Category : * Economics, Politics

(FT) Russia deepened Iran support with missile launcher deal

Russia agreed to supply Iran with 90 launchers for the advanced guided missiles widely used by its forces in Ukraine, a sign of Moscow’s military support for Tehran despite the demands of its own sputtering war effort.

A production schedule for 2024 and 2025 from a major Russian defence manufacturer, seen by the FT, details an export order for the helicopter-mounted launchers to a buyer identified by a code name used in Russian defence documents to refer to Iran. The order, which has not been previously reported, shows how the two allies have strengthened their military ties since Russia’s invasion of Ukraine in 2022.

Western intelligence officials say Russia and Iran have further deepened their partnership during the war in the Middle East this year, despite US President Donald Trump’s recent claims that Moscow was doing “very little, if anything” to help the Islamic republic. 

Read it all.

Posted in Foreign Relations, Iran, Middle East, Military / Armed Forces, Russia

(Economist Leader) Donald Trump’s humiliation offers America an opportunity

Surfers call it the washing machine. When a giant wave throws you off your board and plunges you underwater, you lose all sense of where you are. That is what befell Donald Trump and his party on November 3rd, as they were slammed by tens of millions of American voters. They have still to grasp just how much their country has changed.

Already it is clear this was not a normal midterm swing against a sitting president, but the biggest wave-election since the aftermath of Watergate more than 50 years ago. Democrats won control of both chambers of Congress, flipping seats deep into once-safe red waters, from South Carolina to Texas.

The coming days will spell out two further lessons. One is that this is not just a triumph for Democrats, but also for American democracy. Voters cannot be taken for granted. If they are angry, they will turn against parties they have long supported. The other lesson, which follows from this, is that both parties now need to find a new way of doing politics—one that spends less time riling up their constituents and more getting things done on their behalf.

The wave has swept across America.

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Posted in America/U.S.A., Politics in General, President Donald Trump

(NR) Wesley Smith–Five New Democrat State Trifectas: Assisted Suicide, Here We Come

The national elections, just completed, added five states that will be completely controlled by Democrats next year, i.e., legislature and governor. They are, Michigan, Minnesota, Nevada, Pennsylvania, and Wisconsin.


Every one of these is ripe for legalizing assisted suicide, as that policy is now part of the liberal/progressive issue agenda. Most have already seen serious efforts to legalize doctor-prescribed death — even when Republicans held some power. Indeed, the electorally late (defeated for reelection) Governor Joe Lombardo of Nevada vetoed a legalization bill a few years ago.

Every one of these is ripe for legalizing assisted suicide, as that policy is now part of the liberal/progressive issue agenda. Most have already seen serious efforts to legalize doctor-prescribed death — even when Republicans held some power. Indeed, the electorally late (defeated for reelection) Governor Joe Lombardo of Nevada vetoed a legalization bill a few years ago.

Other states that are already governed by a so-called Democratic trifecta, but which have not yet legalized assisted suicide, are Virginia, Maryland, Connecticut, Massachusetts, and Rhode Island. Efforts have been made to legalize assisted suicide in all of these as well, with Massachusetts voters rejecting assisted suicide in 2012 — thanks in large part to the opposition by Ted Kennedy’s widow.

I think all of these states will see renewed legalization attempts in the next two years. 

Read it all.

Posted in Aging / the Elderly, America/U.S.A., Death / Burial / Funerals, Ethics / Moral Theology, Health & Medicine, Law & Legal Issues, Life Ethics, Politics in General, State Government

(FP) Ross Douthat on the midtern elections–How the New Right Failed

But at least those young men had plenty of options for gambling online and buying legal weed. Here we come to the territory where the new right simply failed. Many of its tribunes had promised cultural renewal, a more assertive religious conservatism to counter progressivism’s moral framework, a war on porn and other digital addictions. This was the aspect of the new right that liberals attacked as theocratic or “integralist,” but they didn’t need to worry, because in the second Trump administration it only showed up in social media posts about Reformation Day and St. Michael the Archangel.

Otherwise, the new right in power was a force for libertinism, with corruption in Washington, D.C., going hand in hand with policies that favored vice. The pro-life movement vanished, the quest for pro-family policy was stillborn, and the idea of a new patriotic elite for a new America dissolved into a grifter’s mindset, leering side-eyed at Sydney Sweeney’s bust. Any religious revival in the wider culture probably helped elect religious Democrats, not a sinful-seeming GOP.

