Category : * Economics, Politics

(NYT front page) Ravaging the Congo Basin’s Essential Rainforest, Raft by Raft

The mighty Congo River has become a highway for sprawling flotillas of logs — African teak, wenge and bomanga in colors of licorice, candy bars and carrot sticks. For months at a time, crews in the Democratic Republic of Congo live aboard these perilous rafts, piloting the timber in pursuit of a sliver of profit from the dismantling of a crucial forest.

The biggest rafts are industrial-scale, serving mostly international companies that see riches in the rainforest. But puny versions also make their way downriver, tended by men and their families who work and sleep atop the floating logs.

Forests like these pull huge amounts of carbon dioxide out of the air, making them essential to slow global warming. The expanded scale of illegal logging imperils their role in protecting humanity’s future.

The Congo Basin rainforest, second in size only to the Amazon, is becoming increasingly vital as a defense against climate change as the Amazon is felled. However, the Democratic Republic of Congo for several years in a row has been losing more old-growth rainforest, research shows, than any country except for Brazil.

In this lawless trade, the river is the artery to the world. In some places, where once-towering trees are prepared for the journey, the water itself is stained caramel from the bleeding sap of felled trees.

Read it all.

Posted in * Economics, Politics, Africa, Ecology, Economy, Energy, Natural Resources, Ethics / Moral Theology, Republic of Congo

(Bloomberg Top) US Faces a Fed-Triggered Recession That May Cost Biden a Second Term

Soaring prices are hurting Americans. The cure is going to hurt, too. It may take a recession to stamp out inflation — and it’s likely to happen on President Joe Biden’s watch.

A downturn by the start of 2024, barely even on the radar just a few months ago, is now close to a three-in-four probability, according to the latest estimates by Bloomberg Economics.

On Wednesday the Fed delivered its biggest interest-rate hike in almost three decades, as it takes the fight against inflation into overdrive. When central bankers try this hard to slow the economy down, they often end up tipping it into outright reverse.

Read it all.

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

(Economist) Beijing and Shanghai are still trying to get a grip on covid-19

Since the beginning of June, when the authorities in Shanghai lifted a months-long lockdown, many aspects of life in the city have returned to normal. The once-deserted freeways around China’s financial hub are again full of traffic. The white-collar workers who moved into their offices during April and May have at last returned home. The number of cases of covid-19 found outside quarantine has dropped to single digits. Just one was detected on June 13th.

But Shanghai’s officials are still on edge. Many residential communities reopened only to be locked down again when a positive case, or merely a close contact of one, was found in their vicinity. Residents continue to be taken away to quarantine centres if they live in the same building as someone infected. A case linked to a hair salon on a heavily travelled thoroughfare resulted in hundreds of people being whisked into isolation and several housing compounds being locked down. The city ordered most of its 25m residents into mass testing on June 11th and 12th.

This is what the new version of China’s “dynamic zero-covid” campaign looks like. Rolling “micro-lockdowns” and mass testing are meant to replace economically destructive citywide lockdowns. The strategy is supposed to be more targeted, finding and quarantining individual positive cases and their close contacts within hours. But calibration is proving difficult.

Read it all.

Posted in China, Health & Medicine, Politics in General

(NYT Op-ed) [Former Fed Chair] Ben Bernanke–Inflation Isn’t Going to Bring Back the 1970s

None of this implies that the Fed’s job will be easy. The degree to which the central bank will have to tighten monetary policy to control our currently high inflation, and the associated risk of an economic slowdown or recession, depends on several factors: how quickly the supply-side problems (high oil prices, supply-chain snarls) subside, how aggregate spending reacts to the tighter financial conditions engineered by the Fed and whether the Fed retains its credibility as an inflation fighter even if inflation takes a while to subside.

Of these, history teaches us, the last may be the most important. Inflation will not become self-perpetuating, with price increases leading to wage increases leading to price increases, if people are confident that the Fed will take the necessary measures to bring inflation down over time.

The Fed’s greater policy independence, its willingness to take responsibility for inflation and its record of keeping inflation low for nearly four decades after the Great Inflation, make today’s Fed much more credible on inflation than its counterpart in the ’60s and ’70s. The Fed’s credibility will help ensure that the Great Inflation will not be repeated, and Mr. Powell and his colleagues will put a high priority on keeping that credibility intact.

Read it all (my emphasis).

