Category : * Economics, Politics

(WSJ) Threat to Israel From Hezbollah and Iran Raises Risk of Wider Conflict

As Israel combats the Palestinian Islamist movement Hamas in the Gaza Strip, it faces the strategic question of whether Iran will direct its other protégé, the Lebanese Hezbollah, to open a second front in the north. Hezbollah and Israel have already engaged in limited artillery exchanges that, according to the militant group, Monday killed three of its fighters. Hezbollah said it struck two Israeli military bases near the border using guided missiles and mortars, while the Pentagon warned the group to “think twice” before opening a second front and said the U.S. was prepared to come to Israel’s defense. Iran and Hezbollah have strongly supported Saturday’s invasion of southern Israel by Hamas, which briefly overran Israeli military bases and several villages and towns, killing at least 900 Israelis and taking many others hostage to Gaza.

With its arsenal of precision missiles that could target Israeli air bases and infantry forces hardened by the Syrian war, Hezbollah is a much more powerful enemy than Hamas. Over the weekend, The Wall Street Journal reported that Iran, which has long supplied Hezbollah with weapons, helped plan Hamas’s attack on Israel. Hezbollah’s entry into the war, however, could unleash direct Israeli strikes not just against Lebanon but also against Iran. Such an escalation could drag the U.S. into a much wider conflict—not something that Tehran is likely to be interested in at this stage

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Posted in Death / Burial / Funerals, Ethics / Moral Theology, Foreign Relations, Iran, Israel, Lebanon, Military / Armed Forces, Politics in General, Terrorism, The Palestinian/Israeli Struggle, Violence

(Bloomberg) Niail Ferguson–The Law of Unintended Consequences Caused the Great Bond Rout

But the biggest consequences will be for the biggest borrower — namely the US government. As Greg Ip put it in Thursday’s Wall Street Journal, “Rising Interest Rates Mean Deficits Finally Matter.” It is no coincidence, he argued, that “the recent rise in bond yields came as Fitch Ratings downgraded its US credit rating, Treasury upped the size of its bond auctions, analysts began revising upward this year’s federal deficit, and Congress nearly shut down parts of the government over a failure to pass spending bills.”

US fiscal policy has long been on an unsustainable trajectory — for more than 20 years, in fact. But under President Joe Biden it has jumped the shark. The federal deficit looks like it will exceed 7% of GDP in fiscal 2023, after the Congressional Budget Office adjusts for the vagaries of policy on student debt forgiveness. That is a truly shocking number for an economy that is running at close to full employment. And, as I pointed out here a month ago, there is no scenario the CBO can devise in which the total debt relative to GDP does not keep growing, with spending driven up partly by the rising burden of interest payments.

The key problem, as Brian Riedl of the Manhattan Institute has pointed out, is that the average maturity of the federal debt is just 76 months. So even if the CBO is right, and long-term interest rates average 4% over the next three decades, the result will still be budget deficits rising to 10% of GDP. And each additional percentage point on interest rates would add an additional $2.8 trillion of debt service costs over 10 years.

This disastrous outcome is a perfect illustration of the law of unintended consequences.

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Posted in * Economics, Politics, Budget, Credit Markets, Economy, Medicare, Social Security, The National Deficit, The U.S. Government

(NYT Op-ed) Thomas Friedman on the Vicious Surprise Attack by Hamas on Israel–Israel’s Worst Day at War

Why did Hamas launch this war now, without any immediate provocation? One has to wonder if it was not on behalf of the Palestinian people but rather at the behest of Iran, an important supplier of money and arms to Hamas, to help prevent the budding normalization of relations between Saudi Arabia, Iran’s rival, and Israel. Such a deal, as it was being drawn up, would also benefit the more moderate West Bank Palestinian Authority — by delivering to it a huge infusion of cash from Saudi Arabia, as well as curbs on Israeli settlements in the West Bank and other advances to preserve a two-state solution. As a result, West Bank leaders might have earned a desperately needed boost of legitimacy from the Palestinian masses, threatening the legitimacy of Hamas.

