parable of the Good Samaritan, saying its lesson of charity, kindness and looking out for strangers was ‘œthe basic decision we need to make in order to rebuild our wounded world.’

    ‘œThat a theme so ancient is spoken with such urgency now is because Pope Francis fears a detachment from the view that we are all really responsible for all, all related to all, all entitled to a just share of what has been given for the good of all,” said Anna Rowlands, professor of Catholic social thought at Britain’s University of Durham, who was on hand to present the encyclical Sunday at the Vatican.

    Francis enshrined in the encyclical his previous rejection of both the nuclear arms race and the death penalty, which he said was ‘œinadmissible’ in all cases.

    Francis’ call for greater ‘œhuman fraternity,” particularly to promote peace, is derived from his 2019 joint appeal with the grand imam of Egypt’s Al-Azhar, the revered 1,000-year-old seat of Sunni Islam. Their ‘œHuman Fraternity’ document established the relationship between Catholics and Muslims as brothers, with a common mission to promote peace.

    The fact the he has now integrated that Catholic-Muslim document into an encyclical is significant, given Francis’ conservative critics had already blasted the ‘œHuman Fraternity” document as heretical, given it stated that God had willed the ‘œpluralism and diversity of religions.”

    Vatican encyclicals are the most authoritative form of papal teaching and they traditionally take their titles from the first two words of the document. In this case, ‘œFratelli Tutti’ is a quote from the ‘œAdmonitions,’ the guidelines penned by St. Francis in the 13th century.

    The title of the encyclical had sparked controversy in the English-speaking world, with critics noting that a straight translation of the word ‘œfratelli’ (brothers) excludes women. The Vatican has insisted that the plural form of the word ‘œfratelli’ is gender-inclusive.

    Francis’ decision to sign the document in Assisi, where he travelled on Saturday, and release it on the saint’s feast day is yet further evidence of the outsized influence St. Francis has had on the papacy of the Jesuit pope.

    Francis is the first pope to name himself after the mendicant friar, who renounced a wealthy, dissolute lifestyle to embrace a life of poverty and service to the poor.

    ___

    Follow AP’s pandemic coverage at http://apnews.com/VirusOutbreak and https://apnews.com/UnderstandingtheOutbreak

    Source: www.dailyherald.com

    Author: Associated Press


    Pope says free market, 'trickle-down' policies fail society


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