Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

6/11/2014 (1 year ago)

Catholic Online (www.catholic.org)

Elites gather in London to complain about capitalism.

The elites of the free world may be awakening to the fact that their unfettered pursuit of more is perhaps the single greatest existential threat to their existence. At a recent invitation-only conference in London, several billionaires as well as the head of the IMF and Prince Charles gathered to decry the excesses of capitalism over very fancy meals.

IMF managing director Christine Lagarde gave a keynote address where she quoted Karl Marx.

IMF managing director Christine Lagarde gave a keynote address where she quoted Karl Marx.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

6/11/2014 (1 year ago)

Published in Business & Economics

Keywords: capitalism, social justice, elites, London


LOS ANGELES, CA (Catholic Online) - Gathering at the Guildhall in London, international investors along with Christine Lagarde, keynote speaker and managing director of the International Moneyary Fund (IMF) along with Prince Charles discussed the danger that capitalism represents to itself.

This almost Kafkaesque meeting featured Lagarde quoting Karl Marx as the gathering dined on fancy plates for dinner.

Make tomorrow better, help support moral education.


Lagarde quoted Marx, saying "Capitalism carried the seeds of its own destruction" and she quoted Pope Francis who accused rising inequality as "the root of social evil." Then she made a call for progressive tax systems and property taxes, both means by which wealth is taken from the rich and redistributed to the poor.

Prince Charles also participated, who actually lamented, although in reserved terms, the collapse of the Soviet system and commented "the long-term job of capitalism is to serve people, rather than the other way around."

The wealthy are entitled to their opinions the same as any other individual, but those expressed at the gathering in late May were unlike those previously heard from that quarter. Why are the world's wealthiest people calling for more taxes and more equality? Why are they lamenting capitalism, the very system which made them and keeps them rich?

The answer may have to do with self-preservation.

These educated elites probably know that the French Revolution did not begin with the storming of the Bastille, but rather with a less-publicized famine and crop failure that started in 1788. The government, already paying half of its GDP to cover just the interest on the national debt, did not have money to provide the starving masses with bread. Eventually, a revolution ensued. Many aristocrats lost their heads, although by and large it was the poor who did most of the bleeding for the next several decades.

Still, a desire to soak the rich grows in a climate where opportunity appears stifled. This is what both Pope Francis and Christine Lagarde were referring to in their otherwise different presentations.

The United States has long been heralded as a land of opportunity, however those opportunities are becoming increasingly limited. Outrageous prices for everything from homes to tuition as well as a rapidly-changing marketplace where a college degree can become obsolete just days after graduation, has many Americans upset at the way things are.

The system, most Americans are beginning to see, isn't very fair. Case and point, look at the FCC plans to upset "net neutrality." The appointee to the head of the FCC, chosen by President Obama, is a former cable company lobbyist and he has crafted a proposal whose title suggests the law will protect net neutrality. However, the law does the opposite of what its title suggests. In addition, the public outrage over the proposal to create "internet fast lanes" is wildly unpopular, but the special interests appear likely to win.

America, and indeed much of the world, has become a plutocracy and the people, fed dreams of opportunity, are finding out for themselves that the system is designed to work against them.

It's an open secret that the wealthy manipulate governments and the laws to their own advantage but now the abuses are becoming so blatant that people are becoming fed up. Indeed, even Pope Francis himself has made comment on the issue.

The capitalists have recognized that their system is in jeopardy because greed has gone too far. Now they are looking for a way to reverse the tide of popular opinion before it's too late to save capitalism from itself.

Needless to say, the odds, and human nature, are against them.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Business & Economics

U.S. hit with price hikes: Apartment rent, restaurant meals and haircut prices are up Watch

Image of Starbucks has increased the price of their coffee from around 5 cents to 20 cents per cup.