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

(Church Times) Bishops unite to condemn ‘shameful’ Rwanda plan for asylum-seekers

The Government’s “offshoring” policy, under which the first people are due to be deported to Rwanda as early as Tuesday, “should shame us as a nation”, the Archbishops of Canterbury and York and 23 other bishops, have said.

The policy was included in the Nationality and Borders Act, which came into law in April despite objections and attempted amendments from bishops and other peers (News, 29 April). It was explicitly criticised by Archbishop Welby in his Easter sermon (News, 27 April), and reportedly by the Prince of Wales last week, who is said to have called it “appalling” in a private conversation.

Last week, campaigners failed to win an injunction against the policy in the High Court, which ruled that it was in the “public interest” for the Government to carry it out. An appeal on Monday was rejected for the same reason. A full hearing on whether the policy is lawful is due to take place next month.

In a letter due to be published in The Times on Tuesday, the full complement of bishops who sit in the House of Lords have written: “Whether or not the first deportation flight leaves Britain today for Rwanda, this policy should shame us as a nation.” The letter continues: “The shame is our own, because our Christian heritage should inspire us to treat asylum seekers with compassion, fairness and justice, as we have for centuries.”

Read it all (registration or subscription).

Posted in --Justin Welby, Anthropology, Archbishop of Canterbury, Archbishop of York Stephen Cottrell, Church of England (CoE), CoE Bishops, England / UK, Ethics / Moral Theology, Foreign Relations, Immigration, Politics in General, Religion & Culture, Rwanda

(NYT front page) Senators Agree On Framework For Gun Safety

Senate negotiators announced on Sunday that they had struck a bipartisan deal on a narrow set of gun safety measures with sufficient support to move through the evenly divided chamber, a significant step toward ending a yearslong congressional impasse on the issue.

The agreement, put forth by 10 Republicans and 10 Democrats and endorsed by President Biden and top Democrats, includes enhanced background checks to give authorities time to check the juvenile and mental health records of any prospective gun buyer under the age of 21 and a provision that would, for the first time, extend to dating partners a prohibition on domestic abusers having guns.

It would also provide funding for states to enact so-called red-flag laws that allow authorities to temporarily confiscate guns from people deemed to be dangerous, as well as money for mental health resources and to bolster safety and mental health services at schools.

Read it all.

Posted in * Culture-Watch, America/U.S.A., Anthropology, Ethics / Moral Theology, House of Representatives, Politics in General, President Joe Biden, Senate, Violence

(FA) Richard Haas–A Ukraine Strategy for the Long Haul

With regime change in Kyiv unattainable, Putin has reduced his ambitions, focusing on controlling a slice of the south and east of Ukraine in an effort to enlarge and connect the territories he took in 2014. What he has not given up, however, is his belief that Ukraine does not deserve to be a sovereign entity. As a result, it is difficult to imagine Putin ending the conflict. If Russian forces fare poorly in their ongoing offensive in the Donbas, he will be loath to accept what many might view as a defeat in a war he started. Doing so could render him vulnerable to internal challenge and could come to define his legacy. If, on the other hand, Russian forces gain the upper hand, Putin will see no reason to agree to a cessation of fighting.

Further dimming the prospects of peace is the unlikelihood that any of the developments that could change Putin’s calculus will materialize. Take, for instance, criticism within Russia of the war. Ukraine claims that 30,000 Russian soldiers have already been killed in battle, whereas other assessments suggest that the number is half as high. Whatever the precise figure, it is surely larger than the Kremlin had imagined. In a normal society, that would sap support for the war. But because the government can so effectively control information and crack down against its opponents, domestic criticism of the war has been relatively muted so far.

What if the economic pressure mounts? For now, the sanctions are nowhere near the point of threatening to bring down Putin. Higher oil prices and the emergence of buyers such as India have helped offset reduced sales to the West. Europe, for its part, continues to import Russian gas. If it stopped doing so, Russia would be hard-pressed to sell the gas to others, but Europe is likely to keep buying. Worried about their economies, European countries will resist cutting off imports until they can be assured of either alternative supplies of gas or substitute energy sources—all of which will take years to materialize.

Then there is the prospect of pressure from China, which has so far stood by Russia. If the West persuaded Beijing to distance itself from Moscow, then Putin might realize that his invasion was costing him a vital partner. The United States and Europe should do what they can to drive apart the two powers, including offering incentives to China while also warning it that continued support for Russia would lead to a further deterioration of U.S.-Chinese relations. But even if they tried, their efforts still might fail, as Chinese President Xi Jinping would be extremely reluctant to do anything that would lead to Russia’s defeat or that would suggest that he erred in associating China so closely with Russia…..

