After the terror, the euphoria. When, on April 9th, President Donald Trump postponed for 90 days the most illogical and destructive of his tariffs, after a meltdown in financial markets, the s&p 500 index of American stocks rose by 9.5%, its fastest daily rise in nearly 17 years. The darkest scenarios for the world economy that had been envisaged by investors until that moment are now unlikely. It seems there is some limit to the market falls the president will tolerate on his watch. After the chaos that had followed Mr Trump’s announcement of “reciprocal” tariffs a week earlier, that is no small source of comfort for the world.

But do not mistake the consolation of having avoided disaster for good fortune. The scale of the shock to global trade set off by Mr Trump is still, even now, unlike anything seen in history. He has replaced the stable trading relations which America spent over half a century building with whimsical and arbitrary policymaking, in which decisions are posted on social media and not even his advisers know what is coming next. And he is still in an extraordinary trade confrontation with China, the world’s second-biggest economy.

Investors and companies everywhere have been put through the wringer. Global markets crashed in response to Mr Trump’s first tariff announcement. The S&P 500 fell by about 15%. Long-dated Treasuries sold off, as hedge funds were forced to unwind their leveraged positions. The dollar, which is supposed to be a safe haven, fell. After the tariffs were delayed, stockmarkets enjoyed a vertiginous climb. Between its low and high on the day, Nvidia’s value fluctuated by over $430bn.

Even after the tariff pause, however, Treasury yields remain elevated. Global stocks are 11% below their highs in February—and justifiably so

Read it all.

The Economist cover 👀 pic.twitter.com/yIs3oe0hpS

— MAKS 24 🇺🇦👀 (@Maks_NAFO_FELLA) April 10, 2025

If Trump succeeds in extracting rate cuts from the Fed and tax cuts from Congress, the same problem is going to arise. So my assumption is that he will blame the symptoms and will resort to price controls.

The elephantine difference is that US federal debt was 34pc of GDP in 1971. Today it is 122pc on the Fed measure, and galloping upwards. The fiscal deficit is over 6pc as far as the eye can see.

If you think the stock market gyrations of the last few days are terrifying, just wait until Trump destroys the credibility of the Fed and of US treasury debt, the anchor of the global system.

He could order a captive Fed to relaunch quantitative easing and buy the bonds, but to do that when inflation is running hot would be seen by the whole world as naked fiscal dominance. It would set off a price spiral and a collapse of the currency – the sort of outcome seen over the decades in Latin America, or Erdoğan’s Turkey.

Read it all.

✍️ 'The White House’s push for for expanded presidential power threatens US economic stability' | Writes Ambrose Evans-Pritchard

Read the column ⬇️https://t.co/4JMVQeEbMG pic.twitter.com/gmU3CJAZpB

— The Telegraph (@Telegraph) April 8, 2025

Trump has repeatedly promised to make the United States a “manufacturing powerhouse” to avoid being permanently overtaken by its Asian competitors. (In the 1980s it was Japan; now it’s China.) According to the president, friends even more than foes have been “taking our jobs, taking our wealth.” His solution is to impose tariffs on all U.S. trading partners.

There is certainly a constituency for the view that Americans were better off in the past than they are now, and that nineteenth-century policies are the way to go. Christian Whiton, for example, has argued that “reasonable tariffs, Jacksonian defense policy, and immigration control [will] set [the] stage for peace and prosperity after turbulence.”

In reality, however, applying policies that were appropriate more than a century ago, when the U.S. enjoyed all kinds of advantages as a location for manufacturing, will cause something worse than turbulence.

With his assault on “globalism,” Trump stands as much chance of success as a British prime minister who proposed to reassemble the empire, or a German chancellor who attempted to restore the Hohenzollerns to the throne. Time’s arrow does not fly backward.

Read it all.

“Trump’s Tariffs and the End of American Empire” https://t.co/Qby7iZ0RnC

— Niall Ferguson (@nfergus) April 6, 2025

The letter, published on the website of the think tank Theos on Sunday, is signed by 112 women, who include the Bishops of London, Gloucester, Stepney, Dover, Lancaster, Bristol, Croydon, and Aston. Among the other signatories are the director of Theos, Chine McDonald; the Assistant Secretary General, Muslim Council of Britain, Dr Naomi Green; the President of the Catholic Union of Great Britain, Baroness Hollins; and the chief executive of Jewish Women’s Aid, Sam Clifford.

The letter says that the Bill “has insufficient safeguards to protect some of the most marginalised in society, particularly women subjected to gender-based violence, and abuse by a partner, who also experience intersecting barriers to a full and safe life”.

