The Vatican recently renewed its call for creation of a "world political authority" with broad powers to regulate financial markets and rein in the "inequalities and distortions of capitalist development" ("Vatican Document Calls for 'Supranational' Reform, America: The National Catholic Weekly, Nov. 7, 2011).

The 41-page document, titled "Toward Reforming the International Financial and Monetary Systems in the Context of Global Public Authority," was prepared by the Pontifical Council for Justice and Peace. It says a "supranational authority" is needed to place the common good at the center of international economic activity.

The document cites the teachings of popes over the last 40 years on the need for a universal public authority that would transcend national interests. And it urges implementation because of the growing disparity between the rich and poor and the global economic crisis. One major step, it said, should be to reform the international monetary system in a way that involves developing countries.

The document encourages the creation of a "central world bank" that would regulate the flow of monetary exchanges. It also suggests taxation on financial transactions, a "world reserve fund," recapitalization of banks with public funds, rewarding "virtuous" behavior, and broad management over countries and "shadow markets" (ibid.). As the Reuters news agency reports, it further urges "a gradual, balanced transfer of a part of each nation's powers to a world authority and to regional authorities" (quoted by Philip Pullella, "Vatican Urges Economic Reforms, Condemns Collective Greed," Oct. 24, 2011).

"'In a world on its way to rapid globalization, the reference to a world authority becomes the only horizon compatible with the new realities of our time and the needs of humankind,' it said. 'Helping to usher in this new society is a duty for everyone, especially for Christians'" (James Martin, "Vatican Issues Major Document on Global Financial Reform," Catholic News Service, October 24, 2011).

The Reuters report cites a section of the document explaining why the Vatican feels the reform of the global economy is essential: "'In economic and financial matters, the most significant difficulties come from the lack of an effective set of structures that can guarantee, in addition to a system of governance, a system of government for the economy and international finance,' it said . . .

"The world needed a 'minimum shared body of rules to manage the global financial market' and 'some form of global monetary management.'

"'In fact, one can see an emerging requirement for a body that will carry out the functions of a kind of 'central world bank' that regulates the flow and system of monetary exchanges similar to the national central banks,' it said."

The Vatican's call to establish a "global public authority" and "central world bank" with "supra-national authority" is reminiscent of the Bible's prophecies of just such a system being established.

It will be influenced by a major world religious leader called "the false prophet" in Revelation 19:20. Another figure mentioned here and in Revelation 13 is "the beast," a political leader and system in cooperation with the religious leader and system. The religious leader and system are also characterized as a beast: "Then I saw another beast coming up out of the earth, and he had two horns like a lamb and spoke like a dragon [seemingly Christian but actually of the devil]. And he exercises all the authority of the first beast in his presence" (Revelation 13:11-12).

And notice verse 16-17: "He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name."

Just as the Vatican recommends, this centrally controlled economic system will have worldwide scope and "universal jurisdiction." It will siphon from nations some national authority for itself.

It will reward "virtuous" behavior—and severely punish those not in line with its decrees who try to do business in any "shadow markets." All will be forced to be part of and identified with this system to be able to buy or sell.

Perhaps some groundwork is now being laid for what is to come.