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katherineharron

In race for coronavirus vaccine, hurled insults and the wisdom of Spider-Man - CNN - 0 views

  • Ethicists and physicians are concerned that, amid a desire to put an end to the Covid-19 pandemic, developers of drugs and vaccines have become overly enthusiastic about the chances their products will work.
  • Oxford has recently walked back some of its optimism, but for months, it set a tone that its vaccine was the most promising, without any solid evidence that this was based in fact.
  • Third, one leader in the Oxford team has gone so far as to denigrate other teams trying to get a Covid vaccine on the market, calling their technology "weird" and labeling it as merely "noise." Such name-calling is highly unusual and aggressive among scientists.
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  • "At this point, the Oxford researchers have no idea whether they have something or not," Offit said. "You just get so tired of this 'science by press release.' "
  • There are currently 10 vaccines in human clinical trials worldwide, according to the World Health Organization. Four of the teams are in the United States: Moderna, Pfizer, Inovio and Novavax.
  • Moderna CEO Stéphane Bancel referred to the results as "positive interim Phase 1 data" and that "the Moderna team continues to focus on moving as fast as safely possible to start our pivotal Phase 3 study in July."
  • Moderna is collaborating on its vaccine development with the National Institute of Allergy and Infectious Diseases. Dr. Anthony Fauci, the director of NIAID, said while Moderna's numbers were limited, "it was good news" and he was "cautiously optimistic" about the vaccine.
  • Inovio and Moderna have said they expect their large-scale clinical trials, known as Phase 3 trials, to last around six months. Pfizer hasn't given a timetable for its Phase 3 trial.
  • "I've not seen anyone wrap up a Phase 3 trial in a month to six weeks," said Dr. Saad Omer, a Yale University infectious disease expert who's done clinical trials on polio, pertussis and influenza vaccines. "We need to benchmark this against realistic expectations."
  • "As vaccine researchers like to say, mice lie and monkeys exaggerate," Offit said.
  • One big stumbling block for any vaccine trial is that Covid-19 infection rates in many areas of the world are flattening out or declining.
  • The Oxford vaccine uses what's called an adenovirus vector. Adenoviruses cause the common cold, but in this case, the adenoviruses are weakened and modified to deliver genetic material that codes for a protein from the novel coronavirus. The body then produces that protein and, ideally, develops an immune response to it.
  • "Compared to previous vaccines, this method is more robust, more versatile, and yet, equally efficient," according to the blog, which notes that the Bill & Melinda Gates Foundation invested $53 million in a German biotech company that specializes in RNA vaccines.
  • Inovio's technology uses a brief electrical pulse to deliver plasmids, or small pieces of genetic information, into human cells. Inovio says those cells then produce the vaccine, which leads to an immune response.
  • On April 19, the BBC's Andrew Marr said he asked Gilbert "if it's guaranteed that a workable vaccine can actually be produced."
  • "Nobody can be absolutely sure it's possible. That's why we have to do trials. We have to find out. I think the prospects are very good, but it's clearly not completely certain,"
  • "It certainly worked in monkeys," Oxford's Hill told CNN's Burnett May 15. "That was quite an impressive impact and that was our first try, if you like, with a standard dose, a single dose of vaccine."
  • "I buy that this is a pandemic and we may need to show progress and show steps, and I'm OK with making forecasts if decision makers want that, but do it with a level of uncertainty, because that's what's warranted," said Omer, director of the Yale Institute for Global Health.
  • "Now researchers can't wait to step out to the microphone -- and there are so many microphones out there -- to say, 'I've got it! This looks really good!' " Offit said.
krystalxu

Introduction: Chinese Sociology & Anthropology: Vol 12, No 3 - 0 views

  • n the early years of this century, Chinese scholars had already studied the then newly emerging discipline of psychology in the United States, England, Germany and Japan, and John Dewey himself went to China several times to introduce his pragmatic philosophy and educational reform, which were of the greatest importance to Chinese psychology.
katherineharron

Ben & Jerry's statement on white supremacy is so extraordinary. Here's why - CNN - 0 views

  • The ice cream maker has called on Americans to "dismantle white supremacy" and "grapple with the sins of our past" as nationwide protests against racial injustice stretch into their eighth day.
  • Ben & Jerry's describes the death of George Floyd, an unarmed black man, at the hands of a white police officer as the result of "inhumane police brutality that is perpetuated by a culture of white supremacy."
  • "What happened to George Floyd was not the result of a bad apple; it was the predictable consequence of a racist and prejudiced system and culture that has treated Black bodies as the enemy from the beginning," said the brand, which is owned by Unilever (UL).
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  • the statement from Ben & Jerry's is unusually comprehensive and direct, addressing the historical roots of discrimination in the United States and calling out systemic racism, while advocating specific policies to prevent further police abuses and redress racial inequality.
  • Ben & Jerry's, which also publicly supported the Black Lives Matter movement, called on President Donald Trump to disavow white supremacists and nationalist groups that "overtly support him."
  • The ice cream maker also called for the US Department of Justice to reinvigorate its Civil Rights Division, and for Congress to pass H.R. 40, a bill that would create a commission to study the effects of discrimination since African slaves first arrived in North America in 1619 and recommend remedies.
  • The company's sale to British-Dutch consumer goods giant Unilever (UL) in 2000 has not prevented it from speaking out on issues such as racial injustice, climate change and refugee rights. As part of the deal, Ben & Jerry's kept an independent board of directors. "We're a wholly owned subsidiary [of Unilever], but we still act according to Ben & Jerry's mission, vision and values," a spokesperson told CNN Business.
  • "Unless and until white America is willing to collectively acknowledge its privilege, take responsibility for its past and the impact it has on the present, and commit to creating a future steeped in justice, the list of names that George Floyd has been added to will never end. We have to use this moment to accelerate our nation's long journey towards justice and a more perfect union," the statement concluded.
blythewallick

