Raghuram Rajan got it started. On Jan. 15, the governor of the Reserve Bank of India jolted traders on Mumbai’s Dalal Street by cutting interest rates. The surprise was the timing of the announcement: Rajan wasn’t supposed to deliver a policy statement for another 19 days.

The weirdness continued that same day””in Switzerland, of all places. For three years, the Swiss National Bank had steadily bought euros on currency markets to keep the country’s franc from surging in value relative to the euro, and thereby choking off growth. Unorthodox, yes; but global financial markets had grown accustomed to the regular renewal of the bank’s stance. Without warning, however, the Swiss cut the franc’s tether. Swiss National Bank chairman Thomas Jordan also set the benchmark Swiss lending rate at negative 0.75%. In theory, a lower rate should put downward pressure on the franc; not enough in this case, as the franc’s value shot up by 18% in the days that followed. Many hedge funds bled red.

And on it went. The Danes cut interest rates four times in the span of a few weeks. As this issue of the magazine neared deadline, China’s central bank cut rates by a quarter of a percentage point and Poland slashed them by a half point. In the first 60 days of 2015, some 20 central banks had executed stimulus measures.

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In an act of extraordinary heroism, a parish warden stopped an Islamist terrorist from detonating a bomb during Sunday worship at Christ Church Youhanabad near Lahore, Pakistan. Fifteen people were murdered during twin attacks on Christ Church and the neighboring St John’s Catholic Church on 15 March 2015, but the heroism of Zahid Yousaf Goga (pictured with his wife, Akash and three children) prevented further bloodshed.

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U.S. veterans gather on the Japanese island of Iwo Jima to commemorate the 70th anniversary of the one the most iconic battles of World War II.

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The proximate cause of Iraq’s unraveling was the increasing authoritarian, sectarian and corrupt conduct of the Iraqi government and its leader after the departure of the last U.S. combat forces in 2011. The actions of the Iraqi prime minister undid the major accomplishment of the Surge. [They] alienated the Iraqi Sunnis and once again created in the Sunni areas fertile fields for the planting of the seeds of extremism, essentially opening the door to the takeover of the Islamic State. Some may contend that all of this was inevitable. Iraq was bound to fail, they will argue, because of the inherently sectarian character of the Iraqi people. I don’t agree with that assessment.

The tragedy is that political leaders failed so badly at delivering what Iraqis clearly wanted ”” and for that, a great deal of responsibility lies with Prime Minister Maliki.

As for the U.S. role, could all of this have been averted if we had kept 10,000 troops here? I honestly don’t know. I certainly wish we could have tested the proposition and kept a substantial force on the ground.

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Two bomb blasts have killed at least 14 people near two churches in a Christian neighbourhood of the Pakistani city of Lahore, local officials say.

More than 70 people were hurt in the explosions, which targeted worshippers attending Sunday mass at the churches in the Youhanabad area.

Violent protests erupted after the blasts, with a mob killing two men accused of involvement in the attacks.

Pakistan’s Christian community has often been targeted by militants.

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I have been exploring the history of Christianity within the Persian Empire, a subject very well known to specialists working on that area, but less so to their counterparts who study the story in its “mainstream” (Mediterranean and European) forms. Before writing about this in any more detail, it’s important to understand the geographical setting, which means locating some very famous names. Geography may or may not be destiny; but it is very important indeed for the fate of religions.

Anyone even slightly familiar with the ancient world, or with the Old Testament, knows certain names of peoples, regions and great cities ”“ Medes, Persian and Parthians, Susa and Persepolis. Actually placing them in relation to each other is quite a different matter. It matters enormously, though, because each of those regions was differently situated in relation to other nations and cultures. Some, like the Persians, looked west and south, towards Babylonia and the world of the “Persian” Gulf. Others, like the Parthians, never lost touch with Central Asia. At different times, different parts of the broader Persian world dominated, and that shifting emphasis gave a different political and cultural coloring to the empire’s outlook.

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Bangladeshis on Sunday paid tribute to an American critic of religious extremism killed in Dhaka, in the latest of a series of attacks on writers who support free thinking values in the Muslim-majority nation.

Avijit Roy, a US citizen of Bangladeshi origin, was hacked to death by machete-wielding assailants on Thursday after a book fair, sparking widespread condemnation from home and abroad.

His wife and fellow blogger Rafida Ahmed suffered head injuries and lost a finger and remains in hospital in a serious condition. The attack comes amid a crackdown on hardline Islamist groups, which have increased activities in recent years in the South Asian nation of 160 million people. No arrest has been made.

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A prominent U.S. blogger, known for his writing against religious fundamentalism, has been hacked to death by unidentified attackers in Bangladesh’s capital, police said Friday.

