It’s been a while since we’ve had a GWCW update, so here are links to a couple of articles I just ran across at Watts Up With That:
A new Acton Notes is now available online. Acton Notes is a monthly newsletter published by the Acton Institute. This month’s issue features an article by Rev. Robert Sirico, president of the Acton Institute, about Socialism. Rev. Sirico points out a couple of ways in which to confront those who mistakenly hold to the fashionable ideology.
From a review in the New Yorker magazine (HT) of David Levering Lewis, God’s Crucible: Islam and the Making of Europe, 570 to 1215, in which the author
clearly regrets that the Arabs did not go on to conquer the rest of Europe. The halting of their advance was instrumental, he writes, in creating “an economically retarded, balkanized, and fratricidal Europe that . . . made virtues out of hereditary aristocracy, persecutory religious intolerance, cultural particularism, and perpetual war.” It was “one of the most significant losses in world history and certainly the most consequential since the fall of the Roman Empire.” This is a bold hypothesis.
To say the least. It is of course true that in the twelfth and thirteenth centuries Muslims had been in possession of a number of Aristotle’s works in Arabic that were not readily available in the Latin West. It isn’t so clear, however, that the depth and breadth of Greek philosophy and the classical virtues were saved by Islamic philosophers during the West’s “dark” ages. There’s much more on that here, including this summary:
Two weeks ago, French bank Société Générale announced that off-balance sheet speculation by a single “rogue trader” had cost the company 4.9 billion Euros ($7.2 billion). The scandal had enormous repercussions in international markets leading some commentators to decry the rotten nature of global “casino” capitalism and to call for the reversal of financial liberalization. However, the actual circumstances of the case do not justify more government intervention in financial markets but illustrate individual moral failings and poor internal governance on behalf of the bank.
A new report also suggests that a lack of internal controls and weak enforcement of existing rules may be the real source of the problem at one of the oldest banks in France.
On January 24th, Société Générale said that it had discovered a “massive fraud” through “a scheme of elaborate fictitious transactions.” The event caused a great stir not only for the magnitude of the bank’s losses but also because it is partly blamed for the worst European stock market collapse since September 11, 2001.
Jerome Kerviel, who worked as a junior trader in the arbitrage department at Société Générale, was responsible for betting on markets’ future performances. The bank claims that he had made unauthorized and concealed bets of around 50 billion Euros on European markets. According to the New York Times, Mr. Kerviel told prosecutors that his bets would have resulted in a profit of 1.4 billion Euros for the bank if they had been cashed out by the end of December. However, at the start of this year, stock markets experienced a sharp downturn turning the projected profits into losses.
The French bank discovered the bets in mid-January when auditors in the risk management office noticed a series of fictitious trades on its books. Société Générale then conducted a dramatic market sell-off operation in order to neutralize Kerviel’s deals. Traders estimate that the bank unwound contracts in the range of 20 billion to 70 billion Euros from January 21st to 22nd.
Many suspect that selling all these positions into an already volatile European market contributed to the shocking stock market performance in Europe around that time. This in turn, provoked an unexpected and controversial interest rate cut by the Federal Reserve of 0.75 per cent in order to protect the New York Stock Exchange which had been closed on the day when European markets dived. The curious series of events was summed up by a hedge fund manager who told Reuters that: “The real story here is basically, this guy, paid 100,000 Euros a year, sitting in some office at SocGen, forces the Fed to cut interest rates by 75 basis points, which is basically what happened”.
The huge and wide-ranging market repercussions have given ammunition to the critics of financial liberalization. An editorial of the French newspaper Libération sarcastically entitled “Casino” laments that no one controls the huge sums of money moving around in financial markets and demands tighter regulation of financial markets. It also claims that the scandal embarrasses President Sarkozy’s alleged embrace of laissez-faire capitalism. Read more on ‘Casino Capitalism’ or Personal Failure?…
Knowing the Gardener was a look at the "big picture" distinguishing God’s intent for Christian creation care from the rest of environmentalism.
But I must tell you friends, there’s a huge pitfall out there to avoid. It’s a pit God’s been tirelessly digging me out of for some time now. Paul points to it in Romans 8:
There is therefore now no condemnation to them which are in Christ Jesus, who walk not after the flesh, but after the Spirit… [Rom 8:1, KJV]
Salvation through Christ awakens us to a whole new perspective on creation care. But if we’re going to do anything fruitful for the planet in this new life our doing must be in the Spirit, not after our flesh.
But let me back up a bit… (click more to read on) Read more on Knowing the Gardener II – Abiding and Bearing Fruit…
I came across a troubling essay in this month’s issue of Grand Rapids Family Magazine. In her “Taking Notes” column, Associate Publisher/Editor Carole Valade takes up the question of “family values” in the context of the primary campaign season.
An update on the battle between Archbishop Chaput and the Colorado legislature over an ostensibly anti-discrimination bill that in fact infringes on religious liberty. (Acton’s Joseph Kosten ably defined the argument in this week’s commentary; I initially raised it here.)