Did the pope predict US market crash back in 1985?

From American Papist: Not Your Average Catholic! by Thomas Peters

So say some:

Pope Benedict XVI was the first to predict the crisis in the global financial system, a ``prophecy'' dating to a paper he wrote when he was a cardinal, 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, who became pope in April 2005, Tremonti said yesterday at Milan's Cattolica University.

German-born Ratzinger in 1985 presented a paper entitled ``Market Economy and Ethics'' at a Rome event dedicated to the Church and the economy. The future pope said a decline in ethics ``can actually cause the laws of the market to collapse.''

Pope Benedict in an Oct. 7 speech reflected on crashing markets and concluded that ``money vanishes, it is nothing'' and warned that ``the only solid reality is the word of God.'' (Bloomberg)

Here is the text of the article of Cardinal Ratzinger's that the report refers to.

Hat tip to Eric Wilson.

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