The Locus of Church Unity

Denominationalism defines the modern church. By denominationalism is meant the social existence of the church as a congeries of groupings (congregations) invested by private law with a certain degree of collective or “moral” personality, grouped together voluntarily in associations of greater or lesser geographic extent, whereby these associations are separated the one from the other …

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Yes, Virginia, There Is Freedom of Speech

(originally posted on the Calvinist International, January 16, 2015) The terrorist attack on the offices of Charlie Hebdo bring into sharp relief a major contradiction in the intellectual framework of modern democracy. In fact, it highlights a fault line. Freedom of speech is one of the supposedly unshakeable pillars of liberal social order. But the way …

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A Christmas Meditation

‘Tis the season to be jolly? For many, the answer is “What? Are you kidding?” Christmas conjures up images of desperation shopping, crowds, hurriedness, nerves (did I get everyone something? Was it appropriate?). Not to mention the thought of receiving presents for which a polite response requires an effort of superhuman self-control. This obsessive-compulsive gift-giving… …

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Fact and Fiction on Reserve Requirements

In the system we have now, we do use both a reserve restriction and an asset restriction. But, the modern reserve restriction has changed fundamentally, and has nothing to do with the monetarist understanding of reserve restrictions, except in a purely formal sense. In the day of specie convertibility, reserve restriction had a definite functionality. …

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