We may have discovered the ultimate economic indicator: the worse things get for ordinary people, the more inaccessible the Yahoo! Finance site becomes. Things must be very bad, because they moved it again and made it even more inconspicuous than before. This is just playing games, because adopting the Economic Democracy Act: would make things so much better no one would have to hide how well the economy is doing for a few because the few would have become the many. In the meantime:
• Marching in the Streets for the Homeless. The eviction of 87-year-old María del Carmen “Maricarmen” Abascal from her Madrid apartment has sparked widespread public anger and renewed debate over Spain’s housing crisis. Maricarmen had lived in the property since 1956 but was evicted after a court dispute over her rent and tenancy. Her pension was insufficient to cover the increased rent demanded by the property’s owner. On September 23, 2026, police carried out the eviction as hundreds of protesters gathered outside, with clashes reported between police and demonstrators. Thousands later joined protests in Madrid and other Spanish cities, making Maricarmen a symbol of concerns about housing affordability and tenant protection. The sad part . . . okay, ONE of the sad parts is that with the Economic Democracy Act (EDA) her pension plus investment income could possibly easily have covered the increased cost, and there is also the Homeowners Equity Corporation. We have notified some influential groups in Spain about the possibilities of both. Let’s see if they get back to us.
• Spain, New York, and the Far Left. The problem with such incidents as that related in the above item (aside from its sheer heartlessness and knavish imbecility), is that it leads people to react in an equally or even more extreme manner in the opposite direction, with the moderate middle left wondering whatever happened to common sense to say nothing of simple practicality. A pendulum swing in one direction seems inevitably to result in a swing the other way. That is why a report in The Washington Post regarding a meeting between New York Mayor Zohran Mamdani and Spanish Prime Minister Pedro Sánchez is raising serious concerns. As the article relates, “Their meeting is the latest in a slate of encounters between left-wing U.S. politicians and kindred figures abroad as they seek to forge ties to counter the rise of right-wing populism. Organizers behind these formal and informal gatherings say the efforts to bring together U.S. left-leaning Democrats in office and their ideological counterparts aim to contend with the well-organized, growing international movement of populists in step with President Donald Trump's administration, as the anti-immigrant and nationalist Alternative for Germany party gains traction, and France's Marine Le Pen and her party, National Rally, lead in polls ahead of a presidential race next year. Wednesday's event at Gracie Mansion, Mamdani's residence, was billed as focused on ‘building an economy for the many.’ Sánchez touted the success of Spain's minimum-wage increases as ‘proving that another economic model is possible’.” It proves nothing of the sort. All it does is reinforce the violent pendulum swings and the even more violent reactions as people along the entire spectrum lose hope. Ironically, there is a solution to both the left and right ideologies, and it can be found in the Economic Democracy Act (EDA).
• Pro-Life vs Socialism? It’s what is called in logic a “false dichotomy”: if you are “Pro-Life” you must be “Pro-Socialism,” or you are a hypocrite, liar, and probably put pineapple on pizza. There are so many bad assumptions here that are not resolved by asserting that “capitalism” however democratic it might be will automatically solve all problems . . . so long as it becomes democratic socialism. The issue now, according to a report from Fox News, is the push for a “guaranteed income” for some to keep consumer demand up and the cash flowing into the pockets of the increasingly ultra-wealthy. As the article opines, “Although guaranteed income programs have faced partisan pushback nationwide since gaining national traction in 2018, a growing faction of conservatives is finding common ground with direct cash initiatives centered on mother and newborns.” Instead of a “guaranteed income” that simply redistributes existing wealth, why not a “guaranteed opportunity” consisting of opportunity and access to the means of becoming a capital owner, and thus productive, so that redistribution can be an emergency measure rather than a way of life? This can be achieved through the Economic Democracy Act (EDA).
