Idon’t know about you, but when I wake up in the morning, after dressing modestly  and saying my prayers, the first thing I do is shed a couple of hot tears for the rich. Think of poor Jeff Bezos, who has watched numbers go up on a screen for eight whole months and only made $40 billion. When is the last time we had a tax cut in this country?

Too long, according to Steven Mnuchin, our Goldman Sachs alumnus-cum-hedgefund gazillionaire Treasury secretary. Speaking offhandedly to a journalist at one of those Letter of the Alphabet Plus Natural Number summits — I think it might have been the G20 — in Argentina, Mnuchin mentioned a scheme he and his underlings have devised that would allow rich people to hire lawyers and accountants to decide how much money they have actually made at tax time.

Read more at The Week.

Another month, another entry in the long record of the Federal Reserve failing the American people.

It was the winter of 2015 and genuine full employment was obviously still a long way off. But out of a fear of inflation, the Fed began tightening monetary policy anyway, thus preventing people from getting jobs. A year and a half later, it is more obvious than ever that this was highly premature. There is no sign at all that the maximum of employment has been reached, and strong circumstantial evidence that premature tightening has weakened the economy.

Read more at The Week.

How will the Roman Catholic Church survive the scandals engulfing it on every side?

It’s a hyperbolic question, but one with a serious intent.

Of course the church will continue to exist in some form. Two-thousand-year-old institutions with a billion adherents and solid growth rates in the developing world don’t disappear overnight, no matter how thoroughly corrupt they are revealed to be.

But in what form will it survive?

Read more at The Week.

Confused about the fiduciary rule and when it begins? Take a look at what the word fiduciary really means, both in the financial services industry and beyond.

See more at MarketWatch.

Meet Rasanath Dasa, a man who walked away from a job in investment banking paying six figures to become a Hindu monk.

See his story on CNN Business here.

While the world’s workplace is going through extraordinary change, the practice of management has been frozen in time for more than 30 years. According to Gallup’s World Poll, many people in the world hate their job and especially their boss. My own conclusion is that this is why global GDP per capita, or productivity, has been in general decline for decades.

To demonstrate, the historical seriousness, stress, clinical burnout, and subsequent suicide rates in Japan have caused the government to intervene. The current practice of management is now destroying their culture — a staggering 94 percent of Japanese workers are not engaged at work.

Read more at The Week.

Democrats continued their 2017 run of being unable to win special elections in strongly Republican districts on Tuesday. These results have led people to ask what the Democratic Party must change if it is to take back Congress (and eventually the White House).

I have what may be the most cynical answer, but one that is unavoidable: What the Democrats need is better marketing. That’s really about it.

Just to be clear, I’m not saying that as a general principle Democrats should stop worrying about policy…

Read more at The Week.

In five years, Libor could be no more.

On Thursday, a top U.K. regulator said it would phase out the London interbank offered rate, a scandal-plagued benchmark that is used to set the price of trillions of dollars of loans and derivatives across the world.

Andrew Bailey, the chief executive of the U.K.’s Financial Conduct Authority, which…

Read more at The Wall Street Journal.

In a June 2016 First Things article, “Mammon Ascendant: Why global capitalism is inimical to Christianity,” the Orthodox theologian David Bentley Hart rearticulates a theme he previously addressed in the same publication: that there is a basic incompatibility between what he alternatively calls “late modern capitalism” or “global capitalism” and Christianity.

Read more at Public Discourse.

 

Now we know one reason Democrats blocked President Trump’s first nominee to be secretary of Labor: The bureaucracy is in open rebellion against the new President’s directives. The casus belli is the fiduciary rule, the attempt by Obama Labor Secretary Tom Perez to rewrite the rules for offering investment advice. The rule was supposed to go into effect Monday.

Proponents argued that the new rule would raise the standards for advice given to retirement investors. In reality, it would make that advice more expensive while opening…