Nothing in this sad story means that the new right is simply finished. It’s not like there is some other form of conservatism more attuned to late-2020s reality waiting in the wings.

But the movement will be starting over. It needs leaders who either find a way to separate themselves from the Trump record or else were on the outside all along. It needs to repudiate corruption and stupidity. 

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Posted in America/U.S.A., Politics in General

(Bloomberg) Trump Now Has to Govern Through a Midterm Meltdown of His Own Making

he architect of the Republican midterm collapse stepped out from the rubble on Tuesday night and insisted it wasn’t his fault.

“I wasn’t on the ballot,” President Donald Trump posted to social media. “And if I was, we would have won IN A LANDSLIDE.”

Except, of course, the Trump name was stamped on every brick. His war of choice in Iran drove up US gas prices and alienated supporters drawn to his pledge of no more foreign conflicts. Allegations of profiteering by the president and those close to him, and his obsession with gilding the White House, went down badly with voters struggling to pay their bills. His handpicked Senate candidates in ruby-red states like Texas and South Carolina proved so unpalatable that Democrats won for the first time in decades.

“The Democratic strategy was to nationalize the election and make it all about Trump. To tell voters they can end Trump and end Trumpism right now. That pitch resonated with people on the left,” said Steve Bannon, Trump’s former chief strategist. “This became a referendum on the president.”

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Posted in America/U.S.A., House of Representatives, Politics in General, President Donald Trump, Senate

(WCIV) Dorchester County (where we are) voters approve one-cent education sales tax

Dorchester County voters have approved a new one-cent education sales tax that will help fund school construction, renovations and other improvements in Dorchester School Districts Two and Four.

With 100% of precincts reporting Tuesday night, unofficial election results showed 31,643 voters, or 59.96%, supported the referendum, while 21,128 voters, or 40.04%, voted against it. The tax is expected to take effect April 1, 2027, and will remain in place for up to 15 years.

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Posted in * South Carolina, City Government, Politics in General, Taxes

Nancy Mace’s former very red South Carolina house seat (where we are) goes narrowly blue

Democrat Nancy Lacore, a former Navy Admiral who was fired by Defense Secretary Pete Hegseth, is projected to win in the traditionally red House district in South Carolina against Republican Jenny Costa Honeycutt, according to Decision Desk HQ (DDHQ).

Nonpartisan election handicapper Cook Political Report shifted the race for Rep. Nancy Mace’s (R) 1st District seat from “lean Republican” to a “toss-up,” as Lacore out-fundraised Honeycutt, a Charleston County Council member. Mace unsuccessfully ran for governor in the Palmetto State earlier this year.

The Democrat notched just under 50 percent of the vote, while Honeycutt trailed with just over 48 percent, with all votes tallied as of early Wednesday.

Read it all.

Posted in * South Carolina, House of Representatives, Politics in General

(NYT) Republicans lost control of the House and Senate as voters offered a stinging rebuke to President Trump’s agenda

In the end, it wasn’t just a wave. It was a wipeout.

A Democrat won a Senate seat in Kansas for the first time since the Herbert Hoover administration. The party picked up Senate seats in Texas, North Carolina and South Carolina. Republicans even fell short in House districts in the South where they had tried to give themselves an edge by drawing new, gerrymandered maps.

The sweeping Democratic victories on Tuesday night offered a decisive rebuke to President Trump and his aggressive, often chaotic second-term agenda.

The party seized control of both houses of Congress. Voters rejected Republicans in conservative states that supported Mr. Trump by double-digit margins just two years ago, in places that had not seen competitive elections for major seats in decades.

Even some Democrats were stunned by the extent of their wins, which included defeating Greg Abbott, the three-term Republican governor of Texas; and Susan Collins, the five-term Republican senator from Maine.

Read it all.

Posted in America/U.S.A., Politics in General, President Donald Trump

(Bloomberg) US Voters Head to Polls in Biggest Referendum on Trump’s Presidency

America’s referendum on President Donald Trump’s second term is underway.

With polls set to open Tuesday morning for the US midterm elections and tens of millions of early ballots already cast, voters say they are frustrated by the high cost of living, fuel prices that spiked after the launch of the Iran war and uncertainty over where their jobs and the world’s largest economy are headed in the age of AI.

Democrats are expected by many to take control of the House of Representatives, with opinion polls signaling for months that the party has a wide enough advantage with voters to overcome headwinds from Republican-led redistricting efforts.