Why Americans turn to conspiracy theories - The Washington Post - 0 views

  • As the impeachment inquiry heats up, members of Congress and the media are left with the difficult job of untangling the conspiracy theory that seems to have driven the president’s actions in Ukraine: a wild tale of a missing computer server whisked off to Eastern Europe for nefarious, if never entirely clear, purposes, and something involving Joe Biden, his son Hunter and, for good measure, China, too.
  • Seeing the full ideological array of conspiratorial thinking and understanding its deep history are essential to understanding how paranoid thinking about Russian conspiracies, which so troubled the McCarthyites in the 1950s and 1960s, could jump from right to left in the wake of the 2016 election.
  • Republican fears of power’s expansionist tendencies spurred the revolutionary generation to regard British taxation after 1763 as not simply a deviation from prior norms, but as the first step on a swift descent toward political enslavement. American revolutionaries were not simply whiny about taxes; they were paranoid.
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  • Did Federalists just use the specter of the Illuminati to tar their rivals? Or did they mean it? Did the Jeffersonians really think the Federalists were conspiring to bring back monarchy as they alleged? Or were they just trying to win elections? The answer depends on who and when, but it’s safe to say that some did believe these theories.
  • Conspiracy theory after theory, Americans cast a paranoid eye on their partisan opponents throughout the 19th and 20th centuries. According to the Oxford English Dictionary, the phrase “conspiracy theory” first appeared in the early 20th century United States, in the context of political histories of the 19th century.
  • Democrats’ anxieties about Russian conspiracies to interfere in the 2016 campaign cannot be extricated from this historical context of paranoia just because they have a significant basis in fact. As Joseph Heller wrote, “Just because you’re paranoid doesn’t mean they’re not after you.”
  • The republican political theory underlying the American paranoid style had its origin in the writings of opposition politicians in 18th-century Britain. Since then, conspiratorial thinking, has remained most attractive to opposition parties seeking to discredit their establishment rivals. This is the nature of Trump’s criticism of Democratic investigations of Russian conspiracies to hack the 2016 campaign. They’re just whining because they lost, Trump has said repeatedly.
  • If Trump’s embrace of the Ukraine conspiracy doesn’t sink his political future by leading to impeachment, it may nonetheless signal that his political future is bleak.
katherineharron

Postal service forced to keep working despite shortages of cash and protection - CNNPol... - 0 views

  • United States Postal Service workers, who are still delivering and sorting mail at distribution centers around the country even as millions of Americans telecommute, are worried that they may not have the protection -- or even the funding -- they will need to keep delivering mail for months longer.
  • Reports have popped up across the country where postal workers say they don't have hand sanitizer, gloves or masks, and are being told to work despite illnesses and are looking to community donations to address supply shortfalls.
  • Rep. Mary Gay Scanlon, a Pennsylvania Democrat, said postal workers in her region have said they don't have hand sanitizer or materials needed to keep post offices disinfected.
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  • For years, USPS has struggled to stay afloat with the emergence of technology threatening their bottom line, but coronavirus has further strained their financial situation as mail volume has declined. The Postal Service has warned that it could be insolvent by June, the House Oversight Committee said this week.
  • "The Postal Service remains concerned that this measure will be insufficient to enable the Postal Service to withstand the significant downturn in our business that could directly result from the pandemic," said USPS spokesman David Partenheimer. "Under a worst case scenario, such downturn could result in the Postal Service having insufficient liquidity to continue operations."
Javier E

Opinion | The Ugly Secrets Behind the Costco Chicken - The New York Times - 0 views

  • we must guard our moral compasses. And some day, I think, future generations will look back at our mistreatment of livestock and poultry with pain and bafflement. They will wonder how we in the early 21st century could have been so oblivious to the cruelties that delivered $4.99 chickens to a Costco rotisserie.
  • Torture a single chicken in your backyard, and you risk arrest. Abuse tens of millions of them? Why, that’s agribusiness.
  • Those commendable savings have been achieved in part by developing chickens that effectively are bred to suffer. Scientists have created what are sometimes called “exploding chickens” that put on weight at a monstrous clip, about six times as fast as chickens in 1925. The journal Poultry Science once calculated that if humans grew at the same rate as these chickens, a 2-month-old baby would weigh 660 pounds.
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  • When Herbert Hoover talked about putting “a chicken in every pot,” chicken was a luxury: In 1930, whole dressed chicken retailed in the United States for $7 a pound in today’s dollars. In contrast, that Costco bird now sells for less than $2 a pound.
  • It’s not that Costco chickens suffer more than Walmart or Safeway birds. All are part of an industrial agricultural system that, at the expense of animal well-being, has become extremely efficient at producing cheap protein.
  • “They’re living on their own feces, with no fresh air and no natural light,” said Leah Garcés, the president of Mercy for Animals. “I don’t think it’s what a Costco customer expects.”
  • Garcés wants Costco to sign up for the “Better Chicken Commitment,” an industry promise to work toward slightly better standards for industrial agriculture. For example, each adult chicken would get at least one square foot of space, there would be some natural light and the company would avoid breeds that put on weight that the legs can’t support.
  • Burger King, Popeyes, Chipotle, Denny’s and some 200 other food companies have embraced the Better Chicken Commitment, but grocery chains generally have not, with the exception of Whole Foods.
  • Yet what struck me was that Costco completely accepts that animal welfare should be an important consideration. We may disagree about whether existing standards are adequate, but the march of moral progress on animal rights is unmistakable.
  • When I began writing about these issues, I never guessed that McDonald’s would commit to cage-free eggs, that California would legislate protections for mother pigs, that there would be court fights about whether an elephant has legal “personhood,” and that Pope Francis would suggest that animals go to heaven and that the Virgin Mary “grieves for the sufferings” of mistreated livestock.
  • I don’t pretend that there are neat solutions. We raised a flock of chickens on our family farm when I was a kid, and we managed to be neither efficient nor humane. Many birds died, and being eaten by a coyote wasn’t such a pleasant way to go, either. There’s no need for a misplaced nostalgia for traditional farming practices, just a pragmatic acknowledgment of animal suffering and trade-offs to reduce it.
  • We treat poultry particularly poorly because humans identify less with birds than with fellow mammals. We may empathize with a calf with big eyes, but less so with species that we dismiss as “bird brains.”
  • Still, the issue remains as the English philosopher Jeremy Bentham posed it in 1789: “The question is not, Can they reason?, nor Can they talk? but, Can they suffer?”
Javier E

