Category : * Economics, Politics

(RNS) At new Minnesota facility, Amazon takes small steps to welcome Muslim workers

A new Amazon sorting facility in Woodbury, Minnesota, is taking its employees’ religious needs seriously, adding new “ablution stations” for ritual hand and foot washing and three rooms that people of any faith may use for prayer or meditation.

The 550,000-square-foot facility, which opened this month, employs about 300 Somalis and Somali Americans, many of them refugees from the generation-long civil war in the east African nation. Minnesota is home to as many as 80,000 Somali immigrants, more than half of those living in the United States. More than 99% of Somalians are Muslim.

A stop for packages moving between Amazon warehouses and their shipping destinations, the Woodbury center includes signs in Somali as well as translation services. Other accommodations for all employees include lactation rooms for nursing mothers and soundproof booths for phone calls.

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Posted in Corporations/Corporate Life, Economy, Islam, Labor/Labor Unions/Labor Market, Religion & Culture

(NYT front page) Inflation Is Unrelenting, Bad News for the Fed and White House

Prices continued to climb at a brutally rapid pace in September, with a key inflation index increasing at the fastest rate in 40 years, bad news for the Federal Reserve as it struggles to wrestle the cost of living back under control.

Overall inflation climbed 8.2 percent over the year through September, according to the latest Consumer Price Index report on Thursday, a slight moderation from August but more than what economists had expected.

Even more worrisome, underlying inflation trends are headed in the wrong direction. After stripping out fuel and food — which are volatile and removed to get a better sense of the trajectory — prices climbed 6.6 percent over the year through September. That was the quickest rate since 1982.

Inflation has been rapid for a year and a half now, and it is proving stubborn even as the Fed mounts its most aggressive campaign in generations to slow the economy and bring price increases under control. Fast inflation has also triggered the highest Social Security cost-of-living adjustment in decades — an 8.7 percent increase in benefits to retired and disabled Americans, a move that was announced Thursday.

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Posted in * Economics, Politics, Economy, Federal Reserve, Politics in General, President Joe Biden

(BBC) Bristol warm places scheme welcomes first residents

New mothers and the elderly are among the first to take advantage of a warm spaces scheme to help people struggling to afford to heat their own homes.

Cafes, churches and libraries across Bristol are opening their doors as energy prices rise this winter.

The city council asked businesses and public buildings to join the scheme in the summer.

As well as warmth, many of the spaces are offering services like financial advice and homework support.

A cafe in the Wellspring Settlement community centre in Barton Hill is taking part in the initiative twice a week and is also providing food.

People are only asked to pay what they can afford, with the rest subsidised by the council.

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Posted in Church of England, Energy, Natural Resources, Housing/Real Estate Market, Parish Ministry, Pastoral Care, Personal Finance, Stewardship

(Economist Leader) An obsession with control is making China weaker but more dangerous

This is evident in Mr Xi’s response to covid-19. China’s initial lockdown saved many lives. However, long after the rest of the world has learned to live with the virus, China still treats every case as a threat to social stability. When infections crop up, districts and cities are locked down. Compulsory movement-tracking apps detect when citizens have been near an infected person, and then bar them from public spaces. It goes without saying that no one thus tagged may enter Beijing, lest they start an outbreak at a politically sensitive time.

Some hope that, once the congress is over, a plan for relaxing the zero-covid policy may be unveiled. But there is no sign yet of the essential first steps to avoid mass deaths, such as many more vaccinations, especially of the old. Party propaganda suggests that any loosening is a long way off, regardless of the misery and economic mayhem that lockdowns cause. The policy has failed to adapt because no one can say that Mr Xi is wrong, and Mr Xi does not want China to be dependent on foreign vaccines, even though they are better than domestic ones.

Such control-freakery has wider implications for China and the world. At home Mr Xi makes all the big calls, and a fierce machinery of repression enforces his will. Abroad, he seeks to fashion a global order more congenial for autocrats. To this end, China takes a twin-track approach. It works to co-opt international bodies and redefine the principles that underpin them. Bilaterally, it recruits countries as supporters. Its economic heft helps turn poorer ones into clients; its unsqueamishness about abuses lets it woo despots; and its own rise is an example to countries discontented with the American-led status quo. Mr Xi’s aim is not to make other countries more like China, but to protect China’s interests and establish a norm that no sovereign government need bow to anyone else’s definition of human rights. As our special report argues, Mr Xi wants the global order to do less, and he may succeed.

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Posted in China, Foreign Relations, Military / Armed Forces, Politics in General, Science & Technology

(ProPublica) How a Chinese American Gangster Transformed Money Laundering for Drug Cartels

Adm. Craig Faller, a senior U.S. military leader, told Congress last year that Chinese launderers had emerged as the “No. 1 underwriter” of drug trafficking in the Western Hemisphere. The Chinese government is “at least tacitly supporting” the laundering activity, testified Faller, who led the U.S. Southern Command, which oversees military activity in Latin America.

