Pope Francis is denouncing the global financial system, calling it a “cult of money” that is tyrannizing the poor and turning humans into expendable consumer goods.

Pope Francis said life had become worse for people in both rich and poor countries, adding the “worship of the golden calf” had found a new and heartless image in the current cult of money.

In his first major speech on the subject, Francis demanded that financial and political leaders reform the global financial system to make it more ethical and concerned for the common good.

He said, “Money has to serve, not to rule!”

Meanwhile, the new president of the Vatican's own bank Ernst Freyberg said the institution would would launch a website and publish its annual report for the first time in an effort to increase transparency.  The Vatican Bank has long been regarded as one of the world’s most-secretive banks.