Pope Francis’ attacks on capitalism can be fiery. He has railed against “compulsive consumerism” and called the unfettered pursuit of money “the dung of the devil.” We’ve heard his oratory previously, and we respectfully disagreed with the sweeping nature of the criticism. Why? Because the pope brushes aside how capitalism lifts so many of the world’s people out of poverty. Now add to the litany a harsh new Vatican appraisal of western economics personally approved by Pope Francis.
Pay special attention to the reference to how capitalism, a.k.a. free market, raises people out of poverty.
A lengthy document released Thursday by the Roman Catholic Church goes into surprising detail in its takedown of business, competition, deregulation and the shareholder system. Concepts named and vilified in the paper include derivatives (a class of financial instrument that includes futures), credit default swaps and offshore banking. Debt securitization, a complex pool of assets that can be risky for investors, is a “ticking time bomb ready sooner or later to explode,” the paper says.
Gives us an idea of how deeply entrenched the Vatican powers-that-be, headed of course by Francis, are immersed in leftist ideology.
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