Top Italian Cardinal Says Speculation Weakens State Sovereignty

Italy’s top Roman Catholic cardinal said financial speculation has made politics “irrelevant” as global investors dictate policy, weakening the sovereignty of elected governments.

“When the highest, easiest and fastest profit is the goal, then profit is no longer right, but becomes an end in itself by playing with people’s lives,” Cardinal Angelo Bagnasco, head of Italy’s Bishops Conference, told the group in a speech in Rome today. “It’s not possible to live each day in the grip of invisible iron hands, voluptuously lording over the world.”

At the same time, Bagnasco called on Italian political parties to support efforts to overhaul the country’s economy and crack down on rampant tax evasion. “Tax evasion is a sin,” the cardinal said.

To contact the reporter on this story: Jeffrey Donovan at jdonovan26@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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