Category : * Economics, Politics

(Church Times) Bishops challenge Government on cost-of-living and climate crises

Bishops in the House of Lords continued to challenge the Government’s response to the cost-of-living and climate crises this week, as debates on the Queen’s Speech of last week (News, 13 May) entered a fourth day.

On Monday, debate focused on economic development, energy, and the environment. The Bishop of St Edmundsbury & Ipswich, the Rt Revd Martin Seeley, said: “The climate crisis is the multiplying factor for all the other crises we face.”

In his maiden speech, Bishop Seeley dedicated much of his time to environmental issues. “Global temperature rises will dramatically increase the global refugee crisis and food shortages, and the geopolitical impact will continue to be magnified,” he said.

“We must pursue the determined course set at COP26, where we take actions —challenging actions — now, for the sake of the long term.”

The Bishop of Norwich, the Rt Revd Graham Usher, who is the C of E’s lead bishop on the environment, wrote of the agreement at COP26 that “progress was made . . . but not enough” (Comment, 18 November 2021).

Read it all.

Posted in * Economics, Politics, Church of England (CoE), CoE Bishops, Ecology, Economy, England / UK, Politics in General, Religion & Culture

(Economist Cover story) The coming food catastrophe

Mr Putin must not use food as a weapon. Shortages are not the inevitable outcome of war. World leaders should see hunger as a global problem urgently requiring a global solution.

Russia and Ukraine supply 28% of globally traded wheat, 29% of the barley, 15% of the maize and 75% of the sunflower oil. Russia and Ukraine contribute about half the cereals imported by Lebanon and Tunisia; for Libya and Egypt the figure is two-thirds. Ukraine’s food exports provide the calories to feed 400m people. The war is disrupting these supplies because Ukraine has mined its waters to deter an assault, and Russia is blockading the port of Odessa.

Even before the invasion the World Food Programme had warned that 2022 would be a terrible year. China, the largest wheat producer, has said that, after rains delayed planting last year, this crop may be its worst-ever. Now, in addition to the extreme temperatures in India, the world’s second-largest producer, a lack of rain threatens to sap yields in other breadbaskets, from America’s wheat belt to the Beauce region of France. The Horn of Africa is being ravaged by its worst drought in four decades. Welcome to the era of climate change.

All this will have a grievous effect on the poor. Households in emerging economies spend 25% of their budgets on food—and in sub-Saharan Africa as much as 40%. In Egypt bread provides 30% of all calories. In many importing countries, governments cannot afford subsidies to increase the help to the poor, especially if they also import energy—another market in turmoil.

The crisis threatens to get worse.

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

(CNN Business) Most CEOs are bracing for a Recession

CEO confidence has tumbled to the weakest level since the beginning of the Covid-19 pandemic, The Conference Board said Wednesday.

For the first time during the economic expansion, CEO confidence is now in negative territory.

Worse, business leaders are bracing for a potential downturn caused by the Federal Reserve’s quest to tame inflation.

A staggering 68% of CEOs surveyed by The Conference Board expect the Fed’s war on inflation will eventually trigger a recession. The survey, fielded between April 25 and May 9, measured responses from 133 CEOs of mostly public companies.

The good news is that just 11% of CEOs anticipate a so-called hard landing, marked by a deep recession. The rest expect a “very short, mild” recession.

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

Cathedrals can light the way to Net Zero says Bishop Usher

Addressing the National Cathedrals Conference in Newcastle, Graham Usher, who is Bishop of Norwich, said that cathedrals can show the way in making changes for achieving Net Zero carbon across the whole Church by 2030, with a route map due for a vote at General Synod in July.

Cathedrals have an impressive track record within the heritage sector, with Gloucester Cathedral becoming the first Grade 1 listed building to install photovoltaic panels in 2016.

Many others have followed suit with green adaptations including solar panels, replaced light fittings, draft exclusion and in some places re-designed precincts to give greater access to green space and a chance for biodiversity to thrive.

The host venue, Newcastle Cathedral, was praised for the installation of an air source heat pump as part of a major recent renovation.