In an interview with ProPublica, the now-retired Faller elaborated on his little-noticed testimony. He said China has “the world’s largest and most sophisticated state security apparatus. So there’s no doubt that they have the ability to stop things if they want to. They don’t have any desire to stop this. There’s a lot of theories as to why they don’t. But it is certainly aided and abetted by the attitude and way that the People’s Republic of China views the globe.”

Some U.S. officials go further, arguing that Chinese authorities have decided as a matter of policy to foster the drug trade in the Americas in order to destabilize the region and spread corruption, addiction and death here.

“We suspected a Chinese ideological and strategic motivation behind the drug and money activity,” said former senior FBI official Frank Montoya Jr., who served as a top counterintelligence official at the Office of the Director of National Intelligence. “To fan the flames of hate and division. The Chinese have seen the advantages of the drug trade. If fentanyl helps them and hurts this country, why not?”

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Posted in America/U.S.A., China, Drugs/Drug Addiction, Economy, Ethics / Moral Theology, Foreign Relations, Globalization, Mexico, Politics in General

(C of E) New £15 million fund to help churches with energy bills announced

The Energy Costs Grant will be distributed to dioceses to enable them to help Parochial Church Councils (PCCs) cover the increased cost of heating and lighting church buildings this winter.

Dioceses will also be able to use some of their fund allocation to make additional targeted hardship payments for clergy and other employed ministers to cover household bills, in particular energy costs.

The new funding comes after £3 million was made available earlier this year by the Church of England for dioceses to distribute to clergy and lay ministers facing particular hardship because of the cost of living crisis.

The Energy Costs Grant is accompanied by information aimed at helping churches to become more energy efficient and reduce their carbon footprint.

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Posted in * Economics, Politics, Church of England (CoE), Economy, Energy, Natural Resources, Foreign Relations, Parish Ministry, Russia, Stewardship, Ukraine

(FT) ‘A self-inflicted lockdown’: how the global the cost of living crisis puts lives on hold

When Sarah, a 29-year-old North American, quit her job in the film industry and came to study law in London, she hoped to put her life on a firmer financial footing. Two years on, that goal seems further away than ever.

Interest payments on a bank loan have gone up; she has lost weight having cut back on groceries; and feels isolated because going out costs too much. A soaring energy bill has forced her to move out of her previous flat-share.

And with earnings as a research assistant working out at £6.65 an hour, Sarah says it is “impossible to imagine” planning for the future.

“I’m fixing the problem directly in front of me, not building a long-term game plan,” she says. “Every relationship and facet of my life has been impacted . . . It’s as if you’re climbing a staircase and you don’t know if the next step is going to be there [or] if you’re going to fall through.”

Sarah is one of countless casualties of a global cost of living crisis that is forcing people around the world to put their lives on hold — forgoing social lives, scrapping house moves and weddings, hesitating to start a family or delaying retirement because of the financial pressures caused by high inflation.

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Posted in * Economics, Politics, Economy, Health & Medicine, Personal Finance, Psychology

(Lawrence Freedman) Retribution and Regime Change–The consequences of Putin’s weakness

Everything that now happens in this war, including the murderous missile attacks on Ukrainian cities, has to be understood in terms of the logic of Putin’s exposed position as a failed war leader. He is desperately trying to demonstrate to his hard-line critics that he is up to the task. The opening salvos of this week, ending yet more innocent lives for no discernible military gain, will not make Ukraine less determined or able to win this war. They will have the opposite effect.

The trigger was the damage inflicted on the Kerch bridge last Saturday. The bridge was built at considerable expense to connect Crimea to the mainland and opened by Putin with great fanfare in 2018. The attack combined a symbolic blow with painful practical consequences. Although some road and rail traffic will still pass through, the loss of so much capacity adds to the headaches for Russian logisticians. This link is vital to keeping Crimea, and, through Crimea, forces in southern Ukraine, supplied. News of the attack left the normal suspects on Russian state media unsure about whether to be angrier with the shoddy security that allowed the attack to happen or the audacity of the Ukrainians in mounting the attack. TV Host Vladimir Solovyov, who has been increasingly despondent of late, demanded to know ‘when will we start fighting?’, adding, channeling his inner Machiavelli, that ‘it’s better to be feared than laughed at’. When on the night of 9 October Putin declared this to be a terrorist act against vital civilian infrastructure (despite its evident military value) it was clear that he shared this sentiment.

Putin’s statement claimed that ‘high-precision weapons’ were used against ‘Ukrainian infrastructure, energy infrastructure, military command and communications’, as both an answer to the ‘crimes of the Kyiv regime’ and a warning against further ‘terrorist attacks on the territory of the Russian Federation.’ Some infrastructure targets were hit but so have, just in Kyiv, a playground, a symbolic glass bridge in a park (which survived), and the German consulate. As Kyiv is Ukraine’s main decision-making centre it is telling that none of these supposedly precise weapons hit anything of political or military significance.

