As the political leaders of Europe come together to save the euro and European Union itself, I believe the time has come for religious leaders to do likewise.

The task ahead of us is not between Jews and Catholics, or even Jews and Christians, but between Jews and Christians on the one hand and the increasingly, even aggressively secularising forces at work in Europe today on the other, challenging and even ridiculing our faith.

When a civilisation loses its faith, it loses its future. When it recovers its faith, it recovers its future. For the sake of our children, and their children not yet born, we ”” Jews and Christians, side by side ”” must renew our faith and its prophetic voice. We must help Europe to recover its soul.

The idea of religious leaders saving the euro and the EU sounds absurd. What has religion to do with economics, or spirituality with financial institutions? The answer is that the market economy has religious roots. It emerged in a Europe saturated with Judeo-Christian values. In the Hebrew Bible, for instance, material prosperity is a divine blessing. Poverty crushes the human spirit as well as the body, and its alleviation is a sacred task.

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Calling former Czech President Vaclav Havel a “friend and fellow prisoner,” the president of the Czech bishops’ conference said the entire nation owes Havel a debt of gratitude for its freedom and the new flourishing of Czech life and culture.

Archbishop Dominik Duka of Prague, who was imprisoned with Havel by the communists, asked that the bells of all Catholic churches in the Czech Republic ring at 6 p.m. Dec. 18 in memory of the former president who died that morning at the age of 75.

The archbishop, who met Havel in prison in 1981 and continued to meet with him after the end of communism in 1989, was scheduled to celebrate Havel’s funeral Mass Dec. 23 in St. Vitus Cathedral.

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…our subject in this meditation is the third great wave of evangelization that followed the discovery of the New World….

I will briefly summarize the main headings of the growth of this missionary enterprise. Let me begin with an observation. Along with the faith, Christian Europe also exported its own divisions. By the end of the great missionary wave, the American continent would exactly reproduce the situation that existed in Europe: a Catholic majority in the south, and a corresponding Protestant majority in the north. We will only deal here with the evangelization of Latin America, which happened first, immediately after the discovery of the New World.

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But the smart money was wrong. Havel was the only real choice considered when the new Czech Republic needed a president in January 1993. And Havel’s entire career and philosophy, like Orwell’s, were dedicated to navigating ideological minefields under the extreme duress of personal participation and suffering. This skill, it turns out, had some relevance in the post-Gorbachev world too. Like Orwell’s, Havel’s words and zesty one-liners can be (and have been) quoted selectively to make him sound conservative, liberal, and otherwise, and his bedrock belief in the transformative power of “calling things by their proper names” virtually ensured that some of his freewheeling opinions would set off alarm bells among those who see the shadow of socialism in such phrases as “civil society” and “new politics.”

“I once said that I considered myself a socialist,” Havel wrote in Summer Meditations. “I merely wanted to suggest that my heart was, as they say, slightly left of center.” The words could have come directly out of Orwell’s mouth: “In sentiment I am definitely ‘left,'” he wrote in 1940, “but I believe that a writer can only remain honest if he keeps free of party labels.”

Havel went on to discuss the futility of those who would pin an ideological tag to his lapel. “All my adult life, I was branded by officials as ‘an exponent of the right’ who wanted to bring capitalism back to our country,” he wrote. “Today — at a ripe old age — I am suspected by some of being left-wing, if not of harboring out-and-out socialist tendencies. What, then, is my real position? First and foremost, I have never espoused any ideology, dogma, or doctrine — left-wing, right-wing, or any other closed, ready-made system of presuppositions about the world. On the contrary, I have tried to think independently, using my own powers of reason, and I have always vigorously resisted attempts to pigeonhole me.”

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Both as a dissident and as a national leader, Mr. [Vaclav] Havel impressed the West as one of the most important political thinkers in Central Europe. He rejected the notion, posited by reform-minded Communist leaders like Mikhail S. Gorbachev in the Soviet Union and Alexander Dubcek in Czechoslovakia, that Communist rule could be made more humane.

His star status and personal interests drew world leaders to Prague, from the Dalai Lama, with whom Mr. Havel meditated for hours, to President Bill Clinton, who, during a state visit in 1994, joined a saxophone jam session at Mr. Havel’s favorite jazz club.

Even after Mr. Havel retired in 2003, leaders sought him out, including President Obama. At their meeting in March 2009, Mr. Havel warned of the perils of limitless hope being projected onto a leader. Disappointment, he noted, could boil over into anger and resentment. Mr. Obama replied that he was becoming acutely aware of the possibility.

