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The Vatican adding to the Pope's frequent criticism of the world's financial markets on Thursday, announcing at a news conference in Vatican City that markets need an infusion of ethics, and saying that profit for the sake of profit was reckless and immoral. A major document released by two Vatican offices took aim at plans to further deregulate markets in some countries, including the United States where President Donald Trump wants to quickly loosen strict banking rules brought on after the 2008 financial crisis.
The document makes reference to the sub-prime mortgage scandal in the US, and points to quote, the immoral behavior of agents in the financial worlds. It says, since the material of well being of most people depends on markets, they need to have a strong ethical foundation in order to help all, including people living in condition of extreme poverty.
The document also attacked the economic cannibalism of some financial practices. While not infallible, the Vatican's pronouncement is considered to be part of the official teachings of the Catholic church, and could affect the attitude of its more than one billion members.