Economic

Mary’s Song

Mary and Jesus. Image courtesy Milena Moiola/shutterstock.com

Mary and Jesus. Image courtesy Milena Moiola/shutterstock.com

Mary, the mother of Jesus, sings at Christmas. It's not your typical carol. Hers is a song of thanks and praise, but Mary's sweet soprano voice is deceiving. 

Her canticle, The Magnficat, is recorded in the Gospel According to Luke. The text is assigned to be read in the churches Sunday.

Mary sings about politics and economics, the dangers of unchecked power and the foolishness of false pride, and what it means for persons and nations to eschew the common good. 

Mary sings of the outstretched arm of a Holy God who is effecting a great reversal in the world: the proud are scattered, the mighty brought low, the lowly raised up, the rich sent away empty and the hungry filled. 

Mary sings the world forward, toward a global community of justice and compassion. 

A first thought? How uncharacteristic of an expectant mother, this song! A second thought? Perhaps not so unusual. 

Robin Hood Returns to Europe - France Takes Up the Tax

Support for a Financial Transaction Tax is growingThe global movement to implement a small tax on some financial industry trades has gained its first European partner: France. Religious and economic reform groups have been leading the movement to implement versions of what has been called the "Robin Hood Tax" or the "Tobin Tax" since the 1990s. As global markets falter and national economies are brought to their knees by an unregulated financial industry, this financial transaction tax is one small way to impact global reform. 

With the passage of the new French budget, France becomes the first European country to impose a transaction tax on share purchases, including high-frequency trading and credit default swaps. The transaction tax, aimed at curbing market speculation, will be paid on the purchase of French stocks with market values of more than 1 billion euros ($1.2 billion).The bill’s passage into law marks “the first step toward fiscal reform and a move toward justice,” Finance Minister Pierre Moscovici said in a statement.
 
Here's an excerpt:

>>On 1 August, France became the first European country to introduce a new financial-transaction tax (FTT) on equity sales and high-frequency trading.

The FTT, often called a ‘Robin Hood tax', is a tax on selected products traded by the financial sector, such as equities, bonds, foreign exchange and their derivatives. Where those countries where such a tax has been introduced (in South Korea, South Africa, India, Hong Kong, the UK and Brazil), the tax may have been tiny (ranging between 0.005% and 0.5%), but it has raised substantial amounts of revenue. The FTT discourages high-risk financial operations and makes the financial sector pay its fair share of taxes. This is sensible: a reckless casino culture in parts of the financial sector caused the financial crisis. It is also fair: our governments bailed out the banks but left taxpayers with debts of trillions.<<

Read more here.

News: Morning Quick Links

Occupy Wall Sreet, false idols and a moral economy. Breaking the cycle of poverty. Poorest poor in U.S. hits a new record: 1 in 15 people. As poverty deepens, giving to the poor declines. Arianna Huffington: Shakespeare, the Bible and America's shift into a punitive society. Peaceful Occupy Oakland march followed by late-night clashes.

It's Finally Over -- and It Was Wrong

Finally, as President Obama has announced, this American war will soon be over, with most of the 44,000 American troops still in Iraq coming home in time to be with their families for Christmas.

The initial feelings that rushed over me after hearing the White House announcement were of deep relief. But then they turned to deep sadness over the terrible cost of a war that was, from the beginning, wrong; intellectually, politically, strategically and, above all, morally wrong.

The War in Iraq was fundamentally a war of choice, and it was the wrong choice.

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