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…Continue Reading “The Locus of Church Unity”

(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…Continue Reading “Yes, Virginia, There Is Freedom of Speech”

‘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……Continue Reading “A Christmas Meditation”

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….Continue Reading “Fact and Fiction on Reserve Requirements”