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Posted in Church of England (CoE), CoE Bishops, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Parish Ministry, Religion & Culture, Stewardship

(Economist) Russia’s invasion of Ukraine is running out of steam, again

Eighty years ago the second Battle of Kharkov was raging in what was then the western Soviet Union. The Red Army had heroically driven the Nazi Wehrmacht back from the gates of Moscow. It gathered in a bulge west of Izyum, a town to the south of Kharkov, as Ukraine’s second city was then known. The subsequent Soviet offensive, launched on May 12th, was a disaster. Soviet armies were driven back and encircled. Over 170,000 Soviet troops were killed. Nikita Khrushchev later focused on the battle when denouncing his predecessor as Soviet leader, Stalin. “This is Stalin’s military ‘genius’,” he sneered, citing the crude tactics of frontal assault. “This is what it cost us.”

The Russian army is once again gathered around Izyum. And once more it is on the retreat from Kharkiv, as the city is now called, after another underwhelming campaign. It has been a month since Russia, having abandoned its assault on Kyiv, launched a fresh offensive in the eastern Donbas region. The idea was to encircle Ukrainian troops in a large salient stretching from Izyum in the north to the city of Donetsk in the south, in part by driving south from Izyum.

There have been minor successes. Russia has taken almost all of Luhansk province—it held only the southern part before the war—bar a salient around the well-defended city of Severodonetsk. It has also pushed south of Izyum, taking villages towards Barvinkove, an important rail junction, and the industrial cities of Slovyansk and Kramatorsk. Yet progress has been achingly slow—one or two kilometres a day—and casualties heavy. The war is now dominated by grinding artillery duels, rather than swift mechanised offensives. Much of Donetsk province is still in Ukrainian hands.

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

(NYT) Ben Bernanke Sees ‘Stagflation’ Ahead

….he also suggests it is possible the nation could be in for a period of “stagflation,” a word Mr. Bernanke says was invented in the 1970s.

“Even under the benign scenario, we should have a slowing economy,” he said. “And inflation’s still too high but coming down. So there should be a period in the next year or two where growth is low, unemployment is at least up a little bit and inflation is still high,” he predicted. “So you could call that stagflation.”

He is particularly aware that runaway inflation can quickly become a political issue — possibly putting the Federal Reserve in the cross-hairs of the public — in a way that even unemployment doesn’t evoke. “The difference between inflation and unemployment is that inflation affects just everybody,” he said. “Unemployment affects some people a lot, but most people don’t respond too much to unemployment because they’re not personally unemployed. Inflation has a social-wide kind of impact.”

Mr. Bernanke appears to be somewhat concerned about the credibility of the Federal Reserve in the public consciousness, especially given the aggressive approach that he took in 2008 and that Mr. Powell continued during the pandemic. “I had this fantasy conversation in my head between Jay Powell and William McChesney Martin, where I think Martin probably would have had apoplexy or something because of the different things that intervening chairs have done,” he said, referring to Mr. Martin, the chair of the Federal Reserve from 1951 to 1970.

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Posted in * Economics, Politics, Economy, Federal Reserve

(BBC) East Africa drought: ‘The suffering here has no equal’

Families have become desperate for food and water. Millions of children are malnourished. Livestock, which pastoralist families rely on for food and livelihoods, have died.

The drought stretches far beyond this small Kenyan village and the UN’s World Food Programme says up to 20 million people in East Africa are at risk of severe hunger.

Ethiopia is battling the worst drought in almost half a century and in Somalia 40% of the population are at risk of starvation.

Read it all.

Posted in Africa, Climate Change, Weather, Dieting/Food/Nutrition, Ecology, Energy, Natural Resources, Poverty

The Bishop of Durham calls for end of the Two Child Limit

Bishop of Durham calls for the end of the Two Child Limit with Private Members Bill

Today, a Private Members’ Bill which would abolish the two child limit to Universal Credit was drawn from the ballot, to be introduced in the coming session by the Bishop of Durham. For the last five years, support provided by the child element of Universal Credit has been limited to the first two children. The Universal Credit (Removal of Two Child Limit) Bill would remove the restriction introduced in 2016 and reinstate entitlement of support for all children and qualifying young people.

