Justin Welby, the new leader of nearly 80m Anglicans around the world, has won a respectful hearing for his ideas on banking and the British economy. Even if they disagree with the details, people have generally not reacted by saying “this man hasn’t a clue what he is talking about” or “he should go back to singing hymns.”

On April 21st, the archbishop of Canterbury suggested that big, unhealthy banks should be broken up into regional ones, as part of a “revolution in the aims” of banks designed to make sure that they served society as well as their own narrow interests. That sounded very like the proposal made last month by Ed Miliband, the Labour leader, for local lenders modelled on the German system. It comes at a time when the government faces hard decisions about the future of the Royal Bank of Scotland after its rescue by the tax-payer. Given the immediacy of the issue, some people will accuse the archbishop (who lists his hobbies as French culture, sailing and politics) of making narrow political points rather than broad moral ones.

But he also had some longer-term ideas on the financial sector. Drawing on his experience as a member of a parliamentary Banking Standards Commission, he said senior positions in banking ought to form a regulated profession which required qualifications.

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Speaking on Radio 4… [on Saturday], the Archbishop of Canterbury stressed the implications of Christian ethics for the City of London

The Christian Gopsel has “always had strong social implications” and been concerned with “the common good”, the Archbishop of Canterbury said….

In an interview for Radio 4’s Week in Westminster, Archbishop Justin said his main mission wasn’t to inject morality back into British business. But he said that how the City of London – which “is so important and so full of very gifted people” ”“ behaves in relation to the common good is a major concern not just for the Church but for society generally.

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To retirees, the offers can sound like the answer to every money worry: convert tomorrow’s pension checks into today’s hard cash.

But these offers, known as pension advances, are having devastating financial consequences for a growing number of older Americans, threatening their retirement savings and plunging them further into debt. The advances, federal and state authorities say, are not advances at all, but carefully disguised loans that require borrowers to sign over all or part of their monthly pension checks. They carry interest rates that are often many times higher than those on credit cards.

In lean economic times, people with public pensions ”” military veterans, teachers, firefighters, police officers and others ”” are being courted particularly aggressively by pension-advance companies, which operate largely outside of state and federal banking regulations, but are now drawing scrutiny from Congress and the Consumer Financial Protection Bureau.

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Justin Welby, the archbishop of Canterbury, laughs when it is suggested that he has a mission to raise moral standards in the City. “My key mission is to lead the Church in worshipping Jesus Christ,” he says.

He points out, however, that Christian teaching concerns the “common good”, and he is concerned about “how the City of London, which is so important and so full of very gifted people”, relates to this concept.

Dr Welby is in a unique position to do something about it. Outside the cathedral he enjoys two political pulpits from which to shape the debate: in the House of Lords and on the cross-party parliamentary banking commission.

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Millennials got a bad rap during the recession. They have been working less, earning less, and, as I’ve pointed out in this magazine before, buying far fewer houses and cars than their parents did””or than the economy needs them to in order to move forward. But all of this is poised to change. In the near future, these same young people may be the very ones to supercharge the recovery. How? By growing up…..

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The City of London has been affected by a “culture of entitlement” at variance with what others think reasonable, the new Archbishop of Canterbury has said.

But the Most Reverend Justin Welby told the BBC business morality was in many ways much better than in the past.

He also defended his description of the UK’s economic situation as a depression rather than a recession.

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On Tuesday, “Pope Francis: His Life in His Own Words,” a book of conversations with the man who was then Cardinal Jorge Bergoglio, will be published in English (Putnam; $24.95). These interviews from 2010 with two journalists in Argentina yield cute facts about the new boss of the church ”” a favorite movie? “Babette’s Feast” ”” but not much interesting theology.

But one passage in the book, at first glance rather slight, ends up insinuating a radical note into the proceedings. On a close read, it seems that Pope Francis believes that we must ”” indeed, that God is calling us to ”” relax.

Responding to the question, “Do we need to rediscover the meaning of leisure?” Pope Francis replies: “Together with a culture of work, there must be a culture of leisure as gratification. To put it another way: people who work must take the time to relax, to be with their families, to enjoy themselves, read, listen to music, play a sport. But this is being destroyed, in large part, by the elimination of the Sabbath rest day. More and more people work on Sundays as a consequence of the competitiveness imposed by a consumer society.” In such cases, he concludes, “work ends up dehumanizing people.”

