Monday January 20, 2020

Will Pope Francis scold our complicity?

The socially-conscious Jesuit pope has been warning of the ‘ticking time bomb’ of derivatives and unbridled global capitalism

17th June, 2018
Pope Francis: a central theme of his papacy is economic inequality Pic: Getty Images

Readers can be forgiven for assuming that the complex financial instrument of credit default swaps and Pope Francis are unlikely bedfellows.

Yet google the two terms and note how almost every major business media outlet reported on remarks made by Pope Francis, of all people, on derivatives last month.

“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...

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