Pope Benedict calls for new world financial order

THE Pope has called for a new world financial order blaming the global crisis on the greed of financiers and investors.

Denouncing what he termed a profit-at-all-cost mentality, Pope Benedict XVI was also critical of governmental oversight and the absence of global regulation.

In the most socially rooted Vatican encyclical letter since 1967, the Pope wrote: “In the face of the unrelenting growth of global interdependence, there is a strongly felt need, even in the midst of a global recession, for a reform of the United Nations organisation, and likewise of economic institutions and international finance, so that the concept of the family of nations can acquire real teeth.”