Ultimately, what is probably required to end the war is a change not in Washington but in Moscow. In all likelihood, given Putin’s deep investment in the war, it will require someone other than him to take steps that would end Russia’s pariah status, economic crisis, and military quagmire. The West should make clear that it is ready to reward a new Russian leader prepared to take such steps even as it keeps up the pressure on the current one.

Read it all.

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

(FT top) US set for recession next year, economists predict

The US economy will tip into a recession next year, according to nearly 70 per cent of leading academic economists polled by the Financial Times.

The latest survey, conducted in partnership with the Initiative on Global Markets at the University of Chicago’s Booth School of Business, suggests mounting headwinds for the world’s largest economy after one of the most rapid rebounds in history, as the Federal Reserve ramps up efforts to contain the highest inflation in about 40 years.

The US central bank has already embarked on what will be one of the fastest tightening cycles in decades. Since March it has raised its benchmark policy rate by 0.75 percentage points from near-zero levels.

The Federal Open Market Committee gathers once again on Tuesday for a two-day policy meeting, at which officials are expected to implement the first back-to-back half-point rate rise since 1994 and signal the continuation of that pace until at least September.

Read it all.

Posted in America/U.S.A., Economy, Federal Reserve

(C of E) Sowing seeds: how a patch of wasteland became heart of community

In just a few years, a patch of once unused land in the middle of the Quarrendon estate in Aylesbury, Bucks, has been transformed into the beating heart of the community by the local church.

The once neglected scrap of land surrounding St Peter’s Church, has been turned into a multipurpose green space – simultaneously a community garden, an exercise site, a place to grow food, an outdoor classroom, and a tranquil spot in the centre of the estate.

In partnership with local organisations, St Peter’s regularly takes referrals from the local GP surgery, known as ‘social prescribing.’

It also welcomes schools, the local Adult Education Centre, and the Youth Offenders Probation Service – where young adults learn new skills in landscaping and horticulture to help get them back into employment.

Read it all.

Posted in Church of England (CoE), Ecology, Energy, Natural Resources, Parish Ministry, Religion & Culture, Stewardship

(Tablet) Why Queen Elizabeth II is a ‘missionary’ for Christianity

The Queen’s faith has been a “consistent” feature of her reign and since 2000 she has increasingly spoken about it, making her something of “a missionary” for Christianity, the former editor of The Tablet, Catherine Pepinster has said.

Speaking at a special Tablet webinar on the eve of the celebration of her Majesty’s Platinum Jubilee about her new book, Defenders of the Faith: The British Monarchy, Religion and the Next Coronation, Pepinster said that it was when she was researching a previous book, The Keys and the Kingdom: The British and the Papacy from John Paul II to Francis, she realised what a significant figure Elizabeth II was in terms of religion in Britain.

Her new book looks at the Queen’s personal faith and also her public role as the supreme governor of the Church of England, with a special focus on the coronation and the future of the monarchy.

The author and commentator stressed that while the Queen is Defender of the Faith, she was also a defender of other faiths in a religiously diverse Britain.

Read it all.

Posted in Church History, Church of England (CoE), History, Politics in General, Religion & Culture

(Reuters) ISIS affiliate suspected of R Catholic church massacre, Nigeria says

Nigerian security officials suspect extremists from Islamic State’s affiliate in west Africa were behind an attack on a Catholic church last weekend that killed dozens.

Forty people are now thought to have died after gunmen stormed St Francis Catholic church in Owo, Ondo State, on Sunday, and 61 survivors are still being treated in hospital, according to local authorities. The total is double an earlier estimate.

Nigeria’s National Security Council said on Thursday that the attack was the work of the Islamic State West Africa Province (Iswap) group, apparently reinforcing fears that the militants, who have been restricted to the north-east for many years, are looking to expand their influence and reach to other parts of the country. Ondo, in the south-west, has long been considered one of the safer parts of the country.

Read it all.

Posted in Liturgy, Music, Worship, Nigeria, Parish Ministry, Pentecost, Religion & Culture, Religious Freedom / Persecution, Terrorism, Violence

(PRC) Americans’ Views of Government: Decades of Distrust and Dissatisfaction

Americans remain deeply distrustful of and dissatisfied with their government. Just 20% say they trust the government in Washington to do the right thing just about always or most of the time – a sentiment that has changed very little since former President George W. Bush’s second term in office.