State Media’s Margarita Simonyan, who had called the bridge attack a ‘red line’ for Russia expressed delight at the landing of our ‘little response’. Yet while they might satisfy urges for vengeance their impact will be limited unless they become part of a persistent campaign. Alexander Kots, a war reporter, has expressed his hope that this was not a ‘one-off act of retribution, but a new system for carrying out the conflict’ to be continued until Ukraine ‘loses its ability to function.’ Former President Dmitri Medvedev, who once appeared as a serious figure, has expressed his conviction that the goal of ‘future actions’ (but not current?) must be the ‘complete dismantling of the political regime in Ukraine.’

Such hopes are contradicted by the harsh reality of Russia’s position. Putin’s statement highlighted retribution. Russia lacks the missiles to mount attacks of this sort often, as it is running out of stocks and the Ukrainians are claiming a high success rate in intercepting many of those already used. This is not therefore a new war-winning strategy but a sociopath’s tantrum.

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Posted in Foreign Relations, Globalization, Politics in General, Russia, Ukraine

(CT) Robert Tracy McKenzie reviews Bonnie Kristian’s book ‘ Untrustworthy: The Knowledge Crisis Breaking Our Brains, Polluting Our Politics, and Corrupting Christian Community’

In sum, we’ve always canceled social transgressors. We’ve always been drawn to simple answers to complex questions. We’ve always been susceptible to emotional manipulation. What is new is the speed with which vast volumes of information—true and false, balanced and distorted—can be generated with such astonishing ease. This trend only magnifies tendencies to which we are already prone. Gradually remade by the devices that mesmerize us, we become less and less willing to listen, less and less tolerant of dissent, less and less able to engage constructively and charitably with others in pursuit of a common good.

In recent years, writers across the spectrum have noted the detrimental effect of social media on our politics and connected political dysfunction to a larger epistemic crisis. Christian observers like Stetzer and Daniel Darling are among those examining how social media is corrupting Christian witness. What distinguishes Kristian is the sheer comprehensiveness of her examination and, above all, her demonstration that the knowledge crisis may harm the church even more than democracy.

At the heart of Untrustworthy is a clarion call for Christians to awaken to how this crisis is wreaking havoc on our churches and tarnishing our testimony. Kristian grieves over the division of churches; the estrangement of families; and, most poignantly, her pain while watching helplessly as a Christian colleague succumbed to the power of “fearmongering falsehoods.” When we can’t agree on basic facts, conversation becomes futile, intimate connection impossible, and real Christian community unattainable. “If we can’t talk to one another,” Kristian asks plaintively, “how do we worship together?”

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Posted in --Social Networking, Anthropology, Blogging & the Internet, Books, Corporations/Corporate Life, Philosophy, Psychology, Science & Technology

(FT) Fed-led dash for higher rates risks ‘world recession’, warns top EU diplomat

[Josep] Borrell, speaking at an annual conference of EU ambassadors, admitted that Brussels was “quite reluctant” to believe US warnings that Russia was going to invade Ukraine in February and had failed to analyse Russian president Vladimir Putin’s actions.

“We didn’t believe it will happen . . . And we haven’t foreseen neither the capacity of Putin to escalate,” he said.

Borrell added Brussels failed to understand what other countries wanted, and instead pushed its own ideas on them.

“We think that we know better what is in other people’s interests,” he said. “We have to listen more . . . to the rest of the world. We need to have more empathy.

“We try to export our model, but we don’t think how others will perceive this,” he added.

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Posted in * Economics, Politics, Economy, Federal Reserve, Foreign Relations, Globalization, Politics in General

(Unherd) How Turbo-Wokism broke America

So who does control the new American system? The answer isn’t broke woke-ists. It’s the monopolists who own the platforms where the woke-ists live. Elon Musk and Bill Gates and Jeff Bezos and Warren Buffett and Sergei Brin and Larry Page and Lorraine Jobs don’t care about mean tweets. They care about the hundreds of billions of dollars in their bank accounts, their lavish mansions and private jets, and pursuing rich person hobbies like colonising Mars. Their primary political goal, as a class, is to prevent the state from ever getting strong enough to tax their fortunes, break up their monopolies, or interfere with the supplies of cheap immigrant and offshore labour from which they profit. The more fractured, dejected, and heavily surveilled the America public is, the less likely a strong state is to emerge.

