Business | Markets
Channel Sponsor
Pope says crisis due to lack of faith
Pope Benedict said on Monday that the global financial crisis showed that faith in God trumped a lifetime spent pursuing material wealth.
- Reuters
- Published: 00:43 October 7, 2008
-
Dubai stocks decline continues
Shaky investor confidence causes UAE market mayhem to continue
-
Bloody Sunday for UAE stocks
Bloody Sunday for stocks
-
US cannot afford second depression
US cannot afford second depression
-
Deal will end 'threat to economy' - Bush
Bush signs $700b bailout deal to end 'threat to economy'
Vatican City: Pope Benedict said on Monday that the global financial crisis showed that faith in God trumped a lifetime spent pursuing material wealth.
"We see it now in the collapse of the great banks that money disappears, it's nothing," the Pontiff said.
The global financial turmoil, the worst since the Great Depression, has wiped away hundreds of billions of dollars in shareholder wealth and felled banking institutions that just months ago seemed untouchable.
Metaphor
The pontiff, using a biblical metaphor, said people who ignored the word of God to pursue wealth had effectively built their homes on sand instead of on a solid foundation of faith.
It was a possible reference to the collapse of the US housing market, which triggered the financial crisis.
"Whoever builds his life on this reality, on material things, on success ... builds [his house] on sand. Only the word of God is the foundation of all reality," he said.
Share this article
Related Articles
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Media baron Murdoch cries foul
Murdoch's suggestion of content theft infuriates digital evangelists
-
Jobs vital to global recovery
Higher unemployment reduces purchasing power and revenues
-
Abulhoul Aviation to begin operations
New charter company will use Cessna 206 Station Air to transport tourists
