Category : * Economics, Politics

(Local Paper front page) Domestic violence in South Carolina cost nearly $360M in 2020 – or $1M a day, study says

The financial cost of domestic violence in South Carolina runs to nearly $1 million a day when you add up the burden put on families, courts, law enforcement and the economy, a study conducted by researchers at the University of South Carolina says.

USC economist Dr. Joseph Von Nessen said the spread of domestic violence cost the state approximately $358.4 million in 2020 alone, a sum that victim advocates describe as leaving a “staggering” toll on the state’s health care facilities, businesses, nonprofits and the judicial system.

“Domestic violence does occur in every county in our state,” Von Nessen said Feb. 15 at a Statehouse press conference to discuss details of the findings. “So it is critical for us to make sure that there’s sufficient resources for intervention and support services within reach of all South Carolinians.”

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Posted in * South Carolina, Law & Legal Issues, Marriage & Family, Sexuality, State Government, Violence

(NYT front page) With Indoor Ski Resorts and Curling Schools, China Lifts Xi’s Sports Dream

In the southern Chinese city of Guangzhou, which has sweltering temperatures for much of the year, children are ditching their flip flops for skis and hitting the indoor slopes.

Out west, high up on the Tibetan Plateau, Qinghai Province has become an unlikely center for curling, the traditional Scottish sport known as “ice kettle” in Chinese.

Over in the northeastern province of Liaoning, a group of retired men gather every day in the winter to strap on helmets and hockey pads and face off on an outdoor ice rink.

Such scenes, once rare, are growing more common as the ruling Communist Party charges ahead with an ambitious campaign to transform China — large parts of which have never seen a single flake of natural snow — into a global winter sporting power.

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Posted in China, Foreign Relations, Globalization, Politics in General, Sports

(Telegraph) Ambrose Evans-Pritchard–Putin is close to winning in Ukraine

The other reason why Mr Putin may desist is if Germany and France have promised behind closed doors to give him what he wants without a war: Ukraine on a platter, stripped of sovereignty and locked into Moscow’s strategic orbit. To call it Finlandisation is a euphemism. It is closer to Russification.

We will find out soon enough what has been going on in these private sessions but it was revealing to see the ashen face and involuntary wince of Ukraine’s Volodymyr Zelensky as the German Chancellor spoke in Kyiv.

Mr Scholz did indeed seem to be pulling the rug from underneath his feet, deflating Ukraine’s hope of genuine independence with the soft-spoken words and careful precision of an employment lawyer, the Chancellor’s former job.

Markets are implicitly betting that a Western sell-out on Mr Putin’s terms is the likely outcome, and that Ukraine will be pressured into “voluntary” realignment – like the Czechs in 1938 – allowing business to continue as usual.

Utter cynicism is usually the safest bet.

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

A C of E Parish’s other flock helps it win environment award

For the past 30 years St Mary’s in Ticehurst, East Sussex, has invited the small flock – made up of six ewes and their lambs – into the churchyard for part of the year to increase biodiversity.

Penny Evans, a licensed lay reader at the parish, explained: “We now have Wiltshire Horns in the churchyard, which works very well with our churchyard conservation project.

“Wiltshire Horns do not need shearing, and so there is plenty of wool available for the birds’ nests.

“Birds even fill their boxes with cosy sheep wool. They also do an excellent job of looking after the grass in the churchyard.”

In fact, the sheep helped the church gain a Gold Eco Award from the environment charity A Rocha UK. It is only the 24th church to achieve the award.

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

(LA Times front page) Western megadrought is worst in 1,200 years, intensified by climate change, study finds

The extreme dryness that has ravaged the American West for more than two decades now ranks as the driest 22-year period in at least 1,200 years, and scientists have found that this megadrought is being intensified by humanity’s heating of the planet.

In their research, the scientists examined major droughts in southwestern North America back to the year 800 and determined that the region’s desiccation so far this century has surpassed the severity of a megadrought in the late 1500s, making it the driest 22-year stretch on record. The authors of the study also concluded that dry conditions will likely continue through this year and, judging from the past, may persist for years.

The researchers found the current drought wouldn’t be nearly as severe without global warming. They estimated that 42% of the drought’s severity is attributable to higher temperatures caused by greenhouse gases accumulating in the atmosphere.

