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 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Ball pool for adults opens in London
- 4 Game of Thrones season 5 trailer: The first full-length look is here
- 5 Rashida Jones speaks out against male-centric porn saying 'women should have sex and feel good about it'
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Putin opponent reveals Russian President's daughter's secret identity
Ball pool for adults opens in London
Amal Clooney gives excellent response to fashion question at European Court of Human Rights
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...