Category : Globalization
Anglicans to hold faith summit on food crisis
Anglicans are to meet in Nairobi next week to launch an appeal and advocacy campaign on the food crisis sweeping East Africa.
The meeting which will bring together primates and bishops from the worst hit areas, comes as the UN announced a deepening of the famine in southern Somalia.
The meeting is being organised jointly by the Council of Anglican Provinces of Africa and the Anglican Alliance for development, relief and advocacy, through its Africa facilitator, Emmanuel Olatunji.
(WSJ) The Need for Resolve in Europe
A half-hearted approach by the EBC will achieve little. Even full-blown “shock and awe” will only buy time. That’s because the real instability stems from fears euro-zone governments will impose losses on those holding individual country bonds if debts prove unsustainable. Those fears are mounting as the growth outlook deteriorates. Italy’s announcement of new austerity measures Friday may help address concerns over the deficit but could actually worsen the short-term challenge of growth.
That’s why the second part of the crisis resolution requires a vast expansion of the euro zone’s bailout facilities and most likely a move by European countries to guarantee European Financial Stability Facility’s bonds, effectively turning them into genuine euro-zone bonds.
Yves Smith–Will S&P Downgrade Be Another Y2K Scare?
Just as the Y2K threat was overstated but nevertheless had unexpected, adverse intermediate term consequences, I doubt this chicanery will be cost free to the public at large. But the debt overhang that ideologues have used to whip the public into a funk is profoundly deflationary unless addressed head on, via writedowns and bankruptcies offset by fiscal stimulus. Deflation means that high quality bonds are the place to be, as the market action of last week confirmed, so Treasuries benefit from the very condition that S&P depicts as a disaster.
Thus the best outcome would be if the bond and currency markets shrug off the S&P action, which would reveal that the much feared downgrade was a paper tiger. But even if the marker response is underwhelming, it is hard to imagine that Obama will not take a political toll for his colossal miscalculation. It was he who stoked the debt ceiling phony crisis to implement a neoliberal agenda, who refused to reverse course and threaten to circumvent the debt limits when the process had clearly spun out of his control.
So even if S&P fails to land a body blow in the markets, its ploy has garnered press that seems certain to taint the Administration, and thus confirms the power of its reckless conduct. Thus the cost is not likely to show up in bond yields, but in something far more fundamental: in yet more destruction of the foundations of our society for short-term, selfish ends.
(FT) Mohamed El-Erian–S and P downgrade of the U.S. Heralds a new era
…there a sliver of a silver lining ”” and an important one. America’s downgrade may serve as a wakeup call for its policymakers. It is an unambiguous and loud signal of the country’s eroding economic strength and global standing. It renders urgent the need to regain the initiative through better economic policymaking and more coherent governance.
There is a risk, of course, that different political factions will use S&P’s action as a vindication of their prior beliefs. Democrats would argue that it is recent Republican political sabotage that pushed S&P over the edge while Republicans would argue that we are here due to irresponsible government spending by the Democrats.
For the sake of their country and the wider global economy, both parties should resist the urge to begin bickering. Instead they should seize this potential “Sputnik Moment…”
China Tells U.S. It Must ”˜Cure Its Addiction to Debt’
Though Beijing has few options other than to continue to buy United States Treasury bonds, Chinese officials are clearly concerned that the country’s substantial holdings of American debt, worth at least $1.1 trillion, are being devalued.
“The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” read the commentary, which was published in Chinese newspapers.
Beijing, which did not release any other official statement on the downgrade, called on Washington to make substantial cuts to its “gigantic military expenditure” and its “bloated social welfare” programs.
US Sees Possible Standard & Poor's Debt Rating Downgrade Coming, Officials Say
The federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of U.S. debt from its current AAA value, a government official told ABC News.
Although the Obama administration is preparing for the possible downgrade, it is not 100 percent positive it is going to happen, a second government official said, and if it does happen officials are not sure when it will happen.
