Vatican slams the world's 'amoral' financial systems, calls for regulations


The Vatican just served up a savage statement to a majority of the world: Our financial systems have created a "reckless and amoral culture of waste."
In a 15-page document loaded with economic terminology, the Vatican on Thursday called for financial regulation to restore ethics to the world.
Recent financial crises should've allowed countries to rethink their economies and restore equality, the Vatican said. "On the contrary, the response seems at times like a return to the heights of myopic egoism," the document said, adding that post-crises repairs exclude "the common good" and "the concern to create and spread wealth." It has all left the poor "without possibilities, without any means of escape," per the Church.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
In what looks like a hit on widespread movements toward deregulation, the Vatican said these crises show markets "are not capable of governing themselves." Rules are the only way to "eliminate every form of injustice and inequality" and ensure "the greatest possible equity" for the world, it added.
Holy harsh.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
The countries around the world without jury trials
The Explainer Legal systems in much of continental Europe and Asia do not rely on randomly selected members of the public
-
How did the Wagner Group recruit young British men for arson attack?
Today's Big Question Russian operatives have been using encrypted messaging apps to groom saboteurs across Europe
-
The best graphic novels
The Week Recommends These inventive illustrated books will transport you to another world
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off