Vatican Financial Expert Indicates Root of Economic Crisis

(January 21.2012) The decline in births, from the 70s to our days, is what has led us to the present situation of economic crisis in Italy and elsewhere in Europe, affirmed Ettore Gotti Tedeschi, president of IOR, the Italian initials for the Istituto per le Opere di Religione, often referred to as the Vatican's Bank. He was speaking at a symposium on the family held at the Italian Parliament. "If the six of us speakers here today were the government, we would have resolved the economic problem immediately, because we would know where to point: the family," Tedeschi exclaimed. Then, he outlined what he termed the five No's, illustrating the negative effects that come about when "births are interrupted and the family and children are ignored in the Western world." No Growth of the Economy: No Saving: "banks have no liquidity, without savings for more than 25 years. No Marriages: for there is no possibility of getting married before 32 years of age, Because a young couple cannot afford to purchase a house, since they earn half of what was earned 30 years ago,. No Elderly: "Children are not born and the population ages and is of pensionable age. Society has no more money to look after the elderly. No Work: "To be able to consume, we have moved the most important work to Asia. Half of what was first produced in the Western world, today is imported because it costs less. By moving production, jobs have also moved. Hence, there is no longer work and 70%-80% are employed in the service sector."