Chart shows low public trust in federal government has persisted for nearly two decades
The public’s criticisms of the federal government are many and varied. Some are familiar: Just 6% say the phrase “careful with taxpayer money” describes the federal government extremely or very well; another 21% say this describes the government somewhat well. A comparably small share (only 8%) describes the government as being responsive to the needs of ordinary Americans.

The federal government gets mixed ratings for its handling of specific issues. Evaluations are highly positive in some respects, including for responding to natural disasters (70% say the government does a good job of this) and keeping the country safe from terrorism (68%). However, only about a quarter of Americans say the government has done a good job managing the immigration system and helping people get out of poverty (24% each). And the share giving the government a positive rating for strengthening the economy has declined 17 percentage points since 2020, from 54% to 37%.

Read it all.

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

SC Supreme Court Moves Petitions for Rehearing Forward for 7 of 8 parishes

From there:

Columbia, S.C. (June 8, 2022) – Yesterday, in welcome news for the Anglican Diocese of South Carolina, the South Carolina Supreme Court released an order concerning the eight petitions for rehearing filed by parishes of the Diocese. For seven of those congregations, the court requested that the Episcopal Church (TEC) and the Episcopal Church in South Carolina (TECSC) submit a return by June 20 responding to the arguments made by the seven parishes. The issues TEC and TECSC must address are: 1) the effect of subsection 62-7-602(a) of the South Carolina Code making all trusts created after Jan. 1, 2006 revocable, and 2) the argument that no trust was created by accession language incorporated in governing documents prior to 1979. Based on the April 20 ruling, these parishes maintain they did not create a trust interest in favor of TEC or TECSC and therefore, should retain ownership of their properties.

The parishes whose petitions for rehearing are included in the Court’s request are: the Church of the Holy Cross (Stateburg), the Church of the Good Shepherd (Charleston), the Church of the Holy Comforter (Sumter), St. Jude’s Church (Walterboro), Old St. Andrew’s (Charleston), St. Luke’s Church (Hilton Head) and Trinity Church (Myrtle Beach). The petition for Christ Church (Mt. Pleasant) was denied in its entirety. The people of the Diocese are encouraged to keep these parishes, the Supreme Court and its continued deliberations in their prayers.

In Christ’s Service,

The Rev. Canon Jim Lewis
The Anglican Diocese of South Carolina
Anglican Church in North America

Posted in * Anglican - Episcopal, * South Carolina, Ethics / Moral Theology, Law & Legal Issues, Parish Ministry, Religion & Culture, State Government, Stewardship

(NYT front page) As the Great Salt Lake Dries Up, Utah Faces An ‘Environmental Nuclear Bomb’

If the Great Salt Lake, which has already shrunk by two-thirds, continues to dry up, here’s what’s in store:

The lake’s flies and brine shrimp would die off — scientists warn it could start as soon as this summer — threatening the 10 million migratory birds that stop at the lake annually to feed on the tiny creatures. Ski conditions at the resorts above Salt Lake City, a vital source of revenue, would deteriorate. The lucrative extraction of magnesium and other minerals from the lake could stop.

Most alarming, the air surrounding Salt Lake City would occasionally turn poisonous. The lake bed contains high levels of arsenic and as more of it becomes exposed, wind storms carry that arsenic into the lungs of nearby residents, who make up three-quarters of Utah’s population.

“We have this potential environmental nuclear bomb that’s going to go off if we don’t take some pretty dramatic action,” said Joel Ferry, a Republican state lawmaker and rancher who lives on the north side of the lake.

As climate change continues to cause record-breaking drought, there are no easy solutions.

Read it all.

Posted in Climate Change, Weather, Ecology, Energy, Natural Resources

(Telegraph) Archbp Stephen Cottrell–The Queen’s Christianity is the lens through which she views the world

Amid all the pomp, pageantry and pleasure the Platinum Jubilee brings, it is easy to forget that at its heart, the Coronation seventy years ago was a religious event. And while television cameras may have been granted access to Westminster Abbey, one moment was hidden from public view. Her Majesty was anointed with oil and afforded a time of stillness and reflection before God. She was also given a Bible by Archbishop Fisher and reminded that scripture is ‘the most valuable thing this world affords’.

Geoffrey Fisher was the Archbishop of Canterbury at the time. He came alongside Her Majesty as she prepared for the spiritual journey that lay ahead. One of the treasures in the Lambeth Palace library is the book of devotions, which he prepared and presented to Her Majesty all those years ago. It includes prayers, passages of scripture and daily meditations.

