Sunday, July 31, 2022
Pope Francis Hints at Retirement
Friday, July 22, 2022
Wednesday, July 20, 2022
Non-Profits Are Seeking IRS Classification As "Churches"
Europe Moves Towards Fuel Rationing
Saturday, July 16, 2022
The latest on Rome and the Methodists
Friday, July 15, 2022
The latest on the Greek Baptism scandal & etc.
The latest issue for Israel's ultra-orthodox Jews? Smartphones
Inflation is red hot but bonds are doing well. What gives?
What the heck is going on?
The answer is in two parts. First, a lot of traders think the inflation is peaking, and thanks to aggressive rate hikes, will start falling next year. Some of them are placing bets on that scenario.
Secondly, and IMO probably more significantly, as bad as things are here, they are significantly worse elsewhere. Europe is an economic disaster area thanks to severe shortages of just about everything compounded by Russia's war in Ukraine. Add to this are the highly justified fears that Russia might cut off oil and gas exports to Europe and you have something resembling a controlled state of panic over there. There is serious discussion of gas and fuel rationing for the first time since the aftermath of World War II.
Further is the slow reaction of foreign central banks to combat inflation which is worse in much of the rest of the world. Thus far it looks like in Europe the decision has been made that inflation is the lesser of evils and will need to be tolerated until the Ukrainian situation calms down and some normalcy returns to the broader economy. And it is even more pronounced in some less developed economies where inflation is so severe that it is threatening the stability of the country. Think Turkey, Argentina (a country with defaulting on their debt rivaling soccer for the national pastime) and Venezuela which, thanks to decades of socialism, was an economic basket case long before the pandemic.
All of this is making the US dollar highly attractive. A lot of foreign money is pouring into US securities which is driving down bond yields, despite the high inflation, and shoring up stock prices. In short, the dollar is looking like the safest house in a crappy neighborhood right now.
So, is there any upside to all of this for the average American? Not a lot, unless you are planning a trip abroad. In which case you will find your dollar delivering the best return in recent memory with all major currencies at multi-decade lows relative to the USD. If this continues it could prove injurious to the American economy as our goods and services will become more expensive to export and foreign goods and services will become cheaper.
Wednesday, July 13, 2022
Inflation Hits 9%
Monday, July 11, 2022
India Set to Become World's Most Populous Country
Wednesday, July 06, 2022
UK: Boris Johnson Faces Massive Tory Revolt [It's Over]
Friday, July 01, 2022
New York's New Gun Laws
Thursday, June 30, 2022
Huzzah for Ukraine!
They have retaken Snake Island. Tactically a modest victory, but strategically an important one. This war is likely to be long and bloody with lots ups and downs. No matter the cost or inconvenience of high prices, Russia must not win. Ukraine is the front line of the latest war against fascist dictatorship and military imperialism. If Russia wins, I don't think the credibility of the West or NATO will survive. Every tyrant and would be strongman in the world is watching to see if there is still any real will to defend freedom.
So we must gird ourselves for the long struggle and be prepared to endure whatever comes. When I fill my car with gas at $5.00 a gallon, I remind myself that my home has not been bombed. My church has not been burned. My family has not been abducted and carried into a foreign land to God knows what fate. We, are not on the frontline. But if Ukraine falls, who will be next? Where does it stop?
RUSSIA MUST BE DEFEATED.
Sunday, June 26, 2022
Russian Orthodox Church Revokes Ukranian Church's Independence
So, the Russian Orthodox Church has declared the claimed independence of the canonical Ukranian Orthodox Church (MP) illegal. No surprise there. But they then went on to revoke their status as a self governing church and place them under the direct control of the Moscow Patriarchate. The sound you hear, is the roughly 6 million members of the UOC (MP) laughing hysterically.
Friday, June 24, 2022
Roe v Wade Reversed
Though not unexpected, it is still the most significant SCOTUS decision in a generation. The vote was 5:3 with Justice Roberts concurring in part.
Thursday, June 23, 2022
SCOTUS Strikes Down Restrictive New York Gun Law
Private citizens have a constitutional right to carry firearms outside their home for personal protection and states may not refuse permission to do so without good cause. The ruling was 6-3.
Read the decision here.
Wednesday, June 22, 2022
Debt and Credit
A City journal, advocating the passage of some sort of Loan or Treasury-Note Extension bill, naively remarks that it is "imperative that both parties in Congress should appreciate the importance of maintaining the Public Credit." Trite as this remark may seem, the course which our contemporary recommends does not appear to us to touch the root of the matter. The true way to maintain Public Credit is to evince a constant alacrity in extinguishing Public Debt. The Federal Finances are certainly this day in a worse plight by Forty Millions of Dollars than they were on the day of Mr. Buchannan's inauguration. That is, the Public Debt, on the 4th of March 1857, exceeded the cash in the Treasury by considerably less than Twenty Millions of Dollars; while the Public Debt of all sorts- including claims honestly due and payable- is now at least Seventy Millions, while the cash on hand is less than Ten Millions, and is likely to be nothing at all or thereabout at the close of the current month, or whenever the immediate payments under the new annual Appropriation bills shall have been made. In other words, the Tarriff and Mr. Buchannan's Administration have run the country in Debt at the rate of fully Ten Millions per annum. And the party unhappily in power insist that nothing shall be done, no step taken, toward the reduction of that debt. They give us no reason for believing that we shall do any better in the immediate future than in the immediate past, though they make a vague guess that we may, if the present Tarriff is maintained, begin to pay off our Debt some three or four years hence. That guess is directly in the teeth of all the facts bearing on the case.
We know there are time wherein Public Debt cannot be paid off- times of war, of pestilence, of general disaster by fire, frost, flood, or drouth, & etc. The rule, then, would seem imperative, that a Nation in debt should never allow a year of peace and thrift to pass without paying off some portion of that debt, or at least devising and adopting measures whereby a surplus of revenue to be devoted to such payment shall be speedily secured. And this is the only policy which can give to Public Credit the fullest moral support. Dexterity in manipulating public debt- skill in shifting debt from one shoulder to the other, so that it shall scarcely be felt- readiness to renew debts as they fall due- and all manner of ingenious devices of like nature- pale their ineffectual fires before the simple and solid method of increasing income or reducing outgoes so as to have a liberal surplus of revenue each year to be faithfully applied to paying off successive installments of the Public Debt. And this is the policy which the Republicans now urge and the Democrats persistently defeat.
Source (pg4 columns 3-4)
Sadly, today we no longer have a conservative political party.