How Zeynep Tufekci Keeps Getting the Big Things Right - The New York Times - 0 views

  • When the Centers for Disease Control and Prevention told Americans in January that they didn’t need to wear masks, Dr. S. Vincent Rajkumar, a professor at the Mayo Clinic and the editor of the Blood Cancer Journal, couldn’t believe his ears.
  • “Here I am, the editor of a journal in a high profile institution, yet I didn’t have the guts to speak out that it just doesn’t make sense,” Dr. Rajkumar told me. “Everybody should be wearing masks.”
  • Ms. Tufekci, an associate professor at the University of North Carolina’s School of Information and Library Science with no obvious qualifications in epidemiology, came out against the C.D.C. recommendation in a March 1 tweetstorm before expanding on her criticism in a March 17 Op-Ed article for The New York Times.
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  • The C.D.C. changed its tune in April, advising all Americans above the age of 2 to wear masks to slow the spread of the coronavirus. Michael Basso, a senior health scientist at the agency who had been pushing internally to recommend masks, told me Ms. Tufekci’s public criticism of the agency was the “tipping point.”
  • Ms. Tufekci, a 40-something who speaks a mile a minute with a light Turkish accent, has none of the trappings of the celebrity academic or the professional pundit. But long before she became perhaps the only good amateur epidemiologist, she had quietly made a habit of being right on the big things.
  • In 2011, she went against the current to say the case for Twitter as a driver of broad social movements had been oversimplified. In 2012, she warned news media outlets that their coverage of school shootings could inspire more. In 2013, she argued that Facebook could fuel ethnic cleansing. In 2017, she warned that YouTube’s recommendation algorithm could be used as a tool of radicalization.
  • And when it came to the pandemic, she sounded the alarm early while also fighting to keep parks and beaches open.
  • “I’ve just been struck by how right she has been,” said Julia Marcus, an infectious disease epidemiologist at Harvard Medical School.
  • She told me she chalks up her habits of mind in part to a childhood she wouldn’t wish on anyone.
  • Mr. Goff was enthusing about the campaign’s ability to send different messages to individual voters based on the digital data it had gathered about them. Ms. Tufekci quickly objected to the practice, saying that microtargeting would more likely be used to sow division.
  • An international point of view she picked up while bouncing as a child between Turkey and Belgium and then working in the United States.
  • Knowledge that spans subject areas and academic disciplines, which she happened onto as a computer programmer who got into sociology.
  • A habit of complex, systems-based thinking, which led her to a tough critique in The Atlantic of America’s news media in the run-up to the pandemic
  • it began, she says, with growing up in an unhappy home in Istanbul. She said her alcoholic mother was liable to toss her into the street in the early hours of the morning. She found some solace in science fiction — Ursula K. Le Guin was a favorite — and in the optimistic, early internet.
  • Perhaps because of a kind of egalitarian nerd ideology that has served her well, she never sought to meet the rebels’ charismatic leader, known as Subcomandante Marcos.
  • “I have a thing that fame and charisma screws with your head,” she said. “I’ve made an enormous effort throughout my life to preserve my thinking.”
  • While many American thinkers were wide-eyed about the revolutionary potential of social media, she developed a more complex view, one she expressed when she found herself sitting to the left of Teddy Goff, the digital director for President Obama’s re-election campaign, at a South by Southwest panel in Austin in 2012
  • “A bunch of things came together, which I’m happy I survived,” she said, sitting outside a brick house she rents for $2,300 a month in Chapel Hill, N.C., where she is raising her 11-year-old son as a single parent. “But the way they came together was not super happy, when it was happening.”
  • “At a time when everybody was being stupidly optimistic about the potential of the internet, she didn’t buy the hype,” he told me. “She was very prescient in seeing that there would be a deeper rot to the role of data-driven politics in our world.”
  • Many tech journalists, entranced by the internet-fueled movements sweeping the globe, were slow to spot the ways they might fail, or how social media could be used against them. Ms. Tufekci, though, had “seen movement after movement falter because of a lack of organizational depth and experience, of tools or culture for collective decision making, and strategic, long-term action,” she wrote in her 2017 book, “Twitter and Tear Gas.”
  • One of the things that makes Ms. Tufekci stand out in this gloomy moment is her lack of irony or world-weariness. She is not a prophet of doom, having hung on to an early-internet optimism
  • Ms. Tufekci has taught epidemiology as a way to introduce her students to globalization and to make a point about human nature: Politicians and the news media often expect looting and crime when disaster strikes, as they did when Hurricane Katrina hit New Orleans in 2005. But the reality on the ground has more to do with communal acts of generosity and kindness, she believes.
  • Her March column on masks was among the most influential The Times has published, although — or perhaps because —  it lacked the political edge that brings wide attention to an opinion piece.
  • “The real question is not whether Zuck is doing what I like or not,” she said. “The real question is why he’s getting to decide what hate speech is.”
  • She also suggested that we may get it wrong when we focus on individuals — on chief executives, on social media activists like her. The probable answer to a media environment that amplifies false reports and hate speech, she believes, is the return of functional governments, along with the birth of a new framework, however imperfect, that will hold the digital platforms responsible for what they host.
Javier E

