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Indeed they do, for the simple reason that the Magisterium is nothing other than the voice of Our Blessed Lord, Jesus Christ, as He has chosen to communicate it to Christians of today. When He ascended into heaven and left the Holy Spirit to guide His Body, the Church, He placed His Vicar - St. Peter, and his successors, the Popes; and the Apostles, and their successors, the Bishops as His Voice on earth: Luke 10:16

"Whoever listens to you listens to Me. Whoever rejects you rejects Me. And whoever rejects Me rejects the One who sent Me."

from The Catechism of the Catholic Church, second edition, English translation 1994

2034 The Roman Pontiff and the bishops are "authentic teachers, that is, teachers endowed with the authority of Christ, who preach the faith to the people entrusted to them, the faith to be believed and put into practice." (Codex Iuris Canonici, canon 747, section 2) The ordinary and universal Magisterium of the Pope and the bishops in communion with him teach the faithful the truth to believe, the charity to practice, the beatitude to hope for.

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