“The results are really concerning, because it’s showing that the drought conditions we are facing now are substantially worse because of climate change,” said Park Williams, a climate scientist at UCLA and the study’s lead author. “But that also there is quite a bit of room for drought conditions to get worse.”

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

(Washington Post) David Ignatius–Putin’s impending ‘march of folly’ in Ukraine

The world will be watching in horror if Russia invades Ukraine this week — but just watching. Ukraine will fight alone, as Russian tanks roll across the flat, frozen terrain; precision bombs destroy key targets near Kyiv and other cities; and the country becomes a killing field unlike anything Europe has seen since 1945.

Russian President Vladimir Putin will quickly win the initial, tactical phase of this war, if it comes. The vast army that Russia has arrayed along Ukraine’s borders could probably seize the capital of Kyiv in several days and control the country in little more than a week, U.S. officials believe.

But then Putin’s real battle would begin — as Russia and its Ukrainian proxies try to stabilize a country whose people largely detest them. If just 10 percent of Ukraine’s 40 million people decided to actively resist occupation, they would mount a powerful insurgency. Small bands of motivated fighters subverted America’s overwhelming military power in Iraq and Afghanistan.

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

(NYT Op-ed) Ross Douthat–The huge Proliferation of Gambling in America is the Symptom of a Deeper Cultural Malaise

….in rationalizing our gambling regime by making it ever more universal, we’re following the same misguided principle that we’ve followed in other cases. With pornography, for instance, where the difficulty of identifying a perfectly consistent rule that would allow the publication of “Lolita” but not Penthouse has led to a world where online porn doubles as sex education and it’s assumed that the internet will always be a sewer and we just have to live with it. Or now with marijuana, where the injustice and hypocrisy of the drug war made a good case for partial decriminalization, but stopping at decriminalization may be impossible when the consistent logic of commercialization beckons.

The reliability of this process doesn’t mean that it can never be questioned or reversed. Part of what we’re witnessing from #MeToo-era feminism, for instance, is a backlash against the ruthless logic of an unregulated sexual marketplace, and a quest for some organic form of social regulation, some new set of imperfect-but-still-useful scruples and taboos.

But it’s a lot easier to tear down an inconsistent but workable system than it is to build a new one up from scratch — and the impulse to rebuild usually becomes powerful only once you’ve reached the bottom of consistency’s long slope.

I’m not sure where we are with gambling’s cultural trajectory. But every time this playoff season served up another ad for Caesars Sportsbook, it felt like a sign that we’ve accelerated downward, with a long way yet to fall.

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Posted in * Culture-Watch, * Economics, Politics, America/U.S.A., Consumer/consumer spending, Economy, Gambling, Law & Legal Issues, Personal Finance, Pornography, Sports, Supreme Court

(NYT) White House warns of ‘immediate’ threat of Russian invasion in Ukraine

The Biden administration warned on Friday that President Vladimir V. Putin of Russia could mount a major assault on Ukraine at any time, having built up formidable land, sea and air forces on three sides of its smaller neighbor.

U.S. intelligence officials had initially thought Mr. Putin was prepared to wait until the end of the Winter Olympics in Beijing before possibly ordering an offensive, to avoid antagonizing President Xi Jinping of China, a critical ally. In recent days, they say, the timeline began moving up, an acceleration that Biden administration officials began publicly acknowledging on Friday.

“We continue to see signs of Russian escalation, including new forces arriving at the Ukrainian border,” Jake Sullivan, the president’s national security adviser, told reporters on Friday, adding that an invasion could begin “during the Olympics,” which are scheduled to end on Feb. 20, and warned that all Americans should leave Ukraine in the next 24 to 48 hours.

U.S. officials still do not know whether Mr. Putin has decided to invade, Mr. Sullivan insisted. “We are ready either way,” he said. “Whatever happens next, the West is more united than it has been in years.”

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

(Uxolo) Is faith-based finance making a dent in impact investing?

With a mandate to make a positive change, religious organisations are among the richest asset owners and investors, and are increasingly looking at impact investments to make market returns. Unique to these investments are faith values, which decide the sectors, regions, and projects that receive the funds. In many cases, those values fit comfortably within the SDG puzzle. However, overall, faith-based investors have yet to develop major impact investing portfolios.

While there are no publicly available figures for the value of the assets owned by religious organisations, they are estimated to own over 7% of the Earth’s land surface. The Islamic finance industry was estimated to be worth $2.4 trillion at the end of 2017, according to the 2018 Global Islamic Finance Report, and in 2020 was almost $3 trillion, a figure that is expected to grow at a compound annual growth rate of 5% until 2024.