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The U.S. economy expanded in the first quarter but failed to gather as much steam as expected, raising concerns of another year of sluggish growth.

Consumer spending advanced during the first quarter despite tax increases, but those gains were held in check by slowing business investment and government cutbacks.

The nation’s gross domestic product, a measure of all goods and services produced in the economy, advanced at a 2.5% annual rate between January and March, the Commerce Department said Friday. Economists had forecast a 3.2% expansion.

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In recent years, I often recall the first time I saw my dad pray. It was unsettling. I came upon him in church, where he was kneeling, his hands shading his eyes. He had a type of intensity that, at three or four years old, I had never seen before. Nor had I had ever seen him kneel before his God””or anyone else, for that matter.

My mind drifts back, because what I witness today in times of worship is such a contrast. My father was spiritual, as we might say today, but he was not very religious. It is not the memory of his posture that remains vividly with me; it was the demonstration of an aspect of his heart””a spiritual point of view””that captured my budding spiritual imagination. Today, we may kneel, but so many of us, I fear, have strayed far from the reverence of heart that our elders knew, not so long ago.

Our worship has been deeply influenced by a culture that is immersed in the consumption of media. We bring that point of view to our worship. What will it give me? What will I learn? Is it helpful? The focus has shifted from deity to the consumer.

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Security experts at Twitter were fighting a seemingly losing battle yesterday against the Syrian Electronic Army, a shadowy group that sparked panic on financial markets this week by faking a news report about an bomb attack on the White House.

The group, which purports to support the regime in Damascus, hacked the Associated Press news agency’s Twitter account and reported that explosions in the White House had injured President Obama, sending markets into a tailspin, and wiping $136 billion (£89 billion) off the [value of the top 500 U.S. stocks in seconds]….

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There has never been any doubt that Trinity Church is wealthy. But the extent of its wealth has long been a mystery; guessed at by many, known by few.

Now, however, after a lawsuit filed by a disenchanted parishioner, the church has offered an estimate of the value of its assets: more than $2 billion.

The Episcopal parish, known as Trinity Wall Street, traces its holdings to a gift of 215 acres of prime Manhattan farmland donated in 1705 by Queen Anne of England. Since then, the church has parlayed that gift into a rich portfolio of office buildings, stock investments and, soon, mixed-use residential development.

Read it all from today’s New York Times.

The CIA pushed to have one of the suspected Boston Marathon bombers placed on a U.S. counterterrorism watch list more than a year before the attacks, U.S. officials said Wednesday.

Russian authorities contacted the CIA in the fall of 2011 and raised concerns that Tamerlan Tsarnaev, who was killed last week in a confrontation with police, was seen as an increasingly radical Islamist who could be planning to travel overseas.

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We have piles of evidence to show that people overtrust their judgment and overestimate their goodness. Also, there is no easy correlation between self-esteem and actual performance….

This leads to my final question: In society generally, are more problems caused by overconfidence or underconfidence? The financial crisis and the tenor of our political debates suggest that overconfidence and self-idolatry are by far the larger problems. If that’s true, how do you combine the self-critical ability to recognize your limitations with the majestic confidence required to struggle against them?

I guess I’m asking how to marry self-criticism and self-assertion, a blend our society is inarticulate about. I guess I’m wondering, as we make this blend, whether most of us need more of the stereotypically female trait of self-doubt or the stereotypically male trait of self-promotion.

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This week, legislators here will consider excise and sales taxes on marijuana of up to 30 percent combined. The proposal emerged from a task force of health officials, representatives of the state’s rapidly developing marijuana industry and others that was commissioned last year to help develop rules for marijuana.

The goal, task force members and lawmakers say, is to set taxes high enough to finance the administration of new laws, but not so high that customers are driven back to the black market.

“We should see a financial benefit as a state that can help pay for enforcement and other fundamental issues,” said Christian Sederberg, a Denver lawyer on the panel whose firm helped draft Amendment 64, the measure legalizing recreational marijuana. “The other side is that if you tax something too high, then you simply crowd out the regulated market. We’re confident we’ll find the right balance.”

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Check out this resource for your awareness and prayers.