It continues: “We are concerned that the proposed legislation could create a new tool to harm vulnerable women, particularly those being subjected to domestic abuse and coercive control, by helping them to end their lives.”

Read it all.

Eight bishops have joined more than 100 women of different faiths in signing an open letter that says that the Terminally Ill Adults (End of Life) Bill “could create a new tool to harm vulnerable women” https://t.co/lClQBm12qF pic.twitter.com/5HhlO4ZBlK

— Church Times (@ChurchTimes) April 7, 2025

If you failed to spot America being “looted, pillaged, raped and plundered by nations near and far” or it being cruelly denied a “turn to prosper”, then congratulations: you have a firmer grip on reality than the president of the United States. It’s hard to know which is more unsettling: that the leader of the free world could spout complete drivel about its most successful and admired economy. Or the fact that on April 2nd, spurred on by his delusions, Donald Trump announced the biggest break in America’s trade policy in over a century—and committed the most profound, harmful and unnecessary economic error in the modern era.

Speaking in the Rose Garden of the White House, the president announced new “reciprocal” tariffs on almost all America’s trading partners. There will be levies of 34% on China, 27% on India, 24% on Japan and 20% on the European Union. Many small economies face swingeing rates; all targets face a tariff of at least 10%. Including existing duties, the total levy on China will now be 65%. Canada and Mexico were spared additional tariffs, and the new levies will not be added to industry-specific measures, such as a 25% tariff on cars, or a promised tariff on semiconductors. But America’s overall tariff rate will soar above its Depression-era level back to the 19th century.

Mr Trump called it one of the most important days in American history. He is almost right. His “Liberation Day” heralds America’s total abandonment of the world trading order and embrace of protectionism. 

Read it all.

“Ruination Day”: The new Economist cover amid Trump’s tariff war.

Trump has launched a global trade war, calling it a “Liberation Day.” As an economist, I know a thing or two about tariffs. So here are some predictions of what we should expect if this tariff war continues.

1/n pic.twitter.com/9uvVTcskmr

— Roman Sheremeta 🇺🇸🇺🇦 (@rshereme) April 3, 2025

Donald Trump is holding a gun to the head of Volodymyr Zelensky, demanding huge reparations payments and laying claim to half of Ukraine’s oil, gas, and hydrocarbon resources as well as almost all its metals and much of its infrastructure.

The latest version of his “minerals deal”, obtained by The Telegraph, is unprecedented in the history of modern diplomacy and state relations.

“It is an expropriation document,” said Alan Riley, an expert on energy law at the Atlantic Council. “There are no guarantees, no defence clauses, the US puts up nothing.

“The Americans can walk away, the Ukrainians can’t. I’ve never seen anything like it before.”

Read it all.

Trump now threatens Europe with assisting Putin in rebuilding his war machine if Zelensky doesn’t sign over Ukraine’s resources.https://t.co/jhRH9B0aeE

— Jay in Kyiv (@JayinKyiv) March 27, 2025

Donald Trump has already raised the average tariff on America’s imports by about twice as much as he did in his entire first presidency. Just as damaging, though, has been the uncertainty about what comes next.

After April 2nd—“Liberation Day”, Mr Trump calls it—there will be another round of levies. The president promises 25% tariffs on all imported cars and country-by-country “reciprocal” tariffs based on how much his administration objects to a counterparty’s trade and tax policies. Will these plans change? Who knows? Mr Trump’s use of emergency powers means that he can do as he pleases.

This freedom may suit him. It does not, however, suit America’s businesses, which have no idea how bad the trade war will get; nor its consumers, who fear future inflation. The liberation America needs is from the paralysing uncertainty brought about by Mr Trump’s chaotic approach.

Since the president came to office, hefty tariffs on Canada and Mexico have twice been announced only to be mostly postponed. A long-threatened 10% levy on China has doubled in size.

Read it all.

The unpredictability of Trump’s tariffs will increase the painhttps://t.co/pstoI6GTl7

— Dennis Kendel (@DennisKendel) March 27, 2025

Rapturous applause and a sea of phones in the air greeted President Trump as he walked on stage and declared, “The golden age of America has officially begun.”

He was barely a month into office when the Saudi-backed investor conference in Miami captured the optimism. “The Nasdaq is up nearly 10% in just a few months,” Trump said, ticking through a list of economic indicators. “The Dow Jones Industrial Average is up 2,200 points.” On the same day, Feb. 19, the S&P 500 hit an all-time high.

But as Trump unleashed an on-one-day, off-the-next tariff fight with America’s largest trading partners, those gains unraveled. In just a few weeks, the S&P lost $4 trillion in value driven by his whipsaw trade policy, receding optimism about an artificial-intelligence boom and souring consumer sentiment caused by threats of higher prices and weaker growth. A measure of consumer sentiment fell in March for the fourth straight month to the lowest level since January 2021, the Conference Board, a business-research group, said Tuesday.