The attack on Avijit Roy, a Bangladesh-born U.S. citizen, took place late Thursday when he and his wife Rafida Ahmed, who was seriously injured in the attack, were returning from a book fair at Dhaka University.

It was not known who was behind the attack, but Roy’s family and friends say he was a prominent voice against religious fanatics and received threats in the past. No groups have claimed the responsibility.

The local police chief, Sirajul Islam, told The Associated Press that the assailants used cleavers to attack Roy and his wife, who is also a blogger.

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The Archbishop of Canterbury welcomed the Primate of the Anglican Church of Korea to Lambeth Palace yesterday.

Archbishop Paul Kim is visiting London and Canterbury with directors from the Christian Broadcasting System of Korea (CBS) to give them a better understanding of the Anglican Communion.

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China’s central bank cut interest rates on Saturday, just days before the annual meeting of the country’s parliament, in the latest effort to support the world’s second-largest economy as its momentum slows and deflation risks rise.

The central bank said the 25 basis point cut in the benchmark interest rate to 5.35 per cent – its second cut in just over three months – and a 25 basis point cut in the benchmark saving rate to 2.5 per cent would be effective from Sunday.

“The focus of the interest rate cut is to keep real interest rate levels suitable for fundamental trends in economic growth, prices and employment,” the People’s Bank of China (PBOC) said in a statement on its website.

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On the eve of Chinese New Year, photos of a father and daughter traveling to see her grandparents have gone viral ”“ picked up by dozens of blogs and media outlets worldwide.

Seen waiting together in Beijing Capital International Airport, Chen Yen has handcuffed himself to his little girl to ensure she is not kidnapped for use as a future bride.

“I saw a warning by police on the TV to take care as traffickers and pickpockets would be out stealing in the holiday rush,” said Mr. Chen according to reporting by The Daily Mail. “I don’t care about pickpockets, but I do care very much about losing my daughter.”

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hina’s economy is slowing. Brazil is struggling as commodity prices plunge. Russia, facing Western sanctions and weak oil revenue, is headed into a recession.

As other big developing markets stumble, India is emerging as one of the few hopes for global growth.

The stock market and rupee are surging. Multinational companies are looking to expand their Indian operations or start new ones. The growth in India’s economy, long a laggard, just matched China’s pace in recent months.

India is riding high on the early success of Prime Minister Narendra Modi and a raft of new business-friendly policies instituted in his first eight months.

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Prime Minister Narendra Modi of India said on Tuesday that his government would not “accept violence against any religion, on any pretext” and that it would take forceful steps to prevent and prosecute such crimes, in a speech widely interpreted as a response to a series of attacks on Roman Catholic churches in and around New Delhi.

“My government will not allow any religious group, belonging to the minority or the majority, to incite hatred against others, overtly or covertly,” Mr. Modi said at a New Delhi ceremony to honor the recent canonization of two Indians by the Vatican. “I strongly condemn such violence. My government will act strongly in this regard.”

For weeks, church officials and rights campaigners have urged Mr. Modi to address a growing sense of insecurity among the country’s religious minorities, which include large populations of Muslims and Christians.

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As an October chill fell on the mountain passes that separate the militant havens in Afghanistan and Pakistan, a small team of Afghan intelligence commandos and American Special Operations forces descended on a village where they believed a leader of Al Qaeda was hiding.

That night the Afghans and Americans got their man, Abu Bara al-Kuwaiti. They also came away with what officials from both countries say was an even bigger prize: a laptop computer and files detailing Qaeda operations on both sides of the border.

American military officials said the intelligence seized in the raid was possibly as significant as the information found in the computer and documents of Osama bin Laden in Abbottabad, Pakistan, after members of the Navy SEALs killed him in 2011.

In the months since, the trove of intelligence has helped fuel a significant increase in night raids by American Special Operations forces and Afghan intelligence commandos, Afghan and American officials said.

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O God our Father, who art the source of strength to all thy saints, and who didst bring the holy martyrs of Japan through the suffering of the cross to the joys of life eternal: Grant that we, being encouraged by their example, may hold fast the faith that we profess, even unto death; through Jesus Christ our Lord, who liveth and reigneth with thee and the Holy Spirit, one God, now and for ever.

As 2015 begins, the global economy remains weak. The United States may be seeing signs of a strengthening recovery, but the eurozone risks following Japan into recession, and emerging markets worry that their export-led growth strategies have left them vulnerable to stagnation abroad. With few signs that this year will bring any improvement, policymakers would be wise to understand the factors underlying the global economy’s anemic performance ”“ and the implications of continued feebleness.

In the words of Christine Lagarde, the International Monetary Fund’s managing director, we are experiencing the “new mediocre.” The implication is that growth is unacceptably low relative to potential and that more can be done to lift it, especially given that some major economies are flirting with deflation.

