Pope Francis has been railing against free markets and capitalism for years. He just doesn’t keep quiet with his capitalist hate. It is not surprising, considering he is a Jesuit, who lean heavily toward communism.
But what makes the Pope’s comments annoying is that he lives in luxury, which is provided to him through markets and capitalism. And we’re not just talking about private donations.
The Vatican sits on as much as $15 billion in investments in finance, banking, insurance, energy, and other industries. The Pope hates capitalism, but he is willing to use this system to enjoy luxury.
Here is another story that will make you hang your head in shame.
According to The Financial Times, the Vatican used some of its donation money to acquire structured notes linked with credit default swaps as part of a gambling bet Hertz wouldn’t default by April 2020. Although there is no evidence he knew about the investment, he is still the head of one of the most powerful institutions in the world.
Cardinal Angelo Becciu, second-in-command of the Vatican’s powerful Secretariat of State, was forced to step down, adding to the growing number of money-related scandals.
Before he starts griping about capitalism again, he should take a look at the Vatican’s portfolio.
Leave a Comment