That U.S.-Saudi-Israel deal also would have been a diplomatic earthquake that would have most likely required Netanyahu to jettison the most extreme members of his cabinet in return for forging an alliance between the Jewish state and the Sunni-led states of the Persian Gulf against Iran. Altogether, it would have been one of the biggest shifts in the tectonic plates of the region in 75 years. In the wake of this Hamas attack, that deal is now in the deep freeze, as the Saudis have had to link themselves more closely than ever with Palestinian interests, not just their own.

Indeed, within hours of the Hamas invasion, Saudi Arabia issued a statement saying, according to Al Arabiya network: “The kingdom is closely following up on the unprecedented developments between a number of Palestinian factions and the Israeli occupying forces,” adding that it has “repeatedly warned of the consequences of [the deterioration] of the situation as a result of the occupation as well as of depriving the Palestinian people of their legitimate rights and of [not halting] systematic provocations against their holy [sites].”

I am watching how the Hamas-Israel earthquake will shake up another earthquake..:Ukraine…

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Posted in America/U.S.A., Death / Burial / Funerals, Foreign Relations, Iran, Israel, Middle East, Politics in General, Saudi Arabia, Terrorism, The Palestinian/Israeli Struggle, Violence

(Telegraph) Ambrose Evans-Pritchard–The Scale of USA Borrowing is portending a Crisis in the Making

It is sobering to think that the US federal government was running a large budget surplus in 2000 and the gross debt ratio was 54pc of GDP.

A quarter of a century later the ratio is 120pc and vaulting past the 1945 peak. This is partly due to two big recessions and Covid, to be sure, but mostly due to three sets of unfunded tax cuts, two unfunded 21st-century wars and no serious effort to control ballooning middle-class entitlements.

David Kelly from JP Morgan says the US is looking at annual fiscal deficits of $2 trillion this year, next year, and as far as the eye can see. This is at a time of effectively full employment and what should be bumper tax revenues. The deficit could hit $3.5 trillion in the next downturn.

The US Treasury must roll over $8 trillion of existing debt and raise $2 trillion of fresh debt this fiscal year, even as the Fed tosses another $1 trillion onto the heap under its QT programme.

Investors have belatedly, and suddenly, woken up to the shocking implications of a structural budget deficit heading for 8pc of GDP even before any trouble starts. It is this that has driven up yields on US Treasuries by 100 basis points since July.

Read it all (subscription).

Posted in * Economics, Politics, America/U.S.A., Credit Markets, Economy, Ethics / Moral Theology, House of Representatives, Medicare, Politics in General, President Joe Biden, Senate, Social Security, The National Deficit, The United States Currency (Dollar etc)

Israel-Gaza Conflict–‘We Are at War,’ Netanyahu Says After Hamas Attacks

‘In an assault without recent precedent in its complexity and scale, the militants crossed into Israel by land, sea and air, according to the Israeli military, leading to some of the first pitched battles between large groups of Israeli and Arab forces on Israeli soil in decades…

All told, the Israeli military said that the militants had entered at least 22 Israeli towns, abducting soldiers and civilians, including an older grandmother.’

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Posted in Death / Burial / Funerals, Israel, Military / Armed Forces, Terrorism, The Palestinian/Israeli Struggle, Violence

(WSJ) Russia Withdraws Black Sea Fleet Vessels From Crimea Base After Ukrainian Attacks

Russia has withdrawn the bulk of its Black Sea Fleet from its main base in occupied Crimea, a potent acknowledgment of how Ukrainian missile and drone strikes are challenging Moscow’s hold on the peninsula.

Russia has moved powerful vessels including three attack submarines and two frigates from Sevastopol to other ports in Russia and Crimea that offer better protection, according to Western officials and satellite images verified by naval experts. The Russian Defense Ministry didn’t respond to a request for comment.

The move represents a remarkable setback for Russian President Vladimir Putin, whose military seizure of Crimea in 2014 marked the opening shots in his attempt to take control of Ukraine. His full-scale invasion of last year has now boomeranged, forcing the removal of ships from a port that was first claimed by Russia in 1783 under Catherine the Great.

