August 1, 2014

Glad we got that one solved

money

HT: The Economist … [Read more...]

Met. Nicholas on Michigan’s Economic Crisis

Greek Orthodox Metropolitan Nicholas of Detroit discusses Michigan's severe economic decline -- caused by the state's close ties to the auto industry -- and its effect on the state's parishes in an interview with the Greek-American newspaper National Herald (available on the Orthodox Christian News site with free registration). To tell you the truth, our people have been affected in some ways, but not as strongly as some other communities because the majority of our people our educated people. There are scientists working for the auto companies and also people working in the lines, but many of those people have retired so either they received a buyout or pension. Most of the young people are working as doctors, lawyers, pharmacists. Interviewer Theodore Kalmoukos also asked Metropolitan Nicholas about the direction of the Church in America. The Metropolitan answered: I hope we are going to God’s kingdom, but in order to get there, we have to strongly proclaim the gospel … [Read more...]

WCC’s ‘Homespun’ Economic Fallacy

The World Council of Churches, which claims to speak for most Orthodox Churches around the globe, has formulated a number of proposals to reform the global financial system because of its inherent "injustice." General Secretary Samuel Kobia sees the need for new transnational financial watchdog organizations that will "qualitatively regulate the growth in massive movements in capital." The problem here is that Kobia fails to understand that a global economy requires an international flow of capital -- along with an international flow of goods and services and, very often, labor (indeed immigrant labor). In cataloging a long list of ills flowing from the current economic crisis, and the "neoliberal economic myth" of efficient markets, Kobia neglects to mention -- or fails to see -- how markets work to create wealth, economic growth and jobs. These are not things created by, as he would have it, "democratizing all global finance and trade institutions" across international boundaries. … [Read more...]