Markets in the past week have recovered some losses, but Trump is preparing his next shock: an April 2 “liberation day” suite of reciprocal tariffs he said will be applied on any trading partner that charges tariffs or imposes other trade barriers on U.S. products.

Read it all.

Required reading from @NickTimiraos
It's not just uncertainty. It's uncertainty paired with powerlessness. Business leaders now feel vulnerable.https://t.co/mUnpNDYA3V

— Peter Atwater (@Peter_Atwater) March 26, 2025

Credit rating group Moody’s has warned on the US fiscal outlook, saying President Donald Trump’s trade tariffs could hamper the country’s ability to cope with a growing debt pile and higher interest rates.

The rating agency said on Tuesday that America’s “fiscal strength is on course for a continued multiyear decline”, having already “deteriorated further” since it assigned a negative outlook to America’s top-notch triple A credit rating in November 2023.

While Moody’s highlighted the “extraordinary” economic resilience of the US and the role of the dollar and the Treasury market as backbones of the global financial system, its analysts also warned on Tuesday that the policies of the second Trump administration — including sweeping tariffs and plans for tax cuts — could do more harm than good for government revenues.

“The potential negative credit impact of sustained high tariffs, unfunded tax cuts and significant tail risks to the economy have diminished prospects that these formidable strengths will continue to offset widening fiscal deficits and declining debt affordability,” Moody’s said.

Read it all.

Moody’s warns on deteriorating outlook for US public finances https://t.co/xE1wjdoa8u

— Financial Times (@FT) March 25, 2025

Nearly four years ago, the Biden administration removed Nigeria from a list of countries whose threats to religious freedom are of “particular concern,” but continued attacks on Christians and other religious groups by Islamist militias have prompted calls from local faith leaders and members of the US Congress for the designation to be restored.

In Africa’s most populous nation, a deadly cycle of violence has unfolded for several years, with Christian clergy and laypeople as well as moderate Muslims falling victim to murder and kidnapping. The Christian nonprofit Open Doors recently reported that in 2024 some 3,100 Christians were killed and more than 2,000 kidnapped in Nigeria.

Last week, US Rep. Chris Smith of New Jersey, chairman of the House Foreign Affairs Subcommittee on Africa, held a hearing on religious freedom violations in Nigeria that included testimony from Catholic Bishop Wilfred Anagbe of the Diocese of Makurdi, in central Nigeria, and Family Research Council President Tony Perkins, a former US Commission on International Religious Freedom commissioner.

Read it all.

After thousands of deaths and kidnappings, Nigerian Christians call on the US to recognize their persecution.

“We live in fear, because at any point it can be our turn to be killed.”https://t.co/ciqtVMB2Ls

— Christianity Today (@CTmagazine) March 24, 2025

If you want to try to change the world, you’ve broadly got three options. You can work with the powerful — not necessarily sharing their goals or methods, not always endorsing their slogans or ignoring their lies, but nonetheless patiently correcting their wrong turnings and softening their harsh judgements. Alternatively, you can work against the powerful. You can campaign for the dignity of suppressed peoples and groups, you can highlight miscarriages of justice, you may denounce and upbraid and protest.

But that choice — between a pragmatism that risks complacency and an idealism that flirts with self-righteousness — doesn’t comprise the full set of options. There’s a third approach, and that is to seek to model what a better society might look like: to practise a renewed politics and try to inspire others to join you, and in their own context do the same.

If you think about it, both the Old and the New Testaments assume that third kind of politics. The Old Testament is about the chosen people: a tiny nation buffeted from Canaan to Egypt to the wilderness to the Promised Land and later to Babylon and back. They have no pretensions to be masters of the universe. They’re hard-pressed just to run their own society faithfully and protect it from invaders. The New Testament is even more limited in aspiration to conventional political power: this is a people seeking to model a transformed life, without any pretension to geographical territory. All they’re looking to do is to live God’s future now by sharing together the life they will enter eternally.

From time to time a society has to ask itself, What kind of people do we want to be?

Read it all.

Saint Martin in-the-Fields ‘Royal Parish Church’ Trafalgar Square #London
(1810 Thomas Bonnor after James Robert Thompson ⁦⁦@YaleBritishArt⁩)
The James Gibbs design of 1722-6 is a much copied church design across New England. pic.twitter.com/43aP1Hv17v

— OldLondonNow (@oldlondonnow) February 22, 2021

Buried in China’s latest government budget were some numbers that add up to an alarming trend. Tax revenue is dropping.