In the contest between the oligarchs and the fading Rooseveltian state, the woke is a useful tool— not an independent power. Its members are the foot soldiers of the Democratic Party, whose job it is to organise the dispossessed into groups that are narrow, factional, and divided enough that they can’t come together into a force that threatens oligarchical control. Its discontent with the Turbo-Capitalist order can be usefully turned against anyone who refuses to follow the ever-changing party line — beginning with the “deplorables” who are now regularly portrayed as murderous, undemocratic racists and fascists, and extending to JK Rowling and Margaret Atwood. The result is a closed circuit in which Turbo-Capitalist oligarchs and Woke activists make common cause against formerly independent institutions like universities, professional associations, and the press. All of these institutions rely on guarantees of individual and collective rights by the state, which the Turbo-Capitalists and the Woke seek to capture and use as an instrument to enforce their own privatised social bargain: everything within the Party, nothing outside the Party, nothing against the Party.

The unprecedented reach of the technologies that the new oligarchy commands has already destroyed the press and replaced it with a government-corporate censorship regime that has no parallel in peacetime America. Combined with what appears to be a healthy appetite for humiliating others, this power does not bode well for the future of social peace in America, or for the health of the next American Republic.

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Posted in * Culture-Watch, --Social Networking, America/U.S.A., Blogging & the Internet, Corporations/Corporate Life, Politics in General, Psychology

(Local paper front page) Huge rent increases have CharlestonSC-area residents questioning if they should move

Two years of huge rent increases in the already-expensive Charleston area have caused some tenants to take extra jobs, consider relocating to the rural edges of the suburbs or leave altogether for more affordable cities.

Stress-inducing monthly rates have radiated out from the pricey Charleston peninsula and Mount Pleasant to once-affordable places such as West Ashley, North Charleston and Summerville.

In September, according to Apartment List, the median yearly rent for an apartment in Ladson — some 20 miles from downtown Charleston — was $5,292 higher than it was two years earlier.

“I went in (to the rental office) today in tears,” said the Rev. Jo Anna Fallaw, a disabled single mother on leave from her work as a Methodist pastor. “I can see how someone could end up on the street.”

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Posted in * South Carolina, Housing/Real Estate Market, Personal Finance

(NPR) Americans are becoming less productive, and that’s a risk to the economy

An economic ennui has settled in among workers after the experiences of the last few years, said Julia Pollak, chief economist with ZipRecruiter, and that ennui is showing up in the numbers.

Nearly 20 million people were laid off in a matter of weeks as the pandemic took hold, regardless of whether they had strong work ethics, good performance or loyalty to a company. Then the economic winds shifted just months later, and companies were suddenly desperate to hire. Firings and layoffs reached historic lows. Existing employees were often worked to the point of burnout, newbies with less experience were brought on at a higher wage and employers overlooked things that could have cost workers their jobs in the past.

Workers came away from all of this feeling like the connection between working hard and being rewarded was broken, Pollak said.

“That’s really discouraging to top performers,” she added.

The result: This year, productivity — the measure of how much stuff companies produce for each hour we work — has seen the biggest drop on record.

Productivity is down 4.1% on an annualized basis, the biggest decline since the government started keeping track of the number back in 1948. Since then, U.S. productivity had been on a steady upward slope. Until now.

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Posted in Economy, Labor/Labor Unions/Labor Market

(WSJ) Walter Russell Mead–The Question on Putin’s Mind: Would We Risk New York to Keep Odessa Free?

From Mr. Putin’s point of view, in a war in which almost everything is going wrong, nuclear blackmail is working. Why wouldn’t he double down on the one tactic that works?

The only way to deter any possible use of nuclear weapons is to make Mr. Putin believe that the consequences of such use will be ruinous for Russia as a state and for him as its ruler, and that the West won’t flinch when the time for action comes.

To make his threats credible, Mr. Biden needs, first, to make up his mind that he is prepared to stay the course. “The double-minded man is unstable in all his ways,” the Bible tells us. Facing down Mr. Putin in a nuclear standoff is not a course for a man who lacks conviction.

If Mr. Biden is sure of himself, he must build an ironclad coalition at home and abroad behind those threats. Rather than playing down the danger, he needs to dramatize it. Making a prime-time speech to the country, addressing a joint session of Congress, holding an emergency NATO summit—these can all demonstrate Mr. Biden’s commitment to respond with overwhelming force to Russian nuclear attacks.

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

(NYT) The Job Market Has Been Like Musical Chairs, but now some cracks are appearing

When Debbie Ricks lost her job as a server in March 2020, she decided to chase a long cast-aside ambition: She would try to become a photojournalist, and get away from her undertipping customers. Last year seemed to be the time for a professional leap.

She had unemployment checks coming in, $1,200 a month. She could supplement food stamps with the pasta and applesauce cans she found on the streets. Most important, every restaurant in Washington, D.C., seemed to be hiring; at any moment, she figured, she could line up a job. But this summer, as her savings dried up and the cost of food rose, she began to feel that many of those backup opportunities had evaporated.

“I do kind of feel like, ‘Oh, Debbie, you should’ve jumped on that,’” Ms. Ricks, 44, said. “But I wanted to get back into journalism, which is what I love.”

