VATICAN CITY (CNS) — Financial speculation is unsustainable and dangerous, therefore markets must be regulated and the poor protected, Pope Francis said.
“We still have time to start a process of global change to put into practice a different, more just, inclusive, sustainable economy that leaves no one behind,” he said.
In a video message released by the Pope’s Worldwide Prayer Network May 4, the pope offered his prayer intention for the month of May, which is dedicated to the world of finance.
While the “real economy, the one that creates jobs, is in crisis,” he said, noting the large number of people who are unemployed because of the COVID-19 pandemic, “financial markets have never been as bloated as they are now.”
The world of big finance is far removed from most people’s lives, he said, and if finance is not regulated, then it becomes “pure speculation driven by monetary policies.”
“This situation is unsustainable,” the pope said. “It’s dangerous.”
“To prevent the poor from paying the consequences again, financial speculation must be strictly regulated,” he said.
Finance is a tool meant to serve people and to take care of creation, humanity’s common home, Pope Francis said.
At the start of each month, the Pope’s Worldwide Prayer Network posts a short video of the pope offering his specific prayer intention.
Reciting his intention, the pope prayed “that those in charge of finance will work with governments to regulate financial markets and protect citizens from its dangers.”
The Pope Video was first launched in 2016 to encourage people to join an estimated 50 million Catholics who already had a more formal relationship with the prayer network — better known by its former title, the Apostleship of Prayer.
The prayer network is more than 170 years old.
In a time of crisis CatholicPhilly.com keeps the information flowing
During the current coronavirus crisis, you can help CatholicPhilly.com deliver the kind of news people need to know about the Catholic Church, especially in the Philadelphia region, and the world in which we live ― every day.
Budgets are tight at this time, and CatholicPhilly's is no different than those of most families. We make sure your donation in any amount will go a long way toward continuing our mission to inform, form in the Catholic faith and inspire the thousands of readers who visit every month.
Here is how you can help:
- A $100 gift allows us to present award-winning photos of Catholic life in our neighborhoods.
- A $50 gift enables us to cover a news event in a local parish, school or Catholic institution.
- A $20 gift lets us obtain solid faith formation resources that can deepen your spirituality and knowledge of the faith.
- A small, automated monthly donation means you can support us continually and easily.
Won't you consider making a gift today?
Please join in the church's vital mission of communications by offering a gift in whatever amount that you can ― a single gift of $40, $50, $100, or more, or a monthly donation. Your gift will strengthen the fabric of our entire Catholic community.
Make your donation by credit card here:
Or make your donation by check:
222 N. 17th Street
Philadelphia, PA 19103