aus dessus des vieux volcans or le grand bleu

PfRC will be taking a much needed sabbatical soon. In the meantime, please stay-tuned to our little travel blog for continued adventures. Same cheesy time, same cheesy station. Fromage, fromage.

federalist papers or pensions and bounties

Here is a very interesting and engrossing read regarding the imminent debt-ceiling hanging over the US economy and reputation through the lens of legal opining and historical context from economist Bruce Bartlett.

The essay and analysis is not just one's usual recant of doom and gloom (however later well justified) but uses the current shutdown showdown as a point of departure to study the roots of the statutory and constitutional strictures. The 14th Amendment to the US Constitution contains a clause that makes public debt inviolable, inviting a way around the impasse—whose language and adoption was a direct outcome of the US Civil War when the recently re-incorporated confederate states were disinclined to contribute to Union outlays. There are differences of opinions whether such an argument can be invoked. Brokers like to accentuate the uncertain, since the movement of investments is how they make money, gleaning surcharges off the top, and as default becomes a sure thing, there are quite a few ideas here (particularly the inability for a government to truly prioritise obligations) to keep in mind.

if you want the thrill of love, i've been through the mill of love

In a surprising move, the diocese of Freiburg, under the leadership of the chairman of the German conference of bishops, has suggested that the Church doctrine of denying sacrament to congregants who divorce and then re-marry should no longer be applied universally, surely to set a precedent though disregarded by many already. Earlier attempts to change this attitude were shot down by none other than the former Pope, Cardinal Ratzinger as head of the Congregation for the Doctrine of the Faith, and this announcement is not exactly carte-blanche for those whose life-plans change, still importantly subject to counsel and reflection, but the move still represents a significant concession to welcome back into the fold many of whom were shut out

dowager or could you borrow me a dime?

Fiat currency, money, is in essence debt—that is why it bears the instructions “legal tender for all debts public and private,” and the capacity for governments to print, conjure more money is a function of their ability to incur more debt.

Financial houses, with the blessings of their host-governments, create investment instruments that telescope That relationship, in turn, is one based solely on trust, lest one begs usurious interest rates or hyper-inflation over confidence and reputation lost. Not only do opportunists stand to realise losses over this dicey negotiation, forced to demand ever higher collateral and receding promissory-notes and not knowing if they'll ever see these loans liquidated (through it's sufficient just in the off-putting in general) but also those pensioners and small-holders who contributed without stint to a nest-egg deferred. Risk-takers, naturally, assume a fair return on their investments, as in any scenario where an institution is exposed, perhaps overly so, to a board. One can only hope that if there is any license for dictates and demands, they are considered from all stake-holders, regardless of size and heft.