Sunday, October 02, 2022

Pope calls for courage in halting use of fossil fuels to protect planet


Pontiff tells young people he is pinning his hopes on their efforts to safeguard environment and help the poor



Associated Press in Assisi

Sat 24 Sep 2022 12.41 EDT


Pope Francis has called for courage in abandoning fossil fuels and lamented that older generations did not know how to protect the planet and secure peace.

The pope, who was visiting Assisi, the birthplace of his namesake saint who was close to nature, told young people on Saturday that he was pinning his hopes on their efforts in working to save the planet and to make the world’s economy more
attentive to the poor.

During his brief visit to the hill town in central Italy, Francis spoke to a gathering of 1,000 young people, some of them young economists. Others are involved in efforts, including start-ups, focused on helping the environment.

The participants came from all over the world. Among them was a woman who recounted to the pope how she and her husband were helped to flee Afghanistan after the takeover of the Taliban last year by an organisation called The Economy of Francis, which is inspired by the life of St Francis, with his attention to the poor and others in need.

The pope said a world economy is needed that expresses “a new vision of the environment and the Earth”.

“There are many people, businesses and institutions that are making an ecological conversion. We need to go forward on this road and do more,” Francis said.

The pontiff cited an urgent need to discuss models of development. “Now is the time for new courage in abandoning fossil fuels to accelerate the development of zero- or positive-impact sources of energy,” Francis said.

He told the young people: “Our generation has left you with a rich heritage, but we have not known how to protect the planet and are not securing peace.”

He lamented a lack of “creativity, optimism, enthusiasm”, and told young people that “we are grateful to God that you are here. Not only will you be there tomorrow, but you are here today.”



Justices Roberts, Barrett and Breyer celebrate Red Mass before 2022 Supreme Court term





Supreme Court Chief Justice John G. Roberts Jr., Justice Amy Coney Barrett and retired Justice Stephen G. Breyer were welcomed Sunday by Catholic leaders at the 70th annual Red Mass at St. Matthew’s Cathedral in Washington.

The Mass, which celebrates the administration of justice, was conducted the day before the Supreme Court’s 2022 term is scheduled to begin.

The ceremony dates back hundreds of years, and it is customary for some of the high court justices to attend. It’s referred to as the “Red Mass” because celebrants wear red.

The justices are set to hear arguments regarding the Clean Waters Act as the first case on the court’s docket on Monday.

The justices are returning to the bench at a time when trust in the court is wavering. A recent Gallup poll found only 40% of Americans approve of the job the justices are doing. Fifty-eight percent said they disapprove.

Only 47% said they had a “great deal” or “fair amount” of trust in the federal judiciary. According to Gallup, that’s a 20 percentage point drop from two years ago.

The survey, released Thursday, was conducted Sept. 1-16 and has a margin of error of plus or minus 4 percentage points.

The Supreme Court’s new term comes after the unprecedented leak of a draft opinion and the justices overturning national abortion rights in the previous term.

This year, the justices will weigh in on affirmative action, voting laws and religious liberty.

The Supreme Court’s oral arguments will continue to be livestreamed, and seating will be available for the public and press inside the courtroom, the court announced last week.

It’s a sign the nation’s highest court is returning to standard practice after two years of the pandemic that closed down the courtroom.

Although the court will be closed to the public for visits, there will be some seating available during arguments for observers.


Masking will be optional. And a live audio feed of the arguments will be made available on the court’s website and posted online after a hearing concludes. Before the pandemic, there was no live audio of arguments.


File source

Republic News USA



The John Carroll Society presents The 70th Annual Red Mass | Wilton Card...

 
CATHEDRAL OF ST. MATTHEW THE APOSTLE

The John Carroll Society presents The 70th Annual Red Mass | Wilton Cardinal Gregory | 10/2/2022

Scheduled for Oct 2, 2022



Roman Catholic Archdiocese of Washington

The Roman Catholic Archdiocese of Washington and The John Carroll Society invite you to join the 70th Annual Red Mass via Livestream on Sunday, October 2, 2022, at 9:00 AM EDT. His Eminence Wilton Cardinal Gregory, Archbishop of Washington, will be the Principal Celebrant, and His Excellency John Oliver Barres, Bishop of the Diocese of Rockville Centre, NY, will be the Homilist from The Cathedral of St. Matthew the Apostle in Washington, DC, USA. Before the Mass, at 8:45 AM EDT, Alexandra LaFrankie, a John Carroll Society Board Member, will detail the history of the John Carroll Society. Music will then be provided by the Cathedral of St. Matthew the Apostle's Schola Cantorum choir, who will sing before and throughout the Mass. View the virtual program here: https://www.stmatthewscathedral.org/d...

