'God's Bankers,' by Gerald Posner
Key Excerpts from Article on Website of New York Times
Posted: March 30th, 2015
"God's Bankers" provides an exhaustive history of financial machinations at the center of the church in Rome. The final unification of Italy in 1870 ... deprived the church of its lands and feudal income, leading to several decades of acute financial insecurity. Popes of this period ... publicly denounced lending money at interest (usury) while at the same time accepting massive loans from the Rothschilds and making their own interest-bearing loans to Italian Catholics. Beginning with Bernardino Nogara, appointed by Pius XI in 1929, the church also empowered a series of often shady financial advisers to engage in financial wheeling and dealing around the globe. "So long as the balance sheets showed surpluses," [author of God's Bankers Gerald] Posner writes, "Pius and his chief advisers were pleased." That pattern would continue through the rest of the 20th century. The American archbishop Paul Marcinkus, [who] ran the Vatican Bank from 1971 to 1989 ... ended up implicated in several sensational scandals. The biggest by far was the collapse of Italy's largest private bank, Banco Ambrosiano, in 1982 - an event preceded by mob hits on a string of investigators looking into corruption in the Italian banking industry. Marcinkus ... also served as a spy for the State Department, providing the American government with "personal details" about John Paul II, and even encouraging the pope "at the behest of embassy officials" to publicly endorse American positions on a broad range of political issues.
Note: The Vatican Bank was implicated in a scheme to smuggle tens of millions of euros out of Switzerland in 2013, and was used to launder money for the mafia as recently as 2012. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.