“What we do see is a big trend where faith-based investors have woken up and now understand that a lot of their assets are stuck in very traditional investment vehicles, as they need those revenues and returns from those investments to maintain churches, pay pensions, etc. So it is important for them to make sufficient returns, but they are also realising that in some cases there is a complete misalignment between their values and those funds they have been investing in,” says Maarten Toussaint, COO of FIIND Impact, an investment consultant and advisor, working with faith-based investors.

Even though faith-based investors have noble intentions, their investments are not bereft of returns. “We target market rate with our returns,” says Aaron Pinnock, senior impact investment analyst at the Church Commissioners for England. The portfolio’s target is returns of CPIH +4%. “So, in the last 30 years, our returns have averaged just over 9%, and that’s the kind of target that we are looking for going forward. We are not looking at impact as taking financial returns off the table, but it has to meet the kind of return requirement that will make other investments possible.”

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Posted in Church of England (CoE), Corporations/Corporate Life, Ecology, England / UK, Ethics / Moral Theology, Religion & Culture, Stock Market

(Economist) Sports betting in America is exploding

In early february Jim McIngvale, a businessman from Houston, crossed Texas’s border with Louisiana to place a $4.53m bet on his phone. In making America’s biggest-ever online bet, Mr McIngvale is pinning his hopes on the victory of the Cincinnati Bengals, the underdogs, in the Super Bowl on February 13th. He is the boldest among tens of millions of Americans who will place bets this weekend. His staggering wager reflects a broader trend: the market for legal betting is surging in America—along with attendant risks.

Since the Supreme Court struck down a law that banned sports gambling outside Nevada in 2018, 33 states as well as Washington, DC have legalised it. Seven more states have legislation in the works. The betting landscape is rapidly changing: 45m more Americans than last year can now legally bet on the 2022 Super Bowl in their home state. Many more, like Mr McIngvale, can travel to a neighbouring state to do so.

In less than four years, $97bn has been wagered in legal bets across America, yielding over $7bn in revenue for gambling operators and $923m in taxes. In October 2021 alone, Americans put down a record $7.5bn, 87% of it online. That was an eight-fold increase on the same month in 2018. Experts anticipate that the sports-betting market will keep growing. By 2028 it is expected to be worth $140bn.

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Posted in * Culture-Watch, America/U.S.A., Consumer/consumer spending, Economy, Gambling, Sports

(WSJ) Why High Gasoline Prices Could Stay High for a While

Despite rising consumption and dwindling inventories, producers have been slow to restore output to pre-pandemic levels. Spending on exploration and production has remained near its lowest level since the start of the shale drilling boom. The number of rigs drilling in North America also reflects the pullback.

Fuel consumption is likely to rise into the summer driving season, and as air traffic picks up. Demand is also rising internationally as more economies reopen after Covid-19 restrictions. The International Energy Agency has said it expects global demand for oil in 2022 to exceed pre-Covid-19 levels.

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Posted in Economy, Energy, Natural Resources

A front page NYT Profile piece on Prospective Supreme Court nominee and South Carolina Judge Michelle Childs

It was just before Christmas, and Jean H. Toal, then the chief justice of the South Carolina Supreme Court, was in a bind. She needed an emergency order drawn up, but the courthouse in Columbia, the state capital, was empty. She was relieved to reach someone who assured her, “Chief, I got it.”

It was J. Michelle Childs, then a state circuit court judge who had made a name for herself as one of the most adept on the bench.

“Within an hour she came back to me, and she had a complete order with footnotes and everything,” Judge Toal, now retired, recalled of the day more than a dozen years ago. “Days later, she delivered her child. So, she was über-pregnant and it was right at Christmas time, but she had her work ethic on full steam, as she always did.”

The memory sums up the reputation of Judge Childs, now a Federal District Court judge in South Carolina, who rose through the ranks of state schools, local government and the South Carolina legal system to the short list of potential Supreme Court nominees for President Biden, who has pledged to nominate a Black woman to replace Justice Stephen G. Breyer.

