Since the end of 2009 nominal growth has been higher than nominal rates (aside from the first half of 2020, when the covid-19 pandemic crashed the economy). Now America is about to cross the threshold. In the first quarter of 2023, despite annualised real economic growth of only 1.1%, troublesomely high inflation meant that nominal gdp rose at an annualised rate of 5.1%, roughly in line with today’s federal funds rate. A panel of economists surveyed by Bloomberg, a data firm, anticipate that in the second quarter of the year growth will slip to just 0.4% and inflation to 3.3%. Nominal growth is forecast to be just 3.7%—well below nominal rates of around 5.2%.

“This is when the rubber really meets the road for the economic cycle,” notes Carl Riccadonna of bnp Paribas, a bank. “This is the point at which, if you’re a business, your revenues are now growing more slowly than your cost of financing.” Wage growth will lag debt growth. Government debts will grow faster than tax receipts. A single quarter of this might be bearable. Unfortunately, economists expect the situation to last a year or more.

The precise impact depends on the extent to which debt reprices as interest rates rise. The vast majority of American homeowners have 30-year fixed-rate mortgages. This generous financing will protect them against a pincer-like combo of slowing wage growth and rising interest expenses. Nevertheless, consumers carrying other kinds of debt—including revolving credit-card balances and private student loans—will feel the pinch.

Read it all.

Welcome to a bad time for big debts https://t.co/fPcefvWCrY

— The Economist (@TheEconomist) May 25, 2023

A second paradox: Keller was a popular pastor who was allergic to the celebrity he attracted. His books, such as “The Prodigal God” and “The Meaning of Marriage,” among many others, have sold millions of copies. But he was enigmatic and avoided the spotlight. An editor of the Christian magazine World once quipped that he could organize an interview with Keller “as easily as I can set one up with Vladimir Putin.”

Keller “was not that great showman preacher,” says Collin Hansen, editor of the Gospel Coalition, a network of Presbyterian and Reformed churches. He was introverted and cerebral in a way that Billy Graham, for all his strengths, never was. But Keller’s “sense of irony,” his “professorial approach,” appealed to New Yorkers.

Keller insisted that Christian evangelism be winsome, which made him polarizing—perhaps the third paradox. “I fear that anxious evangelicals hope that if they can just be grace-centered enough” and “serve the community, and make clear that they are not Republicans, then unbelievers will turn to Christ,” Kevin DeYoung, a fellow Reformed pastor, recently wrote of Keller’s bent.

It’s a fair point. Keller warned that Christians shouldn’t be politically monolithic. He worried about American evangelicalism’s association with the political right. But there is also the risk, which Keller realized, that Christian believers become entangled with the obsessions of the political left: sexual identity, racial grievance, Marxian redistributionism and so on. Progressive Christianity is the mirror image of the moral majoritarianism of the 1980s, and it will end no better for the church’s public witness.

Read it all.

Timothy J. Keller, pastor, theologian, student of beauty. A valedictory for the single most formative influence of my early adult life. https://t.co/oeYnzIYT9S

— Kate Bachelder Odell (@katebachwsj) May 24, 2023

Gert-Jan Oskam was living in China in 2011 when he was in a motorcycle accident that left him paralyzed from the hips down. Now, with a combination of devices, scientists have given him control over his lower body again.

“For 12 years I’ve been trying to get back my feet,” Mr. Oskam said in a press briefing on Tuesday. “Now I have learned how to walk normal, natural.”

In a study published on Wednesday in the journal Nature, researchers in Switzerland described implants that provided a “digital bridge” between Mr. Oskam’s brain and his spinal cord, bypassing injured sections. The discovery allowed Mr. Oskam, 40, to stand, walk and ascend a steep ramp with only the assistance of a walker. More than a year after the implant was inserted, he has retained these abilities and has actually showed signs of neurological recovery, walking with crutches even when the implant was switched off.

