Sunday, July 31, 2022

Pope Francis Hints at Retirement

Pope Francis has said that he can no longer travel like he used to because of his strained knee ligaments, saying his week-long Canadian pilgrimage was “a bit of a test” that showed he needed to slow down and one day possibly retire.

Speaking to reporters while traveling home from northern Nunavut, Francis, 85, stressed that he had not thought about resigning but said “the door is open” and there was nothing wrong with a pope stepping down.

“It’s not strange. It’s not a catastrophe. You can change the pope,” he said.

“I think at my age and with these limitations, I have to save[my energy] to be able to serve the church, or on the contrary, think about the possibility of stepping aside,” he said.

It was not the first time Francis has said that – should his health require it – he could follow his predecessor, Benedict XVI, who made history in 2013 by stepping down due to declining physical and mental health.

Francis used a wheelchair, walker and cane to get around during his trip.

Read the rest here.

Wednesday, July 20, 2022

Non-Profits Are Seeking IRS Classification As "Churches"

From Religion Clause

Both Baptist News Global and ProPublica have recently published lengthy investigative articles on the growing number of non-profit entities that have sought classification by the IRS as a "church" or "association of churches" or an "integrated auxiliary of a church." this exempts them from filing the annual Form 990 required of other non-profits. Form 990 disclose income, expenditures and compensation of officers, directors and key employees.

Europe Moves Towards Fuel Rationing

For the first time since the aftermath of World War II, much of Europe is preparing to impose fuel rationing in response to the serious threat of a Russian cut off of natural gas. 

Details

Friday, July 15, 2022

The latest on the Greek Baptism scandal & etc.

I'm not covering it. But for those interested, Byzantine Texas has been keeping up with the latest on this and the proposed and highly controversial consecration of a certain monk to the episcopacy. Just scroll through their recent posts.

The latest issue for Israel's ultra-orthodox Jews? Smartphones

Smartphones have become a volatile issue in the Haredi, or ultra-Orthodox, community since April, when Israel’s communications minister made it easier for Haredi to use smartphones without the knowledge of their rabbis, raising tensions within the Haredi community and between them and the rest of Israeli society.

Haredi Jews make up 12.6% of Israel’s population, or 16% of Israeli Jews, and are one of the country’s fastest-growing communities. And though the term actually refers to several diverse sects and denominations, all Haredim are united in their adherence to Jewish law in all aspects of their lives and their utter rejection of Western sensibilities. Rabbis learned in the law provide rulings on everything from modesty requirements for women to personal health to marital relations.

The Haredim regard themselves as upholding authentic Judaism, and most live in tightly knit communities — a lifestyle some refer to as a “ghetto by choice.” Surrounded by “walls of holiness,” they avoid the contaminating modern influences. Haredi schools focus on religious studies, and most skip core subjects such as English, science or math, leaving their graduates with few options in the job market. Encouraged to continue their religious studies, few Haredi men are wage-earners; those that are tend to work within the community.

Having created Haredi newspapers and magazines, their rabbis forbid neighborhood stores from selling secular newspapers. When television was introduced into Israel in 1965, the rabbis banned the “evil box” from adherents’ homes. Today, data shows, fewer than half of Haredi households own a television.

But digital communications, a greater threat to the cultural walls, are of more concern to the rabbis. Not only do digital tools offer access to inappropriate content, they open the way to chat groups and apps such as WhatsApp where Haredi can criticize the rabbis and even turn to lay sources of authority.
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Rabbinical bans on the computer and the internet have been less successful than the ban against television or secular press. Initially the rabbis completely banned the internet, but as the need for it in daily living and livelihoods increased, they allowed for filtered internet for home computers.

But the rabbis drew the line at smartphones. They organized the Rabbinical Committee for Communications, which, together with Israel’s three major cellular providers, created the “kosher” telephone — a stripped-down phone that blocks messaging, video, radio and internet.

The committee and the cellphone providers also created a dedicated set of numbers with their own area code, making it immediately obvious if a call is coming from an unsupervised device.

The committee blocked phone sex services — but also government welfare agencies, support centers for sexual and domestic violence (which the rabbis prefer to handle within the community) and secular organizations that assist people trying to leave the community.

