Cardinal Rosales: the global crisis the result of greed for profit

(Aug.27,2009): A Filipino Cardinal said the global financial crises could have been avoided if the institutions of global finance, business centres and banks had as a priority the common good of people.”. Cardinal Gaudenzio Rosales, archbishop of Manila said that excessive greed is blinding man and distancing him from the right path. The crisis, which began in the autumn of 2008, is affecting not only the West but even developing countries like the Philippines.
The collapse of the national economy, adds to the plight of the 10 million Filipino workers abroad. In 2009 alone, more than 200 thousand of them lost their jobs and many of them were forced to return home. This has caused the impoverishment of families dependent on foreign income. Cardinal Rosales said the only solution to the crisis is a return to Christian values in society and the economy.