• And What the Heck is “Stability Stacking?” Things are so bad in the economy even for the so-called “middle class” (tied to the middle of the railroad track with the economic train coming down the line at ninety per?) that, according to an article in the Business Insider, the great mass of income earners in the middle are feeling a distinct pinch. As the article states, “They’re the largest generation in the workforce and are taking on multiple income streams, skills training, and other jobs outside their primary work to feel more secure — what Glassdoor terms ‘stability stacking.’ This comes as multiple job-holders are increasingly well-educated, middle-class earners, indicating that labor market instability is plaguing the generation that should be in their prime working years.” The solution, as if you didn’t know, is not to multiply income streams, but to become a capital owner, and the way to do that is to adopt the Economic Democracy Act (EDA).
Not going to end well . . .
• Kicked in the . . . Teeth
Twice. Things are great in the
economy . . . if you happen to be rich and are one of the increasingly few
owners of an adequate capital stake or a favored dependent of one of them. As for the rest of us, it might not be so
good. As
reported in an article in the Business Insider, “Despite the
rhetoric, the US economy is facing a squeeze from two ends. The first is a
slowdown in consumer spending, as Americans pull back amid higher inflation, sluggish
income growth, and geopolitical uncertainty. The second is the Federal Reserve's renewed
interest rate hikes, which will ultimately need to slow the economy down to
tame price hikes. Hoping for inflation to cool on its own seems more difficult
to justify every month that inflation remains above the Fed's target. There are reasons to expect consumer spending
to slow and reasons to expect the Fed not to act as a shock absorber. The net
effect of this is clear: somewhat higher unemployment and somewhat tighter
financial market conditions (aka lower stock prices), in order to ultimately
achieve slower inflation.” Or the
powers-that-be could get back in touch with reality and adopt the
Economic Democracy Act (EDA).
• Some Heavy Bread. This sounds so outrageous at first that it’s hard to believe. According to an article in For Money First, “A bit of dough is going to cost you some major dough at one New York City bakery. Rye, a bakery in NYC owned by Austrian baker Martin Auer, went viral after social media caught wind of their $60 sourdough — but the mastermind behind the loaf claims the price is justified. ‘First of all, it's a lot of bread,’ co-owner Tim Auer told People [magazine] on Tuesday, September 22. ‘It’s about 3.3 pounds, and we not only sell the whole loaf for $60, but we also sell half a loaf or a quarter of the loaf for either $30 or $15’.” That sounds pretty bad but consider. In the Middle Ages a good day’s wages for an unskilled worker was between 1½ and 2 pence a day. A pound loaf of wheat bread cost between 1 to 3 pence, and cheap rye or barley bread cost a farthing or half-pence, or ¼ or ½ penny. A cheap loaf of bread, therefore, could cost from an eighth to a third of someone’s day’s pay. Now, according to the Federal Reserve Bank of St. Louis, the median wage for the New York City metro area is $41.50 per hour, which is more than twice the price per pound of the 3.3lb sourdough loaf in the news item. Not adjusting for the 12-14-hour Medieval workday versus the 8-hour modern workday, that makes the outrageously priced $60 3.3lb loaf a bargain in Medieval terms. As for the more usual price of such artisan bread in New York City, that typically ranges from $4.00 to $10.00 per loaf (roughly $5.00 to $12.00 per pound), depending on the neighborhood and bakery. Still . . . a $60 loaf of bread makes a good argument to adopt the Economic Democracy Act.