When a change to telecommunications law in 2007 required Israeli cellphone providers to allow their customers to move between the companies while retaining the same personal phone number, further agreements exempted the kosher phone numbers.

The rabbis found other ways to support their bans. Posters on the walls of Haredi neighborhoods warn about the heavy spiritual price that comes with a nonkosher phone. Haredi media are not permitted to advertise products or services that direct consumers to secular phone numbers, and parents without an approved phone number cannot enroll their children in school. A man using an outside phone can’t be counted for a minyan — one of the 10 men needed for public worship. The children of families using smartphones are shunned for a shidduch (arranged marriage).

Officially, the campaign worked, and most Haredim use kosher phones, although specific data is not available. But others avoided the social pressure by simply holding two phones — one for use within the community, one for everything else.

Read the rest here.

Inflation is red hot but bonds are doing well. What gives?

So, inflation is smoking hot and the Fed is hiking interest rates by numbers not seen in decades. Normally this would be like the kiss of death for bonds. Yet after a sharp spike earlier in the year, bond yields have stabilized and even declined somewhat recently. And despite multiple warning signs of an impending recession, stocks have likewise found their footing and seem to be recovering a bit after the worst first six months of a trading year since 1970. Concurrently the US dollar is soaring against other currencies and gold, a traditional hedge against inflation, has gotten the snot pounded out of it over the last several weeks. 

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%

Paging Mr. Volcker. Mr. Paul Volcker please pick up the white courtesy phone.

Monday, July 11, 2022

India Set to Become World's Most Populous Country

India is on track to overtake China as the planet’s most populous country next year, according to a U.N. report published on Monday.

The report, from the population division of the U.N.’s Department of Economic and Social Affairs, said China and India were each home to over 1.4 billion people in 2022.

“India is projected to surpass China as the world’s most populous country during 2023,” the U.N. said. The Indian government’s census for 2011 put the country’s population at more than 1.2 billion.

“The global human population will reach 8.0 billion in mid-November 2022 from an estimated 2.5 billion people in 1950,” according to the U.N.’s report.

Read the rest here.

Wednesday, July 06, 2022

UK: Boris Johnson Faces Massive Tory Revolt [It's Over]

Defying parliamentary convention he is refusing to resign, for now. But the writing is on the wall. 

Live coverage here.

Update: It's over and it ended the only way it could have. Although he is dragging his feet, Johnson has agreed to go. 

Friday, July 01, 2022

New York's New Gun Laws

New York is preparing legislation to regulate private ownership and possession of firearms following the Supreme Court's decision that invalidated their "may issue" scheme for concealed carry permits. From the sound of it, the new legislation will be even more restrictive than before. So called "sensitive places" that will be off limits for armed citizens are expected to include, "government buildings, parks, mass transit, health and medical facilities, places where children gather, daycare centers, schools, zoos, playgrounds, polling places and educational institutions." In addition, the new law is expected to declare all privately owned businesses as presumptively invoking their owner's property rights to not allow firearms on the premises unless they post a sign clearly stating that armed persons are welcome. In short, it sounds like a concealed carry permit will be good for your car and some public sidewalks. And that's about it. The rest of the state is about to become a "sensitive place." Beyond that there are expected to be significant new requirements for getting a concealed carry permit including a requirement for a heavy-duty insurance policy. (The 2nd amendment equivalent to a poll tax?) Also in the proposed legislation is a requirement for a special license to buy ammunition. It sounds like the state is trying to stick its finger in the eye of the SCOTUS. I am skeptical as to how well that's going to work out. 

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. 

Details

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.

Monday, June 13, 2022

Crypto Crashes (again)

* Bitcoin drops below $24k. 
* $200 Billion lost over the weekend.
* Tech executives label crypto "a con." 

Update: As of 9:40 pm (EDST) Bitcoin is down 23%.

Wednesday, June 08, 2022

How San Francisco Became a Failed City

I'm not even going to try and excerpt this one. Rarely have I read such a damning indictment of the lunatic left, and coming from someone who is certainly left of center in their own right. Read it in its entirety here.