The Cancel Culture Checklist - Persuasion - 0 views

  • a third of Americans say that they are personally worried about losing their jobs or missing out on career opportunities if they express their real political opinions.
  • Cancel culture now poses a real threat to intellectual freedom in the United States.
  • Americans in all walks of life have been publicly shamed, pressured into ritualistic apologies or summarily fired
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  • But critics of the critics of cancel culture make a powerful retort. Accusing others of canceling can, they claim, be a way to stigmatize legitimate criticism. As Hannah Giorgis writes in the Atlantic, “critical tweets are not censorship.”
  • So what, exactly, does a cancellation consist of? And how does it differ from the exercise of free speech and robust critical debate?
  • At a conceptual level, the difference is clear. Criticism marshals evidence and arguments in a rational effort to persuade.
  • Canceling, by contrast, seeks to organize and manipulate the social or media environment in order to isolate, deplatform or intimidate ideological opponents
  • its intent—or at least its predictable outcome—is to coerce conformity and reduce the scope for forms of criticism that are not sanctioned by the prevailing consensus of some local majority.
  • In practice, however, telling canceling apart from criticism can be difficult because both take the form of criticizing others.
  • The more signs you see, the more certain you can be that you are looking at a cancel campaign.
  • A better approach might therefore be diagnostic. Like the symptoms of cancer, the hallmarks of a cancellation are many. Though not all instances involve every single characteristic, they all involve some of its key attribute
  • Six warning signs make up my personal checklist for cancel culture.
  • Punitiveness
  • A critical culture seeks to correct rather than punish. In science, the penalty for being wrong is not that you lose your job or your friends. Normally, the only penalty is that you lose the argument
  • Canceling, by contrast, seeks to punish rather than correct—and often for a single misstep rather than a long track record of failure
  • Deplatforming
  • A critical culture tolerates dissent rather than silencing it. It understands that dissent can seem obnoxious, harmful, hateful and, yes, unsafe.
  • Canceling, by contrast, seeks to shut up and shout down its targets. Cancelers often define the mere act of disagreeing with them as a threat to their safety or even an act of violence
  • Organization
  • Critical culture relies on persuasion. The way to win an argument is to convince others that you are right.
  • By contrast, it’s common to see cancelers organize hundreds of petition-signers or thousands of social media users to dig up and prosecute an indictment.
  • Secondary Boycotts
  • With its commitments to exploring a wide range of ideas and correcting rather than coercing the errant, a critical culture sees no value in instilling a climate of fear
  • But instilling fear is what canceling is all about. By choosing targets unpredictably (almost anything can trigger a campaign), providing no safe harbors (even conformists can get hit), and implicitly threatening anyone who sides with those who are targeted, canceling sends the message: “you could be next.”
  • Moral Grandstanding
  • Precisely because speech can be hurtful, critical culture discourages extreme rhetoric. It encourages people to listen to each other, to use evidence and argumentation, to behave reasonably and to avoid personal attacks.
  • Cancel culture is much more invested in what philosophers Justin Tosi and Brandon Warmke call “moral grandstanding”: the display of moral outrage to impress one’s peer group, dominate others, or both
  • Truthiness
  • Concern for accuracy is the north star of a critical culture. Not everyone gets every fact right, nor do people always agree on what is true; and yet people in a critical culture try to present their own and others’ viewpoints honestly and accurately.
  • canceling is not about seeking truth or persuading others; it is a form of information warfare, in which truthiness suffices if it serves the cause.
  • Those are my six warning signs. If you spot one or two, you should fear that a canceling may be happening; if you see five or six, you can be sure.
  • Though our critics like to claim that those of us who worry about cancel culture just don’t like being criticized on the internet, cancel culture is all too real. And though it may at times bear a superficial resemblance to critical culture, the two are diametrically opposed—and not so very difficult to tell apart.
Javier E

How Wittgenstein and Other Thinkers Dealt With a Decade of Crisis - The New York Times - 0 views

  • Cassirer was responding to the same crisis that animated the other three of Eilenberger’s magicians — a sense that the old ways of philosophizing had failed to keep up with the reality of lived experience.
  • Eilenberger quotes Max Scheler, another German philosopher, who put it this way: “Ours is the first period when man has become completely and totally problematical to himself, when he no longer knows what he is, but at the same time knows that he knows nothing.”
  • Language was implicated in this plight, and the responses among the figures in this book were varied and often strange
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  • Cassirer’s understanding of language was capacious, incorporating not only German and English but also myth, religion, technology and art. Different languages offered different ways of seeing the world. His pluralistic outlook seemed to provide him with an escape valve. As he wrote to his wife, “I can express everything I need without difficulty.”
  • Cassirer was the only one of the four to speak up publicly for the embattled Weimar Republic. He was also the only democrat.
  • In 1929, a debate between Cassirer and Heidegger amid the snowy peaks of Davos clarified the stakes: Reject your distracting anxiety, per Cassirer, and embrace the liberation offered by culture; or reject your distracting culture, per Heidegger, and embrace the liberation offered by your anxiety.
  • Eilenberger is a terrific storyteller, unearthing vivid details that show how the philosophies of these men weren’t the arid products of abstract speculation but vitally connected to their temperaments and experiences.
  • By May 1933, Heidegger would be a member of the Nazi Party, and Cassirer, an assimilated Jew, would leave Germany forever, eventually settling in the United States
  • Cassirer’s unwavering decency made him a stalwart defender of Weimar’s democratic ideals, but it had also kept him imperturbable and optimistic until it was almost too late.
  • “When we first heard of the political myths we found them so absurd and incongruous, so fantastic and ludicrous that we could hardly be prevailed upon to take them seriously,” Cassirer would later write, before his death in 1945. “By now it has become clear to all of us that this was a great mistake.”
Javier E