There are few better places in the world where Tim Keller could write a book about career and calling. “New York City is a place where people live in order to work,” says the pastor of Redeemer Presbyterian Church in Manhattan and author most recently of Every Good Endeavor: Connecting Your Work to God’s Work (Dutton). “They basically live more in their work than in their neighborhoods. That . . . means that if you start talking about work, you get right at their hearts.”

In a recent sit-down conversation with This Is Our City executive producer Andy Crouch, Keller explained why he wanted to write a more comprehensive book about faith and work, how he learned to answer congregants’ questions about their work, and what Redeemer has done to equip laypeople to live into their vocations outside the church.

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Culture change in financial services will not be achieved by “light touch” or “heavy touch” regulation, Archbishop Justin said at a Westminster discussion organised by the Bible Society.

Instead the banking sector must adopt “an aim of service to society and not mere rent-seeking, and a culture of virtue based in the realities of daily life and not a fantasy nirvana,” he said.

Describing what this change of culture might look like, the Archbishop said it would require “a ruthless honesty and a deep willingness to be made very uncomfortable indeed through listening to things one does not want to hear”.

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Speaking at a Parliamentary event on “finding long-term solutions to the financial crisis”, Archbishop Welby said there needs to be a “revolution in the aims” of banks to ensure they serve society rather than “self-regarding interest” or even just shareholders.

“What we’re in at the moment isn’t a recession but some kind of depression,” he said. “It needs something very, very major to get us out of it, in the same way it took something very major to get into it.”

The Archbishop, who sat on the recent Banking Standards Commission but said his ideas were not those of the Commission, also called for professional banking standards to be introduced as a way of transforming ethical standards in banking.

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Imagine a world with machines that wash, press and dress you on the way to work and vacations via hologram visits to exotic beaches. In his new book, The New Digital Age, Google Executive Chairman Eric Schmidt does just that ”” but it’s no gee-whiz Jetsons fantasy.

Schmidt partners up with Jared Cohen, a foreign policy counterterrorist specialist poached from the State Department now working for Google Ideas. Together they forecast a raft of new innovations and corresponding threats that will arise for dictatorships, techno revolutionaries, terrorists and you.

Cohen and Schmidt chatted with NPR’s Audie Cornish about negotiating the shifting balance between privacy and security in a rapidly changing technological landscape.

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In March, 7.6 million Americans who want more hours were stuck in part-time jobs, about the same as a year earlier and three million more than there were when the recession began at the end of 2007.

These almost invisible underemployed workers do not count toward the standard jobless rate of 7.6 percent. A broader measure, which includes the involuntary part-timers as well as people who want to work but have stopped looking, stands at 13.8 percent.

“There’s nothing inherently wrong with people taking part-time jobs if they want them,” said Diane Swonk, chief economist at Mesirow Financial in Chicago. “The problem is that people are accepting part-time pay because they have no other choice.”

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[…An] important strand of the British effort is what the UK government calls the “Prevent” strategy. This involves the police and local authorities working with Muslim organisations and communities to ensure that British nationals who become radicalised are identified and encouraged to channel their anger before they resort to violence.

Professor Michael Clarke, an expert on counter-terrorism at the Royal United Services Institute, a think-tank, says the strategy has had some success. “It is about getting the Muslim community to accept responsibility for people in their midst, helping to identify those who are radicalised and working with the police and local authorities to stop them before they plan attacks,” he says….like a number of UK experts, he argues that the US has been slow to tackle “homegrown” jihadism pre-emptively. “The Americans find it hard to accept that jihadism can arise from within their own society. They still feel the phenomenon is pushed into the US by outside forces or foreign actors.”

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My read of the evidence is that the Affordable Care Act will have a much tougher first year than was initially anticipated but it won’t be the catastrophe that Republicans hope. The exceptions will be a handful of states where Republican governors have purposefully made it a catastrophe, but that’s likely to make the Republican governors look bad, particularly if the law is working smoothly in states that have tried to make it a success.

Conservative commentary on the law, with its continuous predictions of explosive premium hikes (and continuous omissions of the offsetting subsidies) and gleeful celebration anytime anything looks to be going wrong, is risking the mistake that the Obama administration made early on with the sequester. When the predictions of pain and chaos didn’t instantly come true, the whole narrative shifted in an instant.

Republicans have done a very good job prepping the country for the pain of Obamacare. They’ve not done a good job prepping the country for the people who will be helped by Obamacare.

