Explainer: ​​What you should know about the G20 summit
By / Nov 5

President Biden traveled to Rome last week to attend the annual G20 summit, a gathering of leaders from the world’s most powerful nations. Here is what you should know about the influential forum.

What is the G20 summit?

The G20 Summit is an informal forum, held annually, that includes 20 of the world’s major economies, known collectively as the G20, G-20, or Group of Twenty. The G20 was founded in 1999 with the aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability. The members of the G20 account for more than 80% of world GDP, 75% of global trade, and 60% of the population of the planet.

What countries comprise the G20?

The G20 includes the European Union (EU) and 19 individual countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States.

Several international organizations also regularly participate in the G20 summits, including the International Monetary Fund (IMF), the World Bank (WB), the Financial Stability Board (FSB), the Organisation for Economic Co-operation and Development (OECD), the World Trade Organization (WTO), the International Labour Organization (ILO), and the United Nations (UN). Each hosting country can also invite other countries, regional organizations, and international organizations to the summit.

Who represents these countries at the summit?

Each country is represented by their head of government, finance minister, and governor of the central bank. The EU is represented by the heads of the European Commission and by the European Central Bank. For the United States, the representatives are President Biden, Secretary of the Treasury Janet Yellen, Federal Reserve Chair Jerome Powel, and United States Trade Representative Katherine Tai.

​​How is the G20 organized?

The G20 has no permanent staff or organization, but rather rotates annually among the members. Each member is assigned to one of five groups to ensure a “regional balance over time”:  Group 1 includes Australia, Canada, Saudi Arabia, and the United States; Group 2 includes India, Russia, South Africa, and Turkey; Group 3 includes Argentina, Brazil, and Mexico; Group 4 includes France, Germany, Italy, and the United Kingdom; Group 5 includes China, Indonesia, Japan, and South Korea.

A revolving three-member management group of past, present, and future chairs, referred to as the “Troika”, ensures continuity. The Troika countries are currently Saudi Arabia, Italy, and Indonesia. 

Where is the current G20, and where were they held in the past?

Italy assumed the G20 Presidency for 2021 and will host the Summit of the Heads of State and Government on October 30th and 31st in Rome.

Previous hosts of the G20 Leaders’ Summit were the United States (2008 and 2009), the United Kingdom (2009), Canada (2010), the Republic of Korea (2010), France (2011), Mexico (2012), Russia (2013), Australia (2014), Turkey (2015), China (2016), Germany (2017), Argentina (2018), and Japan (2019). Because of the COVID-19 pandemic, the 2020 summit hosted by Saudi Arabia was held virtually. 

What issues were discussed at the summit?

The G20 started in 1999 as a meeting of finance ministers and central bank governors in the aftermath of the Asian financial crisis. Since the global financial crisis in 2008, though, the focus has expanded to include “working to strengthen the resilience of the global financial system and to improve the regulation and supervision of financial market participants, including what is known as the shadow banking system. The aim is to ensure that no financial market, financial market participant or financial product remains unsupervised.”

The summits have traditionally focused on issues relating to financial market regulation, global economic growth, and international trade. But almost anything of global significance that is closely linked with economic questions may be considered. Previous summits have included discussions about climate change, counter-terrorism, development policy, digital technology, migration, and refugee flows.  

For 2021, the G20, under the Italian Presidency, will focus on “three broad, interconnected pillars of action: People, Planet, Prosperity.” 

On the issue of the climate, these leaders committed to the key Paris Agreement goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels, pledged action against dirty coal plants, and pledged to reach a target of net zero carbon emissions “by or around mid-century.”

On financial regulation, they approved an agreement that will subject multinationals to a minimum 15% tax as part of an effort to build “a more stable and fairer international tax system.” (This must first be approved by each national legislature, such as the U.S. Congress.)

On the pandemic, they vowed to support the WHO’s goal of vaccinating at least 40% of the world’s population against COVID-19 by 2021 and 70% by the middle of next year.

Despite including in their agenda “protecting the most vulnerable,” the summit will not include discussion of how to deal with the ongoing genocide of the Uyghur people by the Chinese Communist Party or other issues related to religious liberty.

Why does exercising stewardship over our finances matter as Christians?
By / Jan 2

Does Jesus want you to be poor?
By / Sep 2

We’ve all heard the popular teaching of Joel Osteen and the promises of the “health and wealth gospel.” Preachers on television are promising us that God wants us to be happy, healthy and rich. The level of faith that we have directly parallels our financial and personal success. The Prayer of Jabez, after all, is an example of praying for our own personal prosperity and God blessed him and called him righteous, right?

The opposite extreme sprinkled throughout evangelicalism today looks at the church in large. They consider the persecuted church, they examine revivals, history, and the overall nature of the church to say that no, Jesus is not concerned with making us rich, but that he wants us to give to the poor and to live a simple life. Ultimately they become various levels of ascetics.

Does Jesus want us to be rich? Or does Jesus want us to be poor?

We are called to be stewards.  

“And that slave who knew his master’s will and did not get ready or act in accord with his will, will receive many lashes, but the one who did not know it, and committed deeds worthy of a flogging, will receive but few.  From everyone who has been given much, much will be required; and to whom they entrusted much, of him they will ask all the more” (Luke 12.47-48).