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Christians are using the social-media site Twitter to re-tell the Christmas story in novel ways this year.

In Germany, a Twitter-user called Joseph von Nazareth is journalling the nativity story from the perspec­tive of Joseph. Describing himself as a “35-year-old third-generation car­penter from Nazareth”, he regularly updates the site with short descrip­tions from the Christmas story.

Read it all and check out the winning tweets in the Bishop of Bradford’s competition.

One wishes that financial investors were made of the same stuff as German Chancellor Angela Merkel. With virtually the entire world convinced that the euro zone has not done enough to save the common currency, Merkel remains stoic in the face of demands to erect a gigantic firewall. On Thursday, she ruled out increasing the size of the permanent euro backstop fund, the European Stability Mechanism, beyond the currently planned €500 billion ($648.5 billion).

“The German government has always made it clear that the European debt crisis is not to be solved with a single blow,” she told German parliamentarians one day earlier. She said that overcoming the debt crisis would take years and made a plea for patience and endurance.

It would appear, however, that not many are listening. This week has seen several indications that financial markets are by no means impressed with the results of last week’s European Union summit….

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The world’s financial system showed new signs of strain on Wednesday as banks and investors clamored for U.S. dollars and two European banks took emergency measures to address the deepening crisis.

Stresses rippled through debt and stock markets despite measures taken by European leaders last week to help restore investor confidence. Reflecting the tension, rates that banks charge each other for short-term borrowing in dollars continued to climb, hitting their highest level since July 2009. Long-term Italian government bond yields jumped back above 7%, a level that would crimp Italy’s ability to borrow in the future. Amid the rush for dollars, the euro dropped below $1.30 for the first time since January….

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One of the German Social Democrat opposition leaders, Frank-Walter Steinmeier, also told the Bundestag that the summit had been a failure. “The fiscal pact is only an illusory giant ”” from far away it looks very big but if you come close, the breakthrough is really very small,” he said. “We used to have a debt crisis but after the summit we added a veritable constitutional crisis. What we have now is more instability and a further complicated structure in Europe.”Adding to signs of the economic damage, the respected Ifo Institute cut its forecast for German growth in 2012 by half to 0.4 per cent and warned Europe’s biggest economy could slide into recession if the debt turmoil is not quelled.

In theory the incipient rescue plan is supported by 26 European nations, with Britain the only exception. But other countries outside the eurozone have also cast doubts, saying they do not yet know if they can fully sign up. Earlier this week Petr Necas, the Prime Minister of the Czech Republic, said that the deal was “not much more than a blank sheet of paper”.

Michael Noonan, Ireland’s Finance Minister, said on a visit to London yesterday that Ireland may need to hold a referendum on the EU treaty, pointing to barriers within the euro area itself.

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Judge eternal, throned in splendor, who gavest Juan de la Cruz strength of purpose and mystical faith that sustained him even through the dark night of the soul: Shed thy light on all who love thee, in unity with Jesus Christ our Savior; who with thee and the Holy Spirit livest and reignest, one God, for ever and ever. Amen.

It would be Europe’s worst nightmare: after weeks of rumors, the Greek prime minister announces late on a Saturday night that the country will abandon the euro currency and return to the drachma.

Instead of business as usual on Monday morning, lines of angry Greeks form at the shuttered doors of the country’s banks, trying to get at their frozen deposits. The drachma’s value plummets more than 60 percent against the euro, and prices soar at the few shops willing to open.
Soon, the country’s international credit lines are cut after Greece, as part of the prime minister’s move, defaults on its debt.

As the country descends into chaos, the military seizes control of the government.

This scary chain of events might never come to pass. But the danger that Greece or some other deeply damaged country in the euro zone could leave the single-currency union can no longer be ruled out.

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We Jjouranlists are probably too bleary-eyed after a sleepless night to understand the full significance of what has just happened in Brussels. What is clear is that after a long, hard and rancorous negotiation, at about 5am this… [past Friday] the European Union split in a fundamental way.

In an effort to stabilise the euro zone, France, Germany and 21 other countries have decided to draft their own treaty to impose more central control over national budgets. Britain and three others have decided to stay out. In the coming weeks, Britain may find itself even more isolated. Sweden, the Czech Republic and Hungary want time to consult their parliaments and political parties before deciding on whether to join the new union-within-the-union.

So two decades to the day after the Maastricht Treaty was concluded, launching the process towards the single European currency, the EU’s tectonic plates have slipped momentously along same the fault line that has always divided it””the English Channel.

