Category : Economy

After Supreme Court Patent Ruling, Availability of Gene Tests Could Broaden

Almost immediately after the Supreme Court ruled that human genes could not be patented, several laboratories announced they, too, would begin offering genetic testing for breast cancer risk, making it likely that that test and others could become more affordable and more widely available.

The ruling in effect ends a nearly two-decade monopoly by Myriad Genetics, the company at the center of the case.

“It levels the playing field; we can all go out and compete,” said Sherri Bale, managing director of GeneDx, a testing company, which plans to offer a test for breast cancer risk. “This is going to make a lot more genetic tests available, especially for rare diseases.”

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Anthropology, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Health & Medicine, Law & Legal Issues, Science & Technology, Theology

Charleston, South Carolina, restaurants brace for Affordable Care Act

The price of the Charleston Crab House’s $26.99 “World Famous Crab House Crab Pot” could go up next year, but not because of the price of crabs or a potential seafood shortage. It’s about health care.

John Keener, who owns both Charleston Crab House locations, on James Island and on Meeting Street, is one of many Charleston restaurateurs trying to make sense of the federal Affordable Care Act and how his business will be affected.

Two things are certain: Keener will need to offer his employees health insurance starting in 2014, and he will likely pass the associated costs of that coverage onto his customers.

Read it all from the local paper.

Posted in * Culture-Watch, * Economics, Politics, * South Carolina, --The 2009 American Health Care Reform Debate, Consumer/consumer spending, Corporations/Corporate Life, Economy, Health & Medicine

Dave Manuel–A Look at Current Economic Employment Numbers vs Those of 28 Years Ago

Next up, the employment population ratio:

June 1985 – 59.8%
May 2013 – 58.6%

Many economists consider the employment population ratio to be THE most important indicator for the labor market, and it’s interesting to note that we are currently 1.2% under the rate posted in June of 1985, which is quite a difference.

Next up – the labor force participation rate:

June 1985 – 64.6%
May 2013 – 63.4%

Again, another significant difference.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Economy, History, Labor/Labor Unions/Labor Market, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

(SMH) Google uncovers Iranian spy campaign

Google says it has uncovered a vast Iranian spy campaign that had been targeting tens of thousands of Iranian citizens over the past three weeks.

“These campaigns, which originate from within Iran, represent a significant jump in the overall volume of phishing activity in the region,” the company said in a blog post. “The timing and targeting of the campaigns suggest that the attacks are politically motivated in connection with the Iranian presidential election on Friday.”

The company said that thousands of its users inside Iran had been the targets of a sophisticated email phishing campaign in which attackers sent users a link that, when clicked, sent them to a fake Google sign-in page where the attackers could steal login credentials.

Read more: http://www.smh.com.au/it-pro/security-it/google-uncovers-iranian-spy-campaign-20130614-2o7rh.html#ixzz2W8gG8bct

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Blogging & the Internet, Consumer/consumer spending, Corporations/Corporate Life, Defense, National Security, Military, Economy, Globalization, Iran, Middle East, Science & Technology

(Gallup) Fewer Americans Expect to Be Better Off in a Year

Fewer Americans are now optimistic about their future personal financial situations, with 57% saying they will be better off in a year, down from 66% who said so last October. Optimism still surpasses pessimism, as 29% expect to be worse off a year from now — although that is up from 11% who said so last fall.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Consumer/consumer spending, Corporations/Corporate Life, Economy, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Politics in General, Psychology, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

(CC Blogs) Daniel Schultz–How should Christians think about PRISM?

I’d suggest three ways to look at this issue through the lens of faith:

Government has a legitimate purpose and authority, but dividing citizens from one another should never be part of it. We should demand safeguards to prevent PRISM and similar programs from being used for repressive purposes. At a minimum, this ought to include full disclosure of the government’s purpose and methods here. (Lest you think this is a hypothetical concern, remember that the FBI has surveilled groups such as the American Friends Service Committee as recently as 2006.)

