The finances of the church institutions worldwide are to be transferred to the so-called Vatican Bank, the IOR, by October 1st of this year. This was ordered by Pope Francis. But what is behind it?
That Rescript of Francis stipulates that all financial and liquid assets held in banks other than the IOR must be transferred to the Vatican Bank within 30 days of September 1, 2022. IOR stands for Institute for the Works of Religion. According to the National Catholic Register the IOR is not a bank but a financial institution:
Although commonly referred to as a “bank”, the IOR is technically a branchless financial institution that operates within Vatican State to provide services to clients including the Holy See and related entities, religious orders, clergy, Catholic Institutions and staff of the Holy See belong. The number of clients of the IOR decreased by 472, from 14,991 clients at the end of 2020 to 14,519 in 2021. Almost half of the clients in 2019 were religious orders. According to the annual report, the financial institution’s net income fell from $46 million in 2019 and $44 million in 2020 to $19 million in 2021.
In the “scaremongering industry” this step is now being used as an opportunity to warn of a global financial crisis in October/November of this year. Pope Francis ordered this to secure Vatican assets. But what these doomsayers fail to mention is that in the end it doesn’t matter where all the digital assets are in such an extreme crisis. If the fiat currencies (actually, given the small amount of cash in the total money supply, they are already digital book currencies) collapse to zero, it does not matter whether they are in accounts at the Vatican Bank, at the Swiss UBS or at a small rural bank in Timbuktu to be bunkered. The same applies to stocks, bonds and all kinds of financial constructions and derivatives. Real estate assets cannot simply be moved (that is why real estate is immobile and not mobile).
Others (especially highly dubious sites known for spreading fake news and therefore not linked) try to link this move to measures to cover up the corruption rampant within the Catholic Church by placing all finances under the direct authority of the Vatican Bank. Meanwhile, a Catholic site reveals another aspect. There it says:
The changes appear to remove a key area of responsibility from the APSA, the Holy See’s department that acts as a sovereign wealth fund, contractor and paymaster for the Curia. Francis spent several years establishing APSA as the central investment manager for the Vatican. But Tuesday’s reform appears to transfer the management of all assets and investments, apart from the Holy See’s real estate portfolio, from the APSA to the IOR, which is not even strictly a curial department. And all of this happened without a single mention of APSA in the text of the rescript itself. Francis’ change could also have a dramatic impact on financial accountability in the Vatican, placing almost all of the Curia’s financial affairs under international oversight. And to accomplish that, the pope issued a “clarification” directing Vatican authorities to read a law as meaning something entirely different than what the text actually says.
According to this, Pope Francis wants to enforce the centralization of church finances after constant disputes over responsibility and control between three Vatican institutions (Ministry of Foreign Affairs, Ministry of Economic Affairs and APSA). Various scandals did the rest to force action on the part of the pope, who had been involved in this area even before his appointment. As such, this appears to be merely a (albeit significant) process within the Vatican bureaucracy in which power and control are being reorganized. In the future, APSA will only manage the real estate companies of the Vatican and be a customer of the IOR (i.e. the Vatican Bank).
Scaremongers, who describe this move as preparation for a global financial crash in October/November, are betting too much on various conspiracy theories. Even if the international financial system is in any case ailing and heading for a massive collapse, many of these crash prophets underestimate the self-preservation powers of this system, which tends to create specific bubbles (like the 2008/2009 financial crisis) rather than to complete self-dissolution. And even if such a massive implosion is entirely possible, it is more likely to be carried out as a “deliberate process” in which the global financial elite have implemented appropriate safeguards for themselves. But this is another topic in itself.