The danger now is that, just as Greece was once a trailblazer in linking a democratic transition to the European project, so it may become an emblem of a new and dangerous process: the disintegration of the EU. The current crisis could easily lead to the country leaving the euro and eventually the union itself. That would undermine the fundamental EU proposition: that joining the European club is the best guarantee of future prosperity and stability.

Even if an angry and impoverished Greece ultimately remains inside the tent, the link between the EU and prosperity will have been ruptured. For the horrible truth is dawning that it is not just that the EU has failed to deliver on its promises of prosperity and unity. By locking Greece and other EU countries into a failed economic experiment ”” the euro ”” it is now actively destroying wealth, stability and European solidarity.

The dangers of that process are all the more pronounced because Greece is in a highly strategic location. To the south lies the chaos and bloodshed of Libya; to the north lies the instability of the Balkans; to the east, an angry and resurgent Russia.

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In the past, many families like the McDowells, whose household income is almost $100,000 a year, would already be nestled in a starter home, maybe even on the cusp of upgrading to something bigger and more expensive on the profits from their first house.

But even as the market continues to improve ”” sales of existing homes in May increased to their highest pace in six years, the National Association of Realtors reported on Monday, and first-timers make up 32 percent of the buyers ”” it is leaving millions of Americans unwillingly stuck in rental housing.

“It’s more of a new normal,” said Robert J. Shiller, an economics professor at Yale University and a Nobel laureate. “We went through a wrenching experience with the biggest housing bubble and the biggest collapse since 1890. This is an anxious time.”

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Congregations vacated St Columba’s Episcopal Church on Glasgow Road in 1996 ”” and since, it has been slowly crumbling away.

But after a photo of the church was posted on social media there have been calls for action to be taken to stop the rot at the town church.

Clydebank photographer Owen McGuigan, who ignited a debate about the church after uploading the snap to Facebook, said: “I just don’t like seeing old buildings, especially churches, which, back in the day were substantially built to last a long time, being left to fall down with neglect.

“In the last 40 years in Clydebank we have lost several churches, all knocked down before their time, some to make way for the Clyde Shopping Centre.”

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Inevitably fragilities remain. Europe is deep in debt and dependent on exports. Japan cannot get inflation to take hold. Wage growth could quickly dent corporate earnings and valuations in America. Emerging economies, which accounted for the bulk of growth in the post-crisis years, have seen better days. The economies of both Brazil and Russia are expected to shrink this year. Poor trade data suggest that Chinese growth may be slowing faster than the government wishes.

If any of these worries causes a downturn the world will be in a rotten position to do much about it. Rarely have so many large economies been so ill-equipped to manage a recession, whatever its provenance, as our “wriggle-room” ranking makes clear…. Rich countries’ average debt-to-GDP ratio has risen by about 50% since 2007. In Britain and Spain debt has more than doubled. Nobody knows where the ceiling is, but governments that want to splurge will have to win over jumpy electorates as well as nervous creditors. Countries with only tenuous access to bond markets, as in the euro zone’s periphery, may be unable to launch a big fiscal stimulus.

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Saddleback Church has launched what leaders are calling its largest and most ambitious plan ever to expand the mega-church’s ministry.

Pastor Rick Warren describes The Daring Faith Campaign as the church’s most faith-stretching, world-impacting and God-honoring plan in 35 years.

“I’m going to stretch your faith, I’m going to challenge it,” Warren told his flock at the campaign’s launch 10 weeks ago. “We don’t grow in comfort. Growth is often uncomfortable. The result is blessing, maturity and answered prayers.”

A week ago, Warren’s congregation responded during his Victory Sermon at the church’s main campus in Lake Forest, pledging to raise $71 million over the next three years to take Saddleback’s reach beyond its already global impact. About $7 million has already come in as cash donations. The Children’s ministry ”“ students from Kindergarten to 6th grade ”“ raised $20,156 by donating more than 600,000 coins. The campaign is Saddleback’s eighth and largest.

Read it all.

Update: Video added June 1

Over the years, the Diocese of Los Angeles moved in a more liberal, revisionist direction but some parishes, including St. James, remained faithful. After my father retired in 1985, the vestry of St. James called a young priest from South Dakota to be their new Rector. The Rev. David Anderson and his lovely wife and children came to sunny California from a much different place. However they brought with them the same faith my father and the people of St. James held. Under Father David’s leadership, St. James grew and became an even more vibrant place of ministry and gospel witness. Healing ministries continued to flourish. New ministries were birthed””“Discovery (a kind of in house “Cursillo”) to introduce new members at St. James to discipleship in Christ, outreach to local rescue missions and jails, and a focus on evangelism through pre-marital and baptismal preparation. Many members of St. James were encouraged to participate in the life of the Diocese, to engage different points of view, and to share their Biblical faith in Christ with both truth and grace. As the congregation expanded, so did the building and facilities. Even after Father Anderson retired from St. James in 2004 to lead the American Anglican Council, St. James remained a place of faithful gospel witness in one of the most affluent areas of the country.

