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A free floating commentary on culture, politics, economics, and religion based on a passionate commitment to the truth and a desire graciously to refute that which is contrary to it….
"He must hold firm to the sure word as taught, so that he may be able to give instruction in sound doctrine and also to confute those who contradict it."
--Titus 1:9, Revised Standard Version
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The Church of England’s investment fund, which pays the pensions of retired clergy, lost about 1.2 billion pounds ($1.7 billion) last year as stock markets tumbled and property values slumped amid the global financial crisis.
The 305-year-old fund, one of the best performing funds of its type over the past decade, lost an estimated 22 percent last year, the Church Commissioners said in an e-mailed statement today. The benchmark FTSE 100 Index lost almost 30 percent, the statement said.
“The impact of the overall financial situation would be much greater had we not taken a range of steps before the full extent of the financial crisis was felt by the markets,” Andrew Brown, secretary of the Church Commissioners, said in the statement.
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