Winning the Senate is more uncertain but has shifted from being a Democratic pipe dream mere months ago to a real possibility, with the GOP unexpectedly playing defense in traditionally safe bastions like Kansas, Texas, Alaska and South Carolina.

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Posted in America/U.S.A., Politics in General

(Gallup) The Issues Voters Say Matter Most This Midterm

The economy, healthcare and the situation in Iran lead in importance to U.S. voters in this year’s election, among 11 issues rated. Half of registered voters say the economy and healthcare are extremely important to their vote, and 47% say the same about Iran. Roughly four in 10 rate income and wealth distribution (44%), gas prices (42%), immigration (40%) and abortion (38%) as extremely important.

About a third rate crime and the Israeli-Palestinian situation (35% each) as extremely important, while construction of AI data centers (30%) and climate change (29%) rank lowest.

These results are based on registered voters interviewed in an Oct. 1-19 Gallup survey, which asked Americans to say whether each issue is extremely important, very important, moderately important or not that important to their vote for Congress this year. Majorities of voters rate every issue except climate change as at least very important.

The 50% of voters rating the economy as extremely important this year is essentially unchanged from 49% in the 2022 midterms amid high inflation, but well above the 34% recorded in 2018, when 55% of Americans rated economic conditions as excellent or good.

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Posted in * Culture-Watch, America/U.S.A., Politics in General

(Bloomberg) Becasue of the Shale Revolution. America Is Making a ‘Fortune’ in an Energy Crisis

The Iran war has triggered the largest energy crisis in history, or so the conventional wisdom says. Epochal stuff — but only half-true, because oil is only half the story.

Thanks to the shale revolution and an enviable geological endowment, US and Canadian natural gas consumers are dodging the economic fallout of the Iran conflict. For America, long worried about its reliance on foreign fossil fuels, it’s an embarrassment of riches.

While European and Asian consumers are now paying north of $30 per million British thermal unit for their gas, US buyers pay around $3 per mBtu. Last week, US gas prices briefly touched a two-year low of $2.5 per mBut — in the middle of an energy crisis. Canadian costs are even lower, at about $1.5 per mBtu.

The price difference between gas in Europe and Asia versus North America, reaching now a ratio of 12 times, has never been wider; not during the 2022 gas shock following the Russian invasion of Ukraine, nor in 2011-2012 after the Fukushima nuclear accident, which forced Japan into gas to keep the lights on.

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Posted in * Economics, Politics, America/U.S.A., Economy, Energy, Natural Resources, Globalization

(NYT) After Reinventing Mathematics, Can A.I. Eradicate Computer Bugs?

In September, OpenAI announced that its new artificial intelligence technology needed less than a week to solve the Navier-Stokes problem, a mathematical puzzle that bedeviled the world’s smartest humans for decades. In the weeks that followed, the company released a deluge of additional findings that stunned leading mathematicians and raised new questions about the future of an academic field that has long been viewed as the pinnacle of human achievement.

But the implications of A.I.’s newfound mathematical skills extend well beyond academic research. Using similar techniques, Silicon Valley is now building A.I. systems that aim to eliminate the dangerous flaws, or “bugs,” in the world’s computer software. Just as an A.I. system can prove a math problem, it can prove that a software application is bug-free — at least in theory.

This sweeping effort to guarantee the integrity of computer software, which scientists call “software verification,” is vitally important as the internet faces its biggest cybersecurity threat in decades. Now that the leading A.I. systems can hack into computer software, by identifying and exploiting its flaws with stunning speed, the world needs a new breed of A.I. that can remove these flaws.

&Truth, a new start-up based in Palo Alto, Calif., is among the many companies working to build this kind of technology. Much like the Silicon Valley start-ups Axiom and Logical Intelligence and leading A.I. labs like Anthropic and OpenAI, &Truth hopes to verify the world’s software using a specialized computer programming language called Lean, the same tool that allows A.I. technologies to solve million-dollar math problems.

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Posted in Corporations/Corporate Life, Globalization, Science & Technology

(NYT) Nvidia Chief Seen as Target of Chinese Spy Plot

American spy agencies had gathered striking intelligence.

A top executive at a Singapore-based data center company was under scrutiny for possibly steering advanced Nvidia A.I. chips to China. And now American officials had concluded that she was a Chinese intelligence asset, funneling information to Beijing.

But what came next was even more alarming. Surveillance of the executive, Alice Huang or Huang Le, a Chinese citizen, revealed that she had developed a close relationship with Jensen Huang, Nvidia’s chief executive.

