Principal Sponsors Quotes

Now Christianity proposes a completely different account of how history comes to a climax and what precisely constitutes the new order of the ages—which helps to explain why so many of modernity’s avatars, from Diderot to Christopher Hitchens, have specially targeted Christianity. On the Christian reading, history reached its highpoint when a young first-century Jewish rabbi, having been put to death on a brutal Roman instrument of torture, was raised from the dead through the power of the God of Israel. The state-sponsored murder of Jesus, who had dared to speak and act in the name of Israel’s God, represented the world’s resistance to the Creator. It was the moment when cruelty, hatred, violence, and corruption—symbolized in the Bible as the watery chaos—spent itself on Jesus. The resurrection, therefore, showed forth the victory of the divine love over those dark powers. St. Paul can say, “I am certain that neither death nor life, neither angels nor principalities, nor any other creature can separate us from the love of God,” precisely because he lived on the far side of the resurrection.

Tuesday Today my parents took me to the “Drool and Gruel” diner to celebrate my A+ on my Scare exam. “Son, you never stop surprising us,” Dad said. “We talked to your teacher and she said that your reenactment of the Zombie Apocalypse was the best thing she had ever seen. You scared every villager in that town.” “Thanks Dad,” I said as I buried my sorrow in a Drool Shake. “Honey, tell him the surprise,” Mom said. “What surprise?” “Well, son, Ms. Bones was so impressed with your work that she spoke to the Principal. And the Principal agreed to sponsor you for an extra week of camp as a reward. Isn’t that amazing?!!” I threw up my Drool shake. “Look how excited he is, honey. He can’t even keep his Drool shake down,” Mom said. Life is so unfair.

In truth, the U.S.-sponsored international “War on Drugs” is a war on poor people, most of them subsistence farmers caught in a dangerous no-win situation. If the goal of the War on Drugs is to discourage or prevent drug use, it has failed. Among young people in North America drug use has reached unprecedented levels and enjoys unprecedented tolerance. According to figures quoted by Norm Stamper, the number of Americans who have used illegal drugs stands at 77 million. The U.S. Department of Justice reports that the number of prisoners has tripled, from 139 per 100,000 residents in 1980 to 476 per 100,000 in 2002, the vast majority being incarcerated after drug convictions. From 1980 to 1999 the annual number of Americans arrested for drug offences nearly tripled, from 580,900 to 1,532,200. “That’s a lot of enemies,” comments the ex–police chief. If the War’s purpose is to protect people and communities or to improve their quality of life, it fails disastrously. As the personal histories of Downtown Eastside addicts illustrate and as statistics show, the human costs are devastating. “One [result] which is especially cruel and will have a terrible impact on American life for many generations is the large increase in the number of women incarcerated for drug violations,” U.S. District Court Judge John T. Curtin has pointed out. From 1980 to 1996, there has been a 400 percent increase in the number of women prisoners. Many of those jailed for drug violations were mules or assistants. I venture that none was a principal organizer. Many are the mothers of small children who will be left without maternal care, and most probably without any parental care at all…The engine of punitive punishment of mothers will haunt this nation for many years to come. If the War’s aim is to end or even curtail the international drug trade, it has failed there, too. If it is to suppress the cultivation of plants from which the major substances of abuse are derived: once again, abject failure. Truth, once again, is among the inevitable casualties of war.

Capitalism began as a theory about how the economy functions. It was both descriptive and prescriptive – it offered an account of how money worked and promoted the idea that reinvesting profits in production leads to fast economic growth. But capitalism gradually became far more than just an economic doctrine. It now encompasses an ethic – a set of teachings about how people should behave, educate their children and even think. Its principal tenet is that economic growth is the supreme good, or at least a proxy for the supreme good, because justice, freedom and even happiness all depend on economic growth. Ask a capitalist how to bring justice and political freedom to a place like Zimbabwe or Afghanistan, and you are likely to get a lecture on how economic affluence and a thriving middle class are essential for stable democratic institutions, and about the need therefore to inculcate Afghan tribesmen in the values of free enterprise, thrift and self-reliance. This new religion has had a decisive influence on the development of modern science, too. Scientific research is usually funded by either governments or private businesses. When capitalist governments and businesses consider investing in a particular scientific project, the first questions are usually ‘Will this project enable us to increase production and profits? Will it produce economic growth?’ A project that can’t clear these hurdles has little chance of finding a sponsor. No history of modern science can leave capitalism out of the picture. Conversely, the history of capitalism is unintelligible without taking science into account. Capitalism’s belief in perpetual economic growth flies in the face of almost everything we know about the universe. A society of wolves would be extremely foolish to believe that the supply of sheep would keep on growing indefinitely. The human economy has nevertheless managed to keep on growing throughout the modern era, thanks only to the fact that scientists come up with another discovery or gadget every few years – such as the continent of America, the internal combustion engine, or genetically engineered sheep. Banks and governments print money, but ultimately, it is the scientists who foot the bill. Over the last few years, banks and governments have been frenziedly printing money. Everybody is terrified that the current economic crisis may stop the growth of the economy. So they are creating trillions of dollars, euros and yen out of thin air, pumping cheap credit into the system, and hoping that the scientists, technicians and engineers will manage to come up with something really big, before the bubble bursts. Everything depends on the people in the labs. New discoveries in fields such as biotechnology and nanotechnology could create entire new industries, whose profits could back the trillions of make-believe money that the banks and governments have created since 2008. If the labs do not fulfil these expectations before the bubble bursts, we are heading towards very rough times.

At the beginning of every month, homeowners send mortgage payments to their bank or mortgage servicing agent. Many of these mortgage payments are either securitized or guaranteed by Fannie Mae, Ginnie Mae, or Freddie Mac – the GSEs, or Government Sponsored Enterprises. That means billions of dollars of mortgage principal and interest payments are being collected by the GSEs at the beginning of the month and paid to bondholders later in the month. During the period of the time between payments, the GSEs invest a substantial amount of cash straight into the Repo market.