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"Top US Catholic bishop: Global economic crisis caused in part by people abandoning ethics."

The top Roman Catholic bishop in the United States said Wednesday the global economic crisis was caused in part by people abandoning personal ethics, and he's calling for increased morality in business.

Cardinal Francis George, archbishop of Chicago and president of theUnited States Conference of Catholic Bishops, said the pursuit of fastprofits undermined the financial markets' ability to regulate themselves.

"An economy that substitutes efficiency formorality will end up both inefficient and immoral," George said in aspeech Tuesday, the first night of the three-day annual convention ofthe Knights of Columbus, one of the world's largest Catholic fraternal service organizations.

George said a restructured global economy is emerging, and it should promote development in poor nations while helping poor people in rich countries. Investment money from poor nations is flowing to rich countries, worsening the poverty in poor nations, he said.

"To help people live better lives, one needs to understand both the rules of economics and the moral law," George said.

READ more at: latimes.com/news/nationworld/nation/wire/sns-ap-us-knights-of-columbus-convention,1,4130079.story

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