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    ethical dimension of human existence and mechanisms governing economic life

    Posted by Ivo Cerckel on January 10th, 2012

    Pope Benedict XVI says that the economic crisis can and must be an incentive to reflect on human existence and on the importance of its ethical dimension, even before we consider the mechanisms governing economic life

    Swiss central bankster resigns over insider trading scandal – wife’s currency deal

    (Reuters) – Swiss National Bank Chairman Philipp Hildebrand resigned with immediate effect on Monday, saying he could not prove he had been unaware of a currency trade made by his wife and wanted to protect the integrity of the central bank.
    http://uk.reuters.com/article/2012/01/09/uk-swiss-hildebrand-idUKTRE8080J420120109

    There’s nothing wrong with insider trading.

    Insider trading, so what? – Repeal the US SEC now!
    Posted by Ivo Cerckel on July 29th, 2009
    http://bphouse.com/honest_money/2009/07/29/repeal-sec/
    SNIP
    Logic is the science and art of correct thinking.
    It is true that access to information may not be as efficient as desired.
    The question which arises is whether it is logically possible to deter insider trading significantly.
    Moreover, insider trading harms nobody.
    UNSNIP

    There is no sound ethical principle which requires that others have a right to one’s revealing to them information one has honestly obtained AHEAD OF THEM. Quite the contrary, morality may require one to act promptly ahead of everyone else, so as to make headway financially .
    (Tibor R.. Machan, and James E. Chesher, “What is Morally Right with Insider Trading? ” in: “A Primer on Business Ethics”, Rowman and Littlefield, 2002 , 131, p. 132)

    There’s nothing wrong with insider trading.

    But, yes, everything is wrong with central banksterism (creating “money” through printing it out of thin air).

    ”The crisis can and must be an incentive to reflect on human existence and on the importance of its ethical dimension, even before we consider the mechanisms governing economic life,”
    said Pope Benedict XVI yesterday Monday in His yearly speech to foreign ambassadors accredited with the Vatican.
    (Pope calls for new ethics in gloomy global message
    By: Dario Thuburn
    Agence France-Presse
    1:52 am | Tuesday, January 10th, 2012
    http://business.inquirer.net/38973/pope-calls-for-new-ethics-in-gloomy-global-message

    What is money? Economists know that money is defined by the functions it performs, as a means of exchange, a unit of account and a store of value. But, just as importantly, money is also defined by the community for whom it performs these functions. Because it is an economic instrument for each of its users, it is also a political and cultural bond between them. Consider this simple fact: we engage in an exchange of goods and services everyday by using money as the means of exchange; and we offer our labour in exchange for money, which, in itself, has no value. We only do this because we believe that we will, in turn, be able to exchange that money for more goods or services. This fact tells us much about the CONFIDENCE that we place in money itself. And it tells us much more about the confidence that we place in each other. Hence, money is, in essence, a social contract.
    (Acceptance speech of the International Charlemagne Prize of Aachen for 2002
    by Dr. Willem F.. Duisenberg, President of the European Central Bank,
    Aachen, 9 May 2002
    http://www.ecb.int/press/key/date/2002/html/sp020509.en.html

    Is the confidence that we place in each other not an ethical question?

    So the debate can start
    (even though, yes, Duisenberg was a central bankster,
    but a honest one, advocating Honest Money)

    Professor Maurice De Wulf writes ;
    Saint Thomas Aquinas teaches that man by his nature is called to live society because alone he would be deprived of inter alia material resources. Hence the fundamental principle that society exists for the good of the individual and thus that the individual does not exist for the good of society
    The individuals of society retain their personality intact and they only contribute certain of their activities to society – which activities should be co-ordinated within the community.
    From the metaphysical point of view, the social group is equated to or with a group of men hauling or towing a boat “operatio multidinis trahentium (trahendum?) navem”. (Saint Thomas, “Commentary on the Nicomachean Ethics [of Aristotle]“, Book I, lectio I)
    On each side, the unity is an accidental unity, a unity of functions, exercised by different members, trying to realise a state of affairs which transcends the activity of a single or isolated individual
    The group is constituted for the good of the individuals. The group can therefore not infringe the rights retained by the individual as a consequence of his (the latter’s) rational nature.
    (Maurice De Wulf, “Initiation à la philosophie thomiste”, Louvain: E. Nauwelaerts Editeur, 1949, 2nd ed., pp 154-156)

    This blogger asks (rhetorically) whether, when a group of individual is pulling a boat, each individual of the group must not have confidence in the other members of the group doing the same?

    So yes, for Saint Thomas, the confidence that we place in each other is an ethical question.

    And, as one of the 33 Doctors of the Church, Saint Thomas
    AKA Doctor Angelicus, AKA, Doctor Communis, AKA Doctor Universalis
    is considered the Church’s greatest theologian and philosopher,
    Pope Benedict XV having declared: “This [Dominican] Order [to which Saint Thomas belonged] … acquired new luster when the Church declared the teaching of Thomas to be her own and that Doctor, honored with the special praises of the Pontiffs, the master and patron of Catholic schools
    http://en.wikipedia.org/wiki/Thomas_Aquinas

    Ivo Cerckel
    honestmoney@maktoob.com