Its a very rare occasion when religion clashes with the financial markets, and where we have the leader of the Catholic Church pointing to the evils of capitalism and further, to have specifically singled out derivatives as a “ticking time bomb” that will suck the world into more poverty and income inequality.

Reminding every one of their ethical and moral obligations, The Pope has called on the faithful to gear away from the immorality of global finance and in particular, cut our ties away from credit-default swaps – which the Holy See looks down on with total disdain and contempt.

In a sweeping critique of global finance, this May the Vatican released a document that has elevated religious doctrine to embolden its teachings towards the ethical aspects of the financial markets and global finance – and its iniquitous repercussions to most of humanity. “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 the finance of 'chance', and of gambling on the failure of others, which is unacceptable from the ethical point of view," the Vatican said in the document.

This disapproving and sceptical view of Pope Francis on unbridled capitalism is one that is also shared by billionaire and value investor Warren Buffet. Buffet has called derivatives “weapons of mass destruction”, and in 2003 criticised the “unchecked” expansion of the derivatives market. Nonetheless, this 'forked tongue' message would seem to be at odds with the reality where WB has used the very same instruments to protect & further his portfolio of interests when opportune.

Pope Francis has remained a critic of the financial markets and has often called for the regulation of speculative financial practices – on the pretext that regulation will somehow steer clear of speculation that hurts the poor the most. Many point to the Pope’s Argentine roots – and his firsthand experience on how derivatives collapsed the Argentine economy years back and could possibly be doing the same today. This derivative Papal damnation comes again at a time when Argentina’s CDS just exploded last week, and the Argentine peso is on the brink of another collapse. Is the Vatican right to point to CDS as the evil lurking in our global financial system that will bring more suffering to the less marginalised? Will Argentina use this Vatican document to blame derivatives and speculators for its current economic collapse?

There is a somewhat comforting tone to The Pope’s message to put in check the transgressions and indulgence of the global financial markets – as a conscience and an ethical call to moderate the greed of bankers and the avarice of investment managers – which he compared to the “dung of the devil.” He has also pointed out that the systemic “greed for money” is a “subtle dictatorship” that “condemns and enslaves men, women and children.”

The head of the Catholic Church has always stood against issues that root poverty and income inequality. Compared to his predecessors, the current Bishop of Rome has made humility the distinguishing feature of his papacy. He has refused to live in opulence and when not in the Popemobile drives an old Ford Focus to get around the Vatican and Rome.

Maybe it’s a case of Blessed are the humble for they shall inherit the Earth.