Friday, September 17, 2021
Tuesday, September 14, 2021
If Francis can abolish the ancient liturgical rites of the West; why can't (or wouldn't) he do the same to the East?
I'm surprised that Geoffrey Hull, the author of "The Banished Heart," hadn't gone full Byzantine - his entire thesis is that Rome had destroyed or mutilated every one of the liturgies of its non-Latin "sui iuris" churches long before Vatican II and the 1970 "reforms".
Monday, September 13, 2021
Friday, September 10, 2021
Wednesday, September 08, 2021
The GOP is once again threatening the US Government with default on its debt by refusing to authorize the routine increase in the debt limit. (One notes they only seem to rediscover their concerns about spiraling debt when Democrats are in power.) It should go without saying that if they ever actually follow through with their threats, the consequences could be catastrophic.
Sunday, September 05, 2021
- The Untied States Government is running levels of debt as a percentage of GDP that have no historical precedent.
- The government is, and has been for years. forcing down interest rates in the bond market, thereby facilitating the government's unrelenting apatite for debt.
- The government is printing money like water.
- The government is spending hundreds of billions of that newly created money to buy its own bonds, at hugely depressed rates.
- All of the newly created money, in combination with the largest ever peacetime expansion of government spending, is sparking a sharp uptick in inflation, to the point that...
- Bonds now carry a de facto negative yield, no matter the credit quality or the duration of the bonds in question. This means that if you are buying a ten year US Government bond, currently yielding around 1.3%, with inflation at 5.4% as of July 2021, you are taking a 4% loss in the value of your investment right out the door as a consequence of currency debasement and lost purchasing power. Or, to put it in plain English, you are paying the Federal Government around 4% for the privilege of lending them money. In order to avoid a loss on that bond before it matures in ten years, inflation would have to drop to near zero or actually go negative for a prolonged period of time.
- The technical term for what we are seeing is financial repression. In this economic environment savers and those investing in fixed income securities are all but guaranteed to lose money when adjusting for inflation.
Friday, September 03, 2021
Thursday, September 02, 2021
Absolutely stunning film footage shot in the mid to late1920s during a trip by sea from Holland to the Dutch East Indies (modern Indonesia). Lots of stops along the way. This is part 1 which gets us as far as Singapore. The footage has been stabilized, speed corrected and colorized.
Tuesday, August 31, 2021
In general I eschew promotion or endorsements on the blog but I am going to make an exception here and respectfully call your attention to the TimeGhost history channel on YouTube. Among the various items they are producing is a weekly as it happened history of World War II. Currently we are entering September of 1942. There are several subseries covering various aspects of the war in greater detail. They also have produced a number of short series covering other topics such as the Indonesian War for Independence, the 1962 Cuban Missile Crisis, and their ongoing series covering the interwar decades. You can peruse their previous uploaded videos and subscribe to their channels at the links above. I have been consistently impressed by the quality and quantity of the material they put out, to the extent they are one of just a handful of YouTube channels I support via Patreon.
I now return you to your normally scheduled, whatever it is you do at this time of the day.