Surveillance comes about as part of the government’s promise to keep us safe and secure. But only God can provide ultimate security””not invulnerability to threat but God’s transformative support and presence amid our vulnerability. We follow the one who went to his death rather than depend on armed revolution to accomplish his goals. We should be relentless in questioning the government’s claims about what we need to be protected from and how.

Our connections to others make us human.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, --Social Networking, Blogging & the Internet, Economy, Ethics / Moral Theology, Law & Legal Issues, Politics in General, Religion & Culture, Science & Technology, The U.S. Government, Theology, Theology: Scripture

Archbishop Justin Welby calls for the banking industry "to be good"

Speaking at St Paul’s Cathedral this evening, Archbishop Justin said there will never be “perfect” banks, because “in the end no human being is of themselves perfectly good.”

But the Archbishop said we can have “potentially good banks”, which are motivated by virtue and not just financial bonuses and penalties.

Such a banking system would be “realistic” about human fallibility, but “optimistic” about human potential, he said.-

Read it all and note the audio link to the full address.

Posted in * Anglican - Episcopal, * Culture-Watch, * Economics, Politics, * International News & Commentary, --Justin Welby, Archbishop of Canterbury, Economy, England / UK, Ethics / Moral Theology, Religion & Culture, The Banking System/Sector, Theology

Bishop of London–Baby boomers are now “absorbing” more than their fair share

Baby boomers are a “fortunate generation” who have enjoyed dramatic improvements in living standards but are now “absorbing” more than their fair share of taxpayers’ money, one of the Church of England’s most senior clerics has suggested.
The Bishop of London, the Rt Rev Richard Chartres, who is 65, said there were “severe questions” about the share of government spending that goes on his own generation.
He said the world was in the midst of a transformation that had left many believing that our best days could be “behind us”.

Read it all.

Posted in * Anglican - Episcopal, * Culture-Watch, * Economics, Politics, * International News & Commentary, Aging / the Elderly, Anglican Provinces, Church of England (CoE), CoE Bishops, Economy, England / UK, Ethics / Moral Theology, Middle Age, Politics in General, Religion & Culture, Taxes, Theology

(Living Church) Executive Council Wrestles with Budget

The Rev. Susan Snook of Arizona said the Joint Standing Committee on Finances for Mission’s subcommittee on the budget wants to “engage the church in a discussion of the fact that not all dioceses meet their full asking percentage formula.”

A table on the Episcopal Church’s website listing diocesan commitments and payments indicates that just 41 of the 110 dioceses pledged 19 percent or more for 2013.

“Susan is absolutely right when she says that in one sense there are absolutely no consequences to non-payment in the sense that there are no penalties, but there are huge consequences to not paying the asking,” said the Rt. Rev. Mark Hollingsworth, Bishop of Ohio. “The consequences are that we are not able to do the work that God has proffered for us to do in the ways that we envision doing it productively in the church, so it is a really important discussion for us to have.”

Read it all.

Posted in * Anglican - Episcopal, * Christian Life / Church Life, * Economics, Politics, Economy, Episcopal Church (TEC), Executive Council, Parish Ministry, Stewardship

Monday Afternoon Encouragement–One Dad helping those with autism find technology jobs

Dan Selec, whose son was diagnosed with autism, had a big idea: to train and then hire autistic students to work with technology. In 2008 he founded his nonprofit, the nonPareil Institute, which teaches software skills to those with autism and then hires many of them. Now, these workers are increasingly finding themselves in demand for the skills they’ve learned.

Watch the whole wonderful video report.

Posted in * Culture-Watch, * Economics, Politics, Children, Economy, Ethics / Moral Theology, Health & Medicine, Labor/Labor Unions/Labor Market, Marriage & Family, Men, Science & Technology, Theology

(Local Paper) Mark Sanford, Lindsey Graham disagree on data mining

News of two expansive U.S. surveillance programs has sparked a national discussion on security versus privacy and civil liberties. The issue is splitting American citizens and even politicians who normally find themselves on the same side.