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Posted in * South Carolina, Law & Legal Issues, Office of the President, President Joe Biden, Race/Race Relations, Senate, Supreme Court, Women

(Economist) New robots—smarter and faster—are taking over warehouses

A decade ago Amazon started to introduce robots into its “fulfilment centres”, as online retailers call their giant distribution warehouses. Instead of having people wandering up and down rows of shelves picking goods to complete orders, the machines would lift and then carry the shelves to the pickers. That saved time and money. Amazon now has more than 350,000 robots of various sorts deployed worldwide. But it is not enough to secure its future.

Advances in warehouse robotics, coupled with increasing labour costs and difficulty in finding workers, has created a watershed moment in the logistics industry. With covid-19 lockdowns causing supply-chain disruptions and a boom in home deliveries that looks likely to endure, fulfilment centres have been working at full tilt. Despite the bots, many firms have to bring in temporary workers to cope during busy periods. Competition for staff is fierce. In the run-up to the holiday shopping season in December, Amazon brought in some 150,000 extra workers in America alone, offering sign-on bonuses of up to $3,000.

The long-term implications of such a high reliance on increasingly hard-to-find labour in distribution is clear, according to a new study by McKinsey, a consultancy: “Automation in warehousing is no longer just nice to have but an imperative for sustainable growth.”

This means more robots are needed, including newer, more efficient versions to replace those already at work and advanced machines to take over most of the remaining jobs done by humans. As a result, McKinsey forecasts the warehouse-automation market will grow at a compound annual rate of 23% to be worth more than $50bn by 2030.

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Posted in Corporations/Corporate Life, Science & Technology

The Archbishop of Canterbury’s presidential address to General Synod today

A society that forgets about God, that loses the sense that it needs God (something discussed in the second interview I did), that no longer desires God – for John’s gospel has desire at its heart – such a society loses the profound call to see the wholeness of the individual human person and the call to love, by that person being set free in relationship with others. And without the church, without that community of faith, as the salt and light of that society, that society loses its way. Without God it cannot maintain a determining objective except power. As Nietzsche shows so clearly. Jacques Maritain, the Roman Catholic philosopher, wrote during the deepest darkness of 1942;

‘…deprived of a determining objective, political communion will carry its demands to the infinite, will absorb and regiment people, swallow up in itself the religious energies of the human being. Because it is not defined by a work to be done, it will only be able to define itself by its opposition to other human groups. Therefore, it will have essential need of an enemy against whom it will build itself; it is by recognizing and hating its enemies that the political body will find its own common consciousness.’[1]

Does that not speak to us as much today as it did in 1942? From the individual events like the shocking, disturbing and utterly abysmal harassing of Keir Starmer and David Lammy yesterday, to the threats of war in Eastern Europe, to the actual wars around the world. Do we not see societies forgetting God and therefore existing by the creation of an enemy. Do we not see it in our own society, and I fear do we not see it far to often in our own church?

And so in politics our concern about truth-speaking and truth-acting is not about political groupings – or in the church – but about where we find the foundations for confidence in government, confidence in leadership and above all the confidence in one another which enables us to function as a good society which seeks the common good.

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Posted in --Justin Welby, Anthropology, Archbishop of Canterbury, Church of England (CoE), England / UK, Ethics / Moral Theology, Politics in General, Religion & Culture

(Economist) Disney, Netflix, Apple: is anyone winning the streaming wars?

A teenaged girl who periodically transforms into a giant panda is the improbable star of “Turning Red”, a coming-of-age movie from Disney due out next month. The world’s biggest media company, which will celebrate its 100th birthday next year, is no adolescent. But Disney is going through some awkward changes of its own as it reorganises its business—worth $260bn—around the barely two-year-old venture of video-streaming.

So far the experiment has been a success. The company’s streaming operation, Disney+, initially aimed for at least 60m subscribers in its first five years, ending in 2024. It got there in less than 12 months, and now hopes for as many as 260m subscribers by that date. Bob Chapek, who took over as chief executive just before the pandemic, is convinced that Disney’s future lies in streaming directly to the consumer, his “north star”. Disney+ is all but guaranteed to be among the survivors of the ruthless period of competition that has become known as the streaming wars.

But doubts are surfacing across the industry about how much of a prize awaits the victors. Every year Disney and its rivals promise to spend more on content. And yet the growth in subscribers is showing signs of slowing. A realisation is setting in that old media companies are pivoting from a highly profitable cable-TV business to a distinctly less rewarding alternative. Amid a bout of market volatility which last week saw Alphabet’s and Amazon’s share prices rise by a tenth or more and Meta’s fall by a quarter, investors are awaiting Disney’s quarterly results on February 9th with some trepidation. So, too, is Mr Chapek, whose contract expires one year from now.