The Adams Principle ❧ Current Affairs - 0 views

  • This type of glib quasi-logic works really well in comedy, especially in a format where space is restricted, and where the quick, disposable nature of the strip limits your ability to draw humor from character and plot. You take an idea, find a way to subvert or deconstruct it, and you get an absurd result.
  • while the idea of a “cubicle job” can seem to younger readers like relative bliss, they were (and are) still an emblem of boredom and absurdity, a sign that life was being slowly colonized by gray shapes and Powerpoint slides. Throughout his classic-era work, Adams hits on the feeling that the world has been made unnatural, unconducive to life; materially adequate, but spiritually exhausting. 
  • He makes constant use of something I’m going to call, for want of a better term, the sophoid: something which has the outer semblance of wisdom, but none of the substance; something that sounds weighty if you say it confidently enough, yet can be easily thrown away as “just a thought” if it won’t hold up to scrutiny.
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  • Adams did not just stick to comics: he is the author of over a dozen books (not counting the comic compendiums), which advise and analyze not only on surviving the office but also on daily life, future technology trends, romance, self-help strategy, and more. 
  • In his earlier books, you can feel the weight of the 1990s pressing down on his work, flattening and numbing its potency; this was the period that social scientist Francis Fukuyama dubbed “the end of history”, when the Cold War had ended, the West had won, 9/11 was just two numbers, and there were no grand missions left, no worlds left to conquer. While for millions of people, both in the United States and abroad, life was still chaotic and miserable, a lot of people found themselves living lives that were under no great immediate threat: without bombs or fascism or the threat of eviction to worry about, there was nothing left to do but to go to the office and enjoy fast-casual dining and Big Gulps, just as the Founding Fathers envisioned.
  • This dull but steady life produced a sense of slow-burn anxiety prominent in much of the pop culture of the time, as can be seen in movies such as Office Space, Fight Club and The Matrix, movies which cooed to their audience: there’s got to be more to life than this, right?
  • Beware: as I’m pretty sure Nietzsche said, when you gaze into Dilbert, eventually Dilbert gazes back into you.
  • for someone who satirizes business bullshit, Adams is a person who seems to have bought into much of it wholeheartedly; when he explains his approach to life he tends to speak in LinkedIn truisms, expounding on his “skill stacks” and “maximizing [his] personal energy”. (You can read more about this in his career advice book, How to Fail at Almost Everything and Still Win Big;
  • Following his non-Dilbert career more carefully, you can see that at every stage of his career, he’s actually quite heavily invested in the bullshit he makes fun of every day, or at least some aspects of it: he possesses an MBA from UC Berkeley, and has launched or otherwise been involved in a significant number of business ventures, most amusingly a health food wrap called the “Dilberito”.
  • In the past few years, Adams has gained some notoriety as a Trump supporter; having slowly moved from “vaguely all-over-the-place centrist who has some odd thoughts and thinks some aspects of Trump are impressive” to full-on MAGA guy, even writing a book called Win Bigly praising Trump’s abilities as a “master persuader”.
  • this is a guy who hates drab corporatespeak but loves the ideology behind it, a guy who describes the vast powerlessness of life but believes you can change it by writing some words on a napkin. That blend of rebellion against the symptoms of post-Cold War society and sworn allegiance to its machinations couldn’t lead anywhere else but to Trump, a man who rails against ‘elites’ while allowing them to run the country into the ground.
  • In Dilbert the Pointy-haired Boss uses this type of thinking to evil ends, in the tradition of Catch-22 and other satires of systemic brutality, but the relatable characters use it to their advantage too—by using intellectual sleight of hand with the boss to justify doing less work, or by finding clever ways to look busy when they’re not, or to avoid people who are unpleasant to be around.
  • I just think Adams is a guy who spent so long in the world of slick aphorisms and comic-strip logic that it eventually ate into his brain, became his entire manner of thinking
Javier E

Opinion | You Are the Object of Facebook's Secret Extraction Operation - The New York T... - 0 views

