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?