Economist Nicole Gelinas, a fellow at the Manhattan Institute, explains the recent financial crisis in this brief video. Did banks fail us? No, she says. The problem is that the U.S. government has become too closely tied to banks, enabling their bad financial practices.
The summer of 2014 saw an overwhelming amount of children making their way, illegally, across the southern U.S. border. Thousands of children and adolescents overwhelmed the Border Patrol and social service agencies. Are we gearing up to see the same type of event this summer? It’s beginning to look that way.
We are not nearly at the numbers we were last year, but it looks like we are in the opening stages. We had two groups equal a little over 70 in one hour today. These were women and children,” said Agent Cabrera. “We’ve also seen a lot of children traveling alone.” (more…)
For decades The Episcopal Church (ECUSA) has faced declining membership (in 1966, the ECUSA had 3,647,297 members; by 2013, the membership was 1,866,758, a decline of 49 percent.) But even when people are leaving the pews someone still has to pay for those pews, as well as the other overhead costs that come with running a large organization. Not surprising, the denomination has sought ways to bring in additional revenue.
Currently, the ECUSA has two primary sources of income. According to its latest audited financial statements for the calendar year 2013, it received a little over $27 million from its member dioceses, and it received half as much again, or $13.8 million, from the federal government.
As A.S. Haley notes, the money ECUSA received from the federal government was in connection with the services provided by Episcopal Migration Ministries, which assists the State Department in relocating refugees throughout the United States. That is certainly noble and necessary work, and the denomination should be commended for providing a valuable service to a vulnerable community.
But as Haley points out, the records show the ECUSA also makes a lot of money as a debt collector:
Earlier this year I declared that Bitcoin was (nearly) dead. But as The Princess Bride’s Miracle Max once explained, “There’s a big difference between mostly dead and all dead. Mostly dead is slightly alive. With all dead, well, with all dead there’s usually only one thing you can do.”
Right now, Bitcoin is only mostly dead. As an investment, it was the worst of 2014. As a currency, it was destroyed by the IRS by a single sentence (“For federal tax purposes, virtual currency is treated as property.”). All that really remains is for it to become a financial network. But then it will be likely killed (i.e., all dead) with one word: regulation.
Yesterday the State Department released its International Religious Freedom Report for 2013. A wide range of U.S. government agencies and offices use the reports for such efforts as shaping policy and conducting diplomacy. The Secretary of State also uses the reports to help determine which countries have engaged in or tolerated “particularly severe violations” of religious freedom in order to designate “countries of particular concern.”
“In 2013, the world witnessed the largest displacement of religious communities in recent memory,” is the depressing introduction to the report. “In almost every corner of the globe, millions of Christians, Muslims, Hindus, and others representing a range of faiths were forced from their homes on account of their religious beliefs.”
Because you had party balloons at your 7-year-old’s birthday party, you many not be able to get a MRI scan by the time your 70. At least that is the conclusion of some scientists who say the world supply of helium, which is essential in research and medicine, is being squandered because we are using the gas for party balloons:
In this week’s Acton Commentary, “Solyndra and the False Hope of Green Jobs” I look at the original problem with federally funded Green Jobs. The Solyndra debacle has been called a “microcosm of Obamanomics,” an example of what always happens when the Federal Government starts handing out $500 million checks. That’s true, but it’s a microcosm of something more — of an economy that’s lost it’s understanding of vocation. We stumble around trying to “create jobs” by Congressional action without really knowing what a job is.
A concern for jobs, simply, is dangerous. The dignity of a man’s employment does not come from his salary per se. Rather, it comes from his nature — man is called to work, to till the soil, from the very beginning, and the nobility of his labor is wrapped up in both the activity itself and in its ends. It does not befit a man to do work that is of no consequence.
Sadly, in the rush to “create jobs” by government stimulus, little thought is given to what work really is, or how more of it can be created. It is considered enough that a job run from nine in the morning till five in the afternoon, and that it come with a regular paycheck.
The green jobs movement is especially guilty of this unthinking attitude — indeed, it has never been defined what a green job is, and various bodies give widely varying definitions. If it’s not known broadly what a green job is, it won’t be possible to know whether all green jobs are compatible with the dignity of human labor, and whether governments are really capable of spurring their creation.
The now ubiquitous pictures of the president’s visit to Solyndra last year perfectly illustrate our now-empty conception of work: it is the U.S. Government that now creates jobs, not the entrepreneur.
The risks taken within the free market by an entrepreneur are calculated to yield a profit. That profit is, as Pope John Paul II put it, “the result of the overall expansion of work and the wealth of society.” The entrepreneur must create meaningful jobs, or else face the consequences imposed by the market.
Governments, because of their coercive power, do not feel the consequences of failure. The Department of Energy is the entrepreneur’s antagonist: it has just taken $535 million and flushed it, over the course of two years, down the drain. The loss was unintentional, but predictable, and we should expect that it will happen again, because the department’s work as a regulatory body is to consume, not to produce—as long as it is pretended that a job is nothing more than a desk and a salary, “jobs” will be created at a loss.
No arm of the government can purchase jobs as commodities and promote the common good, because such a purchase commodifies the worker and strips him of the dignity of real work.
Full piece here.