The decline means that China’s national government has less money to address the country’s serious economic challenges, including a housing market crash and the near bankruptcy of hundreds of local governments.

Weak tax revenue also puts China’s leaders in a box as they square off with President Trump, who has imposed 20 percent tariffs on goods from China and threatened more to come. Beijing has less spare cash to help the export industries that are driving economic growth but could be hurt by tariffs.

The drop in tax collections leaves China’s leaders in an unfamiliar position. Until the last several years, China enjoyed robust revenue, which it used to invest in infrastructure, a rapid military buildup and extensive industrial subsidies. Even as economic growth has slowed gradually over the past 12 years, taking a dent out of consumer spending, tax revenue held fairly steady until recently.

Read it all.

China’s Government Is Short of Money as Its Leaders Face Trump https://t.co/ElmQsX47Dt

— Michael Standaert (@mstandaert) March 21, 2025

Since….[2023], stories like the ones we found in Levittown have become far more widespread. With federal law remaining largely silent on the legality of creating nonconsensual deepfake pornographic images, state prosecutors have scrambled to find charges that fit a new kind of harassment.

AI-based deepfaking services are hitting a peak. Traffic to the 10 most popular “nudifying” apps soared by more than 600% year over year, from 3 million views in April 2023 to 23 million in April 2024, according to figures provided to Bloomberg by a research company that asked not to be identified in connection with its data on online pornography. In January this year alone, the websites received 18 million views, the research shows.

With a stamp of approval from first lady Melania Trump, lawmakers this year are expected to pass a bill criminalizing the posting of nonconsensual pornographic deepfakes on the internet. It will penalize the posters with prison time and the platforms with fines if they don’t remove the fake pictures quickly enough.

The proposed Take It Down Act, which passed in the Senate in the last Congress with bipartisan support, wouldn’t outlaw the apps themselves. So San Francisco City Attorney David Chiu last year tried to tackle the root cause. He brought a first-of-its-kind lawsuit charging the deepfake app creators, arguing they broke federal and state revenge and child pornography rules and broke California’s competition law. The apps named in the lawsuit have either closed or appear to be operating under different names. Some have geofenced their services so they can’t be accessed in the state. Out of 16 apps named, representatives of only one of them have responded to Chiu’s complaint.

Read it all (and consider listening to the accompanying podcast).

A new podcast tries to understand exactly who was behind a global clearinghouse of nonconsensual deepfake pornography https://t.co/ERCR6WvrLm

— Bloomberg Markets (@markets) March 21, 2025

President Trump said the US and Russia are already talking about dividing “assets” as part of a push to end the fighting in Ukraine, the latest sign that he may be preparing to sacrifice Kyiv’s interests when he speaks with Vladimir Putin on Tuesday.

One objective of the call is expected to be getting the Russian president to agree to a 30-day ceasefire that Trump proposed this month and Ukraine has agreed to. Putin has been noncommittal so far, saying he accepted the idea in principle but wants certain conditions to be met.

“Tomorrow morning I will be speaking to President Putin concerning the War in Ukraine,” Trump said Monday evening in a social media post. “Many elements of a Final Agreement have been agreed to, but much remains.” Those remarks, along with Trump’s comments to reporters Sunday night that the two sides were already talking about how to divide assets, suggest that many decisions have already been made — with or without Ukraine.

Read it all.

President Donald Trump said the US and Russia are already talking about dividing “assets” as part of a push to end the fighting in Ukraine, the latest sign that he may be preparing to sacrifice Kyiv’s interests when he speaks with Vladimir Putin https://t.co/VssbS4Uy1T

— Bloomberg (@business) March 18, 2025

Some firms may even intend to quietly pare back their investment plans. In 2017 Foxconn, a Taiwanese maker of electronics, vowed to spend $10bn on a plant in Wisconsin that would employ 13,000 people. Mr Trump visited the proposed site, proclaiming it the “eighth wonder of the world”. Yet after much watering down of plans, the company said last year that it had spent just $1bn on the project, and created only 1,000 jobs.

Faced with American tariffs, some foreign companies could instead direct their attention elsewhere. That has been the case with Chinese firms, which bore the brunt of the duties imposed during Mr Trump’s first term. The flow of greenfield FDI from China to America slid from $8.2bn in 2016 to $6.5bn last year. According to Morgan Stanley, listed Chinese firms generated around a quarter of their foreign sales in America in 2024, down from roughly a half in 2016. Instead, they have turned to the fast-growing economies of the global south.

If Mr Trump’s objective is to encourage foreign businesses to build in America, there are more effective policies at his disposal than tariffs. On the campaign trail the president also promised to slash red tape. Tortuous planning processes have long held back American manufacturing. For foreign firms, fixing those would be far more motivating. 

