The Pope might not be an economist, but he certainly keeps friends that have their finger on the pulse of what's going on behind the scenes and can best estimate when the final breakdown will occur.
The question is, how close is close? Exactly how long will all the patchwork the banks and governments are doing continue to keep this dead horse alive?
One thing is for sure, historically, economic breakdowns are very often accompanied by war. Even the Pope alludes to the relation of war and the economy in his interview. War has been sought out as the ‘remedy' for economic troubles throughout our history.
And, you can bet on the fact that the Obama administration will not want to take the blame for the coming collapse – they will want a scapegoat.
An economy built on money-worship and war and scarred by yawning inequality andyouth unemployment cannot survive, the 77-year-old Roman Catholic leader suggested in a newly published interview.
“We are excluding an entire generation to sustain a system that is not good,” he toldLa Vanguardia’s Vatican reporter, Henrique Cymerman. (Read an English translation here.) “Our global economic system can’t take any more.”
The pontiff said he was especially concerned about youth unemployment, which hit 13.1 percent last year, according to a report by the International Labor Organization.
“The rate of unemployment is very worrisome to me, which in some countries is over 50 percent,” he said. “Someone told me that 75 million young Europeans under 25 years of age are unemployed. That is an atrocity.”
That 75 million is actually the total for the whole world, according to the ILO, but that is still too much youth unemployment.
Pope Francis denounced the influence of war and the military on the global economy in particular:
“We discard a whole generation to maintain an economic system that no longer endures, a system that to survive has to make war, as the big empires have always done,” he said.