Two Republicans in South Carolina’s congressional delegation are already sharply divided.

U.S. Sen. Lindsey Graham, who serves on the Senate Armed Services Committee, called the programs “very helpful for us when it comes to national security.”

U.S. Rep. Mark Sanford’s reaction was almost exactly the opposite. He said the data mining is “out of control” and has “no regard for constitutional rights.”

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * South Carolina, Defense, National Security, Military, Economy, Ethics / Moral Theology, House of Representatives, Law & Legal Issues, Politics in General, Science & Technology, Senate, The U.S. Government, Theology

(WSJ) U.S. Relies on Spies for Hire to Sift Deluge of Intelligence

The leaks by Edward Snowden reveal a vulnerability in U.S. intelligence since 9/11, triggered by a surge of information collected on people around the world and the proliferation of private government contractors to store, sift and manage it.

Mr. Snowden and other private employees with permission to plug directly into National Security Agency systems have unprecedented access to highly sensitive information””the result of years of pressure to break down the walls dividing U.S. intelligence agencies and share information that might expose the next terror plot.

Thousands of workers employed by government contractors sit side by side with federal workers and hold security clearances that provide access to intelligence databases. The result is a system so enmeshed that government and contract workers are often indistinguishable.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, --Social Networking, Blogging & the Internet, Defense, National Security, Military, Economy, Ethics / Moral Theology, Foreign Relations, Globalization, Labor/Labor Unions/Labor Market, Politics in General, Science & Technology, The U.S. Government, Theology, Young Adults

(SMH) Paul Sheehan–Dominique Venner's Recent Suicide a wake-up call for France

[On May 21 Dominique] Venner, a conservative ultra-nationalist who as a young man had been jailed for violence against Communists, was 78, ailing, and had come to the extreme conclusion that French civilisation was dying and being replaced by an ”Afro-Maghreb culture” and would give way to sharia law. The former colonies were overrunning the republic. In his final message before leaving for the cathedral, he wrote on his internet blog: ”Peaceful street protests will not be enough to prevent it ”¦ It will require new, spectacular, and symbolic gestures to wake up the sleepwalkers, to shake the slumbering consciousness and to remind us of our origins ”¦ and rouse people from their complacency ”¦ We are entering a time when words must be backed up ”¦ by new, spectacular and symbolic actions.”

He had his own spectacular symbolic action in mind. His timing was prompted by the passage, the week before, of a law legalising gay marriage in France. Venner regarded this as a key element in the dismantling of French culture. He also regarded the immigration of millions of Muslims as a demographic and cultural disaster for France. And he saw white French culture as being overwhelmed by Americanism.

Venner predicted current social trends would lead to a ”total replacement of the population of France, and of Europe”….

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, * Religion News & Commentary, --Civil Unions & Partnerships, Economy, Europe, France, History, Islam, Marriage & Family, Other Faiths, Politics in General, Psychology, Religion & Culture, Sexuality, Suicide

Robert Schiller–Want to Fix Social Security? Use the Right Wrench

The purpose of Social Security is to help families. It reinforces the intergenerational sharing that families already ”” though imperfectly ”” provide. It helps retirees by stabilizing their income, and it helps their grown children, who are relieved of any excessive burden of supporting them. This purpose strongly suggests that the Social Security benefits should be indexed to some measure of the available, aggregate economic pie. That means a formula that looks completely different from the ones being discussed today.

Clearly, something needs to be done: if nothing changes, and the trust fund runs out in 2033, the system would be able to pay only about 75 percent of promised benefits.

The issues are complex, as economic theorists like Henning Bohn at the University of California, Santa Barbara, have shown. But now that an index change is on the table, we should take this opportunity to get it right.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Aging / the Elderly, Budget, Economy, History, Politics in General, Social Security, The National Deficit, The U.S. Government

(TLM) Sas Conradie: Global Trends 2030 Reports–An Evangelical Reflection

“”˜The world is undergoing a massive transition, particularly in terms of power, demographics, climate, urbanisation and technology. In this context, the opportunities are huge; but so are the uncertainties and challenges to the well-being of citizens”, concludes the ”˜Global Trends 2030 ”“ Citizens in an Interconnected and Polycentric World’ report of the European Strategy and Policy Analysis System (ESPAS).

