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.
A business “as a ‘community of persons’ produces goods and services, and hence doesn’t have the exclusive aim of making a profit, though it is necessary to do so,” the 82-year-old pope said today.
So...I have no idea what he's getting at. Is he saying that one should not invest in financials? Not invest in the stock market at all? That if you've got some extra seed (capital) lying around to inject it in a "community of persons," like a Little League or all-boys JV soccer team whose locker room doesn't skimp on the peepholes? I'm working on getting the full letter which might have a few more clues but in the meantime try and parse this amongst yourselves.