It’s with these memories in mind that I was saddened when I heard what The Episcopal Church was planning on doing with St. James. Like hundreds of other parishes, St. James voted to leave The Episcopal Church in the early 2000’s and was subsequently mired in a protracted lawsuit with The Diocese of Los Angeles. After years of fighting in court, the Diocese won the property. At the time, Bishop Jon Bruno said St. James was for those faithful Episcopalians in the Newport Beach area. So it was surprising when I read this Monday that Bishop Bruno and the Episcopal Diocese of Los Angeles had agreed to sell St. James to a real estate developer. It will be bulldozed to the ground to make room for retail boutiques and condominiums, in keeping with the redevelopment of downtown Newport Beach. No provisions have been made for any sacred space for people of faith to replace this sacred space in the heart of the city.

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The 4,130 square metre Brown Street property housed the city’s successive Anglican bishops until current bishop Greg Thompson chose to reside elsewhere.

The seven bedroom, four bathroom 1929 Bishopscourt is not heritage listed but parts of its grounds are.

Last year, the Anglican Synod gave the greenlight for the Newcastle sale to be considered. At the time Bishop Greg Thompson asked the Synod to consider “the economics of having this property, the suitability of it as the home of the Bishop and family, and the historic sentiment of previous bishops who lived within it.”

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Vicky and Sandhya Bhardwaj are expecting their first child in August. Once their son arrives, the couple will be living dangerously close to their financial edge.

Mr. Bhardwaj’s entire paycheque ”“ he earns $73,000 a year ”“ goes toward the mortgage payments on the four-bedroom, five-and-a-half bathroom Mississauga house they bought in 2011 for $747,000. Mrs. Bhardwaj’s salary of $55,000 covers everything else, from utilities, groceries, and gas and insurance on their cars, to the interest on their two lines of credit and credit card.

“I’ve made a spreadsheet of our expenses ”¦ and right now, we are $1,000 a month short for what we will need to live on, once my wife is on mat leave,” says Mr. Bhardwaj, 39.

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As a Christian who has been living in Guelph for more than 35 years, I know from experience the impact that the Christian community has had. When this work is combined with the efforts of the other faith-based groups, there is no equal that can be found anywhere.

Certainly our city government could never fill this gap. That is why I believe Bishop Bird has confused community planning with the continuation of the Anglican Church’s role when he wrote, “We seek to serve the spiritual needs of citizens and care for those who are most vulnerable through collaborative and compassionate outreach initiatives.” That is community planning.

If a religious organization truly believes this, then they must consider it when selling property once it is no longer of use to the denomination that owns it.

Read it all from the Guelph Record.

To date, we have been relatively silent about the concerns raised by local residents in large part because of our contractual agreement with the proposed developer. But more to the point, our Diocese is in the business of nurturing and building spiritual communities in the Anglican tradition, not in the business of urban planning. For this reason we have been encouraging those with concerns to be in dialogue with the City of Guelph and the developer, both of whom have expressed a willingness to engage in substantive conversation.

For this reason, I strongly disagree with the editorial board’s characterization that there are villains in this story. The Diocese, the developer, members of city council, concerned citizens and others are each playing a role in what has become a very thorough planning process. I continue to have every confidence that the needs and well-being of Guelph citizens will be of primary concern. I am also heartened that the proposed development has sparked a worthwhile conversation about the importance of public space for community purposes, including religious ones.

Even though the story of this property will be different going forward, our ministry ”” both with the re-envisioned St. Matthias community and all our area parishes ”” will continue to further God’s loving purposes throughout the Royal City.

Read it all from the Guelph Record.

One thing going on is that the major lifestyle and utility improvements of the past generation”“really cheap access to communication, information, and entertainment”“are overwhelmingly available to pretty much everyone. On the one hand, this means that recent economic growth assessed in terms of individual utility and well-being is much more equal then when assessed in terms of income. On the other hand, it means that access these benefits seems much more like simply the air we breathe then as a marker of class status, or achievement.

Thus a loss of the ability to securely attain enough of economic security to firmly hold the indicators of what past generations saw as middle-class life shows itself as a loss. And those who focus on security rather than on utility do not see these as offset buy the information revolution.