The withdrawal from Sevastopol follows a series of strikes by Ukraine in recent weeks that have severely damaged Russian vessels and the fleet’s headquarters.

Read it all.

Posted in Defense, National Security, Military, Russia, Ukraine

(Guardian) Global carbon emissions from electric power may peak this year, report says

Carbon emissions from the global electricity sector may peak this year, after plateauing in the first half of 2023, because of a surge in wind and solar power, according to a climate thinktank.

A new report on global electricity generation found that the growth of renewables was so rapid that it was close to the incredibly fast rate required if the world is to hit the tripling of capacity by the end of the decade that experts believe is necessary to stay on the 1.5C pathway.

It also noted that there had been only a slight increase in emissions in the first six months of the year, compared with the same period a year before.

The findings suggest the world may be close to reaching the peak of the global power sector’s carbon emissions, and they could soon even begin to fall in line with global climate targets.

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Posted in Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Science & Technology

(Economist) Africa’s coups are part of a far bigger crisis

For many years, coups in Africa seemed a thing of the past. But in the 2020s they are back with a vengeance: the nine this decade account for more than a third of successful African putsches this century. At this rate there will be more of them in the 2020s than in any decade since the 1960s.

Aside from the latest one, in Gabon on August 30th, the seizures of power have been in the “coup belt”. It is possible, if inadvisable, to walk some 6,000km from the Atlantic coast of west Africa to the shore of the Red Sea and stride only through countries where there have been coups in the past three years (see map). The trek from Guinea to Sudan would cross the Sahel, the region south of the Sahara where there have been two coups each in Mali and Burkina Faso since August 2020, and one in Niger in July.

Africa—which covers an area larger than America, China, India, Japan and western Europe combined—is more than its coup belt. Yet the takeovers are part of a much broader political crisis. The most recent surveys by Afrobarometer, a pollster, find that in 24 of 30 countries approval of military rule has risen since 2014.

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Posted in Africa, Burkina Faso, Defense, National Security, Military, Foreign Relations, Mali, Niger, Politics in General, Violence

(Reuters) Mali in meltdown as militants advance and U.N. withdraws

Islamist militants in Mali began a blockade of Timbuktu by cutting road access in August and then shut off river and air routes in an offensive that has put the city once again on the frontline of a jihadist insurgency.

The bombing began soon after. On Sept. 21, witnesses said rockets hit a hospital, killing two children, and landed near a school where survivors of a passenger boat attack that killed more than 100 people were sheltering.

“Our worry is the shelling,” businessman Sory Touré said in Timbuktu, which was occupied by jihadists a decade ago. “It creates a real psychosis and leaves a lasting impression. I have this fear within me.”

Read it all.

Posted in Defense, National Security, Military, Foreign Relations, Mali, Politics in General, Terrorism

(NYT) With Surge in Attacks, Militants Begin New Era of Bloodshed in Pakistan

It was a bloody reminder that the dark days of extremist violence appeared to have returned to Pakistan: a suicide attack on a religious festival in the country’s southwest this past week that left around 60 people dead.

For nearly a decade, Pakistan had seemingly broken the cycle of such deadly attacks. In 2014, the country’s security forces carried out a large-scale military operation in the tribal areas near Afghanistan, forcing militants across the border and returning a relative peace to the restive frontier region.

But since the Taliban seized power in neighboring Afghanistan in August 2021, offering some groups safe haven on Afghan soil and starting a crackdown on others that pushed their fighters into neighboring Pakistan, the violence has roared back. The number of terrorist attacks in Pakistan rose by around 50 percent during the Taliban’s first year in power, compared with the year before, according to the Pak Institute for Peace Studies, which monitors extremist violence and is based in Islamabad, the capital of Pakistan.

This year, the pace of attacks have continued to rise.

Read it all.

Posted in Afghanistan, America/U.S.A., Foreign Relations, Pakistan, Politics in General, Terrorism, War in Afghanistan

Recovery grant gives St John’s Ryhall a new lease of life

A Covid-19 recovery grant from Historic England kickstarted a major new lease of life and a successful fundraising drive for further renewal at a village church.