For years, Washington has worked to deny China the technology needed to match or surpass the United States in the intense global competition for superiority in artificial intelligence. The discovery that Beijing was getting reports from someone with direct access to Mr. Huang, one of the most powerful figures in the A.I. revolution as well as an influential ally of President Trump’s, set off alarms at the White House.

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Posted in America/U.S.A., China, Corporations/Corporate Life, Ethics / Moral Theology, Foreign Relations, Globalization, Politics in General, Science & Technology

(WSJ) U.S. Warns Gulf of Possible Short, Intense Renewal of Iran War After Midterms

The U.S. has told several Gulf Arab countries to be prepared for a short, intense military campaign after the U.S. midterm elections, people briefed on the conversations said.

The communications through diplomatic and military channels are among a growing number of indications that the U.S. and Israel are readying to launch a new round of heavy combat operations against Iran, risking a major escalation in hopes of degrading Tehran’s strength and pushing it toward negotiations. 

The U.S. military is sending an additional Patriot system to Israel from Texas to beef up its missile defenses in the country, according to flight tracking data and two officials with knowledge of the movement. The U.S. has also moved troops off bases in the Middle East where they were vulnerable in preparation for an escalation, The Wall Street Journal has reported.

U.S. forces in the region have been restocking their munitions, and bomber aircraft and jet fighters are preparing for strikes, some of the officials said. An additional aircraft carrier strike group and Marine expeditionary unit are also poised to join an armada of roughly 20 other warships operating in the Middle East next month, although some ships could rotate out.

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Posted in America/U.S.A., Defense, National Security, Military, Iran, Middle East, Military / Armed Forces

(NYT) What’s Riding on Anthropic’s Market Debut? Nearly Everything.

When Anthropic goes public as soon as next month, its initial offering will be more than just a coming-out party for the artificial intelligence company. It will also be a litmus test for the economy, with trillions of dollars at stake.

Anthropic, which makes the Claude chatbot, is a tent pole of the A.I. industry. Valued in the private markets at nearly $1 trillion and backed by more than $130 billion in funding, it could raise $100 billion in its offering and promptly become one of the world’s biggest public companies. But the stakes are even higher than that.

Anthropic and OpenAI, its chief rival, sit atop a pyramid of business partners and suppliers — infrastructure providers, chipmakers, energy companies and A.I. start-ups — that have all spent heavily over the past four years because they believe demand for A.I. products will keep growing.

Anthropic’s listing will provide the first in-depth look at the health of a key business underlying the A.I. boom — and will be a test of its durability. Is there unending appetite for A.I. services to justify the spending on chips, data centers and other infrastructure? Or will Anthropic’s performance show that there are limits?

Read it all.

Posted in * Economics, Politics, Corporations/Corporate Life, Economy, Science & Technology

Church of England’s Deputy Lead Bishop for Housing joins Downing Street rough sleeping summit

The Church of England’s Deputy Lead Bishop for Housing has spoken of the ‘ambition and determination’ needed to break the cycle of homelessness as she attended a special summit on tackling rough sleeping.

The Bishop of Hull, Eleanor Sanderson, joined the Chief Executive of Church Urban Fund, the Rt Rev Rob Wickham, (pictured with Bishop Eleanor, above) and other faith representatives at the Rough Sleeping Summit hosted in Downing Street.

The event brought together businesses, charities, civil society organisations and local leaders, to commit to local and national action to end rough sleeping through the provision of homes, jobs and practical support. 

Ending rough sleeping was the Prime Minister’s first pledge when he entered Downing Street, and he announced a further £432 million yesterday to be set out in the Budget later this week, towards this goal.

Read it all.

Posted in Anthropology, Church of England (CoE), CoE Bishops, England / UK, Ethics / Moral Theology, Housing/Real Estate Market, Politics in General, Poverty, Religion & Culture, Urban/City Life and Issues

(NYT) Luiz Inácio Lula da Silva of Brazil re-elected

In a dramatic reversal from the first round of voting, President Luiz Inácio Lula da Silva of Brazil was re-elected on Sunday, besting his conservative rival and defying a right-wing wave that has swept through Latin America.

In just three weeks, Mr. Lula found more than 10 million new votes. He gained ground nearly everywhere, attracting vast new support in major cities like São Paulo and in his strongholds across the northeast, according to official results.

After a chaotic Election Day, Mr. Lula’s right-wing rival, Flávio Bolsonaro, said that he would not accept the results and called for the election to be annulled.