(CNN) Ex-CIA official sounds alarm about hackers' next targets
[Cofer Black]… referenced last year’s Stuxnet computer worm, which some researchers think was designed to attack Iran’s nuclear facilities.
“I’m here to tell ya … the Stuxnet attack is the Rubicon of our future,” he said. “I don’t necessarily understand how this was executed, but the important points are (that) it was really expensive, so a nation-state had to be involved.”
Hacking, once see as “college pranks,” has moved “into physical destruction of a national resource,” he said. “This is huge.”
Richard Bewes offers an appreciation of the John Stott
Something of the regard in which he was held by Billy Graham surfaced at EUROFEST ”˜75 ”“ a 9-day Bible event involving thousands of young Europeans in Brussels. I was programme chairman, and the highlight among the seminars was expected in the session on ”˜Leadership’ to be led by John. However, before breakfast on the morning in question, I was rung up in my hotel by Mr Graham. “I’m concerned,” he said, “that John Stott has been assigned only one of several seminars to speak at. A man of his stature needs to be heard by us all. Would you mind if, at the close of the plenary Bible study this morning, I announced that the John Stott session is to be plenary, that everyone should be present – and that I will chair it myself?” Of course I agreed, and the announcement was duly made. “And,” added Mr Graham, “I want to make sure you all come with a notebook and pen. I too will be coming with my notebook and my pen!” And sure enough he did, scribbling notes throughout the talk, and whispering urgently for more paper as his own supply gave out. You could only be aware that in this, as in other congresses – such as at Lausanne and Amsterdam – Billy Graham and John Stott together were weaving a world-wide network of truth and trust among Bible believers everywhere. “John!” I enthused, “We had a great session with Sammy Escobar this morning!” It was the 1974 Lausanne Conference, and we were taking a break in the countryside. John was driving the car, with a Ugandan leader, Misaeri Kauma (not yet a bishop) in the front passenger seat. Michael Baughen ”“ by then All Souls Rector – and I were in the back. John had not been present at the meeting, and ”“ as he inevitably did when hearing a positive account of any gathering ”“ duly enquired, “And what were the particular emphases that Sammy was making?” I dug poor Michael Baughen in the ribs. “Go on, Michael, you tell him!”
(Christianity Today) Global Reactions to John Stott's Death
[John] Stott’s transparent, personal approach extended deep into Africa, where David Zac Niringiye, assistant bishop for the Church of Uganda, met Stott during ministry training in the 80s. “When I think of my mentors, John Stott was very significant in encouraging me from the very beginning,” said Niringiye.
“I had just started working in Uganda when I met him at a conference in Nairobi, and a week later I went to hear him speak at the cathedral in Kampala. I was amazed when, upon greeting him, he not only remembered what ministry I worked for, but also my name.”
Chinese rating agency downgrades U.S. credit rating after debt limit increase
Chinese rating agency Dagong Global Credit Rating Co. said Wednesday it has cut the credit rating of the United States from A+ to A with a negative outlook after the U.S. federal government announced that the country’s debt limit would be increased.
The decision to lift the debt ceiling will not change the fact that the U.S. national debt growth has outpaced that of its overall economy and fiscal revenue, which will lead to a decline in its debt-paying ability, said Dagong Global in a statement.
Chris Ewing-Weisz–”˜Uncle John’ Stott helped to build a worldwide evangelical movement
Stott was much in demand as a speaker on university campuses. Rather than resorting to emotional appeal, he made a reasoned case that let students encounter the Bible as a divinely inspired message with immediate relevance to contemporary life. He challenged his hearers to listen both to the word of God and to the world around them.
This “double listening” made him a leader and architect of evangelicalism. Invited by Billy Graham to address the International Congress on World Evangelization in Lausanne, Switzerland, in 1974, he helped delegates to see preaching and social action, hitherto frequently contrasted, as equally important and interdependent aspects of the Gospel mandate. This was a defining moment in world evangelicalism, cemented in the Lausanne Covenant, a pivotal document owing much to his pen. Stott continued to broaden evangelical horizons for decades, insisting on responsible engagement with issues from medical ethics to ecology.