St John’s Ryhall, a Grade 1 listed building in the Diocese of Peterborough, had 28 roof leaks, blocked drains and was damp and cold.

An earlier fundraising drive was cancelled due to Covid-19, while bad winter weather had exacerbated existing damage.

The church was awarded £11,000 from the Heritage Stimulus Fund, part of the Government’s Culture Recovery fund, to help sites hit by Covid-19, to repair its drains, pipes and gutters on its roof.

Rainwater was damaging the walls, and repair work was vital before roof renovation could take place.

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Posted in Church of England, England / UK, Parish Ministry, Politics in General

(Washington Post) Sitting all day increases dementia risk — even if you exercise

In news that we shouldn’t take sitting down, a study just published in JAMA finds that people who stay seated for long hours at work and home are at much higher risk of developing dementia than people who sit less.

The negative effects of extended sitting can be so strong, researchers found, that even people who exercise regularly face higher risk if they sit for much of the day.

The study, which involved 49,841 men and women aged 60 or older, “supports the idea that more time spent in sedentary behaviors increases one’s risk of dementia,” said Andrew Budson, a professor of neurology at Boston University and author of “Seven Steps to Managing Your Aging Memory,” who was not involved with the study.

The results also underscore just how pervasive the consequences of sitting can be, affecting our minds, as well as our bodies, and they hint that exercise by itself may not be enough to protect us.

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Posted in Anthropology, Health & Medicine, Labor/Labor Unions/Labor Market

(NYT) In El Paso, Migrants With Nowhere to Go Strain a Welcoming City

The city of El Paso, a West Texas way station long accustomed to migrants arriving from Mexico, has begun to buckle under the pressure of thousands upon thousands of people coming over the border, day after day.

The usual shelters have been filled. So too have the hundreds of hotel rooms wrangled by the city to house migrants. A new city-run shelter opened over the weekend in a recreational center, and rapidly filled all of its roughly 400 beds. Another shelter is planned in a vacant middle school.

Mayor Oscar Leeser said over the weekend that the city had reached a “breaking point” and was no longer able to help all the migrants on its own. He welcomed the buses, chartered by the administration of Gov. Greg Abbott of Texas, that once again began carrying hundreds of migrants out of the city to Denver, Chicago or New York. The mayor said he was seeking millions of dollars in additional aid from the Biden administration.

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Posted in America/U.S.A., Foreign Relations, Immigration, Mexico, Politics in General, Urban/City Life and Issues, Venezuela

(NYT) Long Shutdown Could Be Significant Drag on U.S. Economy

Federal government shutdowns have become so common in recent years that forecasters have a good read on how another one would affect the American economy. The answer is fairly simple: The longer a shutdown lasts, the more damage it is likely to inflict.

A brief shutdown would be unlikely to slow the economy significantly or push it into recession, economists on Wall Street and inside the Biden administration have concluded. That assessment is based in part on the evidence from prior episodes where Congress stopped funding many government operations.

But a prolonged shutdown could hurt growth and potentially President Biden’s re-election prospects. It would join a series of other factors that are expected to weigh on the economy in the final months of this year, including high interest rates, the restart of federal student loan payments next month and a potentially lengthy United Automobile Workers strike.

A halt to federal government business would not just dent growth. It would further dampen the mood of consumers, whose confidence slumped in September for the second straight month amid rising gas prices. In the month that previous shutdowns began, the Conference Board’s measure of consumer confidence slid by an average of seven points, Goldman Sachs economists noted recently, although much of that decline reversed in the month after a reopening.

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Posted in * Economics, Politics, America/U.S.A., Economy

(Bloomberg) Investors With $24 Trillion Push Companies to Fight Biodiversity Loss

Investors overseeing $23.6 trillion of funds have kick-started a campaign to pressure 100 companies to ramp up the fight against biodiversity loss.

Axa Investment Managers, Robeco, the Church Commissioners for England, Storebrand Asset Management and 186 other participants in the Nature Action 100 initiative have written to companies demanding “urgent and necessary actions” to protect and restore ecosystems, according to a statement released Tuesday.