  • Facebook is not just any corporation. It reached trillion-dollar status in a single decade by applying the logic of what I call surveillance capitalism — an economic system built on the secret extraction and manipulation of human data
  • Facebook and other leading surveillance capitalist corporations now control information flows and communication infrastructures across the world.
  • These infrastructures are critical to the possibility of a democratic society, yet our democracies have allowed these companies to own, operate and mediate our information spaces unconstrained by public law.
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  • The result has been a hidden revolution in how information is produced, circulated and acted upon
  • The world’s liberal democracies now confront a tragedy of the “un-commons.” Information spaces that people assume to be public are strictly ruled by private commercial interests for maximum profit.
  • The internet as a self-regulating market has been revealed as a failed experiment. Surveillance capitalism leaves a trail of social wreckage in its wake: the wholesale destruction of privacy, the intensification of social inequality, the poisoning of social discourse with defactualized information, the demolition of social norms and the weakening of democratic institutions.
  • These social harms are not random. They are tightly coupled effects of evolving economic operations. Each harm paves the way for the next and is dependent on what went before.
  • There is no way to escape the machine systems that surveil u
  • All roads to economic and social participation now lead through surveillance capitalism’s profit-maximizing institutional terrain, a condition that has intensified during nearly two years of global plague.
  • Will Facebook’s digital violence finally trigger our commitment to take back the “un-commons”?
  • Will we confront the fundamental but long ignored questions of an information civilization: How should we organize and govern the information and communication spaces of the digital century in ways that sustain and advance democratic values and principles?
  • Mark Zuckerberg’s start-up did not invent surveillance capitalism. Google did that. In 2000, when only 25 percent of the world’s information was stored digitally, Google was a tiny start-up with a great search product but little revenue.
  • By 2001, in the teeth of the dot-com bust, Google’s leaders found their breakthrough in a series of inventions that would transform advertising. Their team learned how to combine massive data flows of personal information with advanced computational analyses to predict where an ad should be placed for maximum “click through.”
  • Google’s scientists learned how to extract predictive metadata from this “data exhaust” and use it to analyze likely patterns of future behavior.
  • Prediction was the first imperative that determined the second imperative: extraction.
  • Lucrative predictions required flows of human data at unimaginable scale. Users did not suspect that their data was secretly hunted and captured from every corner of the internet and, later, from apps, smartphones, devices, cameras and sensors
  • User ignorance was understood as crucial to success. Each new product was a means to more “engagement,” a euphemism used to conceal illicit extraction operations.
  • When asked “What is Google?” the co-founder Larry Page laid it out in 2001,
  • “Storage is cheap. Cameras are cheap. People will generate enormous amounts of data,” Mr. Page said. “Everything you’ve ever heard or seen or experienced will become searchable. Your whole life will be searchable.”
  • Instead of selling search to users, Google survived by turning its search engine into a sophisticated surveillance medium for seizing human data
  • Company executives worked to keep these economic operations secret, hidden from users, lawmakers, and competitors. Mr. Page opposed anything that might “stir the privacy pot and endanger our ability to gather data,” Mr. Edwards wrote.
  • As recently as 2017, Eric Schmidt, the executive chairman of Google’s parent company, Alphabet, acknowledged the role of Google’s algorithmic ranking operations in spreading corrupt information. “There is a line that we can’t really get across,” he said. “It is very difficult for us to understand truth.” A company with a mission to organize and make accessible all the world’s information using the most sophisticated machine systems cannot discern corrupt information.
  • This is the economic context in which disinformation wins
  • In March 2008, Mr. Zuckerberg hired Google’s head of global online advertising, Sheryl Sandberg, as his second in command. Ms. Sandberg had joined Google in 2001 and was a key player in the surveillance capitalism revolution. She led the build-out of Google’s advertising engine, AdWords, and its AdSense program, which together accounted for most of the company’s $16.6 billion in revenue in 2007.
  • A Google multimillionaire by the time she met Mr. Zuckerberg, Ms. Sandberg had a canny appreciation of Facebook’s immense opportunities for extraction of rich predictive data. “We have better information than anyone else. We know gender, age, location, and it’s real data as opposed to the stuff other people infer,” Ms. Sandberg explained
  • The company had “better data” and “real data” because it had a front-row seat to what Mr. Page had called “your whole life.”
  • Facebook paved the way for surveillance economics with new privacy policies in late 2009. The Electronic Frontier Foundation warned that new “Everyone” settings eliminated options to restrict the visibility of personal data, instead treating it as publicly available information.
  • Mr. Zuckerberg “just went for it” because there were no laws to stop him from joining Google in the wholesale destruction of privacy. If lawmakers wanted to sanction him as a ruthless profit-maximizer willing to use his social network against society, then 2009 to 2010 would have been a good opportunity.
  • Facebook was the first follower, but not the last. Google, Facebook, Amazon, Microsoft and Apple are private surveillance empires, each with distinct business models.
  • In 2021 these five U.S. tech giants represent five of the six largest publicly traded companies by market capitalization in the world.
  • As we move into the third decade of the 21st century, surveillance capitalism is the dominant economic institution of our time. In the absence of countervailing law, this system successfully mediates nearly every aspect of human engagement with digital information
  • Today all apps and software, no matter how benign they appear, are designed to maximize data collection.
  • Historically, great concentrations of corporate power were associated with economic harms. But when human data are the raw material and predictions of human behavior are the product, then the harms are social rather than economic
  • The difficulty is that these novel harms are typically understood as separate, even unrelated, problems, which makes them impossible to solve. Instead, each new stage of harm creates the conditions for the next stage.
  • Fifty years ago the conservative economist Milton Friedman exhorted American executives, “There is one and only one social responsibility of business — to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game.” Even this radical doctrine did not reckon with the possibility of no rules.
  • With privacy out of the way, ill-gotten human data are concentrated within private corporations, where they are claimed as corporate assets to be deployed at will.
  • The sheer size of this knowledge gap is conveyed in a leaked 2018 Facebook document, which described its artificial intelligence hub, ingesting trillions of behavioral data points every day and producing six million behavioral predictions each second.
  • Next, these human data are weaponized as targeting algorithms, engineered to maximize extraction and aimed back at their unsuspecting human sources to increase engagement
  • Targeting mechanisms change real life, sometimes with grave consequences. For example, the Facebook Files depict Mr. Zuckerberg using his algorithms to reinforce or disrupt the behavior of billions of people. Anger is rewarded or ignored. News stories become more trustworthy or unhinged. Publishers prosper or wither. Political discourse turns uglier or more moderate. People live or die.
  • Occasionally the fog clears to reveal the ultimate harm: the growing power of tech giants willing to use their control over critical information infrastructure to compete with democratically elected lawmakers for societal dominance.
  • when it comes to the triumph of surveillance capitalism’s revolution, it is the lawmakers of every liberal democracy, especially in the United States, who bear the greatest burden of responsibility. They allowed private capital to rule our information spaces during two decades of spectacular growth, with no laws to stop it.
  • All of it begins with extraction. An economic order founded on the secret massive-scale extraction of human data assumes the destruction of privacy as a nonnegotiable condition of its business operations.
  • We can’t fix all our problems at once, but we won’t fix any of them, ever, unless we reclaim the sanctity of information integrity and trustworthy communications
  • The abdication of our information and communication spaces to surveillance capitalism has become the meta-crisis of every republic, because it obstructs solutions to all other crises.
  • Neither Google, nor Facebook, nor any other corporate actor in this new economic order set out to destroy society, any more than the fossil fuel industry set out to destroy the earth.
  • like global warming, the tech giants and their fellow travelers have been willing to treat their destructive effects on people and society as collateral damage — the unfortunate but unavoidable byproduct of perfectly legal economic operations that have produced some of the wealthiest and most powerful corporations in the history of capitalism.
  • Where does that leave us?
  • Democracy is the only countervailing institutional order with the legitimate authority and power to change our course. If the ideal of human self-governance is to survive the digital century, then all solutions point to one solution: a democratic counterrevolution.
  • instead of the usual laundry lists of remedies, lawmakers need to proceed with a clear grasp of the adversary: a single hierarchy of economic causes and their social harms.
  • We can’t rid ourselves of later-stage social harms unless we outlaw their foundational economic causes
  • This means we move beyond the current focus on downstream issues such as content moderation and policing illegal content. Such “remedies” only treat the symptoms without challenging the illegitimacy of the human data extraction that funds private control over society’s information spaces
  • Similarly, structural solutions like “breaking up” the tech giants may be valuable in some cases, but they will not affect the underlying economic operations of surveillance capitalism.
  • Instead, discussions about regulating big tech should focus on the bedrock of surveillance economics: the secret extraction of human data from realms of life once called “private.
  • No secret extraction means no illegitimate concentrations of knowledge about people. No concentrations of knowledge means no targeting algorithms. No targeting means that corporations can no longer control and curate information flows and social speech or shape human behavior to favor their interests
  • the sober truth is that we need lawmakers ready to engage in a once-a-century exploration of far more basic questions:
  • How should we structure and govern information, connection and communication in a democratic digital century?
  • What new charters of rights, legislative frameworks and institutions are required to ensure that data collection and use serve the genuine needs of individuals and society?
  • What measures will protect citizens from unaccountable power over information, whether it is wielded by private companies or governments?
  • The corporation that is Facebook may change its name or its leaders, but it will not voluntarily change its economics.
Javier E