Archbishop John Sentamu–Crisis in the Horn of Africa
All too often the international community, or more specifically the former colonial powers, get blamed for interference, and for the destabilisation and disincentivisation of local initiative in these regions. And yet when children are dying, food and water need to be provided fast, it is often the international community which is best equipped for a rapid response. In Britain, we can be encouraged by the swift response from the Department for International Development, and it is my hope that governments of other nations respond as generously ”“ especially countries of the African Union. They cannot vicariously leave it to Kenya and Ethiopia.
But this is not the only response, and not, ultimately, what is needed to secure a better future for the region. In Eastern Kenya, the people living in the most desperate need are often those outside of the refugee camps. They see the refugees inside benefiting from World Food Programme handouts, while outside they struggle to feed themselves and keep their goats and cattle alive. Despite the horrors of life inside the camps, there is real security there – the promise of food, water, and some medical care. Capacity to provide such shelter should be encouraged but we should not forget there is a real need to ensure for those living on the edge, who year after year must eke out an existence in those dry and barren landscapes, are not forgotten. It is also crucial that people get the support locally so that they don’t have to make such perilous journeys to get aid.
(Der Spiegel) Europe on the Verge of Becoming a Transfer Union
Felix Salmon–The Real cost of the debt-ceiling deal
….the debate is a clear loss for America as a whole. Here’s how Christine Lagarde put it:
There was a positive bias towards the United States of America, towards Treasury bills. That was the case historically. And the current crisis is probably chipping into that very positive bias.
That very strong confidence that generally led to a flight to quality and investment in Treasury bonds is slightly eroded at the moment. I mean, it was unheard of, only six months, to imagine that the United States could be under negative watch by the rating agencies.
So here’s what I’m wondering: is there some way of quantifying the cost to the US of simply having this debate? Is there a way of taking Lagarde’s “positive bias” and giving it a number, in terms of say basis points of reduction on US borrowing costs?
Washington Post–White House, congressional leaders reach debt-limit deal
President Obama and congressional leaders Sunday night sealed a deal to raise the federal debt limit that includes sharp spending cuts but no new taxes, breaking a partisan impasse that has driven the nation to the brink of a government default.
The agreement brings to an end a self-created crisis that has consumed Washington, rattled Wall Street, and shaken confidence in the American political system at home and abroad. The deal could clear Congress as soon as Monday night ”” barely 24 hours before Treasury officials have said they could begin running short of cash to pay the nation’s bills.
Passage of the agreement, however, remained far from certain in the House, where skeptical Republicans were just beginning to digest the details….
Bishop Stephen Andrews–A Final Tribute to John Stott (1921-2011)
I have my own personal remembrances of John, of course, having served closely with him as his Study Assistant nearly thirty years ago. My favourite picture of him is this one I took when we were on a bird watching holiday together in Portugal. We had a few moments before our flight left Faro, so, not wanting to miss an opportunity of spotting one more specie, we struck out for the airport perimeter. The grey flannel trousers and blue jacket, the posture and the intensity, the hushed ”˜Look there!’ at a beautiful avian display, this is a memory of John that I shall never forget.
I have often been asked what is the most significant thing I learned from John when I was with him. As I have moved through various stages in my Christian development, I have found my answer to this question changing. Where once I tried to emulate his self-discipline and homiletic style, today I remember his loyalty, integrity and humility. There was a moment in 1984 when he took issue with the Bishop of Durham, David Jenkins, over provocative statements the bishop had made about Jesus’ resurrection. It is a mark of his respect and charity that John did not rush into print with a rebuttal, but rather sought a personal audience with Bishop Jenkins to make sure that he understood the bishop’s position and to give the bishop a chance to respond to his own concerns. John’s sense of fairness and the fact that he did not savour argument, did, on occasion, put him at a disadvantage. In a public debate with Bishop Spong he came off badly when Bishop Spong departed from the rules and left John unprepared to answer. John rued the event, but not because he had been treated so poorly. He was concerned that the audience had not been furnished with a sufficient defence of the truth as he saw it.
