The 1910 World Missionary Conference was a watershed moment for Protestantism. Meeting in Edinburgh, Scotland, the assembled 1,200 Protestants believed that Christianity was on the cusp of spreading to every corner of the world, and that Christ would come again once every ear had heard the good news of salvation. Their master plan for missions would hasten his return.

But Edinburgh 2010, the centenary conference that concluded last month, drew only about a quarter of the crowd and received attention only from a few Christian publications. The modern master plan was less ambitious as well: a call to global missions and “to witness and evangelism in such a way that we are a living demonstration of the love, righteousness and justice that God intends for the whole world.”

This dramatic change was summed up at a small gathering of academics and missions professionals at Fuller Theological Seminary in late May. “At (1910) Edinburgh, people thought they were going to take over the world,” said C. Douglas McConnell, dean of Fuller’s School of Intercultural Studies in his opening remarks. “And now many of our students wonder if they should even try.”

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Wow.

The more specific you can be (why did you choose this particular book, what especially do you like about it, etc. etc.), the more others can enjoy your contributions–KSH.

Federal Reserve Chairman Ben S. Bernanke and then-New York Fed President Timothy Geithner told senators on April 3, 2008, that the tens of billions of dollars in “assets” the government agreed to purchase in the rescue of Bear Stearns Cos. were “investment-grade.” They didn’t share everything the Fed knew about the money.

The so-called assets included collateralized debt obligations and mortgage-backed bonds with names like HG-Coll Ltd. 2007-1A that were so distressed, more than $40 million already had been reduced to less than investment-grade by the time the central bankers testified. The government also became the owner of $16 billion of credit-default swaps, and taxpayers wound up guaranteeing high-yield, high-risk junk bonds.

By using its balance sheet to protect an investment bank against failure, the Fed took on the most credit risk in its 96- year history and increased the chance that Americans would be on the hook for billions of dollars as the central bank began insuring Wall Street firms against collapse. The Fed’s secrecy spurred legislation that will require government audits of the Fed bailouts and force the central bank to reveal recipients of emergency credit.

“Either the Fed did not understand the distressed state of some of the assets that it was purchasing from banks and is only now discovering their true value, or it understood that it was buying weak assets and attempted to obscure that fact,” Senator Sherrod Brown, an Ohio Democrat and member of the Senate Banking Committee, said in an e-mail when informed about the credit quality of holdings in the Maiden Lane LLC portfolio. The committee held the April 3 hearing.

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The world’s rich countries are now conducting a dangerous experiment. They are repeating an economic policy out of the 1930s ”” starting to cut spending and raise taxes before a recovery is assured ”” and hoping today’s situation is different enough to assure a different outcome.

In effect, policy makers are betting that the private sector can make up for the withdrawal of stimulus over the next couple of years. If they’re right, they will have made a head start on closing their enormous budget deficits. If they’re wrong, they may set off a vicious new cycle, in which public spending cuts weaken the world economy and beget new private spending cuts.

On Tuesday, pessimism seemed the better bet. Stocks fell around the world, over worries about economic growth.

Longer term, though, it’s still impossible to know which prediction will turn out to be right. You can find good evidence to support either one.

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