This Sunday, many protestant churches will recognize the Reformation of the Catholic Church. But I say everyone should stop, pause, because Martin Luther’s actions have a much larger, ripple affect, extending far beyond church doctrine.
In Europe during the 16th Century, several key events inspired Martin Luther’s revolutionary action:
1. The Pope wanted to build Saint Peter’s Basilica – the crown jewel of the Vatican. But there was one small problem. The Church was broke.
2. When the Pope approached Venetian bankers to finance is vision, they balked at the Church’s credit.
3. In return, the Papacy devised a plan to satisfy the Church’s debt to the bankers. Indulgences—payments to the Church so that parishioners could buy a loved one’s ticket into heaven.
4. St. Peter’s Basilica becomes the first building to be built on credit.