Remembering John Stott–Stuart Babbage, Chris Wright and others
John Stott was pre-eminently an evangelist to students around the world and in commentaries he wrote as a gifted expositor of the word of God. It is instructive to compare Billy Graham’s autobiography with Timothy Dudley Smith’s massive biography of John Stott. Billy Graham’s autobiography is graphic and revealing; by contrast John Stott’s biography is reticent and discreet. We learn much about John Stott’s bird watching, nothing about his role as Chaplain to the Queen and the names of individuals, high and low, whom he met and ministered to.
I count it a rare honour that he invited me to preach at All Souls, Langham Place. I also shared with him the platform at one of the great Urbana Conventions under the auspices of the Inter-Varsity Fellowship in America. John Stott stayed with me when conducting a Mission to Melbourne University. He was a memorable guest, delighting my children by teaching them the longest word in the English language, floccinaucinihilipilification!
A John Stott obituary in the LA Times
“He was a very broad-minded evangelical,” said Richard J. Mouw, president of Fuller Theological Seminary in Pasadena, which hosted Stott several times. “He was the kind of person who wanted to bring different factions together and emphasize what we hold in common.”
Stott believed that evangelism was not the only mission of Christians, a stance that some evangelicals criticized. He urged Christians not only to spread the gospel but to act on the Bible’s teachings by addressing social injustice in the world. He wrote and preached on climate change, global debt and other pressing issues facing contemporary society. Through the Langham Partnership he trained preachers, built libraries and helped 300 pastors from poor countries earn doctorates in biblical studies. They returned to their countries and became evangelical leaders, such as the Nepalese graduate who started a seminary in Katmandu.
“Evangelism and social action went together in the ministry of Jesus,” Stott told the Orange County Register in 1998. “So they ought to go together in ours.”
Economist Leader: Debt and politics in America and Europe–Turning Japanese
America’s debt debate seems still more kabuki-like. Its fiscal problem is not now””it should be spending to boost recovery””but in the medium term. Its absurdly complicated tax system raises very little, and the ageing of its baby-boomers will push its vast entitlement programmes towards bankruptcy. Mr Obama set up a commission to examine this issue and until recently completely ignored its sensible conclusions. The president also stuck too long to the fiction that the deficit can be plugged by taxing the rich more: he even wasted part of a national broadcast this week bashing the wealthy, though the Democrats had already withdrawn proposals for such rises….
In both Europe and America electorates seem to be turning inward. There is the same division between “ins” and “outs” that has plagued Japan. In Europe one set of middle-class workers is desperate to hang on to protections and privileges: millions of others are stuck in unprotected temporary jobs or are unemployed. In both Europe and America well-connected public-sector unions obstruct progress. And then there is the greatest (and also the least sustainable) division of all: between the old, clinging tightly to entitlements they claim to have earned, and the young who will somehow have to pay for all this.
Sometimes crises beget bold leadership. Not, unfortunately, now….
(WSJ) China's Banned Churches Defy Regime
On a recent Sunday at the Beijing Zion Church, Pastor Jin Mingri laid out a vision for Christians in China that contrasts starkly with the ruling Communist Party’s tight reins on religion.
“Let your descendants become great politicians like Joseph and Daniel,” said Mr. Jin, referring to the Old Testament figures who surmounted challenges to become political leaders. “Let them influence the future course of this country,” the pastor said in one of several sermons to his 800-member church.
Mr. Jin is one of a growing group of Protestant leaders challenging China’s state-run religious system, in an escalating struggle largely unnoticed by the outside world. For the first time, China’s illegal underground churches, whose members are estimated in the tens of millions, are mounting a unified and increasingly organized push for legal recognition.
Sharon Autenrieth–John Stott: "A walking embodiment of the simple beauty of Jesus"
Fifteen years or so ago I purchased a copy of The Cross of Christ by John Stott. I’d heard his name, knew he was “famous” in evangelicalism, but had never read any of his writings. It took only a chapter or two in The Cross of Christ for me to be won over to Stott’s style of writing. He was intellectually rigorous but clear and accessible. More than that, though, I was drawn to the devotion that permeated Stott’s writing. It was contagious, the passion he had for Christ and His church. I wanted it to characterize my own spiritual life.