The Bishop of Durham, the Right Reverend Paul Butler said about the bill: “There is a huge amount of evidence that says that the two child limit is pushing larger families into poverty. There were significant concerns about this raised at the time the limit was introduced, and they have proved true five years later.

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

(Economist) The war in Ukraine is spurring transatlantic co-operation in technology

A command centre to scan the digital realm for global disinformation campaigns. Standardised plugs for electric cars that will work both in America and in the European Union (eu) and so lower the cost of building the infrastructure needed to decarbonise. A transatlantic team to scout for attempts by China and others to manipulate global technical standards in their favour. These sorts of initiatives sound like common sense, but they are difficult in a world where even allies have competing regulators, vying for technological dominion. Happily, a transatlantic diplomatic undertaking that most people have never heard of is trying to change all that.

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The group in question, called the “Trade and Technology Council” (ttc), will convene in Saclay, a suburb of Paris, on May 15th and 16th. A constellation of grand officials from either side of the Atlantic—including America’s secretary of state, commerce secretary and top trade negotiator, and the eu’s commissioners for trade and competition—will be meeting for the second time. Whereas their first meeting in September in Pittsburgh was mainly meant for participants to get to know each other, the gathering in France will assess progress on their work so far and set goals for the next two years.

It is a momentous task. The ttc is the West’s response to efforts by China and others (notably Russia after its invasion of Ukraine) to build an autocratic digital world and bring the physical supply-chains that underpin it under their control. “The big question is whether democratic governments can develop a meaningful alternative,” explains Marietje Schaake of the Cyber Policy Centre at Stanford University. If America and the eu resolve their differences in tech, other countries are bound to follow their lead: the pair account for 55% of the global market for information technology, whose value is expected to reach a staggering $4.4trn this year, according to Gartner, a consultancy.

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Posted in Foreign Relations, Globalization, Russia, Science & Technology, Ukraine

(Economist) The Indian economy is being rewired. The opportunity is immense

Over the past three years India has endured more than its share of bad news and suffering. The pandemic has killed between 2.2m and 9.7m people. Lockdowns caused the economy to shrink temporarily by a quarter and triggered the largest internal migrations since partition in 1947, as city workers fled to their villages. Religious tensions have been simmering, stoked by the anti-Muslim chauvinism of the Bharatiya Janata Party (bjp), in power since 2014 under the strongman prime minister, Narendra Modi. Now a heatwave is baking the north of the country and the global oil- and food-price shock is battering the poor.

Yet as our Briefing explains, if you take a step back, a novel confluence of forces stands to transform India’s economy over the next decade, improving the lives of 1.4bn people and changing the balance of power in Asia. Technological leaps, the energy transition and geopolitical shifts are creating new opportunities—and new tools to fix intractable problems. The biggest threat to all this is India’s incendiary politics.

Since India opened up in 1991, its economy has prompted both euphoria and despair. One minute it is the next China: a rising superpower bursting with enterprising geniuses. The next it is a demographic time-bomb unable to generate hope for its young people; or a Wild West where Vodafone and other naive multinationals are fleeced. Over the past decade India has outgrown most other big countries, yet this has been overshadowed by a sense of disappointment. It has not engineered the manufacturing surge that enriched East Asia nor built enough big companies to marshal capital for development. Its fragmented markets and informal firms create few good jobs.

As the country emerges from the pandemic, however, a new pattern of growth is visible. It is unlike anything you have seen before. An indigenous tech effort is key. As the cost of technology has dropped, India has rolled out a national “tech stack”: a set of state-sponsored digital services that link ordinary Indians with an electronic identity, payments and tax systems, and bank accounts. The rapid adoption of these platforms is forcing a vast, inefficient, informal cash economy into the 21st century. It has turbocharged the world’s third-largest startup scene after America’s and China’s.

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Posted in * Economics, Politics, Economy, India, Politics in General

(Washington Post front page) Oil Sales Remain Russia’s Lifeline

Despite the European Union’s drastic measures to wind down imports of Russian oil, Moscow still has plenty of buyers — and at prices steep enough to keep government revenue high and its coffers flush.