For Her Majesty, the Coronation was an intimate encounter between a monarch and her God, a moment where the Queen would be called by name and given a lifelong vocation. It marked a moment where her personal relationship with Christ met the national events and public moments that remind us that this country, its laws and customs and culture, is shaped by the Christian faith.

Read it all.

Posted in Archbishop of York Stephen Cottrell, Church History, England / UK, History, Politics in General, Religion & Culture

(WSJ) Inflation, Political Division Put U.S. in a Pessimistic Mood, Poll Finds

Some 83% of respondents described the state of the economy as poor or not so good. More than one-third, or 35%, said they aren’t satisfied at all with their financial situation. That was the highest level of dissatisfaction since NORC began asking the question every few years starting in 1972 as part of the General Social Survey, though the poll’s 4-point margin of error means that new figures may not differ significantly from prior high and low points.

Just over one quarter of respondents, 27%, said they have a good chance of improving their standard of living—a 20-point drop from last year—while just under half of respondents, 46%, said they don’t.

The share of respondents who said their financial situation had gotten worse in the past few years was 38%. That marked the only time other than in the aftermath of the 2007-09 recession that more than three in 10 respondents said their pocketbooks were worse off, according to GSS data going back a half-century.

Read it all.

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

Remembering D-Day–Franklin Delano Roosevelt’s D-Day Prayer on June 6, 1944

“My Fellow Americans:

“Last night, when I spoke with you about the fall of Rome, I knew at that moment that troops of the United States and our Allies were crossing the Channel in another and greater operation. It has come to pass with success thus far.

“And so, in this poignant hour, I ask you to join with me in prayer:

“Almighty God: Our sons, pride of our nation, this day have set upon a mighty endeavor, a struggle to preserve our Republic, our religion, and our civilization, and to set free a suffering humanity.

“Lead them straight and true; give strength to their arms, stoutness to their hearts, steadfastness in their faith.
“They will be sore tried, by night and by day, without rest — until the victory is won. The darkness will be rent by noise and flame. Men’s souls will be shaken with the violences of war.

“For these men are lately drawn from the ways of peace. They fight not for the lust of conquest. They fight to end conquest. They fight to liberate. They fight to let justice arise, and tolerance and goodwill among all Thy people. They yearn but for the end of battle, for their return to the haven of home.

“Some will never return. Embrace these, Father, and receive them, Thy heroic servants, into Thy kingdom.

“And for us at home — fathers, mothers, children, wives, sisters, and brothers of brave men overseas, whose thoughts and prayers are ever with them — help us, Almighty God, to rededicate ourselves in renewed faith in Thee in this hour of great sacrifice.

“Many people have urged that I call the nation into a single day of special prayer. But because the road is long and the desire is great, I ask that our people devote themselves in a continuance of prayer. As we rise to each new day, and again when each day is spent, let words of prayer be on our lips, invoking Thy help to our efforts.

“Give us strength, too — strength in our daily tasks, to redouble the contributions we make in the physical and the material support of our armed forces.

“And let our hearts be stout, to wait out the long travail, to bear sorrows that may come, to impart our courage unto our sons wheresoever they may be.

“And, O Lord, give us faith. Give us faith in Thee; faith in our sons; faith in each other; faith in our united crusade. Let not the keenness of our spirit ever be dulled. Let not the impacts of temporary events, of temporal matters of but fleeting moment — let not these deter us in our unconquerable purpose.

“With Thy blessing, we shall prevail over the unholy forces of our enemy. Help us to conquer the apostles of greed and racial arrogances. Lead us to the saving of our country, and with our sister nations into a world unity that will spell a sure peace — a peace invulnerable to the schemings of unworthy men. And a peace that will let all of men live in freedom, reaping the just rewards of their honest toil.

“Thy will be done, Almighty God.

“Amen.”

You can listen to the actual audio if you want here and today of all days is the day to do that. Also, there is more on background and another audio link there.–KSH.

Posted in America/U.S.A., History, Military / Armed Forces, Office of the President, Spirituality/Prayer

(Guardian) Al-Qaida enjoying a haven in Afghanistan under Taliban, UN warns

Al-Qaida has a haven in Afghanistan under the Taliban and “increased freedom of action” with the potential of launching new long-distance attacks in coming years, a UN report based on intelligence supplied by member states says.