After months of a booming job market, which prompted workers to quit and raised wages across industries, the job openings rate declined in August. Layoffs rose slightly, to 1.5 million, though they were still below their historical average. With fears of a recession looming, workers who were flush with opportunities are beginning to feel the anxieties of tightened corporate budgets.

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Posted in * Economics, Politics, Consumer/consumer spending, Economy, Globalization, Labor/Labor Unions/Labor Market

(Barrons) Even as Altruism Grows Around the World, Charitable Giving Remains Flat

Charitable giving—including only monetary donations and the value of time donated —remained flat, at just under 3% of global GDP in 2021 despite an increase in altruistic attitudes and behaviors across the globe, according to a Citi report released Tuesday.

On average, prosocial behaviors like the acts of donating, volunteering, and helping strangers all increased by nearly 25% last year compared to pre-pandemic levels. Yet, charitable giving did not rise in most countries, and even fell in inflation-adjusted terms in some countries, according to the report, “Philanthropy and the Global Economy.”

“We were sort of hoping that after the pandemic that donations would continue in the trajectory and they really, for the most part, did not,” says Karen Kardos, head of philanthropic advisory at Citi Private Bank and a co-author of the report.

Global inflation and uncertainties in financial markets may create further headwinds for charitable giving. Globally, 55% of donors expect to give the same amount in 2022 as they did in 2021. In the U.S., the country with the most monetary donations, more than 60% of donors planned to be more cautious in 2022 as recession risks weigh on their confidence, survey data show.

Read it all.

Posted in * Economics, Politics, Charities/Non-Profit Organizations, Economy, Globalization, Personal Finance, Religion & Culture, Stewardship

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, warms ‘We are addicted to debt.’

As of yesterday, the gross national debt is $31 trillion. This is a new record no one should be proud of. In the past 18 months, we’ve witnessed inflation rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget-busting pieces of legislation and executive actions. Just in 2022, Congress and the President have approved a combined $1.9 trillion in new borrowing, and President Biden has approved $4.9 trillion in new deficits since taking office. We are addicted to debt.

For decades, lawmakers have chosen to pass politically easy policies rather than face the challenges of true governing. Consider this: it was only five years ago that our country marked $20 trillion in gross debt. While much of that new borrowing was necessary to combat COVID, we are now past the most severe challenges of the pandemic, and it is time to budget responsibly – yet we are still borrowing.

Even more troubling than where the debt stands now is where it’s going. Our nation faces significant fiscal challenges in the near term. Medicare is only six years from insolvency, and Social Security insolvency is only 12 years away. Yet policymakers have put forth no plan to put either program on strong fiscal footing.

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Posted in * Economics, Politics, America/U.S.A., Economy, Ethics / Moral Theology, The National Deficit

(Economist) Financial markets are in trouble. Where will the cracks appear?

It is hard not to feel a sense of foreboding. As the Federal Reserve has tightened policy, asset prices have plunged. Stocks, as measured by the Wilshire 5000 all-cap index, have shed $12trn of market capitalisation since January. Another $7trn has been wiped off bonds, which have lost 14% of their value. Some $2trn of crypto market-cap has vanished over the past year. House prices adjust more slowly, but are falling. Mortgage rates have hit 7%, up from 3% last year. And this is all in America—one of the world’s strongest economies.

Rising rates will slow the American economy and should break the back of inflation. But what else will they break? Since the Federal Reserve raised rates again on September 22nd, global markets have been in turmoil. When the British government announced unfunded tax cuts a day later, fire-sales by pension funds caused the yield on government bonds (or “gilts”) to spiral out of control. Contagion then spread to the American Treasury market, which is as volatile and illiquid as it was at the start of covid-19. The cost to insure against the default of Credit Suisse, a global bank, has risen sharply. These ructions indicate the world is entering a new phase, in which financial markets no longer just reflect the pain of adjusting to the new economic context—pricing in higher rates and lower growth—but now also spread pain of their own.

The most catastrophic pain is felt when financial institutions fail. There are two ways they do so: illiquidity or insolvency. Tighter monetary policy is likely to prompt or reveal both.

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Posted in * Economics, Politics, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Euro, European Central Bank, Federal Reserve, Globalization, Labor/Labor Unions/Labor Market, Personal Finance, Stock Market

(SCMP) Xi Jinping may ‘recalibrate’ after miscalculation of siding with Russia, Henry Kissinger says

After watching China’s “no limits” partnership with Russian President Vladimir Putin fall well short of expectations, the stage is set for President Xi Jinping to tilt at least modestly toward the United States after the 20th party congress, former US secretary of state Henry Kissinger said on Monday.

“Xi gave a rather blank check to Putin,” Kissinger said at the Asia Society in New York. “He must have thought the invasion would succeed. He must need to recalibrate.”

