On May 9, as Pope Leo XIV ascends to the throne of Peter, his American roots—hailing from Chicago, the industrial and agricultural heartland of a once-great nation—are already shaping his vision. In his first message to the world, he acknowledges his deep debt to his predecessor, Pope Francis, beloved by much of the world for his unwavering stance in defense of the poor, yearning for freedom and economic development. Francis stood against the great financial powers of the West—centered in Wall Street and the City of London—and condemned the speculation that reduced human life to a monetary profit. By choosing the name Leo, he evokes Pope Leo XIII, who aligned the Church with the struggles of working people and farmers, fighting the tyranny of unchecked financial power. To the adoring throng in St. Peter’s Square, Pope Leo XIV declares his commitment to continuing Francis’s fight for peace, social justice, and global dialogue among people of goodwill.

No doubt, the great financial elites that Pope Francis opposed listened closely. If they stepped outside their self-denial—the belief that no force could truly challenge their dominance—they would see that another champion of the exploited has stepped onto the field, carrying forward the wisdom Francis imparted. There was good reason for them to fear Francis, this soft-spoken man of God who, at times, sought to teach his flock what could be termed the science of Christian Economics. His teachings directly refuted liberal monetarist doctrines that rule the financial order.

Below are some key moments where Pope Francis boldly denounced the reduction of human life to monetary calculations and criticized economic systems that prioritize money over people.

Money Must Serve, Not Rule

In a speech to Moneyval representatives—the Council of Europe’s anti-money laundering watchdog—Pope Francis warned that an economy loses its human face when money ceases to serve and instead becomes a master. He argued that blind devotion to financial speculation transforms economic systems into forms of idolatry. His remarks fundamentally challenge monetarist thinking, asserting that money must remain subservient to human dignity rather than being an end in itself.

Every Human Life Has Inestimable Value

During a Vatican general audience, Pope Francis reaffirmed the Church’s teaching on the sacredness of life. He declared that every human existence is unique, unrepeatable, and beyond any price. Implicitly, this stance critiques economic models that assign monetary value to human life, reinforcing that human dignity transcends financial calculations.

Critique of Unfettered Capitalism and the 'Idolatry of Money'

Francis went further in his condemnation of unfettered capitalism, describing it as a "tyranny" in which the relentless pursuit of market speculation overshadows the essential value of human existence. He drew a striking parallel to the commandment “Thou shalt not kill,” arguing that an economic model built on inequality and exclusion leads to human suffering, even death. His words denounce the monetarist dynamics that equate life with market fluctuations.

Taken together, these statements underscore Pope Francis’s unrelenting critique of an economic ideology that risks subordinating human dignity to financial imperatives. He calls for a global reordering of priorities where the common good and ethical considerations take precedence.

The Empire Strikes Out

The nature of Pope Francis’s attack presents a conundrum for the monetarists. His message carries divine authority—condemning their practices as contradicting the teachings of Christ and the will of the Almighty. What, then, could be their counterargument?

While Francis’s critique has resonated with social justice advocates, financial institutions and governments have also responded, though rarely in formal public statements. Instead, their concerns emerge through editorials and commentary:

• Opinion Pieces & Editorial Responses: Publications like the Financial Times and The Wall Street Journal argue that the Pope’s moralistic framing oversimplifies global finance. While acknowledging issues like inequality, these critics maintain that free markets—when properly regulated—spur innovation and economic growth. They contend that equating financial speculation with immorality risks undermining confidence in legitimate market mechanisms.
• Government & Institutional Voices: Some officials suggest that Francis’s emphasis on the “idolatry of money” overlooks the nuances of modern economic systems. They argue that curbing financial speculation without considering market benefits could hinder economic dynamism. However, such critiques appear more frequently in opinion columns than in official pronouncements from institutions like the IMF.

Below are selected reports highlighting responses from financial and governmental sectors:

Bankers and the Pope’s Critique of Monetarism

In Forbes, the article "Why The Next Pope Faces Major Money Challenges" explores the sweeping financial reforms initiated by Francis. Some bankers argue that while his moral critique is ethically sound, it often oversimplifies the complexity of modern finance.

Related perspectives are found in La Croix’s "Pope Francis Denounces Finance that 'Tramples on People'", where Francis castigates financial systems enabling inequality. Though primarily covering the Pope’s position, the report suggests that some in the banking sector advocate nuanced policy reforms rather than a wholesale rejection of market dynamics.

Government Officials Respond

While few officials directly challenge Francis’s economic views, his broader stance on monetary policy has prompted responses. The Hill reports that Vice President Vance, addressing topics like immigration, emphasized the need for pragmatic policymaking alongside moral guidance. His remarks indirectly caution against framing economic policy solely in ethical terms.

Despite the pushback from financial elites, their challenge is formidable. They are forced to defend a system that monstrously exploits people—at a moment when the system itself faces collapse due to reckless speculation, which Francis condemned. The dilemma is clear: neither Francis nor Wall Street yet propose a definitive replacement for the current order.

However, Francis—the first Pope from the Global South—frames the situation in stark terms. By identifying monetarism as an immoral force responsible for global economic failure, he signals hope for the billions in the developing world. He argues that they must have a voice in shaping a new financial system. Here, Francis’s view aligns with that ofthe late physical economist Lyndon LaRouche, who saw monetarism as an imperial rejection of the American System of Physical Economy, where wealth creation is rooted in human creativity, rather than speculative financial manipulations.

This perspective moves beyond the conventional social justice stance of "redistributing wealth." Instead, it envisions massive creation of new wealth through improving labor conditions and advancing global development. It is this struggle for a new system that will define Pope Leo XIV’s papacy. If he walks in Francis’s footsteps, he may help shape the future of a just economic order.

For Further Reading

Here are some key sources that provide deeper insights into Pope Francis’s critiques of monetarism and economic policies:

• Money Must Serve, Not Rule
• Catholic News Agency – Pope Francis to Moneyval: “Money must serve, not rule.”
• Vatican Official Transcript – Address to Moneyval Committee
• Preventing Financial Speculation on Humanity
• Vatican News – Pope to Moneyval: Preventing merchants from speculating on humanity
• Valuing Human Life in Monetary Terms
• Laity Family Life – Pope Francis: “Every human life has an inestimable value.”
• Vatican General Audience Transcript – March 25, 2020
• Critique of Unfettered Capitalism
• NBC News – Pope Francis attacks 'tyranny' of unfettered capitalism, 'idolatry of money.'

This way, the core argument remains undisturbed, and readers still have access to the supporting materials if they wish to dive deeper. Let me know if you’d like any further refinements!