By Linky C. (NEWS CONSORTIUM)

Prices of restaurant meals, gym memberships, haircuts and even a cup of coffee are rising in America, as well as apartment rent. American consumers are beginning to feel the financial burden, as the inflation rates in the U.S. start to kick in. MUNTINLUPA, PHILIPPINES ... continue reading


Big name companies demand Planned Parenthood to remove names off list of corporate donors Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Representatives from Coca-Cola, Ford Motor Co. and Xerox openly state they've requested Planned Parenthood to take their company's names out as corporate donors to the controversial organization. MUNTINLUPA, PHILIPPINES (Catholic Online) - Planned Parenthood is now ... continue reading


Gun sales in the United States dramatically boost after massacre shootings Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

FBI's latest background check data shows the gun industry spiked in sales at about 11 percent last June. There are about 1.53 million background checks done, making it the busiest June ever since the agency started keeping track in 1999, according to CNN. The massive ... continue reading


Microsoft slammed for thousands of layoffs while demanding increase in immigration Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

About 7,800 Microsoft employees are in line to be fired, according to a company announcement last Wednesday. Most workers are from the seemingly failing mobile phone business, while Microsfot is said to fire a majority of Nokia's remaining employees ever since ... continue reading


Subway and Jared break up after controversial police raid at spokesman's home Watch

Image of Jared Fogle is known for his massive weight loss on a

By Nikky Andres (NEWS CONSORTIUM)

Subway spokesman, Jared Fogle's house was raided by FBI agents and Indiana State Police, two months after the former executive director of Fogle's foundation was arrested with charges of child pornography. MUNTINLUPA, PHILIPPINES (Catholic Online) - In their statement, ... continue reading


'Enough with all the rules' firework industry calls out to Obama Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

This year, more states have allowed people to buy pyrotechnic materials, such as sparklers and Roman Candles. In fact, this year has been wonderful for fireworks manufacturers, since the projected 2015 sales of celebratory explosives are estimated to top $1 billion. ... continue reading


Whole Foods accused of greatly overcharging customers Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Whole Foods, the American foods supermarket chain that specializes in organic goods, has been accused of massive overcharging. The New York City Department of Consumer Affairs explained they have discovered "systematic overcharging for pre-packaged foods" at the city's ... continue reading


Strange and powerful 'boat swallowing' vortex appears in Lake Texoma Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

A strange, giant vortex, estimated to be around 8-feet in diameter, has appeared in Lake Texoma. This occurrence is surprising and perhaps threatening. However, there is an explanation. MUNTUNLUPA, PHILIPPINES (Catholic Online) - Lake Texoma is known as one of the ... continue reading


Is it time to stash money under mattress? 'It's time to hold physical cash,' fund manager says Watch

Image of Ian Spreadbury declined to predict the exact trigger but said it was more likely to happen in the next five years rather than 10.

By Catholic Online (NEWS CONSORTIUM)

Is it time to cash your paycheck and then stick it into a hatbox for a rainy day? According to British fund manager Ian Spreadbury, who invests more than £4 billion of investors' money is gravely concerned that a "systemic event" could rock markets. The upset ... continue reading


In spite of strong showing, Ron Paul predicts Apocalypse on Wall Street Watch

Image of Ron Paul has predicted economic doomsday previously. As stocks continue to make new highs, he remains just as convicted as ever that there

By Catholic Online (NEWS CONSORTIUM)

Things seem to be on an even keel right now but according to former Representative Ron Paul, the Federal Reserve's easy money policies have left stocks and bonds are on the verge of a massive collapse. LOS ANGELES, CA (Catholic Online) - "I am utterly amazed at ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Exodus 40:16-21, 34-38
16 Moses did this; he did exactly as Yahweh had ... Read More

Psalm, Psalms 84:3, 4, 5-6, 8, 11
3 Even the sparrow has found a home, the swallow a ... Read More

Gospel, Matthew 13:47-53
47 'Again, the kingdom of Heaven is like a dragnet ... Read More

Saint of the Day

Saint of the Day for July 30th, 2015 Image

St. Peter Chrysologus
July 30: St. Peter Chrysologus, Bishop and Doctor of the Church ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter