From the President's Desk - August 4, 2023

Welcome back to Legatus' From the President’s Desk!

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From the President’s Desk is a chance for me to share with you what has held my attention this week. The weekly update will present a selection of observations and news stories focused on Catholic, business, and secular affairs, oriented to inform and empower Catholic professional leaders like you. ???

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? Check out your FRESH and IMPROVED Networks!

On August 1, we debuted our improved Networks! Take a look, and you will notice our new welcome page, member benefits page, comprehensive multi-media center, and more. Check it out and let us know what you think! We want your feedback: this is your Networks.?

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?? ?? Wellness Focus

On Thursday, I had the privilege of participating in the annual executive physical at Cooper Clinic in Dallas, Texas, alongside Legatus founder Tom Monaghan and ten Legatus members. Throughout the day, we underwent numerous medical tests and examinations, leaving no stone unturned in the pursuit of optimal health. The highlight of the event was a talk delivered by Dr. Kenneth Cooper, the originator of the concept of aerobics.

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This yearly excursion serves as a tangible reminder of the importance of our well-being, encompassing both physical and spiritual aspects. We tend to forget in our busy world that the two are related! Witnessing the incredible capabilities of the human body and the genius of God in designing it, reinforces the notion that we must act as responsible stewards of our souls and bodies. That stewardship makes us better Catholics, family leaders, and ambassadors for Christ in the marketplace.

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Legatus is focused on helping executives become better Catholics. By providing opportunities to nurture our spiritual growth and steward our physical health, Legatus continues to strive to empower our members.

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?? Nashville Chartering Update

Good news! I am thrilled to let you know the Nashville chapter has reached its threshold of at least 20 couples and will have its chartering ceremony on September 6! Please pray for these couples and the success of this new chapter. I will have more updates on the chartering next month!

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?? World Youth Day

World Youth Day 2023 kicked off this week in Lisbon, Portugal. Crux has been providing excellent coverage of the event. One story, in particular, caught my attention: Pope in Lisbon calls on youth to be ‘teachers of hope’. The Holy Father had this to say:

‘Our condition as seekers and pilgrims means that we will always be somewhat restless, for, as Jesus tells us, we are in the world, but not of the world. We are called to something higher, and we will never be able to soar unless we first take flight,’ the pope told students enrolled at the Catholic University of Portugal Thursday morning.

‘We should not be alarmed, then, if we sense an inner thirst, a restless, unfulfilled longing for meaning and a future,’ he said, saying, ‘We should not be lethargic, but alive!’

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Wise advice for Catholics at any age!

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?? American Credit: Downgraded?

From Fitch Ratings:

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The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to 'AA' and 'AAA' rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.

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What does this mean for Americans? ABC News reports that,

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Like the economic threat posed by the rating announcement, the possible financial impact would be long-term rather than immediate, analysts said.

If U.S. debt grows and the government struggles to address it, consumers could face higher interest rates for loans since the nation and its borrowers would be deemed less trustworthy, they added. That would mean higher costs for borrowing for everything from credit cards to mortgages to cars.

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The Administration was quick to reply. U.S. Treasury Secretary Janet Yellen,

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said Fitch's ‘flawed assessment’ was based on outdated data and failed to reflect improvements in U.S. governance indicators over the past two and a half years of President Joe Biden's administration.

‘At the end of the day, Fitch's decision does not change what all of us already know: that Treasury securities remain the world's pre-eminent safe and liquid asset, and that the American economy is fundamentally strong,’ Yellen added.

Fitch had cited a deterioration in U.S. governance that started during the prior Trump administration in making its decision, according to Biden administration officials.

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?Let me know what you think the downgrade means for the economy!

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?? Bishop Barron at World Youth Day

Check out this moving video of Bishop Robert Barron visiting Fatima as he traveled to World Youth Day. This is one to share with family and friends.

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Thank you for reading, and be on the lookout for our next From the President’s Desk!

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Stephen Henley