Law professor Kim Wehle's latest book is 'How To Think Like a Lawyer - and Why' : NPR - 0 views

  • a five-step process she calls the BICAT method - BICAT.
  • KIM WEHLE: B is to break a problem down into smaller pieces
  • I is to identify our values. A lot of people think lawyers are really about winning all the time. But the law is based on a value system. And I suggest that people be very deliberate about what matters to them with whatever decision there is
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  • C is to collect a lot of information. Thirty years ago, the challenge was finding information in a card catalog at the library. Now it's, how do we separate the good stuff from the bad stuff?
  • A is to analyze both sides. Lawyers have to turn the coin over and exhaust counterarguments or we'll lose in court.
  • So lawyers are trained to look for the gray areas, to look for the questions are not the answers. And if we kind of orient our thinking that way, I think we're less likely to shut down competing points of view.
  • My argument in the book is, we can feel good about a decision even if we don't get everything that we want. We have to make compromises.
  • I tell my students, you'll get through the bar. The key is to look for questions and not answers. If you could answer every legal question with a Wikipedia search, there would be no reason to hire lawyers.
  • Lawyers are hired because there are arguments on both sides, you know? Every Supreme Court decision that is split 6-3, 5-4, that means there were really strong arguments on both sides.
  • T is, tolerate the fact that you won't get everything you want every time
  • So we have to be very careful about the source of what you're getting, OK? Is this source neutral? Is this source really care about facts and not so much about an agenda?
  • Step 3, the collecting information piece. I think it's a new skill for all of us that we are overloaded with information into our phones. We have algorithms that somebody else developed that tailor the information that comes into our phones based on what the computer thinks we already believe
  • No. 2 - this is the beauty of social media and the internet - you can pull original sources. We can click on the indictment. Click on the new bill that has been proposed in the United States Congress.
  • then the book explains ways that you can then sort through that information for yourself. Skills are empowering.
  • Maybe as a replacement for sort of being empowered by being part of a team - a red team versus a blue team - that's been corrosive, I think, in American politics and American society. But arming ourselves with good facts, that leads to self-determination.
  • MARTINEZ: Now, you've written two other books - "How To Read The Constitution" and "What You Need To Know About Voting" - along with this one, "How To Think Like A Lawyer - And Why.
  • It kind of makes me think, Kim, that you feel that Americans might be lacking a basic level of civics education or understanding. So what is lacking when it comes to teaching civics or in civics discourse today?
  • studies have shown that around a third of Americans can't name the three branches of government. But if we don't understand our government, we don't know how to hold our government accountable
  • Democracies can't stay open if we've got elected leaders that are caring more about entrenching their own power and misinformation than actually preserving democracy by the people. I think that's No. 1.
  • No. 2 has to do with a value system. We talk about American values - reward for hard work, integrity, honesty. The same value system should apply to who we hire for government positions. And I think Americans have lost that.
  • in my own life, I'm very careful about who gets to be part of the inner circle because I have a strong value system. Bring that same sense to bear at the voting booth. Don't vote for red versus blue. Vote for people that live your value system
  • just like the Ukrainians are fighting for their children's democracy, we need to do that as well. And we do that through informing ourselves with good information, tolerating competing points of view and voting - voting, voting, voting - to hold elected leaders accountable if they cross boundaries that matter to us in our own lives.
Javier E

Opinion | Will Translation Apps Make Learning Foreign Languages Obsolete? - The New Yor... - 0 views