Before the war with Ukraine, Russia sold about half of its 7.85 million barrels a day of crude and refined oil to Europe. But with the war and the E.U.’s vow to abruptly end its reliance on Russian oil and gas, the Kremlin has been benefiting from high world prices while looking for new customers and reorienting its export strategy toward Asia.

The windfall shows how hard it is to punish a major oil and gas power such as Russia when so much of the world — especially developing countries — depends on fossil fuels.

Even with “severe oil production cuts” expected this year, Russia’s tax revenue “will increase significantly to more than $180 billion due to the spike in oil prices,” according to Rystad Energy, an independent research firm advising investors. The figure is 45 percent higher than in 2021.

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

(BBC) Sri Lanka protests: Leaders under pressure as anger at economic crisis boils over

Security forces are out in force across Sri Lanka with orders to shoot looters on sight amid continuing protests at the government’s handling of a devastating economic crisis.

Despite a nationwide curfew, there was a second night of arson attacks.

Shops near Colombo were torched, as well as a resort owned by the son of ex-Prime Minister Mahinda Rajapaksa.

The ex-PM is holed up in a naval base after resigning when public fury erupted over fuel and food shortages.

At least nine people have been killed and about 200 injured in unrest since Monday.

Read it all.

Posted in Politics in General, Sri Lanka, Violence

(NYT front page) The Federal Reserve Confronts Why It May Have Acted Too Slowly on Inflation

Some Federal Reserve officials have begun to acknowledge that they were too slow to respond to rapid inflation last year, a delay that is forcing them to constrain the economy more abruptly now — and one that could hold lessons for the policy path ahead.

Inflation began to accelerate last spring, but Fed policymakers and most private-sector forecasters initially thought price gains would quickly fade. It became clear in early fall that fast inflation was proving to be more lasting — but the Fed pivoted toward rapidly removing policy support only in late November and did not raise rates until March.

Several current and former Fed officials have suggested in recent days that, in hindsight, the central bank should have reacted more quickly and forcefully last fall, but that both profound uncertainty about the future and the Fed’s approach to setting policy slowed it down.

Officials had spent years dealing with tepid inflation, which made some hesitant to believe that rapidly rising prices would last. Even as they became more concerned, it took the Fed’s large group of policymakers time to come to an agreement on how to respond. Another complicating factor was that the Fed had made clear promises to markets about how it would remove support for the economy, which made adjusting quickly more difficult.

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Posted in * Economics, Politics, Economy, Federal Reserve

C of E to provide up to £3 million to boost diocesan discretionary funds in face of rising cost of living

Decisions about the distribution of grants will be made at diocesan level but it is expected that people from the following groups will be eligible to apply:

–Stipendiary clergy, including curates
–Self-supporting ministers with a provided house (‘House-for-Duty’)
–Salaried lay workers employed by the diocese or parishes such as youth and children’s workers
–Retired clergy carrying out a specific role in support of Diocesan ministry as agreed by or at the request of a Bishop or Archdeacon

A Church of England report published last year backed targeted support for clergy facing financial challenges such as those with larger families or with no additional household income other than the stipend.

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Posted in * Economics, Politics, Church of England (CoE), Economy, England / UK, Parish Ministry, Personal Finance & Investing, Religion & Culture, Stewardship

(Guardian) God’s own gardens: why churchyards are some of our wildest nature sites

They are in nearly every village, town and city across the UK, thousands of church buildings peppering the landscape. But while many may no longer be in regular use, the churchyards surrounding them – quiet, peaceful and often ancient – amount to what Olivia Graham, the bishop of Reading, equates to “a small national park”. The land beyond the church gate is some of the most biodiverse in the UK because it has largely stayed untouched.

“A churchyard is a little snapshot of how the countryside used to be,” says Somerset Wildlife Trust’s Pippa Rayner, who is working on Wilder Churches, a new initiative with the diocese of Bath and Wells “to enhance churchyard biodiversity across the county”.