A slow easing of US-China tensions could begin as early as next month at the Group of 20 summit of economic nations in Indonesia when Xi and US President Joe Biden are expected to meet.

Xi almost certainly expected Putin to be successful after Russia’s February 24 invasion of Ukraine – an offensive that has revealed deep weaknesses in the Russian military – and wants to avoid seeing a wall of Western opposition against China develop in the way it has against Russia, potentially raising questions at home, Kissinger said.

Read it all.

Posted in China, Foreign Relations, Globalization, Military / Armed Forces, Politics in General, Russia, Ukraine

([London] Times) The Church of England threatens tech giants over child safety

The Church of England has threatened to use its influence as a multimillion-pound investor in companies such as Meta, Google and Amazon to challenge them if they fail to protect children from harmful content.

Investing in big technology firms and social media sites “may not be consistent with Christian values”, the Church said. It has issued a list of demands to the companies it invests in, including a call for “enhanced protections” for children.

It has £10.1 billion in assets and investments across a range of sectors, and already uses its clout as a big-money investor in oil firms to lobby them to step up their efforts to tackle climate change.

Among its 20 biggest equity holdings are Amazon, Microsoft, Alibaba, Meta and Alphabet, parent companyt of Google. It does not disclose how much it invests in each.

Read it all (subscription).

Posted in --Social Networking, Blogging & the Internet, Children, Church of England, Corporations/Corporate Life, Ethics / Moral Theology, Religion & Culture

(Bloomberg) Chief Putin Critic Clinches Key Election Victory in Latvia

Latvian Prime Minister Krisjanis Karins, a staunch critic of Vladimir Putin, won a decisive victory in general elections as voters punished a party backed by ethnic Russians.

Bolstered by its vocal opposition of the Russian president’s invasion of Ukraine, Karins’s New Unity won 19% of the vote, according to a final results released by the central election commission.

Harmony, a group that won the last three elections with support of many Russians who make up about a quarter of Latvia’s 1.9 million population, failed to make it into parliament for the first time since its inception in 2010.

Read it all.

Posted in Foreign Relations, Latvia, Politics in General, Russia

(Economist) Markets are reeling from higher rates. The world economy is next

The world’s financial markets are going through their most painful adjustment since the global financial crisis. Adapting to the prospect of higher American interest rates, the ten-year Treasury yield briefly hit 4% this week, its highest level since 2010. Global stock markets have sold off sharply, and bond portfolios have lost an astonishing 21% this year.

The dollar is crushing all comers. The greenback is up by 5.5% since mid-August on a trade-weighted basis, partly because the Fed is raising rates but also because investors are backing away from risk. Across Asia, governments are intervening to resist the depreciation of their currencies. In Europe Britain has poured the fuel of reckless fiscal policy on the fire, causing it to lose the confidence of investors. And as bond yields surge, the euro zone’s indebted economies are looking their most fragile since the sovereign-debt crisis a decade ago.

Read it all.

Posted in * Economics, Politics, America/U.S.A., Credit Markets, Currency Markets, Economy, Euro, European Central Bank, Federal Reserve, Globalization, Stock Market

The Church of England calls on big tech companies to commit to verifiable transparency, industry standards and enhanced protection for children and other vulnerable groups

The Church of England’s Ethical Investment Advisory Group (“EIAG”) today published a report advising investors with Christian values how to approach investing in big technology companies. The Church’s National Investing Bodies (NIBs), which received the advice, have published a new policy in line with this guidance.

The report recommends technology companies make public commitments including:

  • a commitment to verifiable transparency
  • a commitment to promote human-centred design
  • a commitment to enable the flourishing of children and other vulnerable groups
  • a commitment to foster a tech eco-system that serves the common good.

Read it all.

Posted in Children, Church of England (CoE), Corporations/Corporate Life, Ethics / Moral Theology, Religion & Culture, Science & Technology

(Economist Cover) How not to run a country: Liz Truss’s new government may already be dead in the water

It was meant to usher in an era of economic growth. Instead the 25-minute statement that Kwasi Kwarteng, Britain’s new chancellor of the exchequer, gave on September 23rd kickstarted a crisis. By unveiling £45bn ($48bn) of unfunded tax cuts, alongside temporary measures to help with energy bills, Mr Kwarteng spooked financial markets in spectacular fashion. Most of the tax cuts and emergency spending had been signalled, but the vaunted supply-side reforms needed to pay for them were vague and the new government’s approach to the public finances was cavalier. Worse, the backdrop to Mr Kwarteng’s epic budget-busting was a slump in bond markets that raised borrowing costs for even the most creditworthy governments.

