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In a public address to clergy, Benedict said the Church must "denounce these fundamental mistakes that have been shown in the collapse of the great American banks".
He said the crisis was the result of "human avarice and idolatry that go against the true God and the falsification of the image of God with another god -- Mammon".
"We must denounce this with courage."
The pontiff has previously branded the global financial system as self-centred, short-sighted and lacking in concern for the poor. In his New Year's address, he appealed for worldwide solidarity to fight poverty made worse by the financial crisis.
The encyclical is the highest form of papal writing and addresses all members of the Church. This document is written in a highly academic, professorial style in which the pope quotes saints, philosophers and writers to make his point.
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