Vatican Calls for Universal Monetary Bank and Regulations?

A Vatican document released Oct. 24 called for the gradual creation of a world political authority with broad powers to regulate financial markets and rein in the "inequalities and distortions of capitalist development." The 41-page text titled "Toward Reforming the International Financial and Monetary Systems in the Context of Global Public Authority" was prepared by the Pontifical Council for Justice and Peace. It said the current global financial crisis has revealed "selfishness, collective greed and the hoarding of goods on a great scale." It called for the establishment of “a supranational authority” with worldwide scope and “universal jurisdiction” to guide economic policies and decisions. We hear from Sam Gregg at the Acton Institute to interpret the document.