The assessment, by the UN committee charged with enforcing sanctions on the Taliban and others that may threaten the security of Afghanistan, will raise concerns that the country could once again become a base for international terrorist attacks after the withdrawal of US and Nato troops last year.

Critics of the US president, Joe Biden, will point to the report’s description of a “close relationship” between al-Qaida and the Taliban as evidence that his decision to pull out all US forces was an error.

Read it all.

Posted in Afghanistan, Foreign Relations, Terrorism, War in Afghanistan

(NYT) As War Rages Into Its 100th Day, Russia Now Controls a Fifth of Ukraine

As the war in Ukraine approaches its 100th day, President Volodymyr Zelensky said on Thursday that Russian forces now control one-fifth of the country, a blunt acknowledgment of the slow but substantial gains that Moscow has made in recent weeks.

Though battered, depleted and repulsed from their initial drive to capture the Ukrainian capital of Kyiv, Russian troops have used their superior artillery power to grind closer to their goal of taking over the eastern regions of Luhansk and Donetsk, known collectively as the Donbas, where Kremlin-backed separatists have been fighting Ukrainian troops since 2014.

Mr. Zelensky said Russia had expanded its control of Ukrainian territory from an area roughly the size of the Netherlands before the invasion began to an area now greater than the Netherlands, Belgium and Luxembourg combined. Seizing that swath of land could give President Vladimir V. Putin of Russia huge leverage in any future talks to end the war, as well as a base of operations to launch further attacks inside Ukraine.

Read it all.

Posted in Ethics / Moral Theology, Foreign Relations, Military / Armed Forces, Politics in General, Russia, Ukraine

(Church Times) Patriarch Kirill escapes EU sanctions thanks to Orbán’s intervention

Patrtriarch Kirill of Moscow has been removed from an EU-sanctions list of Kremlin-associates after a last-minute intervention by the government in Hungary. The intervention took place during a meeting of EU member-state ambassadors in Brussels on Thursday.

Hungary’s move surprised diplomats: ambassadors believed that consensus on the package’s provisions — the EU’s latest response to Russian aggression in Ukraine — had been reached at an extraordinary summit of EU heads of state on Monday. Diplomats assumed that the Thursday meeting was merely to formalising the agreement and make technical arrangements for the imposition of the new, wider sanctions.

For some hours, however, the whole list of sanctioned individuals was in doubt, as Hungary’s representative refused to accept the package unless Patriarch Kirill’s name was removed.

The sanctions package, the EU’s sixth in response to Russia’s invasion of Ukraine, covered both personal measures against leading figures in the Russian regime (freezing their assets and banning them from travel in the EU), and corporate moves to severely restrict imports of Russian oil to the EU single market.

Read it all.

Posted in Foreign Relations, Military / Armed Forces, Orthodox Church, Politics in General, Russia, Ukraine

(W Post) Beijing chafes at Moscow’s requests for support, Chinese officials say

Russian officials have raised increasingly frustrated requests for greater support during discussions with Beijing in recent weeks, calling on China to live up to its affirmation of a “no limits” partnership made weeks before the war in Ukraine began. But China’s leadership wants to expand assistance for Russia without running afoul of Western sanctions and has set limits on what it will do, according to Chinese and U.S. officials.

Moscow has on at least two occasions pressed Beijing to offer new forms of economic support — exchanges that one Chinese official described as “tense.” The officials familiar with the talks spoke on the condition of anonymity because of the matter’s sensitivity.

They declined to share specifics of Russia’s requests, but one official said it included maintaining “trade commitments” predating the Feb. 24 invasion of Ukraine, and financial and technological support now sanctioned by the United States and other countries.

Read it all.

Posted in * Economics, Politics, China, Economy, Foreign Relations, Military / Armed Forces, Politics in General, Russia, Ukraine

(Washington Post) In Chernobyl’s delicate nuclear labs, Russians looted safety systems

In the days before the invasion, all but a few hundred employees were evacuated. Those who stayed worked shifts lasting hundreds of hours under Russian supervision, often not resting for days while trying to keep the station safe and systems running.

Meanwhile, the station’s equipment and information were being systematically stolen or destroyed, said Kramarenko. Now that he’s back in charge, he’s been checking on some of the stolen equipment that had been fitted with GPS trackers. Some are still transmitting location data.

“We see that part of it is located on the territory of Belarus, along the border. And part moves around the territory of Belarus — Gomel, Minsk, other places,” [Yevhen Kramarenko] said.

Read it all.