The targeted companies include BHP Group Plc, Alibaba Group Holding Ltd, Nestle SA, Bayer AG, Amazon.com Inc. and Unilever Plc. They were selected based on their market values and participation in industries ranging from mining, food and pharmaceuticals to chemicals and forestry that are considered vital to reversing biodiversity loss by 2030.

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Posted in Church of England, Corporations/Corporate Life, Ecology, Economy, Energy, Natural Resources, Ethics / Moral Theology, Religion & Culture, Science & Technology, Stock Market

A BBC report from Inside coup-hit Niger

Adama Zourkaleini Maiga is soft-spoken, but her eyes suggest steely determination.

The single mother-of-two lives in a quiet, middle-class part of Niger’s capital Niamey, but is originally from Tillabéry, one of the regions worst-hit by violence.

“My mother’s cousin was chief of a village called Téra,” she tells me over lunch. “He was assassinated just seven months ago.

“The terrorists were looking for him and when they found out he’d rented a car to flee, they caught up with him and killed him. They slit his throat. It was a real shock for our whole family.”

Read it all.

Posted in Africa, Foreign Relations, France, Military / Armed Forces, Niger, Politics in General, Terrorism

(NYT) Mammals’ Time on Earth Is Half Over, Scientists Predict

It’s been about 250 million years since reptile-like animals evolved into mammals. Now a team of scientists is predicting that mammals may have only another 250 million years left.

The researchers built a virtual simulation of our future world, similar to the models that have projected human-caused global warming over the next century. Using data on the movement of the continents across the planet, as well as fluctuations in the chemical makeup of atmosphere, the new study projected much further into the future.

Alexander Farnsworth, a paleoclimate scientist at the University of Bristol who led the team, said that the planet might become too hot for any mammals — ourselves included — to survive on land. The researchers found that the climate will turn deadly thanks to three factors: a brighter sun, a change in the geography of the continents and increases in carbon dioxide.

“It’s a triple whammy that becomes unsurvivable,” Dr. Farnsworth said. He and his colleagues published their study on Monday in the journal Nature Geoscience.

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Posted in Animals, Ecology, Energy, Natural Resources, Science & Technology

(NYT) America Is Using Up Its Groundwater Like There’s No Tomorrow

Global warming has focused concern on land and sky as soaring temperatures intensify hurricanes, droughts and wildfires. But another climate crisis is unfolding, underfoot and out of view.

Many of the aquifers that supply 90 percent of the nation’s water systems, and which have transformed vast stretches of America into some of the world’s most bountiful farmland, are being severely depleted. These declines are threatening irreversible harm to the American economy and society as a whole.

The New York Times conducted a months-long examination of groundwater depletion, interviewing more than 100 experts, traveling the country and creating a comprehensive database using millions of readings from monitoring sites. The investigation reveals how America’s life-giving resource is being exhausted in much of the country, and in many cases it won’t come back. Huge industrial farms and sprawling cities are draining aquifers that could take centuries or millenniums to replenish themselves if they recover at all.

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Posted in America/U.S.A., Ecology, Energy, Natural Resources

(Economist) America says it will send long-range missiles to Ukraine

Month by month Ukraine’s wishlist of weapons has shrunk. At the start of the war came Javelins and Stingers to take out tanks and planes. Then came artillery. himars rocket-launchers followed in the summer. This January it was tanks. And in August the White House even agreed that European allies could send f-16 jets.

Only one major weapon was left: the Army Tactical Missile System, known by its acronym atacms (pronounced attack ’ems). On September 21st that hurdle fell when Joe Biden, America’s president, told Volodymyr Zelensky, his Ukrainian counterpart, during a meeting in the White House, that “a small number” of atacms were on their way, according to reports in the American press the following day. The move, first reported by nbc News, has not been formally announced.