This passage is extremely familiar. Surprisingly, however, it is speaking about actions and not finances. It is a principle that applies over and onto finances, but God is concerned about our hearts. Jesus himself said that all of the Law was summed up in these two: love God above all else and love your neighbor as yourself (Matt. 22:37-39). If we love God above all else, then our talents, our time and our finances will be spent to his glory and honor. If we love our neighbor as ourselves, we help meet their needs, we put them above ourselves and glorify God with our time, energy and finances.

Paul makes the very clear assessment of our abilities (which again, applies to finances): “For who regards you as superior? What do you have that you did not receive? And if you did receive it, why do you boast as if you had not received it?” (1 Cor. 4:7).

But most fundamentally we all know that “the Earth is the Lord’s and everything it contains” (1 Cor. 10:26).

It all belongs to God. Everything. Including money. So whatever you have – gifts, talents, finances, freedom, jobs, family – it is all God’s. And he has allowed us to use it for a season. We are stewards of his belongings.

For my ascetic friends, I would like to point out the fact that many of our forefathers were among the richest men who ever lived. Solomon was worth, in today’s dollar, approximately 100 billion dollars. That is substantially more than Bill Gates’ worth. David, Abraham, Joseph, Jacob and many others were granted physical and financial wealth in the roles that God gave them.

For my rich friends, I would like to point out the fact that the very humility exemplified by the creator of the universe was to leave the throne of glory and come to Earth, living without even a place to lay his head. He kept minimal possessions and when he sent the disciples out to serve him, they were to rely on the hospitality of others for their sustenance.

Our responsibility is stewardship of what God has given us. When we consider our finances, let’s ask this simple question, “Is God glorified in this?” When you stand before God on Judgment Day, will you be ashamed of how you spent your money and time? Will you be proud of the toys, clothes, house and other comforts that you bought? Or will you know that you gave sacrificially to feed the hungry, clothe the naked and put one another’s needs above your own? Will you look back and find that your finances served God or you?

I used to wrestle with giving money to beggars. I always wondered for what they would use the money. But one day I realized that God would hold him accountable for how he used the help that he received. He would only hold me accountable for my willingness to help. I am confident that I will not stand before him and he say, “You should not have given that money to that beggar. You should have bought a new shirt with it instead.” Now, if God has given you the mind and ability to help the homeless establish themselves in jobs and fight addictions such that they are able to feed themselves, and all you do is throw a $20 in their cup, there might be something to answer for. But that is between you and God.

Jesus was comfortable with a woman pouring out extremely expensive perfume on his feet. There are times for extravagance in the worship of almighty God. Jesus does not say that to follow him we must be poor. In fact, he says that we are to care for the poor. So we must be stable enough to be able to give in order to care for the poor.

It’s about our heart. We must be satisfied in God alone, and consider his provisions as tools to serve and glorify him.

“…for I have learned to be content in whatever circumstances I am.  I know how to get along with humble means, and I also know how to live in prosperity; in any and every circumstance I have learned the secret of being filled and going hungry, both of having abundance and suffering need.  I can do all things through Him who strengthens me” (Phil 4.11-13).

This article was originally published here.

5 facts about the ‘war on poverty’
By / Jan 7

Fifty years ago today, President Lyndon B. Johnson launched the 'war on poverty.' Here are five facts about this effort to eradicate poverty in America.

1. The phrase "war on poverty" came from Lyndon Johnson’s 1964 State of the Union Speech, in which the president said:

This administration today, here and now, declares unconditional war on poverty in America. I urge this Congress and all Americans to join with me in that effort.

It will not be a short or easy struggle, no single weapon or strategy will suffice, but we shall not rest until that war is won. The richest Nation on earth can afford to win it. We cannot afford to lose it. One thousand dollars invested in salvaging an unemployable youth today can return $40,000 or more in his lifetime.

Poverty is a national problem, requiring improved national organization and support. But this attack, to be effective, must also be organized at the State and the local level and must be supported and directed by State and local efforts.

For the war against poverty will not be won here in Washington. It must be won in the field, in every private home, in every public office, from the courthouse to the White House.

2. Within four years of that speech, the Johnson administration enacted a broad range of programs, including the Economic Opportunity Act (1964), which provided the basis for the Office of Economic Opportunity (OEO), the Job Corps, Volunteers in Service to America (VISTA), Upward Bound, Head Start, Legal Services, the Neighborhood Youth Corps, the Community Action Program (CAP), the college Work-Study program, Neighborhood Development Centers, small business loan programs, rural programs, migrant worker programs, remedial education projects, and local health care centers.

Other important measures with antipoverty functions included an $11 billion tax cut (Revenue Act of 1964), the Civil Rights Act (1964), the Food Stamp Act (1964), the Elementary and Secondary Education Act (1965), the Higher Education Act (1965), the Social Security amendments creating Medicare/Medicaid (1965), the creation of the Department of Housing and Urban Development (1965), the Voting Rights Act (1965), the Model Cities Act (1966), the Fair Housing Act (1968), several job-training programs, and various urban renewal-related projects.

3. From the beginning on the war on poverty until 2012, local, state, and federal spending on welfare programs has totaled 15,000,000,000,000. Currently, the United States spends nearly $1 trillion every year to fight poverty. That amounts to $20,610 for every poor person in America, or $61,830 per poor family of three.

4. When the War on Poverty was announced in 1964, 33 million Americans were in poverty and the poverty rate was 19%. Today, approximately 46.5 million Americans live in poverty and the poverty rate is 15%.

5. The poverty rate among married couples is only 6 percent. Among married couples who both have full-time jobs the poverty rate is practically zero (0.001%). The poverty rate among single-dads/moms is much higher: 25% for single dads / 31% for single moms.