- POSTED: 16 Jun 2014 21:16
Pope Francis on Monday denounced those getting rich through speculation in financial markets, calling on them to use their investments for the good of humanity.
ROME: Pope Francis on Monday denounced those getting rich through speculation in financial markets, calling on them to use their investments for the good of humanity.
"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," he said.
The pope, who has said he wants to create "a poor church for the poor", has frequently spoken out against the "idolatry of money" since his election last year.
The 77-year-old said "it is important that ethics once again play its due part in the world of finance" and that markets should "serve the interests of peoples and the common good of humanity".
Francis singled out speculation in agricultural markets calling it "a scandal which seriously compromises access to food on the part of the poorest members of our human family".
Many of the world's largest banks, including Barclays, Deutsche Bank and UBS, have sold off or slashed the size of their commodities businesses in the face of heavy criticism for speculating in commodities markets.
Instead, the pope called on people to put their money into ethical banks and "impact investors", who use investments to help the poor.