As investors took fright, gilt yields surged, prompting the Bank of England to say on September 28th that it was ready to buy unlimited quantities of long-dated bonds to restore order to financial markets. Earlier, the pound had crashed to its lowest level ever against the dollar. Although sterling has since rebounded, markets still imply a 40% chance that it will reach parity with the dollar. Comparisons between Britain and emerging markets swirled; the imf slammed Mr Kwarteng’s plan. After the worst start to a new administration in memory, people are already asking how long the new prime minister, Liz Truss, may last.

Yet another Conservative leadership contest would be ridiculous rather than ruthless. And Mr Kwarteng’s budget is unlikely to lead to a balance-of-payments crisis. Britain has a flexible exchange rate, it has minimal debt denominated in foreign currencies and its central bank is independent from the government. Even so, the economic and political damage from the past week is immense—and immensely frustrating.

Read it all.

Posted in * Economics, Politics, Economy, England / UK, Politics in General

(FT) India bans leading Muslim group over terrorism accusations

India’s prime minister Narendra Modi has outlawed a leading Muslim group and its affiliates for five years, accusing it of links to terrorist organisations, in a move that is likely to foment the country’s deepening communal tensions.

The banning of the Popular Front of India on Wednesday followed the arrests in recent days of more than 200 of its members and searches of top leaders’ houses and offices.

India’s Ministry of Home Affairs said the PFI was involved in “serious offences, including terrorism and its financing, targeted gruesome killings, disregarding the constitutional set up of the country [and] disturbing public order”. 

The ban extended to eight other groups that work on behalf of the Muslim minority population, which makes up about 200mn of India’s almost 1.4bn people. Those organisations included the Rehab India Foundation, the Campus Front of India, the All India Imams Council, the National Confederation of Human Rights Organisation, and the National Women’s Front.

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Posted in Ethics / Moral Theology, India, Islam, Politics in General, Religion & Culture, Terrorism

(Bloomberg) Nord Stream Hit Adds to Europe’s Economic Woes in 2009 Echo

The economic damage from the shutdown of Russian gas flows is piling up fast in Europe and risks eventually eclipsing the impact of the global financial crisis.

With a continent-wide recession now seemingly inevitable, a harsh winter is coming for chemical producers, steel plants and car manufacturers starved of essential raw materials who’ve joined households in sounding the alarm over rocketing energy bills. The suspected sabotage of Germany’s main pipeline for gas from Russia underlined that Europe will have to survive without any significant Russian flows.

Building on a model of the European energy market and economy, the Bloomberg Economics base case is now a 1% drop in gross domestic product, with the downturn starting in the fourth quarter. If the coming months turn especially icy and the 27 members of the European Union fail to efficiently share scarce fuel supplies, the contraction could be as much as 5%.

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Posted in * Economics, Politics, Ecology, Economy, Energy, Natural Resources, Foreign Relations, Politics in General, Russia

(CT Better Samaritan) Lora Kwan–Why The Church Should Lead In Building the Future With Migrants and Refugees

National Migration Week, an event has been celebrated by the Catholic Church for nearly half a century, was September 19-25. The week always culminates in a celebration with the Vatican on the last Sunday of the month, called The World Day of Migrants and Refugees. The theme this year is “Building the Future with Migrants and Refugees,” which I believe is a timely and appropriate theme due to the recent events in our country.

On August 31, 2022, approximately 100 asylum seekers and migrants arrived in Chicago. Since that date, hundreds more have come into our city. Initially, these asylum seekers and migrants entered the U.S. via our southern border and were bussed from Texas. The people arriving on these buses have already been actively fleeing persecution from their home countries for days or weeks, and were forced to leave so that they and their families could be safe. They crossed the U.S. border seeking safety in the form of asylum.

Asylum seekers are not in violation of any federal laws, despite some popular thought. According to The UN Refugee Agency (UNHCR), “Asylum is a form of protection which allows an individual to remain in the United States instead of being removed to a country of feared persecution.” Actually, it is federal law that anyone who is on U.S. soil can apply for asylum, whether it is through an official point of entry or crossing over a border. It was created as a means for persecuted people to escape violence and death and find protection in our country. Once they are on our land, they can apply for asylum and safely await their case.

Like all immigrants to the United States, asylum seekers and migrants must undergo a long and lengthy application and interview process, and it can take years to see a judge who will decide their case. While they are waiting, asylum seekers and their families need all the necessities that we do: a place to stay, food, and money….

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Posted in Anthropology, Ethics / Moral Theology, Immigration, Parish Ministry, Pastoral Theology, Theology

(FA) Richard Haass–The Dangerous Decade: A Foreign Policy for a World in Crisis

There are decades where nothing happens, and there are weeks where decades happen.” Those words are apocryphally attributed to the Bolshevik revolutionary (and Foreign Affairs reader) Vladimir Lenin, referring to the rapid collapse of tsarist Russia just over 100 years ago. If he had actually said those words, Lenin might have added that there are also decades when centuries happen.

