"In the Incarnation the whole human race recovers the dignity of the image of God. Thereafter any attack, even on the least of men, is an attack on Christ, who took on the form of man and in his own Person restored the image of God in all. Through our relationship with the Incarnation we recover our true humanity, and at the same time are delivered from that perverse individualism which is the consequence of sin and recover our solidarity with all mankind." Dietrich Bonhoeffer, Discipleship 1937
Tax collectors and sinners were all drawing near to listen to Jesus,
but the Pharisees and scribes began to complain, saying,
“This man welcomes sinners and eats with them.”
So Jesus told those indignant listeners this parable:
“A man had two sons, and the younger son said to his father,
‘Father give me the share of your estate that should come to me.’
So the father divided the property between them.
After a few days, the younger son collected all his belongings
and set off to a distant country
where he squandered his inheritance on a life of dissipation.
When he had freely spent everything,
a severe famine struck that country,
and he found himself in dire need.
So he hired himself out to one of the local citizens
who sent him to his farm to tend the swine.
And he longed to eat his fill of the pods on which the swine fed,
but nobody gave him any.
Coming to his senses he thought,
‘How many of my father’s hired workers
have more than enough food to eat,
but here am I, dying from hunger.
I shall get up and go to my father and I shall say to him,
“Father, I have sinned against heaven and against you.
I no longer deserve to be called your son;
treat me as you would treat one of your hired workers.”’
So he got up and went back to his father.
While he was still a long way off,
his father caught sight of him, and was filled with compassion.
He ran to his son, embraced him and kissed him.
His son said to him,
‘Father, I have sinned against heaven and against you;
I no longer deserve to be called your son.’
But his father ordered his servants,
‘Quickly bring the finest robe and put it on him;
put a ring on his finger and sandals on his feet.
Take the fattened calf and slaughter it.
Then let us celebrate with a feast,
because this son of mine was dead, and has come to life again;
he was lost, and has been found.’
Then the celebration began.
Now the older son had been out in the field
and, on his way back, as he neared the house,
he heard the sound of music and dancing.
He called one of the servants and asked what this might mean.
The servant said to him,
‘Your brother has returned
and your father has slaughtered the fattened calf
because he has him back safe and sound.’
He became angry,
and when he refused to enter the house,
his father came out and pleaded with him.
He said to his father in reply,
‘Look, all these years I served you
and not once did I disobey your orders;
yet you never gave me even a young goat to feast on with my friends.
But when your son returns
who swallowed up your property with prostitutes,
for him you slaughter the fattened calf.’
He said to him,
‘My son, you are here with me always;
everything I have is yours.
But now we must celebrate and rejoice,
because your brother was dead and has come to life again;
he was lost and has been found.’”
"One who believes may not be presumptuous; on the contrary, truth leads to humility, because believers know that, rather than ourselves possessing truth, it is truth that embraces and possesses us...
I think we are like the people who, on the one hand, want to listen to the Lord, but on the other hand, at times like to find a stick to beat others, to condemn others. And Jesus has this message for us: mercy. I think, and I say it with all humility, that this is the Lord's most powerful message: mercy. "
Happily we see that Anthony Sanders has found a new vehicle for his highly informative column, Confounded Interest, in case you wish to bookmark it.
The failure of the Fed and the regulators and the Solons of government is not terribly complex. What else would one expect if you address the symptoms badly, and do little or nothing to fix the very crux of the problem?
John Kenneth Galbraith said it quite succinctly some years ago. “Trickle-down theory - the less than elegant metaphor that if one feeds the horse enough oats, some will pass through to the road for the sparrows.”
It is like sending billions in aid to a corrupt, Third World nation, where little of what is sent actually makes it to the people for whom it is intended.
It is not the stimulus or the principle behind it that is discredited. What we have had is not the kind of stimulus designed to kick start aggregate demand. It has been the sustaining of the status quo, the continuation of a major policy error and widespread financial fraud, resulting in an asset bubble collapse and ongoing financial malaise.