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The positive reactions appeared to be driven by relief that leaders had reached an agreement at all, rather than enthusiasm for the deal itself. If recent history is any guide, the glow could fade fast as investors focus on the details, or on a continued lack of clarity over what role the European Central Bank will play.

“The summit was the first step toward fiscal integration, which is a problem we need to solve, but it will be a long, drawn-out process,” said Mohit Kumar, head of European rates strategy at Deutsche Bank in London….

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Almighty God, source of justice beyond human knowledge: We offer thanks that thou didst inspire Karl Barth to resist tyranny and exalt thy saving grace, without which we cannot apprehend thy will. Teach us, like him, to live by faith, and even in chaotic and perilous times to perceive the light of thy eternal glory, Jesus Christ our Redeemer; who livest and reignest with thee and the Holy Spirit, ever one God, throughout all ages. Amen.

European leaders say 26 out of 27 EU member states have backed a tax and budget pact to tackle the eurozone debt crisis.

Only the UK has said it will not join. Prime Minister David Cameron said he had to protect key British interests, including its financial markets.

The 17 countries that use the euro have all agreed to the deal.

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During his homily at the Mass pro eligendo Romano Pontifice (for the election of the Roman Pontiff) on April 18, 2005, Cardinal Joseph Ratzinger cautioned his fellow-cardinals that John Paul II’s successor would have to deal with an emerging “dictatorship of relativism” throughout the western world: the use of coercive state power to impose an agenda of dramatic moral deconstruction on all of society.

Some Catholic commentators charged that Ratzinger’s warning was so over-the-top that he could never be elected pope. Others thought the formula “dictatorship of relativism” a neat summary of a grave threat to freedom and believed that a man with the courage to call things by their true names would make a fine pontiff.

Recent events throughout the western world have fully vindicated the latter.

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The European Union suffered the most damaging split in its 54 year history after David Cameron used the British veto to block eurozone treaty change after France and Germany opposed “safeguards” to protect Britain’s economy….

The Prime Minister insisted that he had been prepared to support treaty change among all 27 of the EU’s members to allow the 17-strong eurozone to take measures to tackle its debt crisis and to enforce tough new fiscal rules for the single currency.

But after 11 hours of bad-tempered talks, Mr Cameron said that he had blocked the changes because France and Germany and refused to agree to a “protocol” giving the City of London protection from a wave of EU financial service regulations related to the eurozone crisis.

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Moscow’s only Anglican church, St Andrew’s, opened its doors 127 years ago to meet the needs of the Russian capital’s growing British community.

Seeing as the Scots were the wealthiest members of the community at the time, the church was dedicated to the patron saint of Scotland.

The architect, Richard Knill Freeman, never came to Russia, sending the drawings of the building (a replica of hundreds of Victorian Anglican churches) and his recommendations by post.

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Russian Prime Minister Vladimir Putin has accused the United States of being behind protests over the results of Russia’s parliamentary elections.

Mr Putin said US Secretary of State Hillary Clinton “set the tone for some opposition activists”.

She “gave them a signal, they heard this signal and started active work”, he said.

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Economic growth in much of Asia remains robust, the Asian Development Bank said. But trade and financial activity have already started to be eroded by the turmoil in Europe, and they risk being undermined further if the European debt crisis evolves into a full-blown financial and economic crisis like the one spurred by the collapse of Lehman Brothers in September 2008.

“Things are changing very rapidly ”” not just weekly and daily, but hourly,” Iwan J. Azis, head of the development bank’s office of regional economic integration, said at a news conference in Hong Kong, as he presented the bank’s latest update on emerging East Asian nations.

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For more than half a century, members of the Pearl Harbor Survivors Association gathered here every Dec. 7 to commemorate the attack by the Japanese that drew the United States into World War II. Others stayed closer to home for more intimate regional chapter ceremonies, sharing memories of a day they still remember in searing detail.

But no more. The 70th anniversary of the Pearl Harbor attack will be the last one marked by the survivors’ association. With a concession to the reality of time ”” of age, of deteriorating health and death ”” the association will disband on Dec. 31.

“We had no choice,” said William H. Eckel, 89, who was once the director of the Fourth Division of the survivors’ association, interviewed by telephone from Texas. “Wives and family members have been trying to keep it operating, but they just can’t do it. People are winding up in nursing homes and intensive care places.”

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Hyperinflation didn’t lead to the rise of Hitler, but it undermined the legitimacy of the democratic Weimar Republic.