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Posted in Blogging & the Internet, Corporations/Corporate Life, Movies & Television, Science & Technology

(WSJ) Dismal Russian Record in Occupied Eastern Ukraine Serves as Warning

The Russian-controlled areas of Ukraine’s Luhansk and Donetsk regions were once the engines of the country’s economy and dominated its politics.

They produced its richest man, billionaire industrialist Rinat Akhmetov, as well as former President Viktor Yanukovych, ousted by the street protests that triggered the Russian invasion in 2014.

Since then, however, the two areas—now nominally independent “people’s republics” inside the larger regions of Luhansk and Donetsk—have turned into impoverished, depopulated enclaves that increasingly rely on Russian subsidies to survive. As much as half the prewar population of 3.8 million has left, for the rest of Ukraine, more prosperous Russia or Europe. Those who remain are disproportionately retirees, members of the security services and people simply too poor to move. Current economic output has shrunk to roughly 30% of the level before the Russian invasion, economists estimate.

As Russian President Vladimir Putin is massing more than 100,000 troops for a possible broader invasion of Ukraine, the developments in Donetsk and Luhansk show what many fear could happen to the rest of the country if he were to carry that out. The dismal record of Russian rule is one reason so many Ukrainian citizens, including Russian-speakers, are ready to take up arms so that their hometowns won’t meet the same fate.

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

Investors hold mining companies to account following Church of England intervention

A memorial event at which families of those killed in the devastating Brumadinho disaster shared testimonies and prayers, has catalysed investors to take further steps in recognition of the profound risks caused by tailings facilities.

Following the memorial event, Responsible Investor magazine contacted unresponsive companies named, during the event, resulting in further disclosure about tailings from ArcelorMittal. The Church of England Pensions Board has called on the company to publish its support of the global industry standard, and continue to make relevant disclosures for their facilities.

The event marked the third anniversary of the Brumadinho disaster. During the event the Church of England Pensions Board together with the United Nations Environment Programme provided an update on the implementation of the Global Industry Standard on Tailings Management (GISTM).

The £3.5/$4.7 billion Church of England Pensions Board, which set up and leads the 100 strong coalition of investors representing USD $20 trillion under management that form the Investor Mining and Tailings Safety Initiative, also announced that they will vote against the chairs of company boards at companies in which they invest that have not confirmed their intention to implement the Industry Standard.

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Posted in Church of England (CoE), Corporations/Corporate Life, Ethics / Moral Theology, Pensions, Stock Market

(Church Times) ‘Levelling up’ funding not enough, says Bishop Wilcox of Sheffield

Funding set aside to regenerate 20 towns and cities outlined in the Government White Paper Levelling Up, “barely begins to address the chronic under-investment of recent decades”, the Bishop of Sheffield, Dr Pete Wilcox, has warned.

The White Paper, published on Wednesday, consists of 12 “national missions” to be achieved by 2030, including missions to close gaps in wealth, employment, education, training, 5G broadband, homeownership, and life expectancy in the UK — particularly between the north and south of England. It also pledges to reduce homicide and serious violence in the worst-affected areas, and offer a “London-style” devolution deal to every part of England which requests one, supported by the £2.6-billion UK Shared Prosperity Fund, which is to be decentralised to local leaders.

One of the central proposals is to “restore local pride” in 20 towns and cities, beginning with Wolverhampton and Sheffield, with “King’s Cross-style” regeneration projects. To fund this, from April, £1.5 billion of the £1.8 million announced in the October Budget to bring 1500 hectares of brownfield land into use will be redirected towards the north and the Midlands.

In November, Wolverhampton and Sheffield were respectively promised £20 million and £37 million towards the scheme; a further £28 million was allocated to the West Midlands Combined Authority, and £13 million for the South Yorkshire Combined Authority on Sunday.

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

How a plot of unused church land helped families priced out of the housing market

St John’s Church in Keswick in the Lake District made half a hectare of land next to its graveyard that was too stony and waterlogged for burials available to the town’s then newly-formed Community Housing Trust.

The land now has 11 three-bedroomed houses and the trust has gone on to build a further 30 homes in the town on other plots. The latest four – three, three-bedroomed houses and one two-bedroom house – were built on land provided by the Methodist Church on the site of a demolished church hall.

