the real economy

As most of you probably know, Pope Benedict XVI is not just a spiritual adviser but a financial adviser as well. Last year in a letter to clients he noted that while there is something of a gray area when it comes to the tapping of underage ass, he and his team draw the line at mismanagement of capital, and that there is a seventh circle of hell waiting for those who commit sins in the financial arena. In his latest missive, Benedict had this to say.

The Pope called on businessmen to put profits earned from production and services back into the “real economy” rather than seeking a “quick return on the financial markets.”

In an address to Italian business leaders at the Vatican today, the pope called for “defeating the individualistic and materialistic mentality” that seeks to detract capital “from the real economy” in favor of investing in financial markets.

Read more »