Read it all.

Will Trump’s #tariffs turbocharge #foreign #investment in America?
Companies from #Asahi to #TSMC are expanding production in the country—for nowhttps://t.co/ga2y1Ryoxw pic.twitter.com/kNAGIbbRpA

— pebbleone (@TACITWR) March 17, 2025

In her introduction to your latest book, Jesus Changes Everything, Tish Harrison Warren mentions something many Christians are concerned about: that we live in a post-Christian world. She’s wondering if we actually are living in a pre-Christian world and whether that might not be such a bad place to be. What’s your take on the time in which we live and the opportunities in front of the church?

Well, the mainstream Protestant church is dying. And I don’t think that’s a bad thing. It makes us free. I mean, for some time people argued that the world would go to hell if it were not Christian. That may be the case. But being Christian doesn’t mean you need a Christian America. 

What I think we’re experiencing is the ultimate working out of nihilism, which so often goes with liberalism. Liberalism is the presumption that you should have no story except the story you chose when you had no story.

Read it all.

In an interview with @Plough’s Charles E. Moore, Stanley Hauerwas meditates on the necessity of the gospel, the politics of the kingdom, and the high demands of sanctification.https://t.co/XI9F2ySH5C

— Christianity Today (@CTmagazine) March 11, 2025

The sell-off shows no sign of stopping. America’s S&P 500 index dropped by another 3% on March 10th, leaving the world’s most watched stockmarket down by almost 9% since its peak last month. The NASDAQ, dominated by tech firms, has fallen by 13%. It is not quite the bold new era of American growth that President Donald Trump had in mind.

His unpredictable trade policies got things going. Tariffs of 25% on imports from Canada and Mexico—which were instituted on March 4th, before being suspended for a month on March 6th—top investors’ list of concerns. But after years of impressive growth, the future of the American economy is a growing source of anxiety, too, with worries provoked by a steady drip of discouraging data. Such news is beginning to undermine belief in American exceptionalism: after all, investors have seen much better returns in China and Europe this year. And as is often the case when markets fall, each development has revealed fresh things to lose sleep over.

Read it all.

After years of impressive growth, the future of the American economy is a growing source of anxiety. If the president wants to turn things around, which does not yet appear to be the case, it may take something big https://t.co/sGcNyWtmqB

— The Economist (@TheEconomist) March 11, 2025

The question of which view of religious freedom—the Puritans’ or the Quakers’—was the more Christian one is a debate for theology; it seems plain to me at least that the Quaker view is more that of contemporary Christianity, especially as articulated in the Catholic Church’s Dignitatis Humanae. What the social science behind the Pew Religious Landscape Survey can suggest is that, at least in the long run, Quakers’ respect for freedom of conscience might be more effective than Puritans’ integration of church and state in maintaining a Christian society. Although the differences in Christian identification between New England and the Delaware Valley today are not so large in the case of certain states, the Delaware Valley still comes out on top; and its metropolis, Philadelphia, easily outdoes New England’s preeminent city, Boston. Moreover, the one outlier state in New England that does better than much of the Delaware Valley in Christian religiosity—Rhode Island—was precisely founded on the principle of religious freedom, in protest of Puritan rigidity. 

How might New England’s and the Delaware Valley’s different religious attitudes have accounted for their long-term religiosity? Although many New England Puritans were surely sincere, their harsh public policing of orthodoxy led many other Christians (like Roger Williams) to leave New England. Many who stayed perhaps conformed outwardly without interior sincerity. Some came to see Christianity cynically—as a tool of hypocritical political rulers who only wanted to control others—and they made little effort to pass on belief to their children. Others conformed out of fear and came to see Christianity as rules by which to live in order to survive, not a truth that sets one free; such religiosity was probably not very attractive to potential converts. Many later New Englanders, such as Nathaniel Hawthorne, saw the society of their Puritan ancestors this way—as shown in Hawthorne’s The Scarlet Letter. Speculations aside, both historical data and scholarship (such as Kevin Vallier’s book All the Kingdoms of the World) show how religiously authoritarian regimes tend to harm both religious and political culture in the long run.

In the Delaware Valley, on the other hand, religion and politics were clearly distinguished: people were given the freedom to open themselves genuinely to religious truth, without fear of political reprisal. Thus, as Dignitatis Humanae says, truth was allowed to enter their minds “by virtue of its own truth, . . . quietly,” and therefore permanently, “with power.” If religious truth is to take possession of a person, he has to make it his own, in love, until he says with the poet in the Song of Songs: “I have got him, and I will not let him go.”

Read it all.

