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Article by Leo Zagami
Pope Francis’ unprecedented deadline published on August 23, 2022, states that all institutions in the Vatican “that possess financial assets and liquid assets, in whatever form they are held, with financial institutions other than the IOR must inform the IOR and transfer them as soon as possible within 30 days from 1 Sept. 2022.”
Now the IOR, The Institute for the Works of Religion (Istituto per le Opere di Religione) commonly known as the Vatican Bank, which is run by the Pope and a Board of Superintendence that reports to a Commission of Cardinals, that have ordered all Vatican institutions to transfer from today their moveable accounts to the Institute for Religious Works, following the brief rescript of August 23, to clarify that the Institute for the Works of Religion has exclusive competence for managing all of the Holy See’s movable and liquid assets.
In the Bible, Numbers 23:23 contain the phrase “What hath God wrought,” which happens to be the first message sent in code on the telegraph by Samuel Morse back in 1843. If you add up the four digits of 1967, the year that Nirvana co-founder Kurt Cobain was born, they come to 23 – which is also the sum of the four digits for 1994, the year in which he died. All of us humans have 23 pairs of chromosomes in our genetic makeup. And the medieval Catholic military order, the Knights Templar, had 23 Grandmasters during its existence. A skeptic might ascribe all this to mere chance, but some people think there’s more to it including the Pope, who chose August 23 to deliver this unprecedented ultimatum to the Catholic church institutions.
There are several reasons why funds are being shifted into the IOR but the most realistic one that has been suggested by The Pillar, an American news website that focuses on the Catholic Church. They write it would be an attempt to reinforce the Vatican’s finances as it undergoes a liquidity crisis. After all, we are in the middle of the worst economic crisis since the end of the Second World War. JPMorgan expects a European recession by 2023 as the energy crisis worsens, and most European CEOs are fearing the eurozone recession might turn into a depression.
There is a real possibility that civil unrest, and economic chaos will arrive in Europe in the fall and the Pope wants to protect all his assets with this unprecedented move before he abandons the sinking ship.
For this reason, the Jesuits who have taken control of the Secretariat of the Economy and Finance, with Juan A. Guerrero, S.J., and have sent a letter in July to the heads of all Vatican departments, essentially to ask that they close all current “external” accounts of the various dicastery’s and offices and transfer the money preserved in these accounts to APSA, the Administration of the Patrimony of the Holy See, which is managed by the former secretary of the Italian bishops’ conference, Bp. Nunzio Galantino, and by Bp. Gustavo Zanchetta. Zanchetta is the bishop protected by Pope Bergoglio who is under investigation in Argentina for alleged sexual abuse of seminarians and criticized for his financial management of the diocese of Oran, from which he suddenly fled, only to reappear at Santa Marta as a protected pedophile.
Before leaving the Petrine ministry to his successor, the Pope wants to transfer all the cash possible into the Vatican Bank, as the IOR is being closely monitored by European regulatory agencies who have been putting increased pressure on the Pope to clear up his act after the recent scandals.
In the meantime, the Sovereign Military Order of Malta (SMOM), once known as the Knights Hospitaller, is under growing pressure from the Holy See and is also worried about its unclear financial situation.
So, is the Pope running off with the cash? Probably not, but in the past his predecessor, Pope Benedict XVI, struggled to lift the sacred secrecy of Vatican finances, ending his papacy as the financial arm of the Vatican has never been a run-of-the-mill bank but a place of shadowy deals and mafia criminals, but since then, the crisis has been building and a bunch of scandals have followed including Vatican’s Cardinal Becciu, who is on trial for a $412m fraud case:
Now that Cardinal Pell is back in charge, we are going to see crazy things happening at the Vatican Bank, but at the same time what’s going to happen to the rest of Europe in the fall? Are they going to be ready for the financial collapse ahead.
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