Pope Pans "Ticking Time Bomb" Derivatives Markets, Calls CDS "Unethical"

Warren Buffett famously called them "weapons of mass destruction," and The Pope has damned the derivatives markets as a "ticking time bomb" warning of the “ethical void,"

"...which becomes more serious as these products are negotiated on the so-called markets with less regulation (over the counter) and are exposed more to the markets regulated by chance, if not by fraud, and thus take away vital life-lines and investments to the real economy.

In a sweeping critique of global finance released by the Vatican on Thursday, that the Holy See singled out credit-default swaps for particular scorn.

“A ticking time bomb,” the Vatican called them.

The market of CDS, in the wake of the economic crisis of 2007, was imposing enough to represent almost the equivalent of the GDP of the entire world. The spread of such a kind of contract without proper limits has encouraged the growth of a finance of chance, and of gambling on the failure of others, which is unacceptable from the ethical point of view."

As Bloomberg's Sridhar Natarajan reports,  the unusual rebuke - derivatives rarely reach the level of religious doctrine - is in keeping with Francis’s skeptical view of unbridled global capitalism.

The Holy See then put the sinning shadow bankers in his sights...

29.  It is no longer possible to ignore certain phenomena in the world, such as the spreading of the collateral banking systems (Shadow banking system). These, although well understood within themselves, and also the types of intermediaries whose functioning does not immediately appear disapproved, in fact have led to the loss of control over the system on the part of various authorities of national securities. Hence, they have knowingly favored the use of the so-called creative financing in which the primary aim of the investment of the financial resources is above all speculative in character, if not predatory, and not a service to the actual economy.  For instance, many agree that the existence of such “shadow” systems may be one of the contributing causes that advanced the development, and the global diffusion, of the recent economic-financial crisis started in the USA with subprime mortgages in the summer of 2007.   

Then Pope Francis took a shot at offshore tax havens...

30... Today, more than the half of the commercial world is orchestrated by noteworthy persons that cut down their tax burden by moving the revenues from one site to another according to their convenience, transferring the profits into fiscal havens, and the costs into the countries of higher taxation. It appears clear that all these have removed decisive resources from the actual economy and contributed to the creation of economic systems founded on inequality. Furthermore, it is not possible to ignore the fact that those offshore sites, on more occasions, have become usual places of recycling dirty money, which is the fruit of illicit income (thefts, frauds, corruption, criminal associations, mafia, war booties etc.). This represents, from the moral point of view, an evident form of hypocrisy.  

Who knew The Pope and his Vatican team were such experts in shadow banking, offshore tax havens, credit default swaps, gross collateral needs, and the entire derivatives market in general?

We have one simple question - which banker or 'elite' wrote this 11,000 word treatise on all that's wrong with the world... in all its intricate detail that only an experienced banker would know?

Call us conspiracy geeks, but give The Pope's Argentine heritage and the fact that Argentina's CDS just exploded this week as its currency collapsed...

Is Argentina about to blame derivatives and speculators for its economic demise, and use The Pope's derivative damnation to sell whetever their plan is to the 76.5% of the population that is Catholic?



jcaz MozartIII Thu, 05/17/2018 - 19:19 Permalink

Sounds like someone is on the wrong side of a trade....... Who knew the Pope day-trades?   Gartman must be Catholic....

Well, if you're so concerned, Popey,  just whip out the Vatican checkbook and bail out Argentina- it's not like you don't have the money sitting around doing nothing....  

Use the Pedophile hush-fund account- it's pretty flush these days.

In reply to by MozartIII

revolla jcaz Thu, 05/17/2018 - 19:23 Permalink

"Who knew The Pope and his Vatican team were such experts... that only an experienced banker would know"


The VATICAN has a bank.

It's called The Institute for Works of Religion (IOR), commonly referred to as the Vatican Bank, a privately held financial institution located inside Vatican City, founded in 1942.

And just because one is religious doesn't mean they don't know about finance.

And THIS is the best article on money from a Christian site.

In reply to by jcaz

Slave revolla Thu, 05/17/2018 - 19:23 Permalink

MozartIII, I think you should look up The Jewish Question in Europe: from La Civilta Cattolica, vol. VII, no. XIV. 1890. Look at what the Jesuits thought a little over 100 years ago! The church has been infiltrated, how can we tell? The cries about Freemasonry have completely dried up, and they were all screaming at the top of their lungs about it in the Vatican in the early 1900s. And now, the Jesuits are a shadow of their former self.

I also recommend looking up the writings of Jesuit Cardinal Saint Robert Bellarmine. He whooped Protestants good.

In reply to by revolla

DownWithYogaPants Slave Thu, 05/17/2018 - 19:30 Permalink

And yet he wears what looks like a size XXX yarmulke.  I wonder what the Vicar of Velveeta Lloyd Blankfein will think of this?

It does not sound like god's work to me!

Well, if you're so concerned, Popey,  just whip out the Vatican checkbook and bail out Argentina

If it is one thing I have noticed is that the Catholic church never picks up the tab:

  • Landless movement in Brazil squat on land to extort the land owner. Even though the Cat-Church is a huge landowner in Brazil interestingly enough these people never squat on Cat-Church land.
  • Yarnell Arizona: Cat-Church wanted to put in a youth camp. They did NOT want to pay anything for the volunteer fire department's coverage as everyone there was required.  They even had McCain helping them with this.  The cranky people of Yarnell held them off. They figured they'd have Latinos sneaking out to smoke pot and given their very dry foliage would quickly have a fire.  In case you think they were overly careful they were not.  Later they had the Yarnell fire due to a lightning strike.  When the volunteer fire dept went to put it out they were prevented by BLM employees.  If I remember the numbers correctly 121 structures burnt and 19 of the fire team they later called in were killed.  A good friend of mine was a member of the Yarnell Volunteer Fire Dept so this is direct from the horse's mouth.