The world is in the midst of one such decade. As with other historical hinges, the danger today stems from a sharp decline in world order. But more than at any other recent moment, that decline threatens to become especially steep, owing to a confluence of old and new threats that have begun to intersect at a moment the United States is ill positioned to contend with them.

On the one hand, the world is witnessing the revival of some of the worst aspects of traditional geopolitics: great-power competition, imperial ambitions, fights over resources. Today, Russia is headed by a tyrant, President Vladimir Putin, who longs to re-create a Russian sphere of influence and perhaps even a Russian empire. Putin is willing to do almost anything to achieve that goal, and he is able to act as he pleases because internal constraints on his regime have mostly disappeared. Meanwhile, under President Xi Jinping, China has embarked on a quest for regional and potentially global primacy, putting itself on a trajectory that will lead to increased competition or even confrontation with the United States.

But that is not all—not by a long shot. These geopolitical risks are colliding with complex new challenges central to the contemporary era, such as climate change, pandemics, and nuclear proliferation. And not surprisingly, the diplomatic fallout from growing rivalries has made it nearly impossible for great powers to work together on regional and international challenges, even when it is in their interest to do so.

Further complicating the picture is the reality that American democracy and political cohesion are at risk to a degree not seen since the middle of the nineteenth century. This matters because the United States is not just one country among many: U.S. leadership has underpinned what order there has been in the world for the past 75 years and remains no less central today. A United States riven internally, however, will become ever less willing and able to lead on the international stage.

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Posted in Foreign Relations, Globalization, Politics in General

(R U) Terry Mattingly–The Last Rites For Elizabeth II

“Queen Elizabeth was one of those people in this mortal life who always thought ahead,” said David Lyle Jeffrey, distinguished senior fellow at the Institute for Studies of Religion at Baylor University. When preparing these rites, the queen was “clearly looking for prayers, Scriptures and hymns that made connections she wanted to make for her family, her people and the world. … I think she succeeded brilliantly.”

An Anglican from Canada, Jeffrey said the events closing the queen’s historic 70-year reign were an appropriate time to explore the “essence of her admirable Christian character.” Thus, the retired literature professor wrote a poem after her death — “Regina Exemplaris (An exemplary queen)” — saluting her steady, consistent faith. It ended with these lines:

She who longest wore the heavy crown

Knew but to kneel before the unseen throne

And plead her people’s cause as for her own,

And there to praise the Lord of All, bowed down,

More conscious of his glory than her high acclaim,

Exemplar thus in worship, in praise more worthy of the Name.

After the “Kontakion of the Departed,” Bishop David Conner, the dean of St. George’s Chapel, noted the importance of this sanctuary to Queen Elizabeth. She had worshipped in the Windsor Castle chapel as a girl, sometimes singing in the choir and taking piano lessons with organist Sir William Henry Harris. The queen included some of his music in the committal service.

“We are bound to call to mind,” said Conner, “someone whose uncomplicated, yet profound Christian faith bore so much fruit … in a life of unstinting service to the nation, the Commonwealth and the wider world, but also, and especially to be remembered in this place, in kindness, concern and reassuring care for her family, friends and neighbors.

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Posted in Church History, Church of England (CoE), Death / Burial / Funerals, England / UK, History, Liturgy, Music, Worship, Parish Ministry, Poetry & Literature, Politics in General, Religion & Culture, Theology

(Gallup) U.S. Public Opinion and the Election: the Economy

The importance of the economy in the upcoming election is underscored by measures showing how poorly Americans rate economic conditions today. Gallup’s Economic Confidence Index is at one of its lowest points over the past 30 years (although not as low as in 2008). About eight in 10 Americans rate the economy as “only fair” or “poor,” and over two-thirds say the economy is getting worse, not better.

Americans’ low confidence in the economy persists despite the fact that about seven in 10 U.S. adults say it is a good time to find a quality job, among the highest such readings across Gallup’s history of asking this question.

That seeming contradiction — inflation and the economy as major concerns at a time when employment is recognized as being robust — highlights one of the difficulties in assessing what the public wants to be done about the economy. I will have more on that below.

Surveys show that Americans are personally feeling the negative effects of inflation, highlighting its potency as an issue this fall. My colleague Jeff Jones recently summarized Gallup data on the personal impact of inflation, noting that “a majority of Americans now say they are experiencing financial hardship from higher prices.” Jeff goes on to review a variety of actions the public is having to take in efforts to deal with the issue, including cutting back on spending and reducing travel.

An NPR/PBS NewsHour/Marist poll conducted earlier this month similarly shows that twice as many Americans say their personal finances have gotten worse over the past year as say they have gotten better. And over seven in 10 report they “have had to cut back on, at least, one necessity or nicety in the past six months to meet their monthly expenses.”

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Posted in * Culture-Watch, * Economics, Politics, America/U.S.A., Consumer/consumer spending, Economy, Psychology, Sociology