Around half the homes built by the trust are for shared ownership and the other half are let out at rents that are truly affordable in perpetuity – measured in relation to local earnings, not market rents.

Bill Bewley, the Chair of Keswick Community Housing Trust, believes that up to 200 people have been housed as a result of the trust’s work so far with further potential plots of land for housing being explored.

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Posted in Church of England (CoE), Housing/Real Estate Market, Parish Ministry, Stewardship

(NYT) U.S. National Debt Tops $30 Trillion as Borrowing Surged Amid Pandemic

America’s gross national debt topped $30 trillion for the first time on Tuesday, an ominous fiscal milestone that underscores the fragile nature of the country’s long-term economic health as it grapples with soaring prices and the prospect of higher interest rates.

The breach of that threshold, which was revealed in new Treasury Department figures, arrived years earlier than previously projected as a result of trillions in federal spending that the United States has deployed to combat the pandemic. That $5 trillion, which funded expanded jobless benefits, financial support for small businesses and stimulus payments, was financed with borrowed money.

The borrowing binge, which many economists viewed as necessary to help the United States recover from the pandemic, has left the nation with a debt burden so large that the government would need to spend an amount larger than America’s entire annual economy in order to pay it off.

Some economists contend that the nation’s large debt load is not unhealthy given that the economy is growing, interest rates are low and investors are still willing to buy U.S. Treasury securities, which gives them safe assets to help manage their financial risk. Those securities allow the government to borrow money relatively cheaply and use it to invest in the economy.

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Posted in Budget, Ethics / Moral Theology, Federal Reserve, Politics in General, The National Deficit, The U.S. Government, The United States Currency (Dollar etc)

(BBC) Truro Cathedral to switch off floodlights to reduce its carbon footprint

Truro Cathedral’s floodlights will be switched off to help the environment, it has been announced.

Canon Elly Sheard said in a blog the decision was “a worthwhile start on the cathedral’s journey towards reducing its carbon footprint to zero”.

She added the move from the end of January was not based on costs, but welcomed the financial saving.

Cannon Sheard said they were looking to “phase out energy use in whatever ways we can” at the cathedral.

“Although the system has not worked fully for some time, the decision to cease floodlighting the cathedral has been taken more on environmental grounds than on the grounds of the costs of either repairs or continued use,” she said.

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

(NYT) As the U.S. Pulls Back From the Mideast, China Leans In

In January alone, five senior officials from oil-rich Arab monarchies visited China to discuss cooperation on energy and infrastructure. Turkey’s top diplomat vowed to stamp out “media reports targeting China” in the Turkish news media, and Iran’s foreign minister pressed for progress on $400 billion of investment that China has promised his country.

As the United States, fatigued by decades of war and upheaval in the Middle East, seeks to limit its involvement there, China is deepening its ties with both friends and foes of Washington across the region.

China is nowhere near rivaling the United States’ vast involvement in the Middle East. But states there are increasingly looking to China not just to buy their oil, but to invest in their infrastructure and cooperate on technology and security, a trend that could accelerate as the United States pulls back.

For Beijing, the recent turmoil in neighboring countries like Afghanistan and Kazakhstan has reinforced its desire to cultivate stable ties in the region. The outreach follows the American military’s withdrawal from Afghanistan after 20 years, as well as the official end of its combat mission in Iraq. That, along with the Biden administration’s frequent talk of China as its top national security priority, has left many of its partners in the Middle East believing that Washington’s attention lies elsewhere.

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Posted in America/U.S.A., China, Foreign Relations, Middle East, Politics in General

(Bloomberg) American families are feeling the financial squeeze of soaring inflation

American families are feeling the financial squeeze of soaring inflation and a persistent pandemic as fractious Democrats return to Washington this week no closer to a deal on a tax and spending bill party leaders hoped would by now provide relief.

Despite gangbusters growth at a 6.9% annual rate during the final quarter of 2021, other economic measures tell a very different story. Average wages are falling behind inflation and consumer sentiment plummeted in January to the lowest in more than a decade.

More Americans are having trouble paying their bills than at any time since last March, shortly before the Biden administration began distributing stimulus checks and other relief measures. Hunger is rising again.