The ”˜Global Trends 2030: Alternative Worlds’ of the US National Intelligence Council (NIC) comes to a similar conclusion that we are living through a transformative period that is “equal to if not greater than the aftermath of the political and economic revolutions of the late 18th century”. This transition point is similar to 1815, 1919, 1945, and 1989.

But what do these reports say to the global Christian community, and especially evangelicals? Are there issues for which we need to get better prepared? Are there areas where we can actually influence trends and therefore the future of the world[?]

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * Religion News & Commentary, Anthropology, Economy, Evangelicals, Globalization, Other Churches, Psychology, Religion & Culture, Science & Technology, Theology

(Guardian) Edward Snowden: the whistleblower behind the NSA surveillance revelations

The individual responsible for one of the most significant leaks in US political history is Edward Snowden, a 29-year-old former technical assistant for the CIA and current employee of the defence contractor Booz Allen Hamilton. Snowden has been working at the National Security Agency for the last four years as an employee of various outside contractors, including Booz Allen and Dell.

The Guardian, after several days of interviews, is revealing his identity at his request. From the moment he decided to disclose numerous top-secret documents to the public, he was determined not to opt for the protection of anonymity. “I have no intention of hiding who I am because I know I have done nothing wrong,” he said.

Snowden will go down in history as one of America’s most consequential whistleblowers, alongside Daniel Ellsberg and Bradley Manning. He is responsible for handing over material from one of the world’s most secretive organisations ”“ the NSA.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Anthropology, Defense, National Security, Military, Economy, Ethics / Moral Theology, Foreign Relations, Globalization, Law & Legal Issues, Politics in General, Science & Technology, The U.S. Government, Theology, Young Adults

(NRO) Mark Steyn–The All-Seeing State: The inevitable corruption of the permanent bureaucracy

A few years ago, after one corruption scandal too many, the then Liberal government in Canada announced that, to prevent further outbreaks of malfeasance, it would be hiring 300 new federal auditors plus a bunch of ethics czars, and mandating “integrity provisions” in government contracts, including “prohibitions against paying, offering, demanding or accepting bribes.” There were already plenty of laws against bribery, but one small additional sign on the desk should do the trick: “Please do not attempt to bribe the Minister of the Crown as a refusal may offend. Also: He’s not allowed to bribe you, whatever he says.” A government that requires “integrity provisions” is by definition past the stage where they will do any good.

I thought of those Canadian Liberal “integrity provisions” passing a TV screen the other day and catching hack bureaucrats from the IRS Small Business/Self-Employed Division reassuring Congress that systems had now been put in place to prevent them succumbing to the urge to put on Spock ears and moob-hugging blue polyester for the purposes of starring in a Star Trek government training video. The Small Business/Self-Employed Division had boldly gone where no IRS man had gone before ”” to a conference in Anaheim, where they were put up in $3,500-a-night hotel rooms and entertained by a man who was paid $27,500 to fly in and paint on stage a portrait of Bono. Bono is the veteran Irish rocker knighted by the Queen for his tireless campaign on behalf of debt forgiveness, which doesn’t sound the IRS’s bag at all. But don’t worry, debt forgiveness-wise Bono has Africa in mind, not New Jersey. And, as Matthew Cowart tweeted me the other day, he did have a big hit with “I Still Haven’t Found What I’m Looking For,” which I believe is now the official anthem of the IRS Cincinnati office….

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Anthropology, Canada, Economy, Psychology, The U.S. Government, Theology

(NY Times) Hey Mom, Call Me When You Find My Wife

Some mothers ”” and some fathers, too ”” will do just about anything to see their marriage-age offspring settle down, even if that means going where parents ordinarily should never go ”” online and into their children’s posted dating profiles.