Atacms has acquired totemic status during the war. It is a ballistic missile that can be fired from the himars launchers Ukraine is already operating. Thus far those have mostly fired gps-guided rockets known as gmlrs, which can travel 70km or so. The initial appeal of atacms was that it could go a lot further—the official range is 300km—allowing Ukraine to reach even those facilities which Russia had moved farther behind the front lines.

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Posted in America/U.S.A., Foreign Relations, Military / Armed Forces, Politics in General, Russia, Ukraine

(Church Times) Anglican environmental chair warns against climate denial

Most Churches in the Anglican Communion are tackling the realities of the climate crisis every day, a global audience has heard. But the overwhelming nature of the crisis, and the attendant denial and cynicism, have hugely undermined efforts to act for change, the chair of the Anglican Communion Environmental Network, the Rt Revd Julio Murray Thompson, has said.

Bishop Thompson, a former Primate of Central America, was addressing participants from around the world in webinars on the Lambeth Call on the Environment and Sustainable Development (News, 11 August): part of a structured series on how each of the calls — specific requests determined at last year’s Lambeth Conference — is progressing.

A key part of the [partial 2022] Lambeth [gathering] Declaration was the acknowledgement: “We contribute to the problem. We contribute to the solution. We are both local and global. We connect with one another, share our experiences, and can leverage our networks and Anglican identity to mobilise for action. We do not speak from just one position but from many. We do not only speak to others; we speak also to ourselves.”

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Posted in * Anglican - Episcopal, Climate Change, Weather, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Religion & Culture, Science & Technology, Stewardship

(YN) What’s the No. 1 feeling that comes to mind for Americans when thinking about the upcoming 2024 presidential election? “Dread”

What’s the No. 1 feeling that comes to mind for Americans when thinking about the upcoming presidential election?

Dread, according to a new Yahoo News/YouGov poll.

The survey of 1,636 U.S. adults, which was conducted from Sept. 14 to 18, offered respondents seven emotions — three positive, three negative, one neutral — and asked them to select any and all that reflect their attitude toward the 2024 campaign.

Dread, the most negative option, topped the list (41%), followed by exhaustion (34%), optimism (25%), depression (21%), indifference (17%), excitement (15%) and delight (5%).

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I will take comments on this submitted by email only to KSHarmon[at]mindspring[dot]com.

Posted in * Culture-Watch, America/U.S.A., Office of the President, Politics in General

(Church Times) Dilute climate policies at world’s peril, PM Sunak is told

The Government’s decision to row back on its green commitments is shameful and short-sighted, the Bishop of Norwich, the Rt Revd Graham Usher, has said.

In a speech on Wednesday afternoon, the Prime Minister announced plans to delay Net Zero targets, although he said that he still wished to meet the deadline of 2050. Measures an­­nounced included delaying by five years a ban on new petrol and diesel cars and delaying phasing out gas boilers.

If the country continued to im­­pose existing targets, he said, “we risk losing the consent of the British people and the resulting backlash will not just be against specific pol­icies, but against the wider mission itself.”

Bishop Usher, the C of E’s lead bishop for the environment, posted on social media on Wednesday morning, after news had leaked that Mr Sunak intended to water down the targets: “It will be another shame­­ful day if [the Government] rows back on its Net Zero policies. Shortsighted, it will erode credibility at home & abroad. This isn’t the time to seek political advantage with games. Leadership and action are needed, not delay and procrastina­­tion.”

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

(Bloomberg) Nearly Half of All Young Adults Live With Mom and Dad — and They Like It

Nearly half of all young adults are living with their parents — and they’re not ashamed to say it.

Moving out and living on your own is often seen as a marker of adulthood. But dealt an onerous set of cards — including pandemic lockdowns, decades-high inflation, soaring student debt levels and a shaky job market — young people today are increasingly staying put. What’s more, it’s no longer seen as a sign of individual failure.

Almost 90% of surveyed Americans say people shouldn’t be judged for moving back home, according to Harris Poll in an exclusive survey for Bloomberg News. It’s seen as a pragmatic way to get ahead, the survey of 4,106 adults in August showed.

“We’re in an economy where it’s harder to live independently,” said Carol Sigelman, professor of social psychology at George Washington University. “Adults recognize that it’s tough these days.”