Millions of disaffected middle-class voters soon drifted to various splinter parties on the right. The center hollowed out, and subsequent coalition governments ruled on a tolerated-minority basis. German politics never really regained its balance in the mid-1920s, a time of relative economic stabilization — and then came the Great Depression, government austerity packages and, ultimately, the rise of the Nazis.

Never again, the thinking goes today. And rightly so. But the fate of the euro zone depends on which historical lesson one draws from this episode. Are there circumstances in which monetizing government debt is appropriate — or not?

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Standard and Poor’s has put Germany, France and 13 other eurozone countries on “credit watch” due to fears over the impact of the debt crisis.

S&P’s move means that countries with top AAA ratings would have a 50% chance of seeing their rating’s downgraded.

The news came as a surprise to investors and saw stocks fall back on early gains as the euro also fell.

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We Americans fool ourselves if we ignore the parallels between Europe’s problems and our own. It’s reassuring to think them separate, and the fixation on the euro — Europe’s common currency — buttresses that mindset. But Europe’s turmoil is more than a currency crisis and was inevitable, in some form, even if the euro had never been created. It’s ultimately a crisis of the welfare state, which has grown too large to be easily supported economically. People can’t live with it — and can’t live without it. The American predicament is little different.

Government expansion was one of the 20th century’s great transformations. Wealthy nations adopted programs for education, health care, unemployment insurance, old-age assistance, public housing and income redistribution. “Public spending for these activities had been almost nonexistent at the beginning of the 20th century,” writes economist Vito Tanzi in his book “Government versus Markets.”

The numbers — to those who don’t know them — are astonishing. In 1870, all government spending was 7.3 percent of national income in the United States, 9.4 percent in Britain, 10 percent in Germany and 12.6 percent in France. By 2007, the figures were 36.6 percent for the United States, 44.6 percent for Britain, 43.9 percent for Germany and 52.6 percent for France. Military costs once dominated budgets; now, social spending does.

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In the nineteen-eighties, integration into French society was still a rocky path for the children of North African immigrants. Throughout France, many young people seemed to be rediscovering their Islamic identity. This religious revival was also beginning to attract a certain number of non-Muslims.

Those who renounced Islam did so quietly. It was those who trumpeted their allegiance to Islam who attracted media attention. When schools restarted in September 1989, three young girls were suspended from their high school in Creil for refusing to take off their headscarfs inside the school building. So began the affair of the veil.

The matter of the veil continues to be contentious until today. In April 2011, France became the first European country to enforce a ban of the face veil in public, just one of the many issues that emphasise the schism that remains between the different faces of French society.

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“Just look at my screen. It tells the story. I have one big European bank willing to lend and 40 banks wanting to borrow. And look at those names, they aren’t little regional banks. They are some the biggest banks in the eurozone and they can’t get funding in the marketplace. They have to go to the ECB.”

–A trader as quoted in this morning’s Financial Times.

Wall Street executives, in a private meeting with a top Federal Reserve official in late September, recommended a coordinated effort by central banks to remedy the European financial crisis, according to Fed documents received in an open-records request.

The meeting, led by Louis Bacon, founder of hedge fund Moore Capital Management, preceded a joint action Wednesday by the world’s major central banks, which banded together to provide liquidity to the markets through cheap U.S. dollar loans….

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The world’s major central banks launched a joint action to provide cheap, emergency U.S. dollar loans to banks in Europe and elsewhere, a sign of growing alarm among policy makers about stresses in Europe and in the global financial system.

The coordinated action doesn’t directly address Europe’s government-debt and budget woes. Instead, it is aimed at alleviating the impact of those troubles on global markets. Moreover, it raises the prospect of other steps by central bankers to prevent a repeat of the 2008 financial crisis.

“The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity,” said a statement issued by the six central banks””the U.S. Federal Reserve, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank.

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…Pope Benedict is clear that the Church should not seek to regain its power in European societies. Indeed, loss of church goods or privilege can actually be a great liberation for church. After all, it is not there to compete for status with other power blocs in society.

However, religion can continue to play an essential role in the creation of a modern society. Referring to the fact that large parts of Germany had known Nazi and Marxist dictatorships in the 20th century, the Pope underlined how ideology without God and political agendas without a sense of human dignity are inhuman.

If religion needs freedom, freedom also needs religion.

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So far, though, Germany is resisting calls to allow the European Central Bank to conduct unrestricted purchases of government bonds issued by ailing euro-zone countries in order to push their borrowing costs down to sustainable levels.

It also remains opposed to jointly issued euro bonds. Its arguments are that the measures would remove the incentive on high-debt nations to get their budgets in order, would stoke inflation and would end up costing Germany too much.

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