Read it all and please note it is a follow up to this article previously posted.

The highest-profile seminary in the Episcopal Church is still struggling after turmoil between the dean and faculty members temporarily crippled the school early this academic year.

A letter from 20 students, alumni and former trustees to the Attorney General of New York dated April 20 asks for an investigation of the actions of General Theological Seminary Dean and President Kurt Dunkle and the Board of Trustees. The letter, originally made public on Facebook and reprinted on the blog Episcopal Café, charges that Dunkle and the trustees “may have abandoned their fiduciary responsibilities and taken actions which are likely to result in the closing” of the 198-year-old institution and the sale of its remaining real estate in Manhattan’s Chelsea neighborhood. The letter restates earlier allegations against Dunkle while noting that fallout from the initial turmoil resulted in several students departing midyear, while the board “provisionally” reinstated the faculty only for the rest of the academic year, while canceling their academic tenure.

“No new hires have been announced and several top librarians have left,” the letter reads, claiming that “only one entering student has paid a deposit for admission next fall” and that the seminary’s accreditation by the Association of Theological Schools is under review.

Read it all and follow all the links therein.

Portugal Cove-St. Philip’s Mayor Moses Tucker had to abruptly end Tuesday night’s council meeting when it devolved into yelling, cursing and personal verbal jabs.

As the full house poured out of the council chambers ”” many livid with council’s decision to approve the demolition of the St. Philip’s Anglican church built in 1894 ”” two police officers were on hand in the lobby in case the jabs became physical.

Several residents who wanted to attend the meeting were locked out, as the town wouldn’t allow more than 50 people in the room, citing fire regulations.

The Anglican church building became the centre of contention in the town in 2010 when the steeple was toppled after being partially sawed off in the middle of the night. Church officials wanted to tear down the building, and the group Church by the Sea Inc. wanted to turn it into a museum.

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Lacker, president of the Federal Reserve Bank of Richmond, which includes the Palmetto State, got a first-hand look at the Boeing juggernaut during a two-day visit to the Charleston area last week.

“It’s really impressive,” he said. “What I don’t think is broadly known is the extent of which … they’ve added to what was just a manufacturing and assembly facility, and this looks now to be a bigger part of Boeing’s future than it looked a couple of years ago. So I think that speaks well for Charleston’s economic capabilities and for its work force … because they’ll tell you … the biggest uncertainty about the whole venture down here was whether they could attract enough of a work force to do the things they can do up in Puget Sound. They’ll tell you they succeeded.”

Aside from Boeing’s growth, Lacker has witnessed other sea changes since his last official visit to the Holy City. In 2009, the Fed was still cutting interest rates to jump-start the then-wounded economy. Now, some believe the time is finally ripe to start raising them again.

Read it all from the local paper

The global economy was more likely to enjoy a reasonable recovery over the next two years benefiting from recent falls in energy prices and exchange rate movements, the International Monetary Fund said on Tuesday.

The twice-yearly forecasts show India is expected to outperform China in growth for the first time in 16 years.

Although the fund has recently told countries they “could do better” to improve medium-term prospects, the World Economic Outlook is the first since 2011 to suggest economies are putting the 2009 financial crisis behind them.

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Tumbling interest rates in Europe have put some banks in an inconceivable position: owing money on loans to borrowers.

At least one Spanish bank, Bankinter SA, the country’s seventh-largest lender by market value, has been paying some customers interest on mortgages by deducting that amount from the principal the borrower owes.

The problem is just one of many challenges caused by interest rates falling below zero, known as a negative interest rate. All over Europe, banks are being compelled to rebuild computer programs, update legal documents and redo spreadsheets to account for negative rates.

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Living with roommates is practically a rite of passage in New York City. It often begins with far too many people sharing too little space and ends with a move into an apartment of one’s own, or with that special someone.

But with rents reaching new highs, single 20-somethings are not the only ones looking for someone with whom to share the rent. Couples are living with roommates even after they’ve tied the knot.

“If we were in Iowa, it would be weird,” said Josh Jupiter, 28, who, with his wife, Isabel Martín Piñeiro, 26, recently posted an ad on SpareRoom.com seeking a roommate to share the two-bedroom, one-bath apartment they rent in Bedford-Stuyvesant, Brooklyn. “If we were in Michigan, it would be weird. In New York City, it’s like, ”˜How many people can you cram into an apartment, married or not?’ We live in one of the most expensive cities in the world.”