Society Stays Christian Longer If It Respects Religious Freedom: New Evidence from Pew https://t.co/6XZtA79pwL

— Public Discourse (@PublicDiscourse) March 7, 2025

Mark Carney won the race to become Canada’s next prime minister, putting the former central banker in charge of the country just as US President Donald Trump’s administration threatens its economic future.

The ex-Bank of Canada and Bank of England governor won the contest to lead the Liberal Party of Canada with nearly 86% of the vote. The transfer of power from Justin Trudeau to Carney is expected to take place within days, and it’s possible he will call a national election soon after.

Carney, 59, takes the reins at a time when the White House is creating upheaval in the global economy — and with US trading partners — with increasingly chaotic tariff announcements.

Read it all.

Mark Carney won the race to become Canada’s next prime minister, putting the former central banker in charge of the country just as US President Donald Trump’s administration threatens its economic future https://t.co/X1vP9okDUj

— Bloomberg (@business) March 9, 2025

In his speech to Congress on March 4th President Donald Trump painted a fantastical picture. The American Dream, he declared, was surging bigger and better than ever before. His tariffs would preserve jobs, make America richer still, and protect its very soul. Unfortunately, in the real world things look different. Investors, consumers and companies show the first signs of souring on the Trumpian vision. With his aggressive and erratic protectionism, Mr Trump is playing with fire.

By imposing 25% tariffs on goods from Canada and Mexico, also on March 4th, Mr Trump is setting light to one of the world’s most integrated supply chains. Although he belatedly delayed duties on cars by one month, plenty of other industries will suffer. He has also raised tariffs on China and has threatened the European Union, Japan and South Korea. Some of these duties may also be deferred; others may never materialise. Yet in economics as in foreign relations, it is becoming clear that policy is being set on the president’s whim. That will cause lasting damage at home and abroad.

When Mr Trump won the election in November, investors and bosses cheered him on. The S&P 500 rose by nearly 4% in the week after the vote in anticipation of the new president lighting a bonfire of red tape and bringing about generous tax cuts. His protectionist and anti-immigration rhetoric, investors hoped, would come to nothing. A stockmarket correction or a return of inflation would surely curb his worst instincts.

Alas, those hopes are going up in smoke….

Read it all.

La copertina del nuovo Economist. Gli Art Director non hanno mai avuto tanta materia prima. pic.twitter.com/rnuMWWYaN1

— Jeanne Perego 🥨 (@jeperego) March 7, 2025

The Synod’s failure to vote for such an approach, but to prefer more time to explore the legal and logistical barriers to outsourcing diocesan safeguarding teams while simultaneously creating a new, independent scrutiny body, was, Mr Myer said, “deeply disappointing”.

The decision, he said, “did not follow the recommendation from Professor Jay and many other specialists and professionals, or the preference of many survivors”.

Two separate surveys have suggested that about three-quarters of the victims and survivors questioned supported Professor Jay’s recommendations; but her advice was not supported by all safeguarding professionals.

Jim Gamble, the head of the INEQE Safeguarding Group, which is auditing all Church of England dioceses and cathedrals, was among those to disagree with Professor Jay. In a report published the day before the Synod’s debate, he wrote: “When it comes to delivering effective safeguarding practice — practice that genuinely works and makes a difference — it is most effectively delivered from within, not imposed from without”….

Read it all.

In a House of Commons debate on Monday evening, MPs criticised the General Synod’s decision last month not to outsource all safeguarding functions immediately to an independent body https://t.co/phh7IAy7FJ

— Church Times (@ChurchTimes) March 6, 2025

Global government borrowing is expected to reach a record $12.3tn this year, as a rise in defence and other spending by major economies and higher interest rates combine to push up debt levels.

The 3 per cent rise in sovereign bond issuance across 138 countries would take the total debt stock — which has been pushed higher by the global financial crisis, coronavirus pandemic and now the need for greater European defence spending — to a record $76.9tn, according to estimates by S&P Global Ratings.

Big economies’ focus on fiscal policy to “deal with crisis after crisis continues, and the outcome is you do have a much more indebted sovereign picture”, said Roberto Sifon-Arevalo, global head of sovereigns at S&P. This had been compounded, he added, by a rise in debt-servicing costs, as bond yields have moved substantially higher since the end of central banks’ bond-buying programmes.

Borrowing to fund higher spending “was fine and sustainable while you had the borrowing costs that you had before the pandemic, now it presents a much bigger problem”, Sifon-Arevalo said.

Read it all.