“It’s almost like outsourcing your online dating to your mom,” said Kevin Leland, chief executive of TheJMom.com, a Jewish matchmaking site and one of several Web sites that have arisen to cater to parents, some with more money than patience, who want to see that ideal match made.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Blogging & the Internet, Children, Consumer/consumer spending, Economy, Marriage & Family, Young Adults

George Pitcher–For the new Power Christians, God is the new CEO

During the testosterone-fuelled boom years, Christian faith was about surviving in the City, but since 2008 and the revelation that it was all built on sand, Christians have been saying unequivocally that the gospel is non-negotiable, that working in commerce isn’t about surviving as a Christian but about transforming the way we do business, that Christianity is disruptive of systemic greed and corruption: that, in short, their work serves their faith and not the other way round. They are converting markets, not just people. These are the new Power Christians.

Welby is their spiritual, as well as titular, leader. Born in 1956 into a privileged, if eccentric family, he has managed a tension between descent from a powerful Conservative dynasty (on his mother’s side, he is a scion of the Butler family, which gave us Rab Butler, the deputy prime minister to Harold Macmillan) and skeletons in the family cupboard (it was seen fit to conceal his paternal Jewish-immigrant lineage from him until he became an adult).

This background may have contributed to Welby the Outsider, part of the establishment but also a thorn in its side. It is no surprise that the relentlessly bourgeois HTB couldn’t contain him. Note that he considerably widened not only his social but his theological circle after he left the Knightsbridge church. Via Africa and the Middle East, he arrived as dean of Liverpool Cathedral, where he operated what he and Dr Williams have dubbed a “mixed economy” of traditions. Now add that eclecticism ”“ one might even call it a catholic taste in denominations ”“ to the can-do attitude of the City whizz-kid and you have someone who can tap effortlessly in to the energy of any kind of Christian witness….

Read it all.

Posted in * Anglican - Episcopal, * Culture-Watch, * Economics, Politics, --Justin Welby, Archbishop of Canterbury, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Ethics / Moral Theology, Religion & Culture, Stock Market, The Banking System/Sector, Theology, Urban/City Life and Issues

(Washington Post) U.S. secretly mining data from Internet firms

The NSA and FBI are tapping into the servers of nine U.S. Internet firms, extracting audio, video, photos, e-mails and documents that enable analysts to track a person’s movements and contacts over time.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Blogging & the Internet, Economy, Ethics / Moral Theology, Law & Legal Issues, Science & Technology, The U.S. Government, Theology

(Island Packet) South Carolina Episcopal diocese alleges retirement savings held hostage

Church Pension Group issued a statement Tuesday saying it is trying to ensure that clergy and employees in parishes that have left The Episcopal Church have access to their funds, in accordance with federal laws.

“In doing so, we are following protocols required by the Internal Revenue Code to avoid any adverse consequences for the participants in the plans,” the statement said. “We expect to complete this process shortly. In the meantime, all funds remain invested in the options selected by these employees, and all accounts are fully viewable on (a) website.”

[Canon Jim] Lewis said he has consulted lawyers for the diocese and is unaware of any legal issues precluding employees from rolling over their plans. He believes that preventing employees from doing so could be illegal.

Read it all.

Posted in * Anglican - Episcopal, * Culture-Watch, * Economics, Politics, Economy, Episcopal Church (TEC), Ethics / Moral Theology, Law & Legal Issues, Pastoral Theology, Pensions, Personal Finance, TEC Conflicts, TEC Conflicts: South Carolina, Theology

David Brooks–The Way to Produce a Person

We live in a relentlessly commercial culture, so it’s natural that many people would organize their lives in utilitarian and consequentialist terms. But it’s possible to get carried away with this kind of thinking ”” to have logic but no wisdom, to become a specialist without spirit.

