SYDNEY Catholic Archbishop George Pell blames greedy, foolish people and a minority of rogues for provoking the global financial crisis. In a grim assessment, Cardinal Pell believes the crisis has been worsened radically by an erosion of "social capital".
The Catholic Church's leader in Australia rates the world economic problems as extreme -- the worst in his lifetime and the worst seen since the Great Depression.
He warns it will take years to identify lessons from the debacle.
Cardinal Pell's views are contained in an address he will deliver today to the Australian Workers Union's national conference on Queensland's Gold Coast, in which he will argue for a reassessment of values as the remedy.
The problems can only be solved, he will argue, by the enrichment of social capital involving shared values and understandings.
"It is in the mesh of relationships that we learn how to become reliable and to rely on others; how to co-operate and solve problems without coming to blows; and how to have the confidence that change is possible if we are willing to have a go and ask the people around us for a hand," Cardinal Pell says in his speech.
He says US President Barack Obama and his Republican opponent, John McCain, correctly named greed and irresponsibility as major contributing causes to the credit crunch.
"Old-fashioned lies, dishonesty, is another cause," he says. "In other words, the crisis has been worsened radically by the erosion and poisoning of social capital."
The AWU has taken the unusual step of inviting the Catholic Church's leader to speak to its conference, although Cardinal Pell will make a point of saying the church has long supported unions as the means for workers to improve their conditions.
Cardinal Pell will tell union delegates that a series of spectacular corporate collapses, beginning in the US, reflected an erosion of social capital.
"Greedy and foolish people and a small minority of rogues have provoked the present recession. Our leaders are struggling to repair the damage and society will struggle for years to identify the lessons from the debacle.
"Undoubtedly, this will require greater transparency and effective regulation to prevent gross abuse."
Cardinal Pell says that despite the church's support for unions, Catholics are free to support any of the mainstream parties, although it would be hard for a serious Catholic to vote for the Greens.
He believes the movement of many Catholics into the Liberal and Nationals parties is one of the most significant developments of the past 50 years in Australia. +++++++++++++++++++++++++++++++++++++++++++++++++++
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(Source: GRNC)