VATICAN: CARD. MARADIAGA, "WITH OIL THE BIG BANKS MAKE UP FOR SUBPRIME MORTGAGES"

” “"At such a difficult time for the worldwide economy, we must take care not to deploy an ‘excluding globalisation’": this was said in Rome last night by card. Oscar Rodriguez Maradiaga, as he spoke during the presentation of the book by Enzo Romeo, "Come funziona il Vaticano". "Nowadays the risk is to bow to a new God that is called ‘market’, as proven by the strong speculations on oil and basic foodstuffs – he added – which in three month’s time have created another 100 million poor people". Maradiaga pointed out that "the unrestrainable rise in oil prices is mostly due to the big banks and the international financial institutions that speculate on this asset to make up for the losses they incurred with the collapse in subprime mortgages. In this scenario – he said –, a new culture of austerity is needed, especially in the wealthier countries". Asked about immigration, he answered: "No one leaves one’s land for pleasure, one leaves it to survive. So a worldwide development policy is needed". As to the Church in Latin America, he said that, "at the 3rd American Missionary Congress due to take place in Quito (Ecuador) in August, we will try to turn the ordinary pastoral into a missionary one. The time has come to give back what we have received".