In case you haven't been keeping up on the news, Pope Benedict XVI issued his third encyclical on Tuesday: Reuters.
In this letter, he says that there is an "urgent need of a true world political authority...universally recognized and to be vested with the effective power to ensure security for all, regard for justice, and respect for rights."
From what I've read, what he is proposing sounds like a socialist dictatorship of the economies of the world.
While I do agree with some of what he has said, the idea of an individual or group ruling over the economies of all nations scares me. The fact that this comes from the Pope and not an air-headed celebrity is even scarier. I am not a Catholic, but I do recognize that he has a lot of power in his authority over the Catholic church.
There are issues with capitalism, as with any other thing, as it is an idea created by humans. It does, however, have a better track record than socialism. Any country that allows for this new system essentially surrenders themselves to the rule of another body. America is a self-ruling country, and it has taken a few wars to stay that way. I certainly hope that this country will not succumb to being led by an international economic ruling body that may not have the best interests of each individual country and its people at heart.