Pope Francis Understands Economics Better than Most Politicians by Heidi Moore, Guardian UK

“…Pope Francis is a pontiff who has constructively broken all the rules of popery - so far to widespread acclaim. He's faulted the Catholic Church for its negative obsession with gays and birth control, and now he has expanded his mandate to economics with a groundbreaking screed denouncing ‘the new idolatry of money.’

“As the Pope wrote in his ‘apostolic exhortation’:

“‘The worship of the ancient golden calf has returned in a new and ruthless guise in the idolatry of money and the dictatorship of an impersonal economy lacking a truly human purpose. The worldwide crisis affecting finance and the economy lays bare their imbalances and, above all, their lack of real concern for human beings…’

‘“How can it be that it is not a news item when an elderly homeless person dies of exposure, but it is news when the stock market loses two points? This is a case of exclusion. Can we continue to stand by when food is thrown away while people are starving? This is a case of inequality…’

“‘Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system. Meanwhile, the excluded are still waiting…’

“Pope Francis, in his simple black shoes and unassuming car and house, is the first pontiff in a long time to reject flashy shows of power and live by the principle of simplicity. That makes him uniquely qualified to make the Vatican an outpost of Occupy Wall Street. His message about spiritual salvation applies mainly to Catholics, but it would be sensible for economists and lawmakers to recognize his core message about the importance of income inequality applies to those even those who have no belief in religion.

“Capitalism has always seen itself as an amoral pursuit, where the guiding stars were not ‘good’ or ‘bad,’ but only ‘profit’ and ‘loss.’ It's going to be harder to sustain that belief over the next few years.”

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