Skip to comments.Pope Francis calls out 'greedy' bankers: 'Stop getting rich on financial speculation!'
Posted on 06/17/2014 8:54:12 AM PDT by Gamecock
Pope Francis has called on "greedy" bankers to establish a stricter ethics code, and stop getting rich through financial market speculation. He attacked the practice of hedging as intolerable equating it to stealing food from the poor.
"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 said at an investors ethics seminar at the Vatican on Monday.
Specifically, the pope denounced the practice of betting on the price of commodities such as corn, meat, and rice, which can drive up food prices and trigger periods of starvation in parts of the worlds.
"Speculation on food prices is a scandal which seriously compromises access to food on the part of the poorest members of our human family," he said.
This Pope called for an end to this scandal and said that finance institutions should serve the interests of all mankind, and not just wealthy and privileged individuals.
Pope Francis has been more vocal than any other Pope on the modern superstructure of wealth, which in his first major published work as a Pope, The Joy of the Gospel, he slammed as a new tyranny and called on the rich to share their wealth. In the same speech he equated not sharing wealth with the poor to stealing.
Start with the bankers, he’ll get to the middle class in 4-5 years.
“He attacked the practice of hedging as intolerable equating it to stealing food from the poor.”
How about jacking up taxes? Isn’t that taking food out of the mouths of children?
Luckily economic ignorance doesn't become Church doctrine simply because it issues from the Pope's mouth.
Comrade Frank sings The Internationale. What a surprise!
Pope needs a different Econ professor.
“speculation” is NOT “stealing”.
It is anticipating (or guessing) where the markets are headed and buying or selling early.
The “Speculation” does not inherently cause the market to move in a certain direction, as noted by the number of people who go broke guessing wrong.
the point of financial hedging is to attempt to protect oneself from the catastrophic consequences of politicians attempting to implement the financial theories of people like this pope !
Didn’t Jesus teach a parable about just this but the bad servant hid the money in a hole and the good servant got the best return?
(Canon 29 of the Council of Vienne (1311))
I guess we are going back to burning bankers at the stake?
What astonishing ignorance. Products would be more expensive without speculators. Oil is an easy example. I’m a producer. I don’t know if I can run a particular well as the cost is $92/barrel. Without a speculator I wouldn’t try. I might sit on the oil as I can’t afford to take the chance. But a speculator offers me $104/barrel for, say, 80,000 barrels. I pre-sell him the oil at that price. Then, when the time comes to deliver if the price is higher than $104/barrel the speculator made money. If it’s less, he lost money. But I sold the oil I pumped at a profit, albeit not as much if the price is higher than I sold it for, but I’m protected if the price has dropped to, say $89/barrel.
Speculators allow the markets to work efficiently. Without them there would be less of everything and everybody would be hurt.
13Someone in the crowd said to him, “Teacher, tell my brother to divide the family inheritance with me.” 14But he said to him, “Friend, who set me to be a judge or arbitrator over you?” 15And he said to them, “Take care! Be on your guard against all kinds of greed; for one’s life does not consist in the abundance of possessions.” 16Then he told them a parable: “The land of a rich man produced abundantly. 17And he thought to himself, ‘What should I do, for I have no place to store my crops?’ 18Then he said, ‘I will do this: I will pull down my barns and build larger ones, and there I will store all my grain and my goods. 19And I will say to my soul, ‘Soul, you have ample goods laid up for many years; relax, eat, drink, be merry.’ 20But God said to him, ‘You fool! This very night your life is being demanded of you. And the things you have prepared, whose will they be?’ 21So it is with those who store up treasures for themselves but are not rich toward God.”
It’s always bothered me that most priests have never actually earned their own money.
What an ignorant Marxist fool this guy is.
AH shut up and go away, commie popey.
“does this not sound like Marxism”
It doesnt just sound like Marxism; it is Marxism.
This man has no clue about how systems work.
He could be advocating for the Democrats with these false lines.
The problems isn’t speculation. The problems all stem from:
1. Central Bank control of money supply, interest rates, etc.
2. Crony capitalism and incest between politicians and businesses - including banking.
I like the guy in many ways, but he is a marxist.
Islam is the religion of the Antichrist...and Islam is Satanic. Perhaps the "Vicar of Christ" should concern himself a little more with THAT...and less with his socialistic aspirations.
You mean like community organizers?
Should be followed by "Pope Francis has called on "greedy" politicians to establish a stricter ethics code, and stop getting rich through self serving legislation and non-stop campaign donations (bribes)"
And Frank’s interpretation is give all your money to the government.
If you’re supplying too much value to the people of the world: STOP!
The Pope thinks you’re evil.
RE: ‘Stop getting rich on financial speculation!’
Let’s do away with the FUTURES markets while we’re at it.
I have become more and more disappointed with Pope Francis. He considers his job to be saying things that the liberal media will like and not defending the principles of Catholic teaching.
He sees his job as speaking in front of camera and he considers his constituency the media types who despise Catholic principles and who also despise the Catholic families who are struggling to raise children in and increasingly decadent and immoral world.
