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Ad Orientem by John (ad Orientem) - 15h ago
This is a longish read and may be somewhat dry for those not interested in economics and or investing. However, I believe it worth the time.

Read it here.
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Ad Orientem by John (ad Orientem) - 1d ago
An elderly Chicago lady recently claimed, “If Jesus Christ were alive today, he would be ordaining women.”

To which I replied, “Jesus Christ is alive today, and he is not doing it.”
-Fr. Pat Reardon (via email)
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Ad Orientem by John (ad Orientem) - 2d ago
From here.
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Even though I am an Orthodox Christian and not a Roman Catholic, I was very disappointed when I read Meg Catanzarita’s assertion that Jesus Christ would desire there to be “women priests.” I believe that, through the Holy Apostles, Jesus Christ had the entirety of the Christian faith “once for all delivered to the saints” (Jude 1:3). So, I too “cannot ’not’ respond.”

Her boasting of being educated in Catholic institutions from grade school to college does not prove her point. We have countless clergyman and scholars with far more impressive pedigrees that disagree with her. That does not make them right either. We can all enlist people with “educations” in support of “our” side, but this does not get to the heart of the matter: “What would Jesus do?,” as she asks.

Thankfully, we know what Jesus would do, because He is God and still speaks to us today in the Scriptures and the Church, “the pillar and ground of the truth” (1 Tim 3:15). “All Scripture is inspired by God” (2 Tim 3:16). These Scriptures tell us that Church leaders must be able to hold “fast the faithful word as he has been taught” (Titus 1:9). So, whatever the “correct” answer to the “women priests” question is, we cannot have one answer this year and another answer the next.

So, what is the answer? The Scriptures contain not a single example of a female priest. Instead, Saint Paul teaches that, “I do not permit a woman to teach or to have authority over a man” within the Church (1 Tim 2:12). Whenever he gives requirements for priests and bishops, he is explicit that they must be men (1 Tim 3:1-2 and Tit 1:6-7). We know we are not misunderstanding Paul, because the entire ancient Church until recent times has always taught this, starting with Saint Clement of Rome. He is the Church’s third Pope and we still have a letter of his that reaffirms a male priesthood.

Those with novel new ideas like Catanzarita would have been condemned by Jesus Christ during His earthly ministry. He did not say vainly, “For laying aside the commandment of God, ye hold the tradition of men” (Mark 7:8).

Read the rest here.
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...And bondholders are going to get screwed.

For the benefit of those w/o a subscription here is a summary of where things look to be heading.

* Pensioners are being treated as having first claim on the territory's resources, ahead of bond holders. This appears to contradict PR's constitution and laws.
* Under the current proposals, 61 percent of the retirees would keep receiving their full pensions and none will receive less than 91.5%.
* Bond holders will receive no more than 64 cents on the dollar. Many will receive less.
* The board intends to declare bonds sold in 2012 and 2014 unconstitutional and effectively null and void.
* Bonds issued before 2012 will be honored at 64 cents on the dollar.
* Those issued in 2012 would be offered only 45 cents on the dollar. And those issued in 2014 only 35 cents on the dollar in a take it or leave it and get nothing settlement offer.
* Lawsuits are expected to challenge the basis for the settlement. But many bondholders are expected to take what they can, given that the recent Detroit bankruptcy essentially followed the same pattern of putting pensions ahead of bondholders.

Thoughts: If this goes through and survives the court challenges it's going to send a signal that municipal bonds are nowhere near as safe as hitherto believed. It will almost certainly encourage states in serious fiscal trouble like Illinois to try the same thing. And my guess is the bond market is going to have to recalibrate it's risk reward ratio for municipal bonds. All of which means that municipal bonds at all but the highest credit ratings, could take a hit in their market valuation. And that hit will also be felt by those seeking to borrow money who are suddenly going to find that their legal guarantees are being viewed with skepticism by potential lenders demanding higher yields for their paper.
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Ad Orientem by John (ad Orientem) - 4d ago
I deeply appreciate the messages of condolence posted on the blog and sent privately. As the period of mourning winds down I will be resuming blogging.
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Ad Orientem by John (ad Orientem) - 1M ago

My step sister Jan died this afternoon following a brief illness. There will be no blogging before the second half of July.
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Ad Orientem by John (ad Orientem) - 1M ago
My step sister Jan was recently diagnosed with a grave illness. Over the weekend she was admitted to the hospital with pneumonia. Her condition has been deteriorating rapidly. Jan is a Roman Catholic by conversion. Your prayers are deeply appreciated.
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Ad Orientem by John (ad Orientem) - 1M ago

Little or no blogging until mid June.
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