Read it all.

Posted in * Economics, Politics, Children, Economy, Housing/Real Estate Market, Marriage & Family, Young Adults

(WSJ) American Labor’s Real Problem: It Isn’t Productive Enough

For the United Auto Workers, it makes perfect sense to demand more pay and better work-life balance from Detroit’s three automakers. After all, workers throughout this historically tight labor market are getting exactly that. But what makes sense to striking factory workers makes no sense for manufacturing as a whole.

Pay is ultimately tied to productivity: the quantity and quality of products a company’s workforce churns out. And here, American manufacturing companies and workers are in trouble.

The issue isn’t with labor-intensive products such as clothing and furniture, which largely moved offshore long ago. Rather, it’s in the most advanced products: electric cars and batteries, power-generation equipment, commercial aircraft and semiconductors. President Biden might be celebrating a manufacturing renaissance based on new factories, but the share prices of former manufacturing icons Ford Motor, Intel, Boeing and General Electric suggest skepticism is warranted about the durability of this renaissance: All are at a fraction of all-time share-price highs.

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Posted in * Economics, Politics, Economy, Labor/Labor Unions/Labor Market

(WSJ) The Unexpected New Winners in the Global Energy War

BIR REBAA, Algeria—Once-obscure corners of the energy world, from offshore Congo to Azerbaijan, are booming as Europe finds new sources of natural gas to replace the Russian supplies that once powered the continent. The shift is redrawing the world’s energy map at a rapid clip.

In Bir Rebaa, deep in the Sahara, the Italian energy company Eni and Algeria’s state-owned energy company are drilling dozens of wells, producing gas from previously untapped fields in a matter of months.

Three pipelines beneath the Mediterranean Sea connect Algeria’s vast gas reserves to Europe. For much of the last decade, Russian gas giant Gazprom had kept prices low, pushing suppliers like Algeria out of the European market.

Read it all.

Posted in * Economics, Politics, Algeria, Economy, Energy, Natural Resources, Globalization

(LA Times) Home insurance and climate change have collided — and we’re all going to pay for it

As another legislative session draws to a close in Sacramento, the problem lawmakers failed to fix is one of the most urgent facing Californians: the slow-moving collapse of the property insurance market as costs from climate disasters mount.

It “is not even a yellow flag issue. This is a waving red flag issue,” Gov. Gavin Newsom said Tuesday night when asked about the failure of the Legislature to act.

This year, multiple companies, including the state’s largest home insurer, State Farm, have announced they are no longer taking on new residential and commercial properties, citing wildfire risk. In fact, seven of the 12 insurance groups operating in California — together, responsible for about 85% of the market — have pulled back.

Read it all.

Posted in * Economics, Politics, Climate Change, Weather, Consumer/consumer spending, Ecology, Economy, Energy, Natural Resources, Housing/Real Estate Market, Personal Finance

Archbishop Justin Welby’s Speech to the British-Irish Association

As we all know very well, the trend in post war philosophy, especially in Europe and to some extent in the USA, has been towards the individual as the sole actor in their own drama and the final arbiter of their fate. True, they are caught up in forces more powerful than themselves and find themselves vast desires, but they are always somehow alone.

In the way these trends have emerged into culture there is a great danger of the entirely false idea prevailing that for most of us we are essentially autonomous human actors, protected by markets, rational economic actors, who have the right to live without all but the most essential restraints on what we make of ourselves. That understanding of life is not by any means entirely new but has reached a certain level of predominant thinking in everything from culture wars, through economics to the politics of sexuality. We are more and more individualist.

At the same time, as The Times of London has commented so continually this week, Christian and all religious faith has declined dramatically.

I should be clear that this is not all bad, for Churches are ruined when wealth and power lead them to self-reliance. I rejoice in less of a bossy attitude, and of the church stepping back from telling everybody what to do, here and elsewhere. Except in the House of Lords! It is not the biblical pattern of Jesus who made himself a servant, washed His disciples’ feet, lived a holy life and by His death and resurrection lifted the weary, the outcast and the failure into hope.

