It’s no great secret that the Vatican has never been particularly fond of the idea of free markets, but here is yet more nonsense from Benedict XVI to remind us of just that.
The BBC reports on the Pope’s New Year address:
The Roman Catholic Church leader spoke at a Mass in the Vatican, then greeted a crowd outside St Peter’s Basilica.
He deplored “hotbeds of tension and conflict caused by growing instances of inequality between rich and poor”.
Those “hotbeds” also grew out of “the prevalence of a selfish and individualistic mindset which also finds expression in an unregulated financial capitalism”, as well as “various forms of terrorism and crime”, he said.
I don’t know what is worse. The ignorance (if there’s one thing that the financial markets were not, it was unregulated; whether they were sensibly regulated is a different question), or the clear signs of a visceral loathing for “financial” capitalism and, of course, the Pope’s attempt to smear it with guilt by association with “various forms of terrorism and crime”.