Tag: Failed

Pope says free market, trickle-down policies have failed society – Newspaper

VATICAN CITY: Pope Francis said on Sunday that the Covid-19 pandemic was the latest crisis to prove that market forces alone and “trickle-down” economic policies had failed to produce the social benefits their proponents claim.

In an encyclical on the theme of human fraternity, Pope Francis also said private property cannot be considered an absolute right in all cases where some lived extravagantly while others had nothing.

Called “Fratelli Tutti” (Brothers All), the encyclical’s title prompted criticism for not using inclusive language after it was announced last month.

In Italian, Fratelli means brothers but it is also used to mean brothers and sisters. The Vatican said it was taken from the “Admonitions”, or guidelines, written by St Francis of Assisi in the 13th century to his followers and could not be changed.

The pope says in the first line of the 86-page encyclical that St. Francis had “addressed his brothers and sisters” that way. In the document, he uses the term “men and women” 15 times and speaks several times about defending the rights and dignity of women.

Encyclicals are the most authoritative form of papal writing but they are not infallible.

The encyclical, which Pope Francis signed in Assisi on Saturday, covers topics such as fraternity, immigration, the rich-poor gap, economic and social injustices, healthcare imbalances and the widening political polarisation in many countries.

The pope took direct aim at trickle-down economics, the theory favoured by conservatives that tax breaks and other incentives for big business and the wealthy eventually will benefit the rest of society through investment and job creation.

“There were those who would have had us believe that freedom of the market was sufficient to keep everything secure (after the pandemic hit),” he wrote.

Pope Francis denounced “this dogma of neo-liberal faith” that resorts to “the magic theories of ‘spillover’ or ‘trickle’ … as the only solution to societal problems”. A good economic policy, he said, “makes it possible for jobs to be created and not cut”.

The 2007-2008 financial crisis was a missed opportunity for change, instead producing “increased freedom for the truly powerful, who always find a way to escape unscathed”. Society must confront “the destructive effects of the empire of money”.

Pope Francis repeated past calls for redistribution of wealth to help the poorest and for fairer access to natural resources by all.

“The right to private property can only be considered a secondary natural right, derived from the principle of the universal destination of created goods,” he said.

A Vatican official said the pope was referring to those with massive wealth.

The pope wrote that the belief of early Christians — “that if one person lacks what is necessary to live with dignity, it is because another person is detaining it” — was still valid.

Those with much must “administer it for the good of all” and rich nations are obliged to share wealth with poor ones. But he said he was “certainly not proposing an authoritarian and abstract universalism”.

Some ultra-traditionalist

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Huawei Has Failed To Resolve Security Flaws, U.K. Government Report Says

Topline

Huawei has failed to adequately resolve security flaws in the equipment used by the U.K. telecom networks, the British government’s cyber-spy agency said in an official report released a few months after the Chinese telecom equipment-maker was barred from the country’s 5G mobile networks over security concerns.

Key Facts

The report, prepared by a U.K. government board led by a member of the cyber-intelligence agency Government Communications Headquarters (GCHQ) found that there had been no evidence that the Chinese firm has made a significant shift on the matter, the BBC reported.

The report added that while some improvements were made by Huawei, the board could only provide “limited assurance that all risks to UK national security” could be mitigated in the long-term.

The U.K. government had initiated a review of Huawei’s network equipment after the U.S. government issued sanctions against the company in May restricting it from sourcing key components from American suppliers.

Following the sanctions, Britain’s National Cyber Security Centre had determined that Huawei’s equipment could no longer be considered safe as it had to rely on non-US components.

The Trump administration has cracked down on Chinese tech firms over security concerns within the U.S. while also engaging in diplomatic efforts to pressure European governments to bar Huawei devices from being used in their 5G networks.

Big Number

£2 billion. That is how much the ban on Huawei would cost the U.K government, as the move would result in a delay of up to three years in the country’s planned 5G rollout, Culture Secretary Oliver Dowden had told the British parliament.

Tangent

Germany is set to impose new restrictions on telecom equipment providers which would effectively prevent Huawei’s devices from being used in the country’s 5G phone networks, the Financial Times reported on Wednesday. An IT security bill that Chancellor Angela Merkel’s cabinet plans to pass will introduce a two-stage approval process for equipment makers, including a technical check of individual components along with a political assessment of the manufacturer’s “trustworthiness”. While the bill doesn’t explicitly ban Huawei, the report stated that the added bureaucratic approval process would make it nearly impossible for the Chinese firm to participate in building Germany’s 5G network.

Key Background

In July, the U.K. government announced that it was banning Huawei from its upcoming 5G networks. Under the new law, telecom operators in the country will be forced to stop buying hardware from the Chinese firm by the end of the year and will have until 2027 to strip out existing Huawei devices from their infrastructure. This move was a reversal from a January decision, which allowed limited use of Huawei equipment and angered U.S. President Donald Trump. In June, the Federal Communications Commission had officially designated Huawei as a threat to U.S. communications networks, claiming the company has close ties to the Chinese government and its military services. The agency has barred U.S. telecom

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