Also from the @FT:
“Global government borrowing is expected to reach a record $12.3tn this year, as a rise in defence and other spending by major economies and higher interest rates combine to push up debt levels.
The 3 per cent rise in sovereign bond issuance across 138… pic.twitter.com/y5ctXg3EcB

— Mohamed A. El-Erian (@elerianm) March 4, 2025

The rupture of the post-1945 order is gaining pace. In extraordinary scenes at the UN this week, America sided with Russia and North Korea against Ukraine and Europe. Germany’s probable new chancellor, Friedrich Merz, warns that by June NATO may be dead. Fast approaching is a might-is-right world in which big powers cut deals and bully small ones. Team Trump claims that its dealmaking will bring peace and that, after 80 years of being taken for a ride, America will turn its superpower status into profit. Instead it will make the world more dangerous, and America weaker and poorer.

You may not be interested in the world order—but it is interested in you. America’s Don Corleone approach has been on display in Ukraine. Having initially demanded $500bn, American officials settled for a hazy deal for a joint state fund to develop Ukrainian minerals. It is unclear if America will offer security guarantees in return.

The administration is a swirl of ideas and egos but its people agree on one thing: under the post-1945 framework of rules and alliances, Americans have been suckered into unfair trade and paying for foreign wars. Mr Trump thinks he can pursue the national interest more effectively through hyperactive transactions. Everything is up for grabs: territory, technology, minerals and more. “My whole life is deals,” he explained on February 24th, after talks on Ukraine with Emmanuel Macron, the French president. Trump confidants with business skills, such as Steve Witkoff, are jetting between capitals to explore deals that link up goals, from getting Saudi Arabia to recognise Israel to rehabilitating the Kremlin.

Read it all.

A mafia-like struggle for global power has begun, with rules that do not suit America. Other countries are already planning for a lawless era https://t.co/DOIFBsgW0A pic.twitter.com/n36hVsuZir

— The Economist (@TheEconomist) February 27, 2025

The pandemic response wasn’t perfect. But the pandemic itself was real, and punishing. Above all, it revealed our vulnerability — biological, social and political. And in the aftermath of the emergency, Americans have largely looked away, choosing to see the experience less in terms of death and illness than in terms of social hysteria and even public health overreach. For many, the main lesson was that in the world of humans, as in the world of microbes, it’s dog-eat-dog out there.

But the consequences and aftershocks were also more subtle and diffuse: it isn’t easy to live in isolation and in fear, often largely online and surrounded by exceptional illness and mortality, as we watched aspects of the world and our own lives we’d long taken for granted be withdrawn or torn apart. And it isn’t easy to get over all that, however eager we thought we were to “return to normal.” We lived through as many deaths as some of the worst-case scenarios predicted, and without an initial spasm of inspiring solidarity and miraculous biomedical intervention, it could have been worse. But when we came out the other side — 1.5 million fewer of us — we were, as a country, exhausted, resentful, deluded and distrustful. A huge amount of the world in which we now reside was formed in that crucible. I will write more about that next week.

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The Covid Alarmists Were Closer to the Truth Than Anyone Else https://t.co/431zklvB2r

— judy gitlin (@heyjudenyc) February 26, 2025

Friedrich Merz, the man favored to be Germany’s next chancellor after elections on Sunday, is a conservative businessman who has never been a government minister and was forced out of party leadership years ago for challenging Angela Merkel.

As a Christian Democrat and committed trans-Atlanticist, he has been considered a potentially better match for President Trump than the current Social Democratic chancellor, Olaf Scholz. He is also expected to lead a foreign policy more aligned with Mr. Trump’s ideas about Europe’s taking responsibility for its own defense.

But recent comments by Mr. Trump and Vice President JD Vance have displayed just how difficult any partnership may be with a United States that is less reliable and possibly hostile, and sympathetic to Russia’s narrative on Ukraine and spheres of influence.

That challenge is especially profound for Germany, and after Sunday is likely to fall on Mr. Merz, 69, who is known to be assertive and direct, if a bit awkward.

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"Next Likely Chancellor Promises a Tougher Germany" by Steven Erlanger via NYT New York Times https://t.co/k70kWvVQ7b

— LadyEleanorA (@LadyEleanorA) February 20, 2025

The past week has been the bleakest in Europe since the fall of the Iron Curtain. Ukraine is being sold out, Russia is being rehabilitated and, under Donald Trump, America can no longer be counted on to come to Europe’s aid in wartime. The implications for Europe’s security are grave, but they have yet to sink in to the continent’s leaders and people. The old world needs a crash course on how to wield hard power in a lawless era, or it will fall victim to the new world disorder.

Speaking in Munich last week, America’s vice-president, J.D. Vance, offered a taste of how the home of fine wines, classical architecture and welfare cheques faces humiliation, when he ridiculed Europe as decadent and undemocratic. Its leaders have been excluded from peace talks between the White House and the Kremlin, which began officially in Riyadh on February 18th. However, the unfolding crisis goes far beyond insults and diplomatic niceties.

