Pope sweeping critique of global finance; Warns of 'ticking time bomb'… Warren Buffett once called them “financial weapons of mass destruction.” Now Pope Francis, of all people, is taking aim at derivatives.
In a sweeping critique of global finance released by the Vatican on Thursday, the Holy See singled out derivatives including credit-default swaps for particular scorn. “A ticking time bomb,” the Vatican called them. The unusual rebuke – derivatives rarely reach the level of religious doctrine – is in keeping with Francis’s skeptical view of unbridled global capitalism. “The market of CDS, in the wake of the economic crisis of 2007, was imposing enough to represent almost the equivalent of the GDP of the entire world. The spread of such a kind of contract without proper limits has encouraged the growth of a finance of chance, and of gambling on the failure of others, which is unacceptable from the ethical point of view," the Vatican said in the document. The critique echoes comments made by Buffett in 2003, when he criticized the “unchecked” expansion of the derivatives market. Francis has been a critic of Wall Street in the past. He has called for regulating speculative financial practices and reining in the “absolute power” of the financial system, which he said would bring more crises. The Vatican said that in certain areas of the derivatives markets there’s an “ethical void which becomes more serious as these products are negotiated on the so-called markets with less regulation (over the counter) and are exposed more to the markets regulated by chance, if not by fraud, and thus take away vital life-lines and investments to the real economy.”
A similar assessment can be “applied for those uses of credit default swap (CDS: they are particular insurance contracts for the risk of bankruptcy) that permit gambling at the risk of the bankruptcy of a third party, even to those who haven’t taken any such risk of credit earlier, and really to repeat such operations on the same event, which is absolutely not consented to by the normal pact or insurance," according to the document. Income inequality is a priority concern for Francis, who has made humility a distinguishing feature of his papacy. He refused to live in the opulent Apostolic Palace, choosing a guest house for Church officials near St. Peter’s Basilica instead. He uses an old Ford Focus to get around the Vatican and Rome.
Based Papa Franciscus is taking down global capitalism, one jewish banker at a time
Julian Parker
Boom Shaka Laka
Aiden Gonzalez
10-years-ago called. It wants its redpill back.
Cooper Smith
Based
Owen Cooper
This is news? Seriously? Derivatives come from (((the bankers))) the same (((bankers))) that watch over the Vatican's finances. literally the stuff Zig Forums has been talking about for ages now
that's literally nothing for an organization made up of more than 1 billion people
Matthew Miller
Something tells me there's more. t. catholic
Dylan Ward
There's a difference between vatican finances and catholic finances. For example, the $300 my youth group pools together is not included, nor is the millions made by catholic universities every year
Jonathan Walker
Ohhh, I would've thought it was the same. I mean, what's the use of a state except for these reasons?
Aiden Nelson
Why doesn't he call out usury by name?
Lincoln Wright
Because not everyone is a "zOmg it's da j00000z" LARPfag.
You can condemn usury without naming Jews. It's like the whole church forgot it was a sin; weird.
Jackson Richardson
He may very well have called out usury by name, but do you expect Bloomberg to reprint it exactly as he spoke it? Always consider the source.
Hudson Barnes
Come on dude, it's like you dont even want to stop the EVIL that plauges our world.
Nathaniel Lopez
There is only one evil in the world, only one enemy, and it ain't human.
Nolan Roberts
Yes, you faggot. What you are doing is like saying we should drop sermons against lust, because Mindgeek exists.
Gavin White
(such a waste) You can still have sermons that calls out the cause and the symptoms. They aren't mutually exclusive. Sometimes you have to preach the truth, even if it makes you uncomfortable.
Oh please. If "da jooz" folks were in charge of the Old Testament, they would have bitched at Jeremiah about how they are blameless, any attempts at telling israelites to assume responsibility for their own idolatry and injustice would have been said to be just disinfo from the Egyptian Internet Defence Force, trying to draw attention from the REAL cause, which is the Canaanites, with their sexy idols, orgies and child sacrifice just existing there all tempting-like.
Hunter Anderson
We are literally arguing the same thing, big guy.
Grayson Scott
No. You are saying you can't take down all this without pointing fingers at the culprits, while i'm saying a sin is a sin, and going on memegraphic-fueled chases about the ethnicity of the "ringleaders" for that sin, is at best an attenuating circumstance for the participants, and at worst some excuse to wash your hands for humanity's winnie the pooh-ups onto some scapegoat group.
Visiting prostitutes was sinful back then, with or without addressing the roman use of female war captives as sex slaves, and it's sinful right now, with or without social pressure for young males and human trafficking rings playing a part.
Camden Baker
Its not a scapegoat if they are the ones causing it.
Lincoln Nelson
Even if most usurers are Jews, most Jews are not usurers. So it seems counterproductive to focus on their ethnicity and not the sin itself.
Easton Nelson
We dont focus on the ethnicity. We focus on thier satanic theology (mostly the Babylonian Talmud). We expose these liars for what they are. Those that love the LORD will see the light. (((Those))) that that hate the LORD will be stuck in thier ways.
Usury is evil, yet these Talmudic j*os are taught to do evil upon christians and others.
And much more. Stop falling for the racism meme. Its good vs evil. The only anti-semites are the (((Israelies))) that are treating the Palestinians like garbage.
And these people that claim they are Jews but are of the Synagogue of Satan claim to be followers of Moses, worshippers of the One true God, but they don't follow any of His commandments. Its disgraceful!
Not calling (((them))) out for what they are won't solve the problem. Only the truth will! The real Final Solution to the (((Jewish Problem))) is to convert them with the truth
Are the Jews in banking even religious? Pretty sure most of the Hollywood ones are secular/irreligious.
Hunter Wood
Even if they are "atheistic" they both still serve the same (((master))). If anything, the atheist joo just serves satan more because said atheist joo is open with his hatred twords God. The joo that practices Judaism still has a chance to be saved from their own ignorance.
Us Christians need to shepherd the lost children of Israel back to the one true God!
The Talmud is pretty open about its hatred of the Lord, user
Logan Sanders
Open? What kind of Jew shows a goy the Talmud?
Hunter Hernandez
I assure you if you ask any of your next door neighbors about the Talmud they wont have a single clue of what you are talking about and label you an "anti-Semite" you will also probably go to jail if you reside in Europe
You can read the entire Talmud online on several different websites.
Liam Thompson
...
Chase Reyes
He's not all wrong. VCFs are a time bomb and not different from delta hedging in the 80s. Program trading is huge, and liquidity can dry up in a second. It's a strange situation.
Leo Howard
Yeah I am sure based papa will take care of that. Please tell me you're joking. He supports basically everything that destroys Europe. From time to time he throws a hollow bone, something like this. Then he goes shilling for invaders, gays, talks about changing words in prayers, shills for communism. I mean come on. We can do better than calling him 'based' just because he said something remotely positive for once. He's a ****ing fraud anyway. Don't get your hopes up
