Page 52 - Reflexions of African Bishops and Priests

Evariste NGOYAGOYE Camille LEMBI Joseph ATANGA, S.J. Samuel KLEDA
Archbishop of Bujumbura Bishop of Isangi Archbishop of Bertoua Archbishop of Douala
Burundi Democratic President of the Episcopal Cameroon
Republic of Congo Conference of Cameroon

This system is even more vicious because the bank- In the case of a just debt that represents a true
ers demand interest that was never created in the first expense on the part of the borrower, justice requires
place. This is where the accumulated public debt comes that he reimburse only the capital. Debts created at the
from, because the investments of States do not gener- stroke of a pen (by the commercial banks) should not
ally produce more and are at the service of the debt. exist and should be erased. The demand for justice, for-
In consequence, it is those who contribute who pay mulated during the Jubilee of the year 2000 by John
the never-ending debts. There is then, a dictatorship of Paul II to abolish the public debts, is more than intel-
bankers to individuals and governments, with the con- ligible and pertinent.
sequences of poverty and strangulation of countries be- In this context, money cannot produce interest; “it
cause of compound interest. This is the obvious situa- does not produce young” (Aristotle). On the other hand,
tion in both Canada and the United States, even if they if the investment brings about an augmentation of pro-
are developed countries. duction, the part due in capital would be determined
Lesson 4: The solution to the debt problem: through intent and according to equity, such as in the
money created by society without debt use of a dividend.

We have understood: money is We know that the Lord rose
not wealth but a sign, a symbol that up against interest when he
facilitates exchange and gives a right chased the money changers out
to wealth. Based on society’s capacity of the Temple (Matt 21, 12-13;
to produce, money also belongs to Mk 11, 15-19); the teaching of the
society. In principle, logically speak- doctors of the Church (St. Thom-
ing, society should not pay the bank- as Aquinas) and the Magisterium
ers for usage of its own money. It is of the Church is always firm in
the government, the legitimate rep- the condemnation of interest (ref.
resentative of society, who should Vix Pervenit of Benedict XIV). We
directly emit money without going must then have the courage to af-
through the bankers. In regards to So- firm that interest is immoral.
cial Credit, society should take back Lesson 5: The chronic lack
this right ceded to the bankers and of purchasing power;
create its own money. the dividend
Money should be brought back to
its proper role, that of numbers that Financing production is not
represent products, in order to have enough. The products must also
simple and exact accounting. This reach those who need them. Un-
should be guaranteed and executed fortunately, there is a deficiency
by a Commission of accountants — in the purchasing power. This
an independent organism that we means that those who are in need
could also call the “National Credit are generally incapable of buying
Office.” Its role would be to make the goods produced. This is be-
sure that money reflects, as much Jesus chasing the money changers cause of the lack of purchasing
as possible, the financial expression power, even though the produc-
of economic reality. Production would be expressed in tion distributes money in the form
assets and destruction or consumption in liabilities. We of salaries, profits, dividends.
would avoid the risk of inflation, which is the abuse of Only those who receive a salary, profits and divi-
the power used to print more money than is necessary. dends have a certain purchasing power. No-one else.

52 April, 2011 session www.michaeljournal.org