Sure, it may sound like the makings of a reality TV show. And there are plenty of ways to cut housing costs other than taking on a roommate. But couples like Mr. Jupiter and Ms. Piñeiro say they would rather relinquish a spare room than contend with an extra-long commute, a smaller place or a less desirable area.

Read it all from the New York Times.

Median per capita income has basically been flat since 2000, adjusted for inflation. The typical American family makes slightly less than a typical family did 15 years ago. And while many goods have become cheaper or better, the price of three of the biggest middle-class expenditures ”“ housing, college and health care ”“ have gone up much faster than the rate of inflation.

Equally important, Mr. Hirschl found a high degree of income volatility among most Americans in the four decades between 1969 and 2011. At some point in their working lives, a full 70 percent earned enough to put them in the top fifth of earners, and as many as 30 percent reached the equivalent of $200,000 in 2009 dollars, or roughly the top 4 percent.

Similarly, nearly 80 percent will at least temporarily plunge into a red zone, where their income drops near or below the poverty line, or they are compelled to gain access to a social safety net program like food stamps or collect unemployment insurance. More than half of Americans ages 25 to 60 will experience at least one year hovering around the poverty line.

Read it all (my emphasis).

Oil-related job cuts may start to slow: Energy firms announced plans to lay off 1,279 workers in March, down from 16,000 in February. But for oil patch states, other questions remain: the health of the service economy surrounding energy firms, the reliability of tax revenues, and so on.

Some of that uncertainty may be trickling through to the broader economy. Some 42% of all IBD/TIPP respondents still say the U.S. is in a recession in April, nearly six years after the economic recovery began.

Yet recent data has been fitful, making it hard to get a clear read on whether the economy is turning down or just taking a beating from temporary factors ”” the oil price plunge, severe winter weather, and the West Coast ports labor slowdown, for example.

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We have confirmation that Fort St. John is losing another landmark main street building.

The Reverend Enid Pow is the Rector of St. Martin’s Anglican Church, located on 100th Street, and she’s confirming the building has already been sold, and is also scheduled for demolition.

“We’ve come to a position where we’ve needed to sell the building because it required far too many repairs for us to be able to afford,” says Rector Pow. “So we’re looking for somewhere else in Fort St. John.”

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With a few short-lived and unsustainable exceptions, the story of the last 30 years appears to be one of constantly falling interest rates and disappointing growth. Central banks try to keep stimulating the economy, but investment demand never really seems to gather pace in response to their efforts. Instead, investment seems stagnant and unresponsive to policy during normal periods, but shoots up during events like the dotcom and real estate bubbles, which then burst and leave everyone worse off.

People have been puzzling over this pattern for decades, but it took a speech by Larry Summers to the IMF in 2013 to really crystallise the whole picture, and bring it into the public eye. Ever since, it’s been known by the term he gave the phenomenon: ”˜secular stagnation’. But he didn’t invent it. It was first coined by Alvin Hansen in the post-Depression 30s, when technological progress seemed to have ground to a halt.

The revival of the term could be misleading on a number of levels.

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It’s church time, close to 9 a.m. last Sunday.

Katherine Milligan, 66, walks through the central hallway of the Presbyterian Church of Stanley, feeling more uncomfortable, more spurned and more angry than she has in all her 33 years attending this Overland Park church.

“I’m too old. I don’t care what people think,” the Olathe woman said later, defiant in the battle she has joined. “No one is going to tell me I can’t worship in my sanctuary.”

Yet in late April a trial scheduled in Johnson County District Court will effectively determine exactly that. Judge Kevin Moriarty will hear arguments on who owns this $4.4 million house of God, a white modernist building erected in 1978 on a grassy rise at 148th Street and Antioch Road.

For six months, two factions of the church have been embroiled in what both sides agree has been an ugly and hurtful conflict.

Read more here: http://www.kansascity.com/living/religion/article14448485.html#storylink=cpy

Read it all.

The Bishop of Rochester has addressed more than 2,000 people at a rally pressing for all political parties to commit themselves to a long term plan for ending the housing crisis.

The Rt Rev James Langstaff, who is chair of Housing Justice, the national voice of the churches on housing and homelessness, told the Homes for Britain event in central London that ensuring decent and secure housing in the right place and at an affordable cost is one of the most important issues for our society.

Read the whole address there.

Rarely have investors lavished so much attention on a single word. After a two-day meeting, the Federal Reserve dropped the word “patient” from its monetary-policy statement. Why the fuss over this single word?

“Patient”, in Fed-speak, indicates that it will hold off increasing interest rates for at least two meetings. Now the word has been ditched, at subsequent meetings (most probably in June) we could see rates move off from rock-bottom for the first time since 2008.