Conventional policy advice urges innovative monetary interventions bearing an ever expanding array of acronyms, even as governments are admonished to spend on “obvious” needs such as infrastructure. The need for structural reforms is acknowledged, but they are typically deemed painful, and possibly growth-reducing in the short run. So the focus remains on monetary and fiscal stimulus ”“ and as much of it as possible, given the deadening effects of debt overhang.

And yet, the efficacy of such policy advice remains to be seen.

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it’s the second one in in case you get taken back to the beginning.

What has fueled China’s remarkable economic growth that has lifted more than 500 million people out of abject poverty and positioned it to become the world’s largest economy?

In part, it’s been fueled by the pipeline of market mechanisms, modern technology and Western management practices that former paramount leader Deng Xioaping untapped in the 1980s.

But according to Yukong Zhao, a China expert at Siemens Corporation, these explanations are insufficient given the potential drags on the economy from government inefficiency and corruption, which President Xi Jinping is struggling to contain.

Zhao argues that Western learning and pro-growth government policies have set loose the real creators of China’s economic success””its people and the largely Confucian culture that makes them, in his words, “ambitious, hardworking, thrifty, caring for their families and relentlessly pursuing good education and success.”

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Afghanistan’s president says that the US should “re-examine” its plans to withdraw its forces from his country, just days after the official end of combat operations there.

Last week, NATO forces closed down “Operation Enduring Freedom,” the campaign it has run in Afghanistan since 2001, in what The Christian Science Monitor described as “a small Sunday ceremony that made it clear that NATO was not interested in calling a great deal of attention to the occasion.”

Some 13,000 troops, mostly American, will remain in the country to help train Afghan forces and to conduct “counterterrorism” operations “against the remnants of Al Qaeda,” US Defense Secretary Chuck Hagel said. These forces in turn are due to withdraw by the end of 2016.

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Emmanuel, God with us, who didst make thy home in every culture and community on earth: We offer thanks for the raising up of thy servant Samuel Azariah as the first indigenous bishop in India. Grant that we may be strengthened by his witness to thy love without concern for class or caste, and by his labors for the unity of the Church in India, that people of many languages and cultures might with one voice give thee glory, Father, Son, and Holy Spirit, now and for ever. Amen.

Pakistan was still reeling Sunday from a devastating attack on a military-run school in Peshawar that left 132 children dead.

Shortly after the Dec. 16 attack Taliban spokesman Muhammad Umar Khorasani acknowledged responsibility for the attack, saying suicide bombers had carried out the attack as revenge for the killings of Taliban members by Pakistani authorities.

Just five days after the massacre, Pakistani Christians were not going to let the Taliban have the last word. Dressed in Santa Claus outfits and holding signs that read “United we stand in grief and sorrow,” dozens gathered in Karachi, Pakistan to protest the attack.

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O God, who in Christ Jesus hast brought Good News to those who are far off and to those who are near: We praise thee for awakening in thy servant Lottie Moon a zeal for thy mission and for her faithful witness among the peoples of China. Stir up in us the same desire for thy work throughout the world, and give us the grace and means to accomplish it; through the same Jesus Christ our Savior, who livest and reignest with thee and the Holy Spirit, one God, for ever and ever. Amen.

North Korea warned that any U.S. punishment over the hacking attack on Sony Pictures Entertainment would lead to damage “thousands of times greater,” with targets including the White House and Pentagon.

Hackers including the “”˜Guardians of Peace’’ group that forced Sony to pull a comedy about the assassination of Kim Jong Un ”˜”˜are sharpening bayonets not only in the U.S. mainland but in all other parts of the world,’’ the Kim-led National Defense Commission said in a statement published yesterday by the official Korean Central News Agency. Even so, North Korea doesn’t know who the Guardians are, the commission said.

North Korea has called on the U.S. to hold a joint investigation into the incident, after rejecting the conclusion by the Federal Bureau of Investigation that it was behind the attack. President Barack Obama said last week that Sony had ”˜”˜suffered significant damage,’’ and vowed to respond to North Korea ”˜”˜in a place and time and manner that we choose.’’

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It takes something unusually vile for the world to pay much attention to a terrorist outrage in Pakistan. Since 2007 the annual toll of murders by jihadists has never dropped below 2,000 and in 2012 and 2013 it was not far off 4,000. This year has actually seen the mayhem decline by a third. But the horror of the attack by the Pakistani Taliban, an umbrella organisation of militant groups officially known as Tehreek-e-Taliban Pakistan (TTP), on an army-run school in Peshawar stands out for the scale and nature of its brutality.

At about 10am on December 16th, seven heavily armed Taliban gunmen scaled an outer wall of the school and began shooting indiscriminately. By the time army commandos regained control of the compound 141 people, most of them teenagers and younger children, had been killed. Given the seriousness of the wounds that the injured have suffered, the number of deaths will almost certainly rise (see article). This is the deadliest terrorist attack in Pakistan’s history.