Posted in Ethics / Moral Theology, Foreign Relations, Military / Armed Forces, Politics in General, Russia, Ukraine

A prayer for the Queen as her Platinum Jubilee is celebrated

Posted in England / UK, History, Politics in General, Spirituality/Prayer

(W Post) U.S. intelligence document shows Russian naval blockade of Ukraine

Newly declassified U.S. intelligence shows that a Russian naval blockade has halted maritime trade at Ukrainian ports, in what world leaders call a deliberate attack on the global food supply chain that has raised fears of political instability and shortages unless grain and other essential agricultural products are allowed to flow freely from Ukraine.

Russia’s navy now effectively controls all traffic in the northern third of the Black Sea, making it unsafe for commercial shipping, according to a U.S. government document obtained by The Washington Post.

The document, based on recently declassified intelligence, analyzed the density of Russian naval activity along portions of Ukraine’s southern coast and the Crimean Peninsula, which Russia occupied and annexed in 2014. The blockade that ensued following Russia’s invasion in February halted civil maritime traffic, “entrapping Ukrainian agricultural exports and jeopardizing global food supplies,” according to a U.S. official, who spoke on the condition of anonymity to describe the intelligence.

Read it all.

Posted in Dieting/Food/Nutrition, Economy, Foreign Relations, Globalization, Military / Armed Forces, Politics in General, Russia, Ukraine

(Economist) The recipe for the outperformance of Swiss businesses

This approach makes for light regulation from the top. The Federal Council, the federal government’s executive branch, does without recognisable figureheads. The cabinet has seven members who have equal power and each of whom spends a year as president, ensuring that no one remembers their names for long. While the council has few powers the country’s 26 cantons have plenty, as do its more than 2,000 municipalities. Cantons run health care, welfare, education, law enforcement and fiscal policy. That allows them to compete to be attractive to businesses and their workers. Lucerne halved its corporate tax rate in 2012 to do just that. Zug has the lowest corporate tax rate at 11.9%. Only “offshore” financial centres such as Guernsey and Qatar have lower tax rates than those levied in the low-tax cantons, states a report by kpmg, an accounting firm. Compare that with France where the rate is 26.5%.

The competition doesn’t stop at light taxation. Cantons help to fund top-notch universities. Zurich’s Eidgenössische Technische Hochschule (eth), one of the two federal institutes of technology, is regularly ranked among the best universities in continental Europe. Strong links between business and academia mean that graduates have the right skills. For instance, in January 2020 Nestlé, the Ecole Polytechnique Fédérale de Lausanne (epfl), another federal institute of technology, the canton of Vaud and the Swiss Hospitality Management School in Lausanne launched the “Swiss Food Nutrition Valley”, a research programme to promote innovation in sustainable food production. Logitech, a maker of software, and Cisco, a technology firm, have research centres on the epfl campus.

Yet for all its success Switzerland has become less attractive as a hub for multinationals over the past three decades. In 1990 two-thirds of America’s top 20 companies (including General Motors, Hewlett-Packard and ibm) had their European headquarters in Switzerland. In 1992 Swiss voters decided against following the Norwegian example and joining the European Economic Area with access to the eu’s single market. As a consequence some of the world’s most successful companies, such as Amazon, Alibaba and Samsung, decamped to Amsterdam, Dublin and London. Last year Switzerland missed another chance to gain smooth access to one of the world’s largest markets when it failed to convert 120 bilateral deals into an overarching treaty with the eu.

Read it all.

Posted in * Economics, Politics, Corporations/Corporate Life, Economy, Taxes

(Medium) Umair Haque: The Age of Extinction Is Here — Some of Us Just Don’t Know It Yet

My friends in the Indian Subcontinent tell me stories, these days, that seem like science fiction. The heatwave there is pushing the boundaries of survivability. My other sister says that in the old, beautiful city of artists and poets, eagles are falling dead from the sky. They are just dropping dead and landing on houses, monuments, shops. They can’t fly anymore.

The streets, she says, are lined with dead things. Dogs. Cats. Cows. Animals of all kinds are just there, dead. They’ve perished in the killing heat. They can’t survive.

People, too, try to flee. They run indoors, spend all day in canals and rivers and lakes, and those who can’t, too, line the streets, passed out, pushed to the edge. They’re poor countries. We won’t know how many this heatwave has killed for some time to come. Many won’t even be counted.

Think about all that for a moment. Really stop and think about it. Stop the automatic motions of everyday life you go through and think about it.