It is the faithful Catholics who struggle to live their faith and who sacrifice to support the church who give Pope Francis all his money and his power. He ignores them and tries to gain celebrity status and liberal points with a media who hate everything about the Catholic Church and who want to see it destroyed.
The dude’s a commie. I’m done.
“Priests have never actually earned their own money”
What does that mean? One doesn’t go into the priesthood for money, but don’t they earn their small salary in going to the hospital at 3 in the morning for a sick call, or in counseling parishioners, or in decisions about parish finances, etc, etc, etc?
I am sure there are going to be so many comments about how this is anti capitalism...Blah blah. People have not got a clue what a fraudulent scam the bankers have going now. These are not your fathers banks. They a skimming off the top of everything now. They get richer in months than you could ever hope for after a lifetime of hard work. And They are not doing any work- Anything productive for society. They just shuffle the money from one hand to another and take a big cut. On top of that they actually do break countless laws and are immune from prosecution. Even the USSC just ruled that they can commit fraud in a sale to you and it is your fault for not paying better attention.
This parable has absolutely nothing to do with how the commodities market operates. In fact, the rich man in the parable is doing the opposite. He is storing his wealth, rather than reinvesting.
Out modern economic system has brought wealth and prosperity to untold millions to a degree unheard of in all of history. The statist, Marxist, top-down central control of markets espoused by Pope Francis has brought nothing but death an misery to the world.
Do not confuse Karl Marx for Jesus of Nazareth.
To paraphrase Stalin, “How many jobs does the Pope create?”
You DO know they do a job, right?? Believe me, they EARN their pay.
I don’t care if they make money as long as we don’t have to bail them out.
He doesn’t seem to understand how markets work. Asking markets to “be nice” is like asking the weather to “be nice.”
Obviously and fortunately, the pope isn’t making an infallible statement. But his opinion is reckless and will certainly confuse the sheep.
We’ve had a remarkably good run of popes over the last 150 years. It couldn’t last forever.
Good point. So you become a priest for those reasons and then when you become Pope you can lecture folks on economic policy. </sarc>
Good God what a lib pope
Was Benedict’s abdication not orchestrated by a leftward shift in the College?
This guy talks like a Mary Knoll
End speculation and watch the economy contract by about 80%.
-— Is it just me, or does this not sound like Marxism? -—
Sounds like it. But political communism begins with the barrel of a gun. The Apostles were “communists,” sharing what they had. But they weren’t beating people over the head.
Regardless, it seems as though Pope Francis has imbibed some of rhetoric, at least.
But by all means, get all huffy and self-righteous. It suits you.
Your post says it all.
Two guys meet on the sidewalk to negotiate purchasing a barrel of oil. Two guys across the street bet on the outcome of the negotiation for the oil. In no way can the betting influence the negotiation.
And the betting is a zero net sum game.
The working man’s real wages in this country have been frozen since the 70s. The extremely rich keep getting richer while the middle class keeps struggling and losing ground. It’s not Marxism, it’s populist conservatism to question some of the excesses of Capitalism. Where’s my bailout? I voted for Pat Buchanan in 2000, and if Ross Perot were Pro-Life, I would have voted for him. I’m sick of the ridiculous rise in gas prices the past few years. If people can call the Pope a Marxist, I can call some of the oil executives greed heads.
Amen, Revel, Amen!
Specifically, the pope denounced the practice of betting on the price of commodities such as corn, meat, and rice, which can drive up food prices and trigger periods of starvation in parts of the worlds. "Speculation on food prices is a scandal which seriously compromises access to food on the part of the poorest members of our human family," he said. This Pope called for an end to this scandal and said that finance institutions should serve the interests of all mankind, and not just wealthy and privileged individuals.
Don’t you know that a lot of priests do spend time in the world and in careers before they enter the seminary? The things I described the priest as doing, they’re not in the “real world”? My schedule is set. The priest has to be ready for emergencies 24/7. It’s not living in the “real world” dealing with suffering, death, and other people’s problems? Maybe we’re the ones who don’t see much of the “real world”. Now insult me again, it suits you.
What an idiot. Catholics need to start denouncing him and demanding his resignation. Who needs Vladimir Lenin with this Commie douche?
Here it is -- where God tells the rich fool that he will die that night....so much for being greedy.
Luke, chapter 12
13* Someone in the crowd said to him, “Teacher, tell my brother to share the inheritance with me.”
14He replied to him, “Friend, who appointed me as your judge and arbitrator?”h
15Then he said to the crowd, “Take care to guard against all greed, for though one may be rich, one’s life does not consist of possessions.”i
21Thus will it be for the one who stores up treasure for himself but is not rich in what matters to God.”*
Like it or not, our next POTUS will get elected pretty much on the same platform.
This, from one of the world’s richest organization, the Catholic Church. It’s wealth is impossible to even calculate.
And yet not once did Jesus deal with Financial Institutions or governments.
His message was to the individual.