• Home Depot as Economic Indicator. Forget the stock market and even GDP, the inflation rate and the unemployment rate. Such “economic indicators” are important only in the surreal Keynesian universe based on violating the first principle of economics: that (as Adam Smith said) “Consumption is the sole and purpose of all production.” According to an article in The Street, the Home Depot Deferred Purchase indicator is much better . . . and the Home Depot is issuing a “dire warning” about the economy: “Home Depot has battled a worrisome consumer trend for a while now. The major issue, highlighted many times in the retailer's filings and earnings reports, is the fact that squeezed consumers have cut their discretionary spending. This trend is highlighted across the broader retail industry, with consumers signaling plans to "pull back across a broad range of discretionary purchases," a recent McKinsey consumer survey confirmed.” This is fully consistent with Say’s Law of Markets. As Jean-Baptiste Say noted in one of his “Letters to Malthus,” if some goods remain unsold, it is because other goods are not produced. As advancing technology owned by fewer and fewer people takes over more and more production and government policy works to gut whatever is left, the great mass of people are unable to produce either with their labor or their capital and are left at the mercy of ephemeral “job creation” and government welfare . . . when either are available. One way in which everyone can become productive and restore the operation of Say’s Law of Markets is to adopt the Economic Democracy Act (EDA).
• Greater Reset “Book Trailers”. We have produced two ninety-second “Book Trailers” for distribution (by whoever wants to distribute them), essentially minute-and-a-half commercials for The Greater Reset. There are two versions of the videos, one for “general audiences” and the other for “Catholic audiences”. Take your pick.
• The Greater Reset. CESJ’s book by members of CESJ’s core group, The Greater Reset: Reclaiming Personal Sovereignty Under Natural Law is, of course, available from the publisher, TAN Books, an imprint of Saint Benedict Press, and has already gotten a top review on that website. It can also be obtained from Barnes and Noble, as well as Amazon, or by special order from your local “bricks and mortar” bookstore. The Greater Reset is the only book of which we’re aware on “the Great Reset” that presents an alternative instead of simply warning of the dangers inherent in a proposal that is contrary to natural law. It describes reality, rather than a Keynesian fantasy world. Please note that The Greater Reset is NOT a CESJ publication as such, and enquiries about quantity discounts and wholesale orders for resale must be sent to the publisher, Saint Benedict Press, NOT to CESJ.
• Economic Personalism Landing Page. A landing page for CESJ’s latest publication (now with an imprimatur), Economic Personalism: Property, Power and Justice for Every Person, has been created and can be accessed by clicking on this link. Everyone is encouraged to visit the page and send the link out to their networks.
• Economic Personalism. When you purchase a copy of Economic Personalism: Property, Power and Justice for Every Person, be sure you post a review after you’ve read it. It is available on both Amazon and Barnes and Noble at the cover price of $10 per copy. You can also download the free copy in .pdf available from the CESJ website. If you’d like to order in bulk (i.e., 52 or more copies) at the wholesale price, send an email to info@cesj.org for details. CESJ members get a $2 rebate per copy on submission of proof of purchase. Wholesale case lots of 52 copies are available at $350, plus shipping (whole case lots ONLY). Prices are in U.S. dollars.
• Sensus Fidelium Videos, Update. CESJ’s series of videos for Sensus Fidelium are doing very well, with over 155,000 total views. The latest Sensus Fidelium video is “The Five Levers of Change.” The video is part of the series on the book, Economic Personalism. The latest completed series on “the Great Reset” can be found on the “Playlist” for the series. The previous series of sixteen videos on socialism is available by clicking on the link: “Socialism, Modernism, and the New Age,” along with some book reviews and other selected topics. For “interfaith” presentations to a Catholic audience they’ve proved to be popular, edging up to 150,000 views to date. They aren’t really “Just Third Way videos,” but they do incorporate a Just Third Way perspective. You can access the playlist for the entire series. The point of the videos is to explain how socialism and socialist assumptions got such a stranglehold on the understanding of the role of the State and thus the interpretation of Catholic social teaching, and even the way non-Catholics and even non-Christians understand the roles of Church, State, and Family, and the human persons place in society.
Those are the happenings for this week, at least those that we know about. If you have an accomplishment that you think should be listed, send us a note about it at mgreaney [at] cesj [dot] org, and well see that it gets into the next “issue.” Due to imprudent and intemperate language on the part of some commentators, we removed temptation and disabled comments.
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