“Very often in a highly industrialised rural landscape, the fields around villages may be covered in agricultural chemicals. You often find that the churchyard is the one place in the area where they haven’t been using chemicals,” says Rayner. “The fact that they generally have been managed differently to the rest of the countryside, and they have been looked after in a different way, has enabled species to still be there,” she adds.

Read it all.

Posted in Church of England (CoE), Ecology, Energy, Natural Resources, Parish Ministry

(FT) ‘We are now living in a totally new era’ — Henry Kissinger

We are now [faced with] with technologies where the rapidity of exchange, the subtlety of the inventions, can produce levels of catastrophe that were not even imaginable. And the strange aspect of the present situation is that the weapons are multiplying on both sides and their sophistication is increasing every year. But there’s almost no discussion internationally about what would happen if the weapons actually became used.

My appeal in general, on whatever side you are, is to understand that we are now living in a totally new era, and we have gotten away with neglecting that aspect. But as technology spreads around the world, as it does inherently, diplomacy and war will need a different content and that will be a challenge.

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Posted in * Economics, Politics, Defense, National Security, Military, Foreign Relations, History, Military / Armed Forces, Politics in General, Science & Technology, Uncategorized

([London] Times) Boomers go on courses to understand young staff

Baby boomer and Generation X bosses are going on courses to help them understand younger employees and get more out of them in the workplace.

Experts say that millennials and Generation Z actually speak a different language to older colleagues, causing friction in the office.

It follows a tribunal last month in which a trainee accountant was sacked after his boss claimed he was “too demanding, like his generation of millennials”.

Dr Elizabeth Michelle, a psychologist who gives workshops on how to handle millennials — a term for people born between 1981 and 1996 — and Generation Z, born from 1997-2012, said: “As a psychologist, I work with so many different things but the main thing people have been interested in is millennials and now Gen Z.

“I think boomers are desperate to be able to work more productively with them and they are very frustrated because they are so different. Managers want to understand their employees better.

Read it all (subscription).

Posted in Anthropology, Corporations/Corporate Life, Economy, Labor/Labor Unions/Labor Market, Middle Age, Psychology, Science & Technology, Young Adults

(Economist) The spy in the sky that sees backwards in time

But there is a problem. Explosions are easy to see. For many tasks other than bomber-hunting, however, an awful lot of staring at screens looking for things that are out-of-the-ordinary is involved. People are bad at this—and there is, besides, a lack of willing eyeballs. A study published last year by researchers at the rand Corporation, a think-tank, showed that America’s air force has responded to the flood of data from wami sensors by archiving most of it without inspection. Better means of sifting wami footage are needed. And technology is starting to provide them.

Chips called graphic-processing units, borrowed from the video-game industry, are helping. So is machine learning, the basis of much modern artificial intelligence. But special tricks are also being deployed—for example, a mathematical technique called higher-order moments anomaly detection that can distinguish moving objects reliably from background clutter by looking at groups of pixels in a video and deciding whether their changes from frame to frame are the result of actual movement or just electronic noise.

Meanwhile, wami devices themselves are becoming yet more effective. The latest, announced on April 25th by Transparent Sky, a firm in Albuquerque, New Mexico, promises to take the technology to another dimension. Literally. The video images it shoots are 3d rather than the 2d of a normal wami feed.

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Posted in Defense, National Security, Military, Science & Technology

From the Standing Committee of the Anglican Diocese of South Carolina

This week, after much prayer and discussion as well as consultation with legal counsel, the Trustees and the Standing Committee of the Anglican Diocese of South Carolina unanimously decided not to seek a rehearing of the April 20 opinion from the South Carolina Supreme Court. Many of the parishes have reached this same conclusion, although eight* of those named in the lawsuit filed a petition yesterday for rehearing, based on their specific and unique circumstances. Several questions remain about how this decision will be implemented, including that of the betterments statute, which may have implications on how these issues are finally resolved.

Nevertheless, we are preparing for the next steps in bringing this dispute to a resolution and charting a creative path forward for the entire diocese, especially our affected parishes and our summer camp. These ministries will continue. Ministry does not depend upon geography as much as it depends upon the faithfulness of the Lord and the Spirit working in the people of God.