Mr. Bolsonaro led by two percent in the first round of voting, and few pollsters expected Mr. Lula to turn things around. Many candidates who were eliminated endorsed Mr. Bolsonaro, and analysts expected he would pick up most of their votes.

But Mr. Lula reversed what had been a conservative shift, the results show. He reestablished his dominance in small towns. He made gains in working-class suburbs around some of the country’s biggest cities. He appeared to be helped by a broad, unexpected increase in turnout.

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Posted in Brazil, Politics in General

(NYT) The Factory in Phoenix That Could Save American Manufacturing

On July 5 the Northwest Chinese Baptist Church in Phoenix opened its weekly Mandarin service with a verse from the Old Testament. A pianist, a guitarist and a drummer prepared to lead the 100 congregants in song. The deacon read out the preamble to the Declaration of Independence — “We hold these truths to be self-evident” — and then invited the congregation to rise and sing “The Battle Hymn of the Republic.” It was a good moment to exalt American ideals. The prior night, fireworks marked America’s 250th anniversary of independence.

The next speaker was a guest, Timothy Cheng, the chief executive of a Christian media company. Flicking through a slide presentation, he spoke about the significance of semiconductors, noting that chips made in Taiwan are the lifeblood of the American economy. He clicked to the next slide. The faces of Steve Jobs, Bill Gates, Elon Musk and Jensen Huang appeared on the screen.

“In earlier years, Western missionaries brought knowledge, education and English to the East,” Mr. Cheng said. “They brought the Gospels and Western medicine. Now that Taiwanese have become fortunate and strong, why should they not transfer knowledge to the United States to make it powerful?”…

The parents are more concerned. Not about food fights — though the idea perplexes them — but about the laxity of education. Arizona’s public schools rank among the lowest in the country for graduation rates and the third-lowest in spending per pupil.
Taiwanese families were enticed to the United States in substantial part by the promise of sending their children to American colleges. Now parents fret that the Arizona educational system won’t help their kids get there. They’re nonplussed that teachers sometimes wave off assigning homework to high school seniors; some schools allow seniors to take Friday afternoons off. The idea astonishes parents used to spending big sums on extracurricular prep.

Read it all.

Posted in * Economics, Politics, America/U.S.A., Children, Economy, Education, Globalization, Labor/Labor Unions/Labor Market, Marriage & Family, Religion & Culture, Taiwan

(WSJ Houses of Worship) Nathan Diament–Government Money, Secular Strings–Can a state impose its views on religious schools? The Supreme Court will decide.

America is full of religious schools—Catholic elementary schools and Jewish day schools, Lutheran high schools and evangelical pre-schools. The Supreme Court has made clear that these schools are free to employ teachers who align with their missions, even if that involves hiring decisions that would otherwise fall foul of the law.

Teaching students in accordance with its faith is also integral to a school’s religious mission. But Colorado excludes from a state funding program religious schools that refuse to admit students who reject, or whose parents reject, the school’s religious mission.

On the Supreme Court’s docket is St. Mary Catholic Parish v. Roy, with oral arguments scheduled for Nov. 3. Every religious community should pay attention, for the case implicates the liberty of schools, houses of worship, and other faith institutions.

The case centers on funding for Colorado’s universal pre-K program. Private religious schools like St. Mary, a Catholic parish school in Littleton, are eligible to participate, but only if they accept all students regardless of religious values and practice. Colorado’s condition would force schools to choose between participating in the subsidized preschool program and compromising their religious identity.

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Posted in Education, Law & Legal Issues, Religion & Culture, Supreme Court

(Church Times) Christian groups condemn Jackdaw approval and urge ministers to reject Rosebank  

Christian charities and campaigners have condemned the Government’s approval of the Jackdaw gas field in the North Sea. Tearfund and the Scottish Catholic International Aid Fund (SCIAF) have called for the decision to be reversed.

They emphasised the consequences for communities already suffering from climate change, and urged government ministers to refuse permission for the much larger Rosebank oilfield.

The Government announced on Wednesday that the Energy Secretary, Miatta Fahnbulleh, had agreed that the regulator could grant consent for gas to be produced at the Jackdaw field. The Labour Party promised in its election manifesto not to issue any licences to explore new oilfields and gas fields, but Jackdaw already held a licence.

Ms Fahnbulleh said on Wednesday: “This decision will support the country’s energy security with home-grown gas this winter and help minimise the UK’s use of imported higher-emission fuels as we continue our transition to renewables and nuclear. The decision is compatible with our legally binding climate commitments, and we remain resolute in ending new licences for oil and gas and achieving net zero by 2050.”