You can follow along with today's readings here: https://bible.usccb.org/bible/reading... 

The Red Mass is celebrated annually at the Cathedral of St. Matthew the Apostle, traditionally on the Sunday before the first Monday in October, which marks the opening of the Supreme Court’s annual term. Its purpose is to invoke God’s blessings on those responsible for the administration of justice as well as on all public officials. 

Immediately following the Mass, The John Carroll Society will honor several individuals and law firms for their pro bono support of the Catholic Charities Legal Network. 

To learn more about the history of The Red Mass and The John Carroll Society, visit: https://www.johncarrollsociety.org/me...


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Reorienting our way of living on the planet we have damaged




30 September 2022


On Thursday, 22 September, Pope Francis met with participants in the meeting of Deloitte Global. “I encourage you to become ‘integral consultants’ in order to cooperate in reorienting our way of living on this our planet, which we have damaged in terms of both the climate and inequality”, the Pope said to them. The following is the English text of the Holy Father’s address.

Dear friends, welcome!

I thank Mr Renjen for his words summarizing your work of assisting the business world to make right decisions in diverse situations. I have learned that at any given time of the day there are 350,000 people working for your company engaged in providing advice and assistance to other organizations. This is a weighty responsibility!

Today, the world is suffering from worsening environmental conditions. Moreover, many populations and social groups live in undignified manner due to a lack of nutrition, health, education and other fundamental rights. While our human family is globalized and interconnected, poverty, injustice and inequalities remain.

In what ways, then, can consultants, managers and experienced professionals help in reversing or at least correcting this situation? How are they to organize their work in order to strive for a more humane, just and fraternal world? I would like to suggest three such ways.

The first is always to remain aware that you can leave a mark. This means ensuring that your mark is positive and moves towards integral human development. Your knowledge, experiences, skills and vast network of relationships constitute an immense “non-material fund” that can help entrepreneurs, bankers, managers and public administrators to understand their situations, to imagine the future and to make decisions. By helping them to understand, therefore, you help them to make decisions. This gives your organization, and each one of you, the ability to guide choices, influence criteria and evaluate priorities for companies, universities, supranational bodies, national and local governments, and decision makers at the political level.

You are well aware of your “power”. This should be accompanied constantly by the desire to direct your analysis and proposals towards choices consistent with the paradigm of integral ecology. A good question to ask yourselves when evaluating what is and what is not effective would be: “What kind of world do we want to leave for our children and grandchildren?”

The second suggestion I would offer is to take up and fulfil your cultural responsibility, which also stems from your wealth of intelligence and connections. By “cultural responsibility” I mean two things: ensuring adequate professional standards, and also an anthropological and ethical standard that enables you to suggest responses that are consistent with an evangelical vision of the economy and society; in other words, with Catholic social doctrine. This is a matter of assessing the direct and indirect effects of decisions, and their impact, first on communities, individuals and the environment, and only then on businesses. “The different cultures that have flourished over the centuries need to be preserved, lest our world be impoverished. At the same time, those cultures should be encouraged to be open to new experiences through their encounter with other realities” (Fratelli Tutti, 134).

A third suggestion is to enhance diversity. All human organizations — institutions, businesses, banks, associations, movements — have the right, if honestly and correctly led, to be able to safeguard and develop their own identity. Here we can speak of “entrepreneurial biodiversity”, to use a good expression, as a guarantee of freedom of enterprise and freedom of choice for customers, consumers, savers and investors. Entrepreneurial biodiversity is also an indispensable condition of stability, equilibrium and human prosperity. This is what takes place in nature and can also happen in economic “ecosystems”.

Over the past fifteen years, the world has experienced severe and continuing crises. We had not finished dealing with the financial crisis of 2007 before we had to face the crisis of sovereign debt and of real economies, followed by the pandemic and the war in Ukraine with all its global consequences and threats.

In the meantime, our planet continued to suffer from the effects of climate change; cruel and hidden wars were being fought in various regions, and tens of millions of people have been forced to migrate from their homelands. While daily life improved for one part of humanity, the other part has suffered from unscrupulous choices and has become the main victim of a sort of counter-development. Indeed, Saint Paul VI explained clearly that development of social justice is the new name for peace (cf. Populorum Progressio, 76-80).