It’s an ominous start to a midterm election year for Democrats struggling to hold on to razor-thin majorities in Congress. President Joe Biden began his term with ambitions to address long-festering economic inequalities and lift prospects for the poor and middle class but an intra-party rift has halted progress on his centerpiece tax and social spending plan.

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Posted in America/U.S.A., Consumer/consumer spending, Economy, Personal Finance

(Church Times) Pensions Board puts pressure on mining companies to adopt global safety standards

On the third anniversary of the mining disaster that killed 270 people in Brumadinho, in Brazil, the Church of England Pensions Board has stepped up the pressure on companies to adopt new global safety standards.

The disaster happened when a mine-waste facility, a tailings dam, collapsed. The new Global Industry Standard on Tailings Management was developed in response by a coalition of investors led by the Pensions Board and the Council on Ethics of the Swedish AP Funds…. Now, they have published the names of the companies that have committed themselves to the new measures.

Seventy-nine mining companies — one third of those employing tailings dams — have either made a commitment to the new Global Industry Standard on Tailings Management or are still assessing their compliance. The list includes several of the largest companies, including BHP, Anglo, Glencore, Rio Tinto, and Vale.

The Brumadinho disaster of 2019 is not an isolated incident. Another 12 such collapses have been reported in the past three years. In three instances — two of which took place in Myanmar and one in Peru — workers were killed. The collapses also cause significant environmental damage.

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Posted in Anthropology, Brazil, Church of England (CoE), Corporations/Corporate Life, Ethics / Moral Theology, Globalization, Labor/Labor Unions/Labor Market, Myanmar/Burma, Pensions, Stock Market

(NYT) Even Low Levels of Soot Can Be Deadly to Older People, Research Finds

Older Americans who regularly breathe even low levels of pollution from smokestacks, automobile exhaust, wildfires and other sources face a greater chance of dying early, according to a major study released Wednesday.

Researchers at the Health Effects Institute, a group that is funded by the Environmental Protection Agency as well as automakers and fossil fuel companies, examined health data from 68.5 million Medicare recipients across the United States. They found that if the federal rules for allowable levels of fine soot had been slightly lower, as many as 143,000 deaths could have been prevented over the course of a decade.

Exposure to fine particulate matter has long been linked to respiratory illness and impaired cognitive development in children. The tiny particles can enter the lungs and bloodstream to affect lung function, exacerbate asthma and trigger heart attacks and other serious illness. Earlier research has found that exposure to particulate matter contributed to about 20,000 deaths a year.

The new study is the first in the United States to document deadly effects of the particulate matter known as PM 2.5 (because its width is 2.5 microns or less) on people who live in rural areas and towns with little industry.

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Posted in Corporations/Corporate Life, Ecology, Health & Medicine

(CJ) A Generational Threat to Free Expression–Survey data show that Americans under 30 prize cancel culture over liberty.

The clash between socialist and liberal economics defined the late twentieth century, and this century brings a cultural version of that struggle. Today’s culture wars pit advocates of equal outcomes and special protection for identity groups against defenders of due process, equal treatment, scientific reason, and free speech. Our political map is taking shape around this new divide between what I will call cultural socialism and cultural liberalism.

Cultural socialism, which values equal results and harm prevention for identity groups over individual rights, has inspired race-based pedagogies and harsh punishments for controversial speech. Rooted in the idea that historically marginalized groups are sacred, this view is no passing fad. Letters, associations, universities, and media defending free speech notwithstanding, the young adherents of cultural socialism are steadily overturning the liberal ethos of the adult world.

Survey data from my new Manhattan Institute report, “The Politics of the Culture Wars in Contemporary America,” show the scale of the challenge. While the American public leans two-to-one in favor of cultural liberalism, a majority of Americans under 30 incline toward cultural socialism. For instance, while 65 percent of Americans over 55 oppose Google’s decision to fire James Damore for having questioned the firm’s training on gender equity, those under 30 support the firing by a 59–41 margin. Similar gaps separate young and old people on similar instances of cancel culture, such as the oustings of Gina Carano (an actor fired from Star Wars for social media posts) and Brendan Eich (the former CEO of Mozilla forced out in 2014 for opposing gay marriage in 2008). Only part of this disparity stems from the fact that young people lean left: centrist young people, for instance, support Google over Damore by a 61–39 margin, while centrists over 55 support Damore over Google 58–42.