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Posted in Ecology, Energy, Natural Resources, England / UK, Ethics / Moral Theology, Religion & Culture, Stewardship

(Gallup) AI Benefits at Work Unevenly Distributed

Frequent AI use, defined as daily or weekly use, is not yet the norm across the U.S. workforce, though its adoption has increased sharply in the past three years. In the AJQS data collected January-March 2026, 28% of employees reported using AI at least weekly, while 54% said they had not used AI in their role. Differences in use reflect, in part, the nature of people’s jobs: Not all roles involve regular access to digital devices or have obvious opportunities for employees to use AI directly.

Roughly half of employees in the professional and business services, financial activities and information/media industries regularly use AI. Meanwhile, healthcare support, manufacturing production and retail sales employees have low levels of usage, with 70% to more than 80% never using AI in their role.

Regular AI use is more common among employees with higher levels of education and those in management positions. College graduates are more than twice as likely as those without a college degree to say they use AI on a daily or weekly basis (40% vs. 17%, respectively). In addition, 37% of managers versus 25% of individual contributors are regular AI users.

Younger workers, who have grown up with the latest technologies, are not among the most frequent users of AI at work (about one in five use it weekly or more). Yet among AI users, employees aged 18 to 24 are the most likely to say AI has led their employer to ask them to take on more responsibility, at 38%, compared with 31% or less in every other age group.

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Posted in * Economics, Politics, Economy, Labor/Labor Unions/Labor Market, Science & Technology

(RU) More Protestant Churches Feeling The Economic Squeeze

As the economy strains the U.S. public, pastors report increasing pressures and giving lagging behind inflation.

Lifeway Research’s annual tracking survey reveals most U.S. Protestant pastors (54%) report the economy is negatively impacting their congregation. Slightly more than a third (36%) say it’s having no impact, while 8% see a positive economic effect.

“Pastors hear the needs and problems of people in their congregations every week, so it is not surprising that they feel their pain from economic factors,” said Scott McConnell, executive director of Lifeway Research. “Even seemingly positive financial changes such as a member getting a promotion or more overtime could negatively impact a church if those people attend less.”

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Posted in Economy, Personal Finance, Religion & Culture, Stewardship

(Premiere) Bishop of  Leicester seeks to protect neutrality of churches in election campaign materials

The Bishop of Leicester is seeking to ban election materials containing a picture of a religious building that “suggests a close connection” between a candidate and the place of worship or the religion associated with it. 

Rt Rev Martyn Snow has tabled the amendment to the Representation of the People Bill, which refers to the use of churches or other religious buildings to imply endorsement. The proposals and briefing documents do not single out a particular party.

On the Faith in the Public Square Substack, the bishop and social policy advisor Florence Gildea said in recent years there had been “more leaflets – of all colours: red, yellow, blue and turquoise – with candidates posing in front of church buildings”.

They set out concerns about compliance with charity law, of churches being seen to endorse parties or candidates, as well as how church leaders or congregations will often only know images had been used “when a leaflet drops on the floor, leaving no means of recourse”.

The article highlighted the principle of elected politicians representing all their constituents, akin to the parish priest having a duty of spiritual care to all parishioners; not giving “the impression that they are aligned with a particular religion and that followers of that faith could expect to receive preferential treatment if the candidate were elected”.

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Posted in Anthropology, Church of England (CoE), CoE Bishops, Ethics / Moral Theology, Politics in General, Religion & Culture, Theology

(Economist Leader) Either AI or public debt could crash markets. But probably not both

Two spectres talk financial markets. One is the fear that surging bond yields will make the rich world’s shaky public finances unsustainable, triggering a nasty fiscal crisis. The other is the worry that the revenues from artificial intelligence needed to keep the data-centre boom going will fail to arrive. As we report, that would devastate credit markets and cause a big fall in stocks, too.

The good news is that only an Ichabod Crane would think that both these scenarios could strike at once. Instead, investors must decide which story is scarier. For now, The Economist is more worried about sovereign debt.

For most of the year, concerns about governments have dominated. Between the end of February and the start of October, the yield on 30-year US Treasuries rose by a full percentage point. The Iran war has sent inflation up and forced central banks to raise interest rates. Strong economic growth and the rush to build data centres have caused a scramble for capital in which governments have had to compete with the private sector. In Japan, Britain and especially France, investors have fretted about the ability of governments to service their debts.

