Zenit reports a new initiative by Cardinal Crescenzio Sepe of Naples, Italy: “he is donating a year’s stipend and part of his personal savings to initiate a diocesan bank that will offer micro-credits to the poor.”

I like two things about this project. First, the cardinal is putting his own money to work, furnishing a good example of mitment to assist those in need. Second, he is doing so in a thoughtful and creative way, not “throwing money” at a problem. One of ments: “[F]ar from being a practice of pure welfare, the micro-credit will be the way to make the creativity and ingenuity of our people emerge again.” Bravo, Your Eminence.

A sour note in his remarks is this: “We thought that the globalization of markets would bring us further well-being, wealth for all, and instead we globalized poverty.” This seems to imply that, on balance, globalization has led to impoverishment rather than economic progress—a dubious proposition.