‘Cult of money’ condemned by Pope Francis

Pope Francis condemned the 'cult of money' in his first finance speech (AFP/Getty Images)

Pope Francis has condemned the “cult of money”, saying that the economic crisis had made life worse for millions in rich and poor countries.

“Money has to serve, not to rule,” he told a group of ambassadors in the first major speech about finance since his election in March, adding that: “The worship of the golden calf of old has found a new and heartless image in the cult of money and the dictatorship of an economy which is faceless and lacking any truly humane goal.”

Speaking of the financial markets, he added: “A new, invisible and at times virtual, tyranny is established, one which unilaterally and irremediably imposes its own laws and rules.”