This news will no doubt be met with mixed emotions. While we are thankful that many of the parishes in the lawsuit have retained their property, we grieve as we face the loss of sacred spaces where generations have worshipped and met Jesus.

In his pastoral letter, Bishop Edgar reminded us that “the ministry of this diocese to a confused and broken world is dependent on God’s mercy and call, not on our property and resources.” This truth does not lessen our grief, but we grieve as a people with hope (1 Thess 4:13). God remains faithful, Christ still sits on the throne, and our mission remains clear – to proclaim the death, resurrection, and Lordship of Jesus. We will continue to do so boldly, even as we grieve, certain of our strong bonds of fellowship and the Easter hope of the resurrected Christ.

The Rev Tyler Prescott, President

The Standing Committee
The Anglican Diocese of South Carolina
Anglican Church in North America
126 Coming Street
Charleston, SC 29413

tylerp [at]goodsamaritansummerville[dot] org

* Parishes filing Petitions
1. Christ Church, Mt. Pleasant
2. Good Shepherd, Charleston
3. Holy Comforter, Sumter
4. Holy Cross, Stateburg
5, Old St. Andrews, Charleston
6. St. Jude’s, Walterboro
7. St. Luke’s, Hilton Head
8 Trinity, Myrtle Beach

Posted in * South Carolina, Ethics / Moral Theology, History, Housing/Real Estate Market, Law & Legal Issues, Parish Ministry

(BBC) Bradford: Wyke 5G phone mast plan refused for listed church

A 5G phone mast will not be allowed to be built on a 176-year-old Grade II-listed church in West Yorkshire due to concerns it could harm its appearance.

The spire at St Mary’s The Virgin in Wyke, Bradford, already has antennae attached and Cellnex UK had applied for permission to upgrade the base station.

But Bradford Council has rejected the application, saying it would “detract from the church’s architectural form”.

The building, dating back to the 1840s, was a “landmark”, the council said.

Although Cellnex’s planning application said 5G coverage in the area was “essential” and that any visual effect caused by a new mast would be outweighed by the benefits of 5G, Bradford Council’s conservation officer Jon Ackroyd disagreed, according to the Local Democracy Reporting Service.

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Posted in * Economics, Politics, Church of England (CoE), Economy, England / UK, Parish Ministry, Religion & Culture

(C of E) ‘It gave me back hope and ambition’– Lichfield Cathedral helps young people

More than 30 six-month work placements were made available by Lichfield Cathedral for 16 to 24-year-olds in the region. The roles available were in the Cathedral, churches, and organisations across the Diocese – providing valuable work experience for those impacted by the pandemic.

For some young people, like Gabriella, this opportunity proved to be life changing.

“In 2019, I began the year homeless” she explained.

“All the stress caused me to end up in hospital, which meant I missed my exams.

“Finding work was difficult to say the least.”

Read it all.

Posted in Church of England (CoE), England / UK, Labor/Labor Unions/Labor Market, Parish Ministry, Religion & Culture, Teens / Youth, Young Adults

(Scotus Blog) Tom Goldstein–How the leak might have happened

The question here is who believed they would benefit from leaking the opinion itself. That document was much more likely to rally liberals than conservatives. It brought home the fact that the court was poised to overrule Roe in much more concrete terms than merely leaking the vote. The opinion is also a full-throated attack on abortion rights and – with important caveats – substantive due process rights more broadly. And as a first draft – without the benefit of later refinement – it does not yet present the critique of Roe in its most persuasive form.

It is also important to look at the leak of the opinion through the lens of the fact that someone – almost certainly a conservative – had just before leaked the court’s tentative decision and the state of the voting to The Wall Street Journal. That leak was itself an extraordinary and unethical breach of confidences and certainly caused very deep concern inside the court.

My guess is that someone on the left felt somewhat justified in releasing the opinion in response. Through the opinion, one would see what the Journal was saying Kavanaugh and Barrett were considering. That leak was a historically unprecedented violation of the deepest and most solemn trust among the justices and the court’s staff. It wounded the institution.

