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Vatican Assails Wall Street for Creating an “Amoral Culture”

Courtesy of Pam Martens.

Pope Francis, Who Advocates Against Materialism, Arrives at the White House on September 23, 2015 in a Humble Little Fiat

Pope Francis, Who Advocates Against Materialism, Arrives at the White House on September 23, 2015 in a Humble Little Fiat

The Vatican released a lengthy report yesterday on how the drive for accumulating money at any cost has turned Wall Street and much of the global financial system into an “amoral culture,” noting that the idea that markets will be self-policing is pure bunk. The Vatican has apparently decided to keep the debate alive that Senator Bernie Sanders started during the presidential campaign of 2016 when he repeatedly railed against Wall Street for having a “business model of fraud.” The Vatican’s entry into this critical conversation would be much more meaningful if each time it or the Pope lectures the world on the meaning of morality they would acknowledge the Catholic Church’s own moral failings over decades in protecting sexual predators of children, refusing to report the assaults to law enforcement and moving the predators from parish to parish — not all that dissimilar to the private justice system run by Wall Street as predator brokers move from firm to firm. (See our related article on the Pope here.)

That being said, there were some interesting and profound nuggets in both the press conference held by the Vatican to release the report and in the report itself, which was titled: “Considerations for an Ethical Discernment Regarding Some Aspects of the Present Economic-Financial System.” H.E. Msgr. Luis Francisco Ladaria Ferrer, S.J., prefect of the Congregation for the Doctrine of the Faith had this to say at the press conference:

“The purpose of these Considerations is to state clearly that, at the root of the spread of dishonest and predatory financial practices, there are first of all an anthropological myopia and a progressive crisis of the human that have been achieved. Man, today, no longer knowing who he is, and what he is doing in the world, does not even know how to act well, ending up remaining at the mercy of the convenience of the moment and of the interests that dominate the market.

“The profit of the strongest has taken over from the authentic good and has become the real dominant factor in economic and social relations. In this way, the common good has disappeared in many environments from the horizons of living, the conflict of relationships has increased and inequalities have become more pronounced.

“The strongest economic subjects have become Superstars who seize huge amounts of resources, resources that are ever less evenly distributed and increasingly concentrated in the hands of a few. It is incredible even to think that ten people may hold almost half of the world’s wealth: today this fact is now a reality!”



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