News Archives » Faith Responsible Investing
Spiritual Grounding for Economics April 1st, 2012
Father Marcelo Barros, OSB
We would like to share a very interesting article on economics (translated from the Portugese) by Father Marcelo Barros, OSB, Brazilian writer and theologian. The article examines the concept of a spiritual economy and the importance of linking human needs and aspirations with the basic rationale of any economy:
“As in all fields of life and human activity, spirituality must give a soul to the economy. Without the spirit, the economy lets itself dominate the market as an idol. And money transforms itself into a fetish. The market, that in itself is a human institution of interchange and of relations between persons and between groups, has become an absolute and disconnected from the rest. To such a point that we could denounce with Jesus: “the market was made for human beings and not human beings for the market”. In the last decades of the twentieth century, the economy became more than ever centered in money and in capital titles, with authoritarian neoliberalism and predominance (arrogance).”Learn more (Download PDF of the article)
Fr. Barros was ordained to the priesthood in 1969 by Dom Helder Camara , and for nearly ten years, from 1967 to 1976 , served as secretary and adviser to Dom Helder for ecumenical affairs. He is the author of at least six books, and has been an active member of the Ecumenical Association of Third World Theologians (EATWOT).
March 22 is World Water Day! March 22nd, 2012
Water is essential for life, and yet increasingly, both in the United States and around the world, water is becoming a scarce commodity. Once largely taken for granted, clean, accessible, affordable water has become a hotly debated and much studied subject.
We have a few things to share on the occasion of World Water Day that may be of interest:
- Bishop Michael Pfeifer, OMI of the Diocese of San Angelo, Texas has written a reflection on water from the perspective of the drought-stricken region of west Texas, which we gladly share here. The article has been published in the San Angelo Standard Times. (Download PDF)
- The UN Millennium Development Goal on access to water has been met, three years early! The goal was to reduce by half the number of people without sustainable access to safe drinking water. According to a report issued today by UNICEF and WHO, between 1990 and 2010, over two billion people gained access to improved drinking water sources, such as piped supplies and protected wells. The related goal on sanitation has yet to be met, but increased attention to this is encouraging.
- Corporations are increasingly examining their water use, measuring risk, and looking at the impacts on local communities and the ecosystems on which they depend. The Oblate Faith-Consistent Investment initiative has focused on water as a key issue affecting the poor, and is engaged in substantive dialogs with major US multinational corporations on the subject. Read the Statement of Principles and Recommended Practices for Corporate Water Stewardship developed by the Interfaith Center on Corporate Responsibility (ICCR).
On St. Patrick’s Day, Protect the Irish March 19th, 2012
Rev. Seamus P. Finn, OMI and Eric LeCompte, Director of Jubilee USA – wrote a joint piece on the legitimacy, or lack thereof, of international debt burdens. Their full article can be found on the Huffington Post:
“On the Feast of St. Patrick, there may be no better way to honor the patron of Ireland, who according to legend drove out snakes from the country, than by protecting the Irish people from bailing out a nonexistent reckless speculation bank.
Anglo-Irish Bank (Anglo) financed some of Ireland’s worst property speculators for unsustainable golf courses, hotels and super markets and saddled the Irish people with a massive, unjust debt.
At Jubilee USA Network we know a lot about unjust debts. …”
Read more…
Usury is Alive and Well March 11th, 2012
“You would think by now that banks and other financial institutions would have been chastened some by the scrutiny and criticism that they received during the near meltdown of the financial system in September 2008 and its aftermath. Judging by the aggressive path that some have adopted in the payday lending arena, I am sorry to report that some banks have quickly beaten a path back to their old behaviors. Constrained from many of the usual profit making services that were part of their pre-crisis business models, many have been looking at additional fees for such things as ATM withdrawals or late payments and other increased charges to make up the lost income.”
Read the latest Huffington post blog entry from Fr. Seamus Finn, OMI
Victory in US Senate for Tax Justice! March 9th, 2012
This week, the Senate took a stand against one of the largest revenue drains facing developing nations today – tax avoidance. Members of the Financial Accountability and Corporate Transparency (FACT) Coalition, have been speaking out against the abuse of off-shore tax havens. And the Senate listened.
Amendment 1818, the Levin Amendment, passed the Senate last night and is a blow against corruption, secrecy, and tax avoidance that aims to end the use and abuse of off-shore tax havens. These tax havens help large corporations and corrupt individuals avoid paying a fair share of taxes to the nations in which they operate. An estimated $160 billion dollars is lost in tax revenue in developing countries due to the use of off-shore tax havens. The Levin amendment gives law enforcement officials tools to stop financial institutions in tax havens from aiding US tax cheats, and help put an end to developing country tax avoidance.
Jubilee USA and the Oblates are founding members of the Financial Accountability and Corporate Transparency (FACT) Coalition. Learn more about tax justice…