It is the failure to reform, and to target aggregate growth and the well being of the public, which sadly takes last place on the agenda of those who have been blinded and corrupted by the greed and the power of Big Money.
And as we can see in this current presidential election, it is badly straining the social fabric of the Republic, and threatens to tear it apart. With regard to the history of temptations of the ages, this is a story that is 'as old as Babylon, and evil as hell.'
US Labor Market Still Weak After Trillions In Stimulus
By Anthony Sanders
And two employment indicators show that the US economy is back … to the worst levels prior to 2008. Both U-6 underemployment (total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force) and the employment-to-population ratio still remain grim.
Despite the massive fiscal and monetary stimulus (ZIRP and QE 1-3) thrown at the employment problem.
M2 Money Velocity keeps falling along with real median household income (both lower than in 2007).
While we got stagnant wages and almost 10% U-6 underemployment, we did get big increases in asset prices (house prices and stock market prices).
Industrial production (YoY) and total business sales (YoY) are in negative territory.
The purchasing power for consumers has decreased dramatically since the creation of The Federal Reserve System in 1913 under President Woodrow Wilson. But at least the volatility of industrial production declined. /sarc
At last bank credit growth is back at about 7.5% YoY. Mortgage credit growth (net) has barely broken into positive territory.
So after the $831 billion in fiscal stimulus in 2009 and the trillions in Fed monetary stimulus, dude, where’s my recovery?
"Gold still represents the ultimate form of payment in the world. Fiat money in extremis is accepted by nobody. Gold is always accepted."
Alan Greenspan, May 20, 1999
"Gold has worked down from Alexander's time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."
Bernard Baruch
"The commerce and industry of the country, however, it must be acknowledged, though they may be somewhat augmented [by paper money], cannot be altogether so secure, when they are thus, as it were, suspended upon the Daedalian wings of paper money, as when they travel about upon the solid ground of gold and silver."
Gold and silver were higher most of the day, with gold selling off a little after the markets closed in Europe and Asia. The wiseguys just could not resist taking it back down into the close. lol.
The handle on the potential cup and handle formation is not firmly set yet as gold failed to close over 1270, coupled with the initial weak retest of lower support in the early handle stages. Normally we would like to see a little arc, an interplay of buying and selling. This time it went straight down and then rallied steadily higher. It risks turning into more of an ascending wedge.
The bright side was that silver refused to give up most of its gains.
So much for Dodd-Frank, financial reform, and the integrity of the financial regulators.
I have to leave for an appointment now and will not be back until much later, so I will see you again Sunday evening.
Remember to care for the poor, the unfortunate, and all the creatures of His creation, as you would like someone to care for you and yours, whether they be 'deserving' or not, for His sake. This is the whole of the commandments and the law, the vitality of hope and faith, and above all love, which is the key to true life.
All the ceremony, the elaborate ritual and trappings, the worldly learning, the impressive rhetoric, the great shows and splendor, the zealous judgement and anger at the differences of others, will not sustain us for an instance, as they all will pass away in His kingdom, and are already as just the appearances but not the substance of faith.
Only love abides, and bring vitality to the seeds of faith. And to offend against love is to offend against the Spirit.
As we understand this, we aspire to wisdom, and the fundamental principles of His economy.
Have a pleasant weekend.
“We who used to value the acquisition of wealth and possessions more than anything else now bring what we have into a common fund and share it with anyone who needs it. We used to hate and destroy one another, and refused to associate with people of another race or country. Now, because of Christ, we live together with such people and pray for our enemies.”
Let us pray for those whose hearts are hardened against His grace and loving kindness by greed, fear, and pride, and the seductive illusion and crushing isolation of evil.
We pray that we all may experience the three great gifts of our Lord's suffering and triumph: repentance, forgiveness, and thankfulness. And in so doing, may we obtain abundant life, and with it the peace that surpasses all understanding.
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