........one last question:  I know what FDS stands for. What does CDS stand for?

In reply to by Slave

MoralsAreEssential DownWithYogaPants Thu, 05/17/2018 - 19:58 Permalink

The Vatican Bank was taken over by the Rothschilds some time ago.  In the 1950s when I was a child, I remember periodical news articles about the "ungodly" wealth of the Vatican.  Under cover of charities and organizations that supposedly help humanity, both bankster organizations take for themselves every penny they can.

In reply to by DownWithYogaPants

FBaggins revolla Thu, 05/17/2018 - 19:42 Permalink

I agree.  The article is obviously written by a  bigot. Like, anyone who is in religious life shalt not tend to practical matters in the world like exhorting banksters for ripping people off. But, speaking the Vatican and other leaders of various Christian denominations, why are they not also condemning as evil the killing, destruction, and ripping off of Middle East nations by the Western powers? And, on economic issues again, why not criticize the corruption and debt-rigging of the Rothschild private central bank syndicate still controlling and ripping off most Western nations.  

In reply to by revolla

HRH of Aquitaine 2.0 MozartIII Thu, 05/17/2018 - 19:20 Permalink

Marx basically publicized the work of Adam Weishaupt, who founded the Order of the Illuminati on May 1, 1776 (yes, two months before the US was officially a country). The ideas of Marx were not his and not original to him. He was bascially the spokeshole for Weishaupt, a professor in Bavaria, Germany.

As for Marx being a complete piece of shit? Yes. Two of his daughters, and one son-in-law, committed suicide. What a complete fucktard. Of course the kids don't hear about those stories, do they? I read "Hope of the Wicked" by Ted Flynn back in February. Published in 2000 but you can still get copies. It is always about power. People will lie, steal, kill and more to keep or get power. Not all people, but too many.

In reply to by MozartIII

DownWithYogaPants HRH of Aquitaine 2.0 Thu, 05/17/2018 - 19:45 Permalink

Oh yeah. 

Watch the Gramada TV documentary on the Spanish civil war from around 1980.  It's available on youtube.

In one of the episodes the story of when the communist factions took over one of the cities.  Very quickly the downtrodden workers came out and were happy.  They acted as though the dominance hierarchy in which they were the low men on totem had disappeared.  

.........take a guess how long before the communist leaders were out hammering these downtrodden back into place?  If you answered "over night" you win a cewpie doll.

AMarketPlaceOfIdeas.com:  The Spanish Civil War - All 6 episodes

I highly recommend watching the entire series.

In reply to by HRH of Aquitaine 2.0

pndr4495 Blue Steel 309 Fri, 05/18/2018 - 03:02 Permalink


COMMENTARII HIS.TORICI ANTONIO POSSEVINO AND JESUITS OF JEWISH ANCESTRY JOHN PATRICK DONNELLY, S.J. - Marquette University, Milwaukee*. I. POSSEVINO'S PROBABLE JEWISH ANCESTRY Contrary to the attitudes of many Spaniards, indeed of many Christians of his time, Ignatius of Loyola was entirely without racial anti-Semitism. His desire to be conformed to Christ in the tiniest details even led him to regret he was not born of Jewish blood.

In reply to by Blue Steel 309

RedBaron616 E.F. Mutton Thu, 05/17/2018 - 20:11 Permalink

Hey, beanie-head (when he's not wearing the lampshade), how about cleaning up the Vatican Bank, which seems to need it about every 10 years or less? Clean your own house before telling us what to do, you big windbag. How about taking some of those Syrian/African/who-knows-where immigrants into the Vatican and show us your compassion? You are just a fraud, like all those before you. Would Christ live in Vatican City? You well know the answer if you've read any of the Holy Bible.

In reply to by E.F. Mutton

JoseyWalesTheOutlaw Thu, 05/17/2018 - 19:08 Permalink

F that Pope! He is without a doubt the biggest fraud going these days. How much money did the Vatican Bank receive for selecting that guy? Was in delivered via the suitcase method as usual? 

The Rabbi and the Priest walking past the Boyz Club...

The Priest...lets go in there and fuk them all

The Rabbi...Out of what

Griffin WileyCoyote Fri, 05/18/2018 - 05:10 Permalink

Religions are and have always been political.

There are lots of ways big interest groups and corporations use to expand their influence.  Like for instance in Iceland, one of our natural resources is fishing stocks.  Several large fishing companies rent quotas from the state to exploit the stocks to bring the wealth into our economy and community to expand prosperity.

But once the products are ready for the market, and this often takes place at sea in fully automatic trawlers, the fish is sold at a low price to a sister company abroad, like in the UK for instance, somewhere were there is access to tax havens.

Then the fish is resold at a much higher price to consumers.

Everybody knows this, but for some reason no one talks about it. Its like the Emperors new clothes thing

Occasionally you will see the top people doing this throw coins at the people they rob, pretending to be saints. 


Another popular trick is to start a large industry in the country, and then lend the corporation a large sum of money on very high interest rates and bad terms, then use that to extract all profits out of the country tax free.


I guess its like if you had a small ecosystem that is self sufficient, well balanced and growing, and you would take much of the water away.  Then things would start to wither and dry up.  Then you could start a fire, and when the fires burns out you can, if you make sure your assets are where the fire can not reach them, invest in what remains.

Next you could take the sun away, and when the people that live in this withered and burnt ecosystem of yours become pale and lifeless, you could offer them hope.

Your version of hope.  Then the ecosystem has gone from freedom to a world of small kings, and then from small kings to a place where insane people dream of becoming gods.




In reply to by WileyCoyote