Pope Francis condemns money cult in his first major speech on financial crisis

In his first major speech on the financial crisis, Pope Francis has called on world leaders to end the “cult of money” and to do more for the poor.

Free market economics had created a tyranny, in which people were valued only by their ability to consume, the pontiff told diplomats in the Vatican.

“Money has to serve, not to rule,” he said, urging ethical financial reforms.

Meanwhile, the Vatican’s own bank announced it would publish its annual report for the first time.

The Institute for Works of Religion, which has been at the centre of various financial scandals in recent years, is to hire an external accountancy firm to ensure it meets international standards against money laundering.

The bank would launch a website and publish its annual report in an effort to increase transparency, new president Ernst Freyberg said.

The institute is considered one of the world’s most secretive banks.

In his first major speech on the financial crisis, Pope Francis has called on world leaders to end the “cult of money” and to do more for the poor

Pope Francis said life had become worse for people in both rich and poor countries.

In a biblical reference, the pontiff said the “worship of the golden calf” of old had found a new and heartless image in the current cult of money.

He added that reforms were urgently needed as poverty was becoming more and more evident.

People struggled to live, and frequently in an undignified way, under the dictatorship of an economy which lacked any real human goal, Pope Francis said.

Pope Francis made his remarks during an address to newly accredited ambassadors to the Holy See.

The new pontiff, who took over from Benedict XVI in March, is renowned for his efforts of tackling poverty in his native Argentina.

The pontiff has previously said that the Church has a special duty to defend the poor.

“I would like a Church that is poor and is for the poor,” he said following his election as head of the world’s 1.2 billion Catholics two months ago.

The Pope said he had chosen the name Francis in a direct reference to St Francis of Assisi, the Italian founder of the Franciscan Order who was devoted to the poor.

Uk1tD3JFJ8c
Diane A. Wade

Diane is a perfectionist. She enjoys searching the internet for the hottest events from around the world and writing an article about it. The details matter to her, so she makes sure the information is easy to read and understand. She likes traveling and history, especially ancient history. Being a very sociable person she has a blast having barbeque with family and friends.

Recent Posts

Donald Trump and Elon Musk Celebrate Election Victory at UFC 309

Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…

5 days ago

White House 2024: Donald Trump Wins, Kamala Harris Calls Him to Concede Election

Millions of voters across the US chose to return Donald Trump to the White House…

2 weeks ago

Who Won? Donald Trump Declares Victory as He Addresses Jubilant Supporters in Florida

Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…

2 weeks ago

Stocks Soaring as Donald Trump Closes in on US Victory

Stocks around the world are rising as Donald Trump appears to be on the cusp…

2 weeks ago

Who Won? Kamala Harris Cancels Election Night Party as Path to Victory Narrows

Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…

2 weeks ago

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

2 weeks ago