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South Carolina’s job market is on the brink of widespread recovery, reaching the lowest unemployment rate last month in four and a half years, economists said Friday.

The state’s jobless rate dipped to 8.4 percent in March from 8.6 percent in February, with every county in the state showing improvement, according to a report from the S.C. Department of Employment and Workforce. The national rate fell to 7.6 percent from 7.7 percent.

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[Archbishop Vincent] Nichols is hardly alone ”“ and not wrong ”“ in worrying that some businesses have ethical problems. The concern explains why business ethics has become a standard part of the curriculum in MBA programmes, and the existence of numerous initiatives to promote corporate social responsibility and other virtues. The main problem with these worthy efforts is blandness: it’s not clear what business ethics classes are supposed to teach or what, for example, should be the aim of the Westminster archdiocese’s programme “A Blueprint for Better Business”.

One possibility is that ethical instruction should induce qualms. Moral training might have restrained the captains of finance from excessive bets and pay demands before and after the 2009 crisis, but I doubt it.

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At this time of year, when most Americans have just filed their returns, exasperation with the income tax system reaches a peak. Hardly anyone denies it’s a complex mess. In 2010, calculating their taxes cost Americans $168 billion, estimates the Taxpayer Advocate Service of the Internal Revenue Service. That’s about 15 percent of taxes collected ”” a heavy overhead. Almost 60 percent of taxpayers pay accountants or other tax preparers. Public esteem for the tax system is low; in a 2011 Pew poll, 55 percent judged it unfair. Disaffection was fairly even politically: 47 percent among Republicans, 58 percent among Democrats and 56 percent among independents.

So “tax reform” ought to be a cinch, right? Well, no.

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A lingering fog of uncertainty at the Boeing Co. campus in North Charleston lifted Friday when the Federal Aviation Administration agreed to clear the company’s 787 Dreamliners to fly again.

The revolutionary jet has been grounded since January because of batteries that overheated on two of the planes.

Flights could resume within a week, the Associated Press reported.

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Whatever struck you, provoked you, moved you; whatever part of it which you believe is most significant or worthy of further consideration. Remember the more specific you are, the more other blog reads can participate in what you say–KSH.

The crowd that had gathered ”” lighting candles, offering prayers, crying as they tightly embraced family and friends ”” had streamed from the dimly lighted sanctuary of Assumption Catholic Church, but Kelly Nelson lingered behind.

“The people who we lost, these are people I know, I see on a daily basis,” Nelson said. “Knowing that I’m never going to see these people on the Earth again is very difficult for me to handle.”

On Wednesday night, a blast at a fertilizer plant rocked this small east-central Texas town. A day later Nelson and hundreds of others gathered in the red brick Assumption church. Nelson wasn’t the only one to stay behind after the service concluded. A pair of young men sobbed as they knelt before the altar. Others stared blankly forward as they sat in the pews. In a time when residents of West sought hard-to-find clarity, they are relying on faith.

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In the waning moments of daylight, police descended Friday on a shrouded boat in a Watertown backyard to capture the suspected terrorist who had eluded their enormous dragnet for a tumultuous day, ending a dark week in Boston that began with the bombing of the world’s most prestigious road race.

The arrest of 19-year-old Dzhokhar Tsarnaev of Cambridge ended an unprecedented daylong siege of Greater Boston, after a frantic night of violence that left one MIT police officer dead, an MBTA Transit Police officer wounded, and an embattled public ”” rattled again by the touch of terrorism ”” huddled inside homes….

“It’s a proud day to be a Boston police officer,” Police Commissioner Edward F. Davis told his force over the radio moments after the arrest. “Thank you all.”

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The search for one of the Boston Marathon bombing suspects — the man seen wearing a white baseball cap — this morning led to the sudden shutdown of the MBTA’s entire network of commuter rail, bus, and subway services.

State authorities also asked people who live in Watertown, Waltham, Newton, Belmont, Cambridge, and Allston-Brighton to stay home and for businesses in those cities and towns to stay closed.

“We are asking you to stay indoors, to stay in your homes for the time being,’’ Kurt Schwartz, who leads the state’s homeland security department, said at a 6 a.m. press conference today. “We are asking business in those areas to cooperate and not open today until we can provide further guidance.’’

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