You see, my Western friends read stories like this, and then they go back to obsessing over the Kardashians or Wonder Woman or Johnny Depp or Batman. They don’t understand yet. Because this is beyond the limits of what homo sapiens can really comprehend, the Event. That world is coming for them, too.

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Posted in Climate Change, Weather, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Science & Technology

(FT Big Read) Is the global economy heading for recession?

If Leo Tolstoy were writing about today’s business conditions, he might have noted that happy economies are all alike but every unhappy economy is unhappy in its own way.

China’s growth prospects have been hammered by strict Covid-19 lockdowns in a bid to quell its Omicron outbreak; the US Federal Reserve risks turning an American boom into bust; Europe’s households are enduring a cost of living crisis; and the situation is worse in many poorer emerging markets, where food crises and even famines beckon.

These four different but imposing problems each stalk the global economy as it recovers from the pandemic and it is not surprising the mood is darkening.

According to Robin Brooks, chief economist of the Institute of International Finance, the confluence of these shocks suggests the world economy is already in trouble. “We’re in another global recession scare now, except this time we think it’s for real,” he says.

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Posted in * Economics, Politics, Economy, Globalization

(FT) The truckers who keep our world moving

Archie Norman, chair of Marks and Spencer, said this week: “Some of the descriptors, particularly of animal products, have to be written in Latin and in a certain typeface.” Every sandwich containing butter, he said, requires an EU vet certificate, which means employing 13 vets and budgeting for 30 per cent more driver time.

Six-mile queues at Dover and 18-mile lines at Calais this year were caused by post-Brexit checks, worsened by small numbers of lorries with the wrong paperwork.

We can expect more delays in September, when a new security system may require drivers to leave their vehicles for facial or body scans, and more again next year when trucks will be inspected at the new inland border at Sevington, near Ashford, Kent.

The metaphor of supply “chains” makes the process sound orderly and smooth, but from the first this journey along them was more like an adventure through a wild ecosystem in which we were a prey, dashing between safe habitats such as lorry parks and filling stations, hunted by authorities, legislation and customs rules that sought to charge, delay or stop us.

It was not that the trucks had any deficiency to bother the police or the Driver and Vehicle Standards Agency, which regulates haulage in Britain. It was that many drivers loathe and avoid the DVSA, and checkpoints of all kinds in all countries. 

“They’re not on your side. They’re out to get you. It’s like they want to punish you for doing your job,” Ian said. “They want to fine you and take your money.”

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Posted in * Economics, Politics, Economy, Ethics / Moral Theology, Globalization, Travel

(Bloomberg) Cracks in US Economy Start to Show as Recession Warnings Mount

The late Nobel Prize-winning economist Paul Samuelson once quipped that Wall Street had predicted nine out of the last five recessions. This time, the stock market may be right.

The US economy is starting to show signs of strain under the weight of decades-high inflation and climbing interest rates — raising the risk of a downturn.

Investors are taking note, with equities nosediving this week as earnings gloom at retailers like Walmart Inc. and Target Corp. fueled the growing fears. And the trend could spell trouble for President Joe Biden, whose Democrats must defend thin Congressional majorities in November’s midterm vote.

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Posted in America/U.S.A., Economy

(WSJ front page) Ukraine War’s New Phase Shifts Outlook for its End

Nobody knows how or when the war will end in Ukraine, but it’s clear that right now Russia isn’t winning. According to Western governments and private analysts, Moscow failed to achieve its initial goal of a lightning strike into Kyiv to take down the government. And success for its Plan B, a scaled-down offensive to push Ukrainian forces back in the east and southeast of the country, looks increasingly difficult.

Some things that seemed highly probable at the start of the war, such as the collapse of the Ukrainian state, now are seen as unlikely. Ukraine is in an existential fight, said the chief of the British defense staff, Adm. Tony Radakin in a speech in London on Monday, “and it is going to survive.”

In this latest phase of the war, tank battles are being supplanted by artillery-dominated exchanges. The Russians are undertaking offensives in some places, including in the eastern region of Luhansk. They finally overcame the last remaining Ukrainian holdouts in the southern port city of Mariupol. Elsewhere, the Ukrainians are counterattacking, most notably in the north beyond Kharkiv.

“The war is entering a protracted phase,” Ukrainian defense minister Oleksii Reznikov told European Union defense ministers on Tuesday. He said there were “many indications of Russia preparing for a long-term military operation,” including engineering and fortification works in the Kherson and Zaporizhya areas.

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