By Devin Watkins
Pope Francis launched his prayer intention for the month of May 2021 with this warning.
In “The Pope Video”, released on Tuesday, he lamented the apparent disconnect between the lives of ordinary people and the froth currently evident in several financial markets.
“How many people are now unemployed!” he said. “But the financial markets have never been as inflated as they are now.”
The Pope went on to note that high finance, if unregulated and left to its own devices, becomes “pure speculation driven by various monetary policies.”
“This situation is unsustainable. And it is dangerous,” he said. “So that the poor do not suffer painful consequences from this system, financial speculation must be carefully regulated.”
Pope Francis then repeated his emphasis on the term “speculation”.
The Pope expressed his hope that finance might be a vehicle to meet people’s needs.
“May finance be a form of service, and an instrument to serve the people, and to care for our common home!”
He also urged everyone to promote a form of economy which is more just and sustainable, and which leaves no one behind.
“We can do this!” affirmed Pope Francis. “And let us pray that those in charge of finance will work with governments to regulate financial markets and protect citizens from its dangers.”