Pope Benedict XVI was the first to predict the crisis in the global financial system…Italian Finance Minister Giulio Tremonti said. "The prediction that an undisciplined economy would collapse by its own rules can be found" in an article written by Cardinal Joseph Ratzinger {in 1985}, Tremonti said yesterday at Milan's Cattolica University. -Bloomberg News, November 20, 2008
Pope Benedict XVI, previously Cardinal Joseph Ratzinger, forecasted the impending crisis of the global financial system, as noted by Italian Finance Minister Giulio Tremonti. Tremonti pointed out that Ratzinger's insights were articulated in a 1985 article where he warned about the consequences of an unruly economy, suggesting that such a system would ultimately self-destruct due to its own lack of discipline.
Tremonti's remarks, made during a lecture at Milan's Cattolica University, underscore the relevance of Ratzinger's earlier predictions in the context of the financial turmoil that unfolded in 2008. This historical perspective highlights the importance of responsible economic governance and the potential risks associated with neglecting such principles.
