Vatican Caught Using Charity Donations To Cover Budget Shortfalls
While Pope Francis has long preached about the ills of economic inequality and sins of capitalism, the Catholic church has been robbing Peter's Pence to the tune of over $50 million annually to plug holes in their out-of-control budget - after paying over $3 billion in pedophile priest settlements around the world.
According to the Wall Street Journal, most of the roughly $55 million the church takes in annually goes towards "plugging the hole in the Vatican’s own administrative budget, while as little as 10% is spent on charitable works."
The little-publicized breakdown of how the Holy See spends Peter’s Pence, known only among senior Vatican officials, is raising concern among some Catholic Church leaders that the faithful are being misled about the use of their donations, which could further hurt the credibility of the Vatican’s financial management under Pope Francis. -Wall Street Journal
Of note, Peter's Pence is an annual collection event held every June, billed as a fundraising event for the needy. It is described as a "gesture of charity, a way of supporting the activity of the Pope and the universal Church in favoring especially the poorest and Churches in difficulty. It is also an invitation to pay attention and be near to new forms of poverty and fragility."
A section of the website dedicated to “works realized” describes individual grants, such as €100,000 in relief aid to survivors of last month’s earthquake in Albania or €150,000 for those affected by cyclone Idai in southeastern Africa in March. -WSJ
"The purpose of the Peter’s Pence Collection is to provide the Holy Father with the financial means to respond to those who are suffering as a result of war, oppression, natural disaster and disease," according to the website of the US Conference of Catholic Bishops.
https://www.zerohedge.com/geopolitical/vatican-caught-using-substantial-charity-donations-cover-budget-shortfalls