In recent weeks, though, the prospect of an end to the AI boom has scared the markets more. The five-year bonds of CoreWeave, a “neocloud” that rents out data centres, trade at a 15% yield, up from 10% in July. The company’s share price has fallen by about a third in the past month. The slowing revenue growth of Anthropic, an AI-model provider, has investors worried that the cash CoreWeave and its peers need may not arrive, or at least not quickly enough to pay their creditors. Interlinked financing means that pain could spread quickly, through both the ai supply chain and the private-credit and insurance firms that hold a lot of data-centre debt.

Read it all.

Posted in * Economics, Politics, Credit Markets, Economy, Euro, European Central Bank, Science & Technology, Stock Market

(NYT on Christinaity Today) Why a Pillar of Christian Journalism is in Turmoil

Last year, leaders of the evangelical publication Christianity Today summoned the entire staff to a hotel ballroom in the Chicago suburbs for a meeting about their future.

The publication’s chief operating officer, Nicole Massie Martin, opened her presentation with a Bible verse from the Old Testament about rejoicing even in dark times, “though the olive crop fails and the fields produce no food.” Then Thomas Addington, the interim president, delivered a blunt message: Christianity Today’s reputation as a staid voice of intellectual centrist evangelicalism — embodied by its proximity to Wheaton College in Illinois — had to change.

Christianity Today needed to be less like Wheaton and more like TikTok, Mr. Addington told his staff, according to several people who attended the meeting. Warning that layoffs were coming, he ended his presentation with a prayer. A senior editor left the room in tears.

Fourteen months later, more than half of the 79 employees at that time have either been laid off or resigned, including an editor in chief and four of the company’s longest-tenured journalists.

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Posted in * Economics, Politics, Economy, Ethics / Moral Theology, Evangelicals, Labor/Labor Unions/Labor Market, Media, Religion & Culture, Theology

(Church Times) Nick Spencer–Analysis: What is Christian nationalism?

Whatever Christian nationalism is, it takes its form and energy from its context. Over the past 12 months, the think tank Theos has been researching the apparent rise of Christian nationalism in Europe, with studies under way in France, Germany, Poland, Hungary, Romania, and the UK.

What is clear, even at this stage, is that the nature of this phenomenon alters depending on whether, for example, you are living in a once Roman Catholic but now firmly and formally secular polity (like France), a nation that has self-consciously seen itself as the gatehouse for Christian European Civilisation (like Hungary), or a country, such as Britain, that has a remarkably deep Christian history, a formally Christian “constitution”, but very low levels of church attendance. All these factors pour into and colour the phenomena of Christian nationalism.

The UK research, which has just been published in the report Beyond “Christian Nationalism”, shows that there is something that could legitimately be termed “Christian nationalism” in today’s Britain. But it also shows that the concept of Christianity that you have in mind (belief? practice? ethics? identity?), and the concept of Britishness (civic/political? cultural? ethnic/natal?) will, not surprisingly, shape the way you think about how the two relate to each other….

Finally, for all that this group are strongly Christian — 81 per cent claiming affiliation, 81 per cent being baptised/christened, 49 per cent definitely believing in God or some “higher power” — they are not strongly church-attending: only 13 per cent attend weekly, compared with a sample average of 11 per cent. Nor do they show particularly strong levels of prayer.

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Posted in America/U.S.A., England / UK, Politics in General, Religion & Culture

([London] Times) Melanie Phillips–Paris riots are just the start of war on the West

In Britain, students are being urged to walk out of lessons on November 20 as part of a strike across Europe. The Socialist Students group says it’s to protest against capitalism, climate chaos, the housing crisis, the “genocidal war against the Palestinians” and unemployment. This is what’s been termed “the omnicause”. And it’s being synchronised across western Europe.

In other words, we’re witnessing a much broader and deeper challenge than merely a crisis for France. It’s a war on the West being waged by groups with disparate agendas taking advantage of a civilisation in deep trouble. Those involved are leftists, anarchists, Islamists, assorted grievance artists and useful idiots imagining they’re marching for the “oppressed” of the earth — and with malevolent outside actors stirring the pot. Thus Vladimir Putin’s economic envoy, Kirill Dmitriev, said of the French riots: “Left-wing globalists are sowing migration-driven chaos.”