John Stott was 90 years old when he died in London on Wednesday. Surrounded by friends, Stott passed away listening to “Handel’s Messiah” and the reading of scripture. If there is such a thing as a good death, it sounds like a good death to me. In life and in death, John Stott’s was soaked in scripture and dedicated to Christ the Messiah.
John Stott memorial Website
Check it out; as of this posting there are 598 entries in the remembrance book and they make for moving reading.
The T19 Open Thread is here
John Stott and Global Anglicanism ”“ Vinay Samuel
What is the legacy of Keele? It is not the place of evangelicals in the church of England governance structures. Keele’s legacy was the global self-identity of orthodox Anglicans as evangelical. Evangelical Anglicanism developed in a dramatic way ”“ globally . I was General Secretary of the Evangelical Fellowship in the Anglican Communion in the eighties. I saw this development before my eyes. While EFAC groups grew in England and North America and Australia, in Africa there seemed no need for them: for the Church of Kenya was evangelical; the Church of Uganda and Rwanda, fresh from the inspiration of the East African Revival was charismatic and evangelical. The Church of Tanzania had both evangelical and orthodox Anglo-Catholic roots.
Where there was biblical evangelical and orthodox faithfulness, the churches grew. Where these elements were not present, the church died, as in Japan. The result today is that two-thirds of the non-western Anglican Churches are biblically faithful Anglicans of the evangelical variety. This is the fruit of the identity and space forged for evangelical Anglicans in the Communion by the Keele Congress. Keele and its products validated the possibility of there being evangelical Anglicans in a liturgical Church that was seen as Catholic or liberal.
NY Times Obituary–The Rev. John Stott, Major Evangelical Figure, Dies at 90
Though less known in the United States and hardly a household name outside the evangelical sphere, Mr. Stott, an author, preacher and theologian, was often compared to the Rev. Billy Graham, his American contemporary.
But while Mr. Graham’s influence is rooted in a rousing preaching style and a personal magnetism that has filled stadiums, Mr. Stott’s relied on a proliferation of books ”” grounded in learning but accessible to all ”” and the evangelical organization he founded, Langham Partnership International, named after its cradle, All Souls Church at Langham Place in London’s West End.
“We must be global Christians,” he once wrote, “with a global mission, because our God is a global God.”
IVP–World-Renowned Evangelical Leader John Stott Dies
“We are deeply grateful for this long publishing partnership and friendship with one of the most influential and beloved evangelical leaders for the past half-century,” saidInterVarsity Press publisher Bob Fryling. “John Stott was not only revered; he was loved. He had a humble mind and a gracious spirit. He was a pastor-teacher whose books and preaching not only became the gold standard for expository teaching, but his Christian character was a model of truth and godliness. We will miss ”˜Uncle John’ but we celebrate his life and writings as an extraordinary testimony of one who was abundantly faithful to his Lord Jesus Christ.”
(CT) John Stott–An architect of 20th-century evangelicalism shaped the faith of a generation
John Stott died …[yesterday] at 3:15 London time (about 9:15 a.m. CST), according to John Stott Ministries President Benjamin Homan. Homan said that Stott’s death came after complications related to old age and that he has been in discomfort for the last several weeks. Family and close friends gathered with Stott today as they listened to Handel’s Messiah. Homan said that John Stott Ministries has been preparing for his death for the past 15 years. “I think he set an impeccable example for leaders of ministries of handing things over to other leaders,” Homan said. “He imparted to many a love for the global church and imparted a passion for biblical fidelity and a love for the Savior.” Billy Graham’s spokesperson released the following statement from the evangelist: “The evangelical world has lost one of its greatest spokesmen, and I have lost one of my close personal friends and advisors. I look forward to seeing him again when I go to Heaven.”