Mr Trump appears ready to walk away from Ukraine which he falsely blames for the war. Calling its president, Volodymyr Zelensky, a “dictator”, Mr Trump warned him that he had “better move fast or he is not going to have a country left”. America may try to impose an unstable ceasefire on Ukraine with only weak security guarantees that limit its right to re-arm.

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Europe’s worst nightmare, and what to do about it. Our cover this week @TheEconomist https://t.co/JVwHunz4Cr pic.twitter.com/SCJc0rjs4R

— Sophie Pedder (@PedderSophie) February 20, 2025

The “relevance to the 2020s” of Kindleberger’s [1973] book is greater and gloomier. We have two competing superpowers, the US and China. Both fancy themselves as hegemons; neither is willing to accept the responsibilities of the role. The US vows vengeance on anybody who threatens the primacy of the dollar even as its own actions put that primacy in doubt. China rails against its lack of status in the current economic system, even as it plays a prime role in destabilising it.

With luck, there will be no crisis on a scale that needs leadership and global co-ordination to resolve — but luck always runs out in the end. It makes sense to bolster the international institutions as much as possible. It makes sense, too, to run sensible domestic policies and not end up dependent on the kindness of strangers, an unhelpful truism, like advice not to let your house catch fire.

“If leadership is thought of as the provision of the public good of responsibility, rather than the exploitation of followers or the private good of prestige, it remains a positive idea,” wrote Kindleberger. The US, for all its failings, provided that kind of leadership. The world awaits, with trepidation, the experience of an economic or financial crisis without it.

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Who will now stabilise the world economy? https://t.co/gAb7tUq1jd | opinion

— Financial Times (@FT) February 19, 2025

Donald Trump’s demand for a $500bn (£400bn) “payback” from Ukraine goes far beyond US control over the country’s critical minerals. It covers everything from ports and infrastructure to oil and gas, and the larger resource base of the country.

The terms of the contract that landed at Volodymyr Zelensky’s office a week ago amount to the US economic colonisation of Ukraine, in legal perpetuity. It implies a burden of reparations that cannot possibly be achieved. The document has caused consternation and panic in Kyiv.

The Telegraph has obtained a draft of the pre-decisional contract, marked “Privileged & Confidential’ and dated Feb 7 2025. It states that the US and Ukraine should form a joint investment fund to ensure that “hostile parties to the conflict do not benefit from the reconstruction of Ukraine”.

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Revealed: Trump’s confidential plan to put Ukraine in a stranglehold

Panic in Kyiv as US president demands higher share of GDP than Germany’s First World War reparations.https://t.co/3rFDHydtCd

— Ruchir Sharma (@ruchirsharma_1) February 18, 2025

Washington’s Birthday was celebrated on February 22nd until well into the 20th Century. However, in 1968 Congress passed the Monday Holiday Law to “provide uniform annual observances of certain legal public holidays on Mondays.” By creating more 3-day weekends, Congress hoped to “bring substantial benefits to both the spiritual and economic life of the Nation.”

One of the provisions of this act changed the observance of Washington’s Birthday from February 22nd to the third Monday in February. Ironically, this guaranteed that the holiday would never be celebrated on Washington’s actual birthday, as the third Monday in February cannot fall any later than February 21.

Contrary to popular belief, neither Congress nor the President has ever stipulated that the name of the holiday observed as Washington’s Birthday be changed to “President’s Day.”

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2/2 George Washington at the Battle of Princeton, 1779. Again painted by Charles Wilson Peale, who portrayed Washington often. And it's his day. pic.twitter.com/rVYMfXoYmB

— Dr. Peter Paul Rubens (@PP_Rubens) July 4, 2018

“The entire town feels like it is in a pandemic, locked up without being able to go out and enjoy our lives due to violence.”

That is how “Jorge” – not his real name – feels about his neighbourhood of Guayaquil, a city in southern Ecuador.

His father, Marcos Elías León Maruri, was kidnapped there by the Los Tiguerones gang.

A person is killed every two hours in Ecuador and seven are kidnapped daily, according to government figures.

That’s why security is the top issue for voters ahead of the first round of the presidential election on Sunday, in which incumbent Daniel Noboa is being challenged by 15 other candidates.

Whoever wins will be tasked with restoring security to the country, which has gone from being one of the safest to among the most dangerous in the region.

Read it all (Hat tip-BBC World News America).

Ecuador chooses president against backdrop of gang violence https://t.co/LGXIXTbUaa

— BBC News (World) (@BBCWorld) February 7, 2025