Making yourself is different than producing a product or an external outcome, requiring different logic and different means. I’d think you would be more likely to cultivate a deep soul if you put yourself in the middle of the things that engaged you most seriously. If your profoundest interest is dying children in Africa or Bangladesh, it’s probably best to go to Africa or Bangladesh, not to Wall Street.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Anthropology, Consumer/consumer spending, Economy, Globalization, Philosophy, Psychology, Theology

(America) John Carr–The 'Mind' and 'Heart' of Pope Francis on Ethics and Economics

On economic life, Pope Francis sees his responsibility in clear terms:

The Pope loves everyone, rich and poor alike, but the Pope has the duty, in Christ’s name, to remind the rich to help the poor, to respect them, to promote them. The Pope appeals for disinterested solidarity and for a return to person-centred ethics in the world of finance and economics. (5/16/213)

This strong call for ethics in economics is not new. He stands in continuity with his predecessors, particularly Pope Benedict in Deus Caritas Est and Caritas in Veritate. Francis’ mind is with the Church and its constant teaching. Where Francis is unique is his directness, urgency and passion. It’s where he comes from and where he stands that makes a difference. Francis’ heart is with the poor; his feet were planted in the villas miseriasof Latin America. He calls for a Church “of and for the poor” that is not turned in on itself, but “in the streets.”

He has lived the Church’s social teaching in his own ministry so he speaks confidently and bluntly on its demands. Having challenged the Marxist temptations of some elements of liberation theology, he is more than comfortable challenging some elements of “savage capitalism” (5/21/13). He refused to worship at the altar of Marxist utopianism; he won’t bend a knee to the utilitarian advocates of the invisible hand of the market. As someone who challenged government corruption and overreach in Argentina, Francis recognizes the limitations of the state, but won’t abandon Catholic teaching on the obligation of government to protect the poor and seek the common good in economic life.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * Religion News & Commentary, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Other Churches, Pope Francis, Poverty, Religion & Culture, Roman Catholic, Theology

(WSJ RTE Blog) San Francisco Federal Reserve paper–Government to Hold Back Growth for Years

Shifting government finances are likely to take an even bigger bite out of growth over the next few years than many now expect, economists at the San Francisco Fed warned Monday.

In a research note, Brian Lucking and Daniel Wilson write fiscal policy headwinds will subtract one percentage point from growth over the next three years beyond the normal fiscal drag that usually comes during times of recovery. If not for the current and likely future stance of fiscal policy, the economy would be growing at a faster rate, which would allow for more robust job growth and, presumably, a more normal stance of monetary policy for the Federal Reserve.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Budget, Consumer/consumer spending, Corporations/Corporate Life, Economy, Federal Reserve, History, Politics in General, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The U.S. Government

The Episcopal Church Holds Hostage Pensions of More Than 80 Disassociated Staff Members in S.C.

The retirement savings of more than 80 non-clergy employees of the Diocese of South Carolina and its parishes are being held hostage by their former pension plan at the Episcopal Church (TEC).

The lay employees have been trying to arrange for the rollover of their retirement savings since February, when they first contacted the Church Pension Group, which provides retirement, health and other benefits to employees of The Episcopal Church, its parishes, dioceses and other institutions. The employees became eligible to rollover their funds into another qualified plan when their employer, the Diocese or the parishes that voted to disassociate from the denomination, officially ceased to be employed by any TEC organization or parish.

Read it all.

Posted in * Anglican - Episcopal, * Economics, Politics, * South Carolina, Economy, Episcopal Church (TEC), Pensions, Personal Finance, TEC Conflicts

(WSJ) Europe's Transaction-Tax Climbdown

European governments are figuring out that taxing financial transactions won’t be a magical money machine and that the proposed levy might even damage the European economy.

Reuters first reported Thursday that EU officials are scaling back a transaction tax proposal supported by 11 countries that is supposed to take effect in January. The levy could instead be introduced on a “staggered basis,” one official told the news agency. The first phase might only tax sales and purchases of shares, not bonds or derivatives transactions, and at 0.01% instead of 0.1% as currently proposed. A rate of zero is more appropriate.