Read it all.

Posted in * Economics, Politics, --Justin Welby, Archbishop of Canterbury, Church of England, England / UK, Ethics / Moral Theology, History, Religion & Culture

(CC) Mac Loftin–A better response to the decline of the Christian West

What if, instead, we followed Certeau in insisting that “the plural is the manifestation of the Christian meaning,” that the truth of Christianity is not a fragile artifact to be clung to and defended but something waiting to be made? Certeau reveals the will to self-preservation as a betrayal of Jesus’ call. “The response which it allows cannot remain moored, tied to a delimited space of the call, nor can it be confined to a (social or historical) site of the event. . . . It always has to take risks further on, always uncertain and fragmentary.” Self-styled defenders of Christendom take themselves to be protecting tradition, but in Certeau’s cutting words, they reduce tradition to “a (perhaps beautiful) museum, a (perhaps glorious) cemetery.”

To cling so tightly to the beloved and familiar is to be like Peter on Mount Tabor, striving in vain to nail down the ephemeral. Instead, Certeau urges us to be like Jacob at Bethel:

Always on the move, in practices of reading which are increasingly heterogeneous and distant from any ecclesial orthodoxy, [Jesus’ call] announced the disappearance of the site. Having passed that way, it left, as at Bethel, only the trace of stones erected into stelae and consecrated with oil—with our gratitude—before departing without return.

For the foreseeable future, Christians will be tempted on all sides by jeremiads on the disappearance of “our way of life.” Right-wing nationalists will warn that all the traditional arrangements of family, culture, property, and faith are fading away, transforming into something new and strange. Progressive and mainline leaders will warn that their denominations will die out if they are not made to accommodate the appetites and prejudices of the market. This chorus may well be right. Christianity—at least Christianity as we in the West have known it—may very well be in its last days. But Christians should reject the temptation to rage against the dying of the light, whether by weaponizing state power against those bringing change or by cozying up to the rich and powerful and well-connected. Permanence was never our calling.

In a late work, Certeau describes the Christian mystic as one “who cannot stop walking and, with the certainty of what is lacking, knows of every place and object that it is not that; one cannot stay there nor be content with that. Desire creates an excess. Places are exceeded, passed, lost behind it. It makes one go further, elsewhere.” The loss of the traditional and familiar is certainly a cause for mourning, as the death of anything cries out to be mourned. But—having consecrated these passable forms with our gratitude—we must allow our mourning to pull us forward, elsewhere, on toward the unknown. We as Christians are called to have faith that while our wanderings will bring risk and danger, we might also find grace in being altered by what comes, in listening with attention to the incomprehensible words of the strangest stranger as perhaps the word we have been listening for.

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

Anglican Diocese of South Carolina Moving to Purchase Land for Camp and Retreat Center

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Posted in * Anglican - Episcopal, * South Carolina, Housing/Real Estate Market, Parish Ministry, Stewardship

(USA Today) From food costs to holiday spending: Americans say they’re being pummeled by the economy in dire new poll

Inflation, interest rates, and GDP growth might be valuable historical economic statistics, but they don’t capture the voice of the American consumer in real time. This was the motivation for the Suffolk University Sawyer Business School/USA TODAY national survey of adults on kitchen table issues.

We opened the survey by asking respondents to summarize in a word the state of the economy today. A total of 22% used words like “excellent,” “good,” “growing,” “improving,” “getting better,” “fair,” “average,” and “fine.” That’s more than 1 in 5 feeling pretty good about the economy.

However, nearly 3 in 4 (72%) used words like “horrible,” “terrible,” awful,” “bad,” “poor,” “weak,” “sad,” “dismal,” “crashing,” “struggling,” “disastrous,” “shambles,” “chaotic,” “messy,” “confusing,” “unequal,” “expensive,” “inflation,” “unstable,” “volatile,” “unpredictable,” “anxiety,” “worried,” and “scary.” Those are their words, not ours, and they come from a wide range of demographics, including people at all income levels.

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Posted in * Economics, Politics, Consumer/consumer spending, Economy, Personal Finance