Pope Francis rages at commodity speculation
The Pope has launched a scathing attack on financial speculation, dubbing betting on commodity prices a “scandal”, as he called on the rich to share their wealth.
Addressing a seminar on ethical investing in the Vatican, the pontiff branded the wealth made from financial speculation as “intolerable” and singled out financial speculation on commodity prices, calling it a “scandal” that has compromised the access to food for the poorest.
“It is increasingly intolerable that financial markets are shaping the destiny of peoples rather than serving their needs, or that the few derive immense wealth from financial speculation while the many are deeply burdened by the consequences,” Pope Francis added.
Some of the world’s biggest banks, including JPMorgan, Barclays, UBS and Deutsche Bank, are reducing, or slashing altogether, their operations in the commodities sector thanks to lower profits and tighter regulation.
He called for the return of ethics in finance and insisted that markets should serve the interests of the people, not the privileged.
He also threw his support behind “impact investment”, which seeks to generate social and environmental benefits as well as profits, adding that there can be a “virtuous cycle” between the two.
He said: “It is urgent that governments commit themselves to developing an international framework capable of promoting a market of high impact investments, and thus to combating an economy which excludes and discards.”
Pope Francis has often criticised the excesses of capitalism, corporate greed and income inequalty. In his first major work as Pope, Evangelii Gaudium (The Joy of the Gospel), he described capitalism as a “tyranny” and criticised trickle-down economics as a system that excludes the vulnerable and the poor.
- 1 Is this bridge haunted by the ghost of nu rave?
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 The day I starred in Only Fools and Horses
- 4 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
Is this bridge haunted by the ghost of nu rave?
Saudi Arabia says it won't rule out building nuclear weapons
Germanwings plane crash: Andreas Lubitz 'had eyesight problems' and woke from nightmares 'screaming we’re going down'
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...