The army, and previous governments, must take much of the responsibility for the violence the country has suffered in recent years.

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What a strange week it’s been in Hollywood. Tuesday night we actually had a thunderstorm. For those who don’t know Southern California, that’s like saying House Republicans think our country might have a race problem. Or Woody Allen is considering property in Malibu. Or the new Missal really seems to be catching on. (“Under our roof,” translators? “Under our roof”?)

There was even lightning, for God’s sake.

Then yesterday, hack-beleaguered Sony Pictures actually stopped distribution of major motion picture “The Interview,” maybe forever, after the United States’ five major theater chains refused to show it for fear of a 9/11-style attack on any theater that did.

To say the Internet was not happy with this series of events would be an understatement. Hollywood writer/director/producer Judd Apatow called the chains’ decision “disgraceful” and wondered, along with many others, what’s next: “Will they pull any movie that gets an anonymous threat now?” Many called it a sad day for creative expression, and feared that this forebodes a dangerous new self-censorship. Rob Lowe compared Hollywood to Neville Chamberlain (to which the nation of Czechoslovakia replied, “Mmm, Rob, I think not”). Newt Gingrich went so far as to call the hackers’ threat an “act of war,” forgoing the need for an act of war to involve an actual act. Forget the pesky details, there’s really never a bad time for a little preemption.

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The terrorist attack on a Pakistani school Tuesday continues to evoke a global outcry. Even the Taliban in Afghanistan has condemned the Taliban group in Pakistan that took credit for slaughtering 148 people, of whom 132 were children. In Pakistan, tens of thousands of people held candlelight vigils nationwide, holding up signs saying “Enough!”

But the most touching and perhaps meaningful reaction took place in India, Pakistan’s longtime adversary and a victim itself of Pakistani-led terror over a territorial dispute between the two countries.

On Wednesday, Indian students in thousands of schools and colleges observed two minutes of silence or wrote messages in their scrapbooks for the young victims. “We also prayed for the quick recovery of the injured students and the grieving family members,” one school official told The Times of India.

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The first funerals are being held for the victims of a Taliban school massacre in Pakistan on Tuesday that left at least 141 people dead, most of them young students.

Wearing military uniforms and strapped with explosives, seven assailants attacked the military-run facility in the northwestern city of Peshawar, shooting children and adults.

Pakistani officials said 132 of the dead were students about 12 to 16 years old. Nine school staff members also died in the siege, which lasted more than eight hours.

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Yes we grieve, like all decent, democratic and humane societies should, over the tragedy that has visited Peshawar. But our grief also tells a story that cannot but discomfit those who repudiate everything that terrorism and terrorists stand for. It tells us that proximity alerts us to Islamist barbarism that distance tends to dull.

When 200 teenaged girls were abducted by Boko Haram and pressed into sex slavery in Nigeria, we barely took note of that crime. When the Islamic State militia massacred Yezidis, forcing survivors to take shelter in the barren Sinjar mountains where children died like flies, we merely took note of it. Earlier, when terrorists attacked a school in Beslan, Russia, in September 2004, leaving 385 dead, among them 186 children, we wondered what it was all about.

Just as the story of global trans-border terrorism does not begin with the devastatingly spectacular attacks of 9/11, the story of innocents being massacred in the name of jihad does not begin with the ghastly attack on the school in Peshawar. These are stories with prologues and preceding chapters; each day, each week, each month a new chapter is added to these stories.

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Pakistan militants killed dozens of children in an attack on an army-run school in the northwestern city of Peshawar that left 126 people dead so far, the country’s worst terrorist attack since at least 2007.

Some 84 students were among the dead after gunmen gained access to the school by dressing up as paramilitary soldiers, Pervez Khattak, chief minister of Khyber Pakhtunkhwa province, told reporters. The army was in the final stages of clearing out the school, Asim Bajwa, army spokesman, said on Twitter.

“This is a decisive moment in the fight against terrorism,” Prime Minister Nawaz Sharif told reporters in televised remarks from Peshawar. “The people of Pakistan should unite in this fight. Our resolve will not be weakened by these attacks.”

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The Archbishop of Canterbury is considering a landmark visit to China amid signs that the communist economic superpower is on course to become world’s “most Christian” country within a generation.

China’s ambassador to the UK, Liu Xiaoming extended the invitation during a meeting with the Most Rev Justin Welby and his wife Caroline at Lambeth Palace last month.

Despite decades of repression in the officially atheist country, Christianity has seen spectacular growth there in recent years.

If it continues at the recent pace, the number of believers in China is expected to overtake that of the US within 15 years and then outstrip those in countries such as Mexico and Brazil soon thereafter.

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