Earlier this month, the Chicago Tribune ran a story by Cezary Podkul on concerns raised by the Missionary Oblates Catholic community regarding commodities trading. Titled “For Nuns and Analysts Alike, Bank Commodity Earnings Are a Mystery,” the story focuses on Rev. Seamus Finn, the Oblates’ top dog, and his fears that Goldman Sachs’ trading practices negatively impact energy and food prices.
Because there’s nothing sweet about it.
As the 2012 Farm Bill moves through Capitol Hill, the policy debates are ramping up. The bill, projected to seriously cut the deficit, has garnered bipartisan support thus far, but will likely meet more resistance in the House. Whether or not the 2012 Farm Bill will cut its projected $23 billion dollars is subjective. Fluctuating crop prices and the extent to which the weather cooperates (pray for rain) will determine that. What is certain, however, is that under the the proposed legislation, Americans will continue to pay too much for sugar. As it stands now, the bill keeps the existing sugar program entirely intact. This benefits the 61,000 Americans employed in the sugar industry and works to the detriment of taxpayers, sugar farmers in the developing world, and the 988,000 U.S. employees in industries that rely on sugar.
Our friends at the Foundation for Research on Economics & the Environment (FREE) in Bozeman, Mont., have put together another strong slate of summer programs for clergy, seminary professors and other religious leaders with the aim of deepening their understanding of environmental policy. In its description of the program, FREE notes that many in faith communities “see an inherent conflict between a market economy and environmental stewardship.”
Major religious groups assert that pollution, deforestation, endangered species, and climate change demonstrate a failure of stewardship that requires reform. And of course they are correct—what, however, are the incentives and information generated by alternative reform policies? Some policies can have profoundly negative impacts on social well-being.
FREE’s goal is to help increase the understanding of religious leaders as they approach environmental policy. These leaders are influential nodes in a network of congregations, providing a conduit to disseminate market-based environmental ideas, potentially to millions of Americans.
FREE will help religious leaders understand the political economy dimensions of environmental policy reform. We will explain how basic economic principles can help achieve green goals with minimum sacrifice to social welfare. Together we will explore how a culture that values America’s founding ideals, secure property rights, and responsible prosperity, can also foster a healthy environment and promote social justice.
I’ve been to a number of these FREE events and have been impressed with the content — and that’s from someone who has grown “seminar averse” over the years. At FREE, faith leaders get the economic insights that are necessary for a deeper understanding of environmental stewardship. On the other side, policy analysts — including some of the FREE lecturers — get the faith insights that they do not ordinarily have access to in their own specialized fields. Yes, it is possible to bring together economic and moral thinking.
In a Bozeman Daily Chronicle piece titled “Environmental Stewardship and Social Justice,” FREE Chairman John Baden writes: Read more on Free Market Environmentalism for Religious Leaders…
More than a billion dollars has already been pledged to relieve victims of the drought-turned-famine ravaging the Horn of Africa. The stricken countries—Somalia in particular—do not have the technology and the infrastructure to deal with a major drought, and so in what is becoming a regular occurrence, the West is stepping in with aid.
Political news changes quickly, and now reports are coming out of Washington DC that Senator Dianne Feinstein, who has been leading the way in killing the ethanol subsidy and tariff, has struck a deal with Senators Amy Klobuchar and John Thune, two stalwarts for protecting ethanol. While the rumored deal does not indicate the repeal of the blending mandate it is a step in the right direction.
The future of corn ethanol is up in the air, and while the Senate gave signs of repealing both the subsidy and the tariff on imported ethanol, the bill the repeal was attached to failed and Congress is back to square one in the ethanol debate. The uncertain future of corn ethanol has brought forth discussion on the possibility of importing sugar cane based ethanol from Brazil.
Last week, Pope Benedict XVI addressed the annual conference of the UN Food and Agriculture Organization, and expressed particular concern over rising food prices and the instability of the global food market. In his 2009 encyclical Caritas in Veritate, the pope issued this challenge: “The problem of food insecurity needs to be addressed within a long-term perspective, eliminating the structural causes that give rise to it and promoting the agricultural development of poorer countries.”