The last rate-tightening cycle began over a decade ago. The Fed feels comfortable, it seems, with raising interest rates now that unemployment has moved towards 5.5%. The latest forecasts from the Fed show that it expects the economy to expand by 2.3%-2.7%, a slight fall from the projections in December but still one of the strongest in the OECD, a club of mostly rich countries.

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It is somewhat rare today that the church can gather an overflow crowd but the Anglican Diocese of Niagara has succeeded in doing that ”” unfortunately for all the wrong reasons.

The crowd that gathered were neighbours of Saint Matthias Anglican Church (at the corner of Edinburgh and Kortright roads) concerned that the Anglican Diocese is planning to sell the church and land to a developer who will build 81 units of rental housing geared to students.

It is understandable why the neighbourhood would be concerned. But I would suggest that it should be of concern for all of us in the rest of the city as well. In the whole south end of Guelph, there are only two church buildings ”” the Salvation Army and Saint Matthias.

Regardless of what you think of churches, these are often the only free or low-rent spaces available for community groups such as scouts, guides, AA, moms and tots groups or places where people can gather in times of celebration or mourning. And while it is true that many churches could do a better job connecting with their community, the Saint Matthias Church community has always had an open and welcoming presence in their neighbourhood. Unfortunately, they themselves now have no say in the matter.

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The church near the corner of Peace and Blount streets looks as though it could have been there for centuries, with its peaked roof and mottled brick walls ”“ except for the insulating wrap that still sheaths half its exterior.

It’s the first new church building to be built in downtown Raleigh for half a century.

“We wanted to build a transcendent space,” said the Rev. John Yates III, his breath hanging beneath the arching steel bones of the sanctuary. To his left, a construction worker rode an accordion lift to finish the details of a window that reached toward the 60-foot ceiling.

Holy Trinity Anglican Church formed about a decade ago, splitting off from the national Episcopal church alongside scores of other groups.

Read it all from the News and Observer..

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.

Read it all.

…there is no painless way to cut a shrinking pie. When churches age, fade and die, someone gets the assets.

I am not arguing that the Sun team needed to add a dozen inches or more to this story to get into a deep discussion ”“ yes, demographics and doctrine often mix ”“ about why so many of these oldline church pies are shrinking and facing the demographic reaper.

But, in this case, readers certainly needed to know a bit about the statistical health and finances of the local diocese, since those facts are directly linked to claims made by the angry parishioners about why their beloved little church ”“ with its nice views of the water ”“ is being sold out from under them.

It’s that old journalism saying: Follow the money.

So how is the Episcopal Diocese of Maryland doing, in terms of finances, converts, babies and demographics? How many other little churches are threatened and how much might the church leaders make by selling some of them? This are fair questions during hard times. Sun editors needed to push their reporters to ask them.

Read it all.

Christ Church Anglican will end its three-year worship arrangement with Independent Presbyterian Church on Sunday before moving to its own church at a new site on Feb. 1.

The congregation, which left historic Christ Church on Johnson Square in 2011, has gathered to worship at the 207 Bull St. facility since. The congregation will leave the Bull Street site at 10:45 a.m. Sunday and proceed to its new location at Bull and 37th streets.

The first services there will be at 8 a.m. and 10:30 a.m. Feb 1, said the Rev. Marc Robertson, senior pastor.

The church’s new home is in the newly renovated 100-year-old church building that was originally home to Hull Presbyterian Church. It most recently was owned by the Christian Revival and Restoration Center.

Read it all.

A handful of other congregations, including All Saints Anglican Church in Charlotte, NC, Holy Trinity Anglican Church in Raleigh, NC and Saint John’s Anglican Church of Americus, GA have also announced building plans. This summer All Saints’ Anglican Church in Springfield, MO and All Saints’ Anglican Church in Peachtree City, GA, completed and consecrated new church buildings.

The churches range from a modest colonial-revival brick building in the case of Restoration to a 30,000-square-foot gothic structure built for the congregation of St. Peter’s.

In addition to making the churches more visible in their communities and accommodating growth in the size of congregations, the new structures are allowing for new programs and events. St. Peter’s is partnering with Trinity School for Ministry to offer theological education far from the seminary’s Ambridge, Pennsylvania campus. Other congregations plan to use their news space for conferences, or to begin hosting programs such as Vacation Bible School which were impractical or not possible in leased spaces.

“Our new church is just the beginning of what we hope to build,” explained Fr. Andrew Rowell, associate rector of St. Peter’s Anglican Church.

Read it all.