Pope Continues Critique of “False Divinity” of Financial Markets
Since the height of the 2008 financial crisis, one of the most vocal critics of unrestrained capitalism has been Pope Benedict XVI. His 2009 encyclical Caritas in Veritate (“Love in Truth”) devoted significant attention to the ways in which modern economic systems no longer necessarily align with the common good.
“[t]he world of finance, while necessary, no longer represents an instrument that favours our wellbeing or the life of mankind, instead it has become an oppressive power, that almost demands our adoration, mammon, the false divinity that truly dominates the world.”
This critique is particularly timely as Catholic politicians like John Boehner and Paul Ryan fight to block or repeal efforts to reform and regulate the financial markets that caused the economic crisis, such as the Dodd-Frank law that regulates big banks and establishes new protections for consumers.
Correction: This post was originally attributed to Nick Sementelli in error