“ Derivatives are ‘a ticking time bomb ready sooner or later to explode, poisoning the health of the markets.’ ”

That’s just a snippet from the warning Pope Francis, long a vocal critic of unchecked global capitalism, sounded on Thursday via a statement released by the Vatican.

“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 document explained. “The spread of such a kind of contract without proper limits has encouraged the growth of a finance of chance, and of gambling on the failure of others, which is unacceptable from the ethical point of view.”