What can professional consultants do in this difficult and uncertain situation? They can do a great deal by organizing their analyses and proposals with an integral perspective and vision. Indeed, dignified employment for people, care for our common home, economic and social value, and positive impact on communities are all interconnected.

Today’s consultants, aware of their role, are called to propose and discuss new directions for new challenges. The old schemes worked only partially, in different contexts. I would call this new generation of consultants “integral consultants”: experts and professionals who take into account the connections between problems and their respective solutions and who embrace the concept of relational anthropology. Such an anthropology “helps the human person to recognize the validity of economic strategies that aim above all to promote the global quality of life that, before the indiscriminate expansion of profits, leads the way toward the integral wellbeing of the entire person and of every person. No profit is in fact legitimate when it falls short of the objective of the integral promotion of the human person, the universal destination of goods, and the preferential option for the poor,”1 and, we can add, the care of our common home.

My hope is that you can assist organizations to respond to this call. You have the right skills to cooperate in building that necessary bridge between the current economic paradigm — based on excessive consumption and which is experiencing its final phase — and the emerging paradigm centred on inclusion, moderation, care and wellbeing. I encourage you to become “integral consultants” in order to cooperate in reorienting our way of living on this our planet, which we have damaged in terms of both the climate and inequality.

Dear friends, in thanking you for this meeting and expressing my good wishes for your work, I bless you and your families, especially your children, the sick and the elderly, who are our wisdom. And I ask you, please, to pray for me. And if any of you do not pray or believe, at least wish me well. I need it! Thank you.


1Congregation for the Doctrine of the Faith — Dicastery for Promoting Integral Human Development, Oeconomicae et pecuniariae quaestiones. Considerations for an ethical discernment regarding some aspects of the present economic-financial system” (6 January 2018), 10



A $46 trillion wipeout in stocks and bonds won't stop until central banks...


A $46 trillion wipeout in stocks and bonds won't stop until central banks around the world launch a coordinated pivot, Bank of America says

Matthew Fox

Sep 30, 2022, 1:39 PM


Traders work on the floor of the New York Stock Exchange shortly before the closing bell as the market takes a significant dip in New York, U.S., February 25, 2020. Lucas Jackson/Reuters
  • A $46 trillion wipe out in stocks and bonds over the past year has led to forced liquidations on Wall Street, according to Bank of America.
  • The bank doesn't expect the bleeding to stop until the Fed launches a coordinated dovish pivot with other central banks.
  • "Markets stop panicking when central banks start panicking but BoJ/BoE panics not yet credible nor coordinated," BofA said.

It's been a tough year for investors, with global stock and bond markets erasing $46.1 trillion in market value since November 2021, according to Bank of America.

The massive drawdown has led to forced liquidations on Wall Street, the bank's chief investment strategist Michael Hartnett said in a Friday note, highlighting the recent break below 2018 support in the NYSE Composite Index.

And investors shouldn't expect the pain to stop until the Federal Reserve, in coordination with other central banks, pivots away from its currently hawkish monetary policy and towards a more dovish stance, according to the note.

That's because this year's interest rate and quantitative tightening shock from the Fed has hit Wall Street's "addiction to liquidity," Hartnett said.

And while the Bank of England and Bank of Japan have recently pivoted to a more dovish stance amid turmoil in their local currency and fixed income markets, that hasn't been enough, as evidenced by the continued downtrend in stock prices.

"Markets stop panicking when central banks start panicking but BoJ/BoE panics not yet credible nor coordinated," Hartnett said, referencing the fact that the Bank of England's recent easing measures, combined with the UK government's tax cut plans, runs counter to its goal of reducing elevated inflation.

As to when such a panic by central banks might occur, Hartnett believes mid-November is a possibility, arguing that the S&P 500 could fall another 10% from current levels by then, which would "force policy panic" right when the G20 meets on November 16.

Such a policy shift from central banks would help spark a short-term relief rally, but the stock market likely won't find its ultimate low until the first quarter of next year when recession and credit shocks lead to a peak in interest rates and the US dollar, Hartnett said.

To take advantage of such a decline, Hartnett recommends investors "nibble" if the S&P 500 hits 3,600, "bite" if it falls to 3,300, and "gorge" if the index touches 3,000, which would represent a peak-to-trough decline of 37.5% from its January peak.

Based on historical data, the S&P 500 has experienced 20 bear markets over its lifetime, with a average peak-to-trough decline of 37.3%, which would be right in line with 3,000 for the S&P 500.