Enthusiasm for the tax has been dimming for a while, including in governments that have previously backed it. Christian Noyer, the Governor of the Banque de France, said in Paris on Tuesday that the levy will raise “nothing at all.” One unnamed EU official told Reuters that a scaled-back transaction tax would reap revenue of less than €3.5 billion. The full-fledged levy, as proposed by the European Commission in February, was supposed to rake in €31 billion a year.

Read it all (if necessary another link may be found here.

Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Credit Markets, Currency Markets, Economy, Euro, Europe, Politics in General, Stock Market, Taxes, The Banking System/Sector

(NY Times Op-Ed) Ross Douthat–Prisoners of the Euro

But right now, the E.U. project isn’t advancing democracy, liberalism and human rights. Instead, it is subjecting its weaker member states to an extraordinary test of their resilience, and conducting an increasingly perverse experiment in seeing how much stress liberal norms can bear.

That stress takes the form of mass unemployment unseen in the history of modern Europe, and mass youth unemployment that is worse still. In the Continent’s sick-man economies, the jobless rate for those under 25 now staggers the imagination: over 40 percent in Italy, over 50 percent in Spain, and over 60 percent in Greece.

For these countries, the euro zone is now essentially an economic prison, with Germany as the jailer and the common currency as the bars. No matter what happens, they face a future of stagnation ”” as aging societies with expensive welfare states whose young people will sit idle for years, unable to find work, build capital or start families.

Read it all.

Posted in * Economics, Politics, * International News & Commentary, --European Sovereign Debt Crisis of 2010, Economy, Euro, Europe, Foreign Relations, Politics in General

(NY Times Op-Ed) Erin Callan–Is There Life After Work?

I don’t have children, so it might seem that my story lacks relevance to the work-life balance debate. Like everyone, though, I did have relationships ”” a spouse, friends and family ”” and none of them got the best version of me. They got what was left over.

I didn’t start out with the goal of devoting all of myself to my job. It crept in over time. Each year that went by, slight modifications became the new normal. First I spent a half-hour on Sunday organizing my e-mail, to-do list and calendar to make Monday morning easier. Then I was working a few hours on Sunday, then all day. My boundaries slipped away until work was all that was left.

Inevitably, when I left my job, it devastated me. I couldn’t just rally and move on. I did not know how to value who I was versus what I did. What I did was who I was.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Anthropology, Children, Economy, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Marriage & Family, Theology, Women

(Wall St. Journal Front Page) What Sequester? Washington Booms as a New Gilded Age Takes Root

The sprawling compound [of Norton Manor] is a product of Washington’s Gilded Age””a time of lush business profits initially fueled by government outsourcing and war. Some demographers predicted the boom here would ebb as federal spending shrank amid troop withdrawals from the Middle East and efforts to trim the deficit.

Instead, the region has shown surprising resilience, thanks to an economy that has steadily broadened beyond the government. More than a generation of heavy federal spending, it turns out, has provided the seed money for a Washington economy that now operates globally””less tied to the vicissitudes of the capital’s political rhythms.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Consumer/consumer spending, Corporations/Corporate Life, Economy, Globalization, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Politics in General, Urban/City Life and Issues

Boeing Continues to Expand in Lowcountry South Carolina

Originally dedicated to making 787 Dreamliners, the North Charleston operation is now poised to grow in size and scope of work.

The latest boost came Friday when Boeing announced that it is establishing new centers for commercial aircraft engineering design and propulsion in South Carolina. It’s another indication of Boeing’s long-term plans in North Charleston and its intentions to diversify beyond its commercial aircraft stronghold in Washington state.

The local engineering center will be one of three, with the others in Washington and California. In March, Boeing announced that it would take a similar approach to information technology, establishing “centers of excellence” in North Charleston, the Seattle area and St. Louis.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * South Carolina, Corporations/Corporate Life, Economy, Science & Technology