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Posted in Ethics / Moral Theology, Law & Legal Issues, Supreme Court

Church Commissioners for England invest €30 million in sustainable infrastructure

The Church Commissioners for England have committed €30 million into European sustainable infrastructure with Pioneer Infrastructure Partners SCSp

The investment marks a continuation of the Church Commissioners’ commitment to reaching net zero as a signatory of the UN-convened Asset Owner Alliance

Pioneer Infrastructure Partners SCSp has secured commitments from other large institutional investors, including Texas Municipal Retirement Systems

Read it all.

Posted in Church of England (CoE), Ecology, Economy, Energy, Natural Resources, Ethics / Moral Theology, Religion & Culture, Science & Technology, Stock Market

(NYT) Get Ready for Another Energy Price Spike: High Electric Bills

Already frustrated and angry about high gasoline prices, many Americans are being hit by rapidly rising electricity bills, compounding inflation’s financial toll on people and businesses.

The national average residential electricity rate was up 8 percent in January from a year earlier, the biggest annual increase in more than a decade. The latest figures, from February, show an almost 4 percent annual rise, reaching the highest level for that month and approaching summer rates, which are generally the most expensive.

In Florida, Hawaii, Illinois and New York, rates are up about 15 percent, according to the Energy Department’s latest figures. Combined with a seasonal increase in the use of electricity as people turn on air-conditioners, the higher rates will leave many people paying a lot more for power this summer than they did last year.

The immediate reason for the jump in electric rates is that the war in Ukraine has driven up the already high cost of natural gas, which is burned to produce about 40 percent of America’s electricity. And supply chain chaos has made routine grid maintenance and upgrades more expensive.

Read it all.

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

(WSJ) Biden Officials Divided Over Easing China Tariffs to Slow Inflation

The Biden administration is split on whether to pare back tariffs on imports from China in an effort to cut consumer costs and reduce inflation, as the White House gives renewed consideration to a step that has divided officials.

On one side of the debate within the administration are Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo, who favor easing the tariffs on some of the roughly $360 billion annually of Chinese imports put in place under the Trump administration, according to people familiar with the matter.

On the other are Trade Representative Katherine Tai and others who are reluctant to relinquish U.S. leverage over China in a continuing effort to reshape Chinese economic behavior, according to the people.

President Biden has been undecided on the question but has recently revisited the issue as the White House looks to reduce the highest inflation in four decades, according to one of the people. The discussions come as the administration on Tuesday started a legally required review of the Trump-era duties. The U.S. Trade Representative is required to study the impact on tariffs first imposed in 2018 on the economy after four years.

Read it all.

Posted in * Economics, Politics, America/U.S.A., China, Economy, Foreign Relations, Globalization, Politics in General

(WSJ) Food Banks Are Serving More People Again as Inflation Squeezes Budgets

Food banks are straining to meet growing demand caused by rising food prices, which are pinching budgets for households and the organizations themselves.

Forgotten Harvest, which serves the metro Detroit area, said demand increased 25% to 45% since December in different areas it serves. In March alone, demand rose 30% compared with the previous month.

Christopher Ivey, a spokesman for the food rescue, says metro Detroit is at the front of the bell curve, experiencing economic ripples before they hit other parts of the U.S.

“The need is growing quickly, as gas prices are continuing to rise,” he said. “As you know, there are shortages in the grocery store and the costs of the commodity goods are going up and up and up,” he said, adding that the organization is challenged by the increased demand but is still able to fulfill the needs of the public.

With inflation at a four-decade high, American households are feeling the pinch of higher prices across a range of products and services. The price of food at grocery stores in March was 10% higher than a year earlier, while food prices at restaurants were 6.9% higher than in March 2021, according to the Labor Department’s most recent consumer-price index.

Read it all.

Posted in * Economics, Politics, Dieting/Food/Nutrition, Economy, Personal Finance, Poverty

Politico’s overnight Supreme court draft Leak Story that set Washington DC aflutter

The Supreme Court has voted to strike down the landmark Roe v. Wade decision, according to an initial draft majority opinion written by Justice Samuel Alito circulated inside the court and obtained by POLITICO.

