Pope Attacks Global Economics for Worshipping 'God of Money'

REUTERS.COM: Pope Francis made one of his strongest attacks on the global economic system on Sunday, saying it could no longer be based on a "god called money" and urged the unemployed to fight for work.

Francis, at the start of a day-long trip to the Sardinian capital, Cagliari, put aside his prepared text at a meeting with unemployed workers, including miners in hard hats who told him of their situation, and improvised for nearly 20 minutes.

"I find suffering here ... It weakens you and robs you of hope," he said. "Excuse me if I use strong words, but where there is no work there is no dignity."

He discarded his prepared speech after listening to Francesco Mattana, a 45-year-old married father of three who lost his job with an alternative energy company four years ago.

Mattana, his voice trembling, told the pope that unemployment "oppresses you and wears you out to the depths of your soul".

The crowd of about 20,000 people in a square near the city port chanted what Francis called a prayer for "work, work, work". They cheered each time he spoke of the rights of workers and the personal devastation caused by joblessness.

The pope, who later celebrated Mass for some 300,000 people outside the city's cathedral, told them: "We don't want this globalised economic system which does us so much harm. Men and women have to be at the centre (of an economic system) as God wants, not money."

"The world has become an idolator of this god called money," he said.

Sardinia's coast is famous for its idyllic beaches, exclusive resorts and seaside palatial residences of some of the world's richest people, including former Italian prime minister Silvio Berlusconi and a host of Hollywood actors.

But much of the island, particularly its large cities and the vast agricultural and industrial interior, has been blighted by the economic crisis, with factories closed and mines operating at low capacity. » | Philip Pullella | Cagliari, Sardinia | Edited by Will Waterman | Sunday, September 22, 2013

Greed Is God Again, and We Have Learned Nothing
THE SYDNEY MORNING HERALD: New Zealand's conservative Prime Minister, John Key, a former investment banker, summed up the state of the world financial system brilliantly during a recent visit to Sydney: "Six months ago, The Wall Street Journal came to interview me and asked me if capitalism was dead. Now Goldman Sachs is paying record bonuses."

After a near-death experience, the world financial system is returning to business as usual - only worse.

The Group of 20 countries, meeting at the end of this week in Pittsburgh, is supposed to be restructuring the system so that it "never happens again". Or, as Barack Obama put it last week: "We will not go back to the days of reckless behaviour and unchecked excess that was at the heart of this crisis."

But we already are. Even if the G20 succeeds in every aspect of its well-intentioned agenda this week, the two greatest systemic problems stand unchanged and uncorrected.

The big investment banks, and Goldman Sachs is the biggest of them, have feasted on public money and, now, restored to strength, are throwing themselves back into the markets as recklessly as ever - only more so.

The big US investment banks are not just symbolic of the greed and excess of the pre-crisis craze. They were instrumental. They created, sold and traded the derivatives the world later came to know as "toxic assets''. But now, after restoring themselves with emergency government loans, they have repaid the US Treasury and rushed back into the markets. Goldman reported a record profit for the three months to the end of June of $US3.4 billion ($3.9 billion).

And the company - where average employee pay is $US700,000 - set aside a record $US11.4 billion for staff bonuses for the first half of the year alone. Guess where the firm made its biggest profit? From trading all the Treasury bonds the US Government issued to pay for the $US787 billion stimulus it injected into the economy to save it from the financial crisis.

Criticism of its bonuses sent Goldman's chief, Lloyd Blankfein (2007 salary plus bonus: $US70 million), out to give a contrite speech. But behind the facade, his firm was betting the bank once again. >>> Peter Hartcher* | Tuesday, September 22, 2009

*Peter Hartcher is the Herald's international editor and author of Bubble Man: Alan Greenspan and the Missing Seven Trillion Dollars