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Posted in * Culture-Watch, America/U.S.A., Education, Ethics / Moral Theology, Politics in General, Young Adults

(Telegraph) Ambrose Evans-Pritchard–Putin will never have another chance like this to overthrow the European strategic order

The Center for Strategic and International Studies in Washington has laid out the likely options for the Kremlin in an essay by CIA veteran Philip Wasielewski and CSIS security chief Seth Jones.

Mr Putin could peel off the Black Sea coast and link up to the Crimea, perhaps pushing beyond Odessa to deprive Ukraine of its entire coast. However, the British warning on Saturday suggests that he aims for total decapitation of the Ukrainian state.

He could seize the whole of Orthodox Eastern Ukraine as far as the Dnieper River. But this would leave a large enough rump to survive as a viable state and permanent headache.

The conquest would have to include Kiev, the great prize for Mr Putin, who harks back to Kievan Rus as the ancient cradle of the Russian nation in his mythologised ethno-nationalist version of history. His 7,000 word manifesto published last year dismisses the Ukrainian state as the invention of Soviet cartographers.

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

(Economist leader) Momentum is building for war in Ukraine

The first world war became inevitable once mobilisation orders had been issued in Berlin, argued A.J.P. Taylor, a British historian. The complexities of early-20th-century railway timetables, upon which troop movements then depended, made any alteration virtually impossible. Modern armies do not suffer the same constraints. But as Russia sends more and more units to Ukraine’s borders, a grim momentum is building.

Last week’s diplomacy yielded nothing. Some of Vladimir Putin’s demands are impossible for nato to accept, as he well knew. (Essentially, he wants nato never to admit new members, and to remove its forces from any country Russia threatens.) On January 19th President Joe Biden said that he expects Russia to “move in” on Ukraine.

On January 14th hackers sabotaged Ukrainian government websites, getting them to display a poster of the Ukrainian flag and map crossed out, and warning Ukrainians to “be afraid and expect worse”. Over 100,000 Russian troops are massed on Ukraine’s eastern border, with field hospitals and fuel dumps. “Battalion tactical groups” have arrived in Belarus, a Kremlin client state north of Ukraine, in apparent preparation for a two-front attack that would divide Ukrainian forces and menace the capital, Kyiv. Only a trigger is lacking, and America says it has evidence that a “false flag” operation is planned to allow Russia to claim its men had been attacked by Ukraine. The odds of war seem perilously high.

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

The Church of England restricts investment in climate laggards

The Church of England’s National Investing Bodies (NIBs) are delivering on their 2018 commitment to General Synod to engage with and disinvest from high carbon emitting companies that are not making progress to align with the goals of the Paris Agreement by 2023.

Twenty companies have made climate-related changes to stay off the Church’s restricted list since 2020.
Following extensive engagement efforts by the NIBs, nine companies made changes to meet the 2021 hurdles. As a result they stayed off the restricted list for a further year, while 28 companies that did not meet the latest climate hurdles were restricted.

These actions are part of the NIBs’ commitment to transitioning their portfolios away from companies that are unwilling to act and align their businesses with the Goals of the Paris Agreement. The climate hurdles were set by the NIBs using Transition Pathway Initiative (TPI) data. Additional exacting hurdles will come into force in 2022 and 2023.

The NIBs are founding members of TPI and are investor engagement leads in the Climate Action 100+ (CA100+) global engagement initiative. As long-term investors, the NIBs will continue to engage with companies to meet their climate objectives and build alliances with like-minded investors to engage with company boards and executives.

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Posted in Church of England (CoE), Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Religion & Culture, Stewardship, Stock Market

(FT) Gillian Tett om why we need to watch trucking costs fully to understand the US inflation problem

When America’s Bureau of Labor Statistics released data this month showing that consumer price inflation had surged to 7 per cent, many investors were shocked. No wonder: this marks the fastest jump since 1982.

But here is another number that should spark concern: 17 per cent. That was the annual inflation rate for overall trucking costs last month, according to a (deeply buried) section of the bureau’s data. For the long-haul trucking sector, the number was even scarier: 25 per cent.

That is bad news for business — and consumers — given that almost three-quarters of freight in America is moved by trucks. Or to put it another way, if you want to understand what lies behind that scary 7 per cent inflation number, don’t just track raw material, energy or cross-border shipping costs; watch those oft-ignored truckers too.

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Posted in America/U.S.A., Consumer/consumer spending, Corporations/Corporate Life, Economy, Federal Reserve, Travel