Fox News reported this month that of 50 groups involved in the month-long French “student” protests, only 15 were actually student groups. The other 35 were a transnational network that included labour unions, communist or socialist organisations and a Palestinian advocacy group.
These groups were advancing political agendas involving capitalism, “austerity”, policing, military spending and Israel. One far-left environmental group declared in the midst of the riots, “Glory to the rebellious high school students … for an antifascist uprising.”

These insurrectionists are seizing their moment in a society that’s become demoralised in every sense. It’s lost both knowledge of and respect for its own historic identity and culture. 

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Posted in * Economics, Politics, Anthropology, Economy, Ethics / Moral Theology, France, Politics in General, Violence

(Washington Post front page) Why buying a house feels so painful now — and your parents may not understand

Alexander Hermann, a researcher at Harvard’s Joint Center for Housing Studies, said median homes used to cost three times the median income or less in 75 of the nation’s largest 100 housing markets in 1990. Ask The Post AIDive deeper

Today, that’s true in only three out of 100 markets.

According to data provided to The Washington Post by the Harvard center, the average price-to-income ratio of homes shot up in the 2000s when interest rates were low. Amid today’s high rates, it hasn’t come down. It’s much harder to afford a house with a high interest rate when the house itself is far pricier.

“By price-to-income and other metrics, home buying was a lot more affordable, even if interest rates were high,” Hermann said, noting that even a low rate that makes the monthly payment manageable wouldn’t help prospective buyers who can’t afford the down payment on a house five times their income.

“The difference between now and the ’70s and ’80s … is that prices were definitely lower then, and the supply challenges were not the same,” Hermann said.

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Posted in * Economics, Politics, Economy, History, Housing/Real Estate Market, Personal Finance

(WSJ) Peggy Noonan–History Raises Its Eyebrows at the Week in AI

The benefits and risk cloak more central driving factors among AI titans: the will to power, the desire for wealth, the hunger to be in charge. The sheer technological sweetness, too—the hard problem followed by the elegant answer. Scientists involved in technological breakthroughs always have a sweet spot.

But about four years ago, when reports of AI’s advancement began to break through to people paying attention, there was no declared objective: “We’ll split the atom, win the war, put man on the moon.” There was no clear product or labor-saving device. AI simply promised to change everything. It would create intelligence itself, an artificial but superior version of human intelligence. Then we’d figure out what to do with it, and what it will do to us. It will transform the human condition. For better or worse? Let’s strap in and find out.

Our society, our country, never decided to “do” AI. History will be perplexed by this. Something so big, so epochal, and people had no say? There was no vote, no debate. Some people started to do it and raise capital, and we shrugged. “It’s the next step.” As Sam Altman said early on, electricity, computers, the internet—now this. Americans always take the next step.

The creators and owners of AI might be pressed to answer the question: Exactly what purpose were you pursuing, and how, with a sense of the downsides, did you expect us to like it?

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Posted in Anthropology, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Politics in General, Science & Technology, The U.S. Government

(Comment) Matthew Kaemingk and Shadi Hamid–The Political Case for Hell: Why politics is better off if damnation is religion’s job

Although we differ on the specifics, both of us believe in hell. This makes us part of a shrinking majority. Only 59 percent of Americans today believe in hell. That’s down from 71 percent in 2001. But these figures, while striking, fail to capture the remarkable shift currently underway in the United States. No one talks about hell much anymore, at least not publicly—not even religious people. We’ve both attended weekly religious services for most of our adult lives, and there’s just no other way to put it: Hell comes up less.

Hannah Arendt was one of the few modern philosophers who grasped the political consequences of losing belief in hell, writing, “The most significant consequence of the secularization of the modern age may well be the elimination from public life, along with religion, of the only political element in traditional religion, the fear of hell.” The contemporary retreat from hell has any number of causes, many of them understandable. As pastor Robert Golding notes, modern people find the concept of hell “illogical, unnecessary, and cruel.” Innovations in criminal justice now emphasize rehabilitation over mere punishment and bristle at the thought that anyone—even hardened criminals—deserves endless punishment or, worse, death.

Many readers will, no doubt, scoff at this idea. They might protest, “I could never believe in hell!” That’s okay. We’re not going to try to convince you to believe in it. One need not believe in hell to grasp its importance or its utility.

For the good of our democracy, you should want your religious neighbours to take their belief in hell more seriously—not less. And even if you don’t believe in hell, you should take some time to ponder its political utility and ask yourself how you intend to make up for its absence in your own life.

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Posted in Anthropology, Eschatology, Ethics / Moral Theology, History, Politics in General, Religion & Culture, Theology