“We’ve captured the thoughts of Gert-Jan, and translated these thoughts into a stimulation of the spinal cord to re-establish voluntary movement,” Grégoire Courtine, a spinal cord specialist at the Swiss Federal Institute of Technology, Lausanne, who helped lead the research, said at the press briefing.

Read it all.

“For 12 years I’ve been trying to get back my feet,” said Gert-Jan Oskam, who has been paralyzed from the waist down since 2011. “Now I have learned how to walk normal, natural.” https://t.co/l2Wbb4CttN

— NYT Science (@NYTScience) May 25, 2023

Cuthbert was present at Bede’s deathbed, and this is how he describes his death.

For nearly a fortnight before the Feast of our Lord’s Resurrection he was troubled by weakness and breathed with great difficulty, although he suffered little pain. Thenceforward until Ascension Day he remained cheerful and happy, giving thanks to God each hour day and night. He gave daily lessons to us his students, and spent the rest of the day in singing the psalms so far as his strength allowed. He passed the whole night in joyful prayer and thanksgiving to God, except when slumber overcame him; but directly he awoke, he continued to meditate on spiritual themes, and never failed to thank God with hands outstretched. I can truthfully affirm that I have never seen or heard of anyone who gave thanks so unceasingly to the living God as he.

O truly blessed man! He used to repeat the saying of the holy Apostle Paul, ‘It is a fearful thing to fall into the hands of the living God’, and many other sayings from holy scripture, and in this manner he used to arouse our souls by the consideration of our last hour. Being well-versed in our native songs, he described to us the dread departure of the soul from the body by a verse in our own tongue, which translated means: ‘Before setting forth on that inevitable journey, none is wiser than the man who considers – before his soul departs hence – what good or evil he has done, and what judgement his soul will receive after its passing’.

Read it all.

#ImageOfTheDay on Thursday.

Today is the feast of St #Bede (672/3-735), one of Europe’s outstanding historians, theologians, biblical scholars and poets. This is his shrine in ⁦@durhamcathedral⁩.

The text on the wall is from his commentary on the Book of Revelation. pic.twitter.com/4LCmXWXQ8y

— Michael Sadgrove 🇪🇺 (@MichaelSadgrove) May 25, 2023

Heavenly Father, who didst call thy servant Bede, while still a child, to devote his life to thy service in the disciplines of religion and scholarship: Grant that as he labored in the Spirit to bring the riches of thy truth to his generation, so we, in our various vocations, may strive to make thee known in all the world; through Jesus Christ our Lord, who liveth and reigneth with thee and the Holy Spirit, one God, for ever and ever.

Today is the feast day of St Bede the Venerable.

Known as the 'Father of English history', Bede is considered one of the most learned men of his time. Did you know his final resting place is @durhamcathedral's Galilee Chapel? https://t.co/1qd8Irq7zT 📸 by @engcathedrals pic.twitter.com/JJe6g0vTKu

— This is Durham (@ThisisDurham) May 25, 2023

Almighty God, who after thy Son had ascended on high didst send forth thy Spirit in the Church to draw all men unto thee; Fulfill, we beseech thee, this thy gracious purpose, and in the fullness of time gather together in one all things in Christ, both which are in heaven and which are on earth; even in him, who is the head over all things in the Church which is his body, Jesus Christ our Lord.

–Frederick B. Macnutt, The prayer manual for private devotions or public use on divers occasions: Compiled from all sources ancient, medieval, and modern (A.R. Mowbray, 1951)

A beautiful start to the day here in Glastonbury. pic.twitter.com/7gvxFvr6kN

— Michelle Cowbourne (@Glastomichelle) May 25, 2023

O give thanks to the LORD, call on his name, make known his deeds among the peoples! Sing to him, sing praises to him, tell of all his wonderful works! Glory in his holy name; let the hearts of those who seek the LORD rejoice! Seek the LORD and his strength, seek his presence continually!

–Psalm 105:1-4

🌿Guten Morgen ☀️ pic.twitter.com/qflXUHUj1E

— 💫Stein_harmonie🍀🧚‍♀️ (@SteinHarmonie) May 25, 2023