The Pope Condemns Idolatry Of Cash In Capitalism. The Pope Is Wrong.Submitted by Trevor Lyman on Tue, 09/24/2013 - 10:48
The pope doesn't know what he is talking about.
True capitalism encourages savings and all of the character building that goes along with it.
Our corporatist banking system (banking 'regulated' by government) encourages materialism by issuing easy credit which encourages people to spend money they don't have. When everyone is spending money they don't have everyone has to buy more in order to keep up with everyone else.
Easy credit also means artificially low interest rates (rates kept low by government regulation). Low interest rates on loans means even lower interest rates on savings and so there is little motivation to save money.
This is how the government destroys the principled lesson of delayed gratification, a lesson that is inherent in capitalism as it balances spending and savings with interest rates set by the free market.