The draft opinion is a full-throated, unflinching repudiation of the 1973 decision which guaranteed federal constitutional protections of abortion rights and a subsequent 1992 decision – Planned Parenthood v. Casey – that largely maintained the right. “Roe was egregiously wrong from the start,” Alito writes.

“We hold that Roe and Casey must be overruled,” he writes in the document, labeled as the “Opinion of the Court.” “It is time to heed the Constitution and return the issue of abortion to the people’s elected representatives.”

Read it all.

Posted in America/U.S.A., Anthropology, Children, History, Law & Legal Issues, Life Ethics, Science & Technology, Supreme Court

(NYT front page) Inside China’s Zero-Covid Fortress, Xi Admits No Doubts

China’s leader, Xi Jinping, waved at crowds of giddily cheering students. He held meetings with Olympic Games officials, economic policymakers and European leaders. He toured a tropical island.

But there was a revealing gap in Mr. Xi’s busy itinerary last month, exposing the predicament that Covid is creating in a politically crucial year when he hopes to extend his hold on power. He stayed behind the scenes when it came to China’s biggest, most contentious lockdown since the pandemic began.

Throughout April, Mr. Xi gave no public speeches focused on outbreaks in China as its biggest city, Shanghai, shut down to try to stifle infections, and then Beijing went on alert after a burst of cases. Nor did Mr. Xi directly address the 25 million residents of Shanghai who have been ordered to stay at home for weeks, despite their complaints of scarce food, overwhelmed hospitals and confusing zigzags in mass quarantine rules.

“He wants to deliberately keep a certain distance in from Shanghai,” said Deng Yuwen, a former editor of a Communist Party newspaper who now lives in the United States. “No doubt, he’s doing a lot about fighting the pandemic behind the scenes, but of course he does not want to be directly drawn into the mess in Shanghai.”

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Posted in China, Health & Medicine, Politics in General

(NYT) China’s Covid Lockdown Outrage Tests Limits of Triumphant Propaganda

Immediately after Beijing said it had detected a new coronavirus outbreak, officials hurried to assure residents there was no reason to panic. Food was plentiful, they said, and any lockdown measures would be smooth. But Evelyn Zheng, a freelance writer in the city, was not taking any chances.

Her relatives, who lived in Shanghai, were urging her to leave or stock up on food. She had spent weeks poring over social media posts from that city, which documented the chaos and anguish of the monthlong lockdown there. And when she went out to buy more food, it was clear many of her neighbors had the same idea: Some shelves were already cleaned out.

“At first, I was worried about Shanghai, because my family is there, and there was no good news from any of my friends,” Ms. Zheng said. “Now, Beijing is starting, too, and I don’t know when it will land on my head.”

Anger and anxiety over the Shanghai lockdown, now in its fourth week, has posed a rare challenge for China’s powerful propaganda apparatus, which is central to the Communist Party’s ability to stifle dissent. As the Omicron variant continues to spread across the country, officials have defended their use of widespread, heavy-handed lockdowns. They have pushed a triumphalist narrative of their Covid response, which says that only the Chinese government had the will to confront, and hold back, the virus.

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Posted in China, Health & Medicine, Politics in General

(Washington Post) Looming ground battle is crucial phase in Ukraine, U.S. officials say

U.S. military officials assess that a crucial, and perhaps decisive, phase of the Ukraine war is shaping up in the eastern part of the country, where Russian troops may surround Ukrainian forces in hopes of pummeling them in an epic, long-distance ground battle reminiscent of the last century.

New U.S. shipments of heavy artillery and counter-artillery radar, tactical drones, armored vehicles and other equipment are being rushed to Ukraine before tens of thousands of troops, amounting to up to half of the Ukrainian army, are caught in what is known as a “double envelopment” maneuver that would bring them under simultaneous attack from two sides.

The Ukrainians are located in a north-south crescent between deep Russian lines in the southeastern Donbas region, and a potential pincer movement to their west.

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