  • In Europe, nine out of 10 students study a foreign language. In the United States, only one in five do. Between 1997 and 2008, the number of American middle schools offering foreign languages dropped from 75 percent to 58 percent. Between 2009 and 2013, one American college closed its foreign language program; between 2013 and 2017, 651 others did the same.
  • At first glance, these statistics look like a tragedy. But I am starting to harbor the odd opinion that maybe they are not. What is changing my mind is technology.
  • what about spoken language? I was in Belgium not long ago, and I watched various tourists from a variety of nations use instant speech translation apps to render their own languages into English and French. The newer ones can even reproduce the tone of the speaker’s voice; a leading model, iTranslate, publicizes that its Translator app has had 200 million downloads so far.
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  • I don’t think these tools will ever render learning foreign languages completely obsolete. Real conversation in the flowing nuances of casual speech cannot be rendered by a program, at least not in a way that would convey full humanity.
  • even if it may fail at genuine, nuanced conversation — for now, at least — technology is eliminating most of the need to learn foreign languages for more utilitarian purposes.
  • The old-school language textbook scenarios, of people reserving hotel rooms or ordering meals in the language of the country they are visiting — “Greetings. Please bring me a glass of lemonade and a sandwich!” — will now be obsolete
  • to actively enjoy piecing together how other languages work is an individual quirk, not a human universal
  • Obsessive language learners have come to call themselves the polyglot community over the past couple of decades, and I am one of them, to an extent. As such, I know well how hard it can be to recognize that most human beings are numb to this peculiar desire.
  • Most human beings are interested much less in how they are saying things, and which language they are saying them in, than in what they are saying.
  • Learning to express this what — beyond the very basics — in another language is hard. It can be especially hard for us Anglophones, as speaking English works at least decently in so many places
  • To polyglots, foreign languages are Mount Everests daring us to climb them — a metaphor used by Hofstadter in his article. But to most people, they are just a barrier to get to the other side of.
  • After all, despite the sincere and admirable efforts of foreign language teachers nationwide, fewer than one in 100 American students become proficient in a language they learned in school.
  • Because I love trying to learn languages and am endlessly fascinated by their varieties and complexities, I am working hard to wrap my head around this new reality. With an iPhone handy and an appropriate app downloaded, foreign languages will no longer present most people with the barrier or challenge they once did
  • Learning to genuinely speak a new language will hardly be unknown. It will continue to beckon, for instance, for those actually relocating to a new country. And it will persist with people who want to engage with literature or media in the original language, as well as those of us who find pleasure in mastering these new codes just because they are “there.”
  • In other words, it will likely become an artisanal pursuit, of interest to a much smaller but more committed set of enthusiasts. And weird as that is, it is in its way a kind of progress.
peterconnelly

Bitcoin - United States Dollar (CRYPTO:$BTC) - Higher Knowledge Leads To Greater Optimi... - 0 views

  • A recently conducted survey has found out that the higher people rate their level of knowledge, the more optimistic they are about the future of Bitcoin
  • Block, Inc., a digital payment company, partnered with Wakefield Research to survey 9,500 people in 14 countries across the Americas (2,375), EMEA (4,360), and APAC (2860) in early 2022.
  • Additionally, the survey found that the common perceptions of BTC as male-dominated are not as stark and disappear completely in many cases, with a broad and diverse community of people who are enthusiastic and consider themselves knowledgeable about BTC.
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  • 41% of those who said to have fair to expert levels of cryptocurrency knowledge said they were very likely to purchase BTC in the next 12 months, compared with just 7.9% of those with limited to no knowledge of the topic.
peterconnelly

Craig Nason : I survived the Columbine school shooting - then watched Uvalde ... - 0 views

  • In April 1999, I survived the Columbine shooting. At just 17 years old, I was forced to process the murder of my friends, the trauma of my community, and the unique attention the world paid to my experience. At the time, Columbine was considered a once-in-a-generation type of tragedy — one that few other people in our country would ever have to contend with. 
  • According to the organization Everytown for Gun Safety, the U.S. has experienced 274 mass shootings since 2009 alone. Thousands of survivors are now part of a club that nobody wants to join.
  • I think about how we vowed to “never forget” Columbine. How we would make sure the next generation would be safer. The opposite has happened.
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  • You likely have memories associated with some of these shootings. What you were doing when you heard. Who you were with. How it affected you. When the headlines break, I often hear from friends, family, and colleagues: “I’m so sorry you have to relive this again.” The truth is, we are all reliving it again on some level. The steady cadence of shock, grief and pain is our collective story.
  • So now that the “thoughts and prayers” have been shared, what can we do together? 
  • Politicians love to tell us not to “politicize these tragedies” following mass shootings.
  • Would you care if an earlier tragedy was politicized if it meant getting your son or daughter back? Of course not. Grief doesn’t have a political affiliation. 
  • Then, change the culture. It’s impossible to ignore the role white supremacy, misogyny and extremism plays in so many mass gun violence events. In many mass shootings, the shooter has exhibited dangerous warning signs before the shooting.
  • Because it’s about the guns. The United States has roughly 5 percent of the world’s population and over 30 percent of the world’s mass shootings.
  • And while politicians love to act like this is an impossibly polarizing issue, perhaps we’re not as divided as we think. The majority of Americans actually believe Congress should pass more extensive gun legislation. According to a 2015 Public Policy Polling survey, 83 percent of gun owners support expanded background checks.
  • A new generation has grown up since Columbine; 310,000 more students in the U.S. have experienced gun violence since that day in 1999 when I escaped with my life.
peterconnelly

'I mean Ukraine': Former President George Bush calls Iraq invasion 'unjustified' - 0 views

  • WASHINGTON — Former President George W. Bush mistakenly described the invasion of Iraq as “brutal” and “unjustified” before correcting himself to say he meant to refer to Russia’s invasion of Ukraine.
  • “The result is an absence of checks and balances in Russia, and the decision of one man to launch a wholly unjustified and brutal invasion of Iraq,” Bush said
  • In 2003, when Bush was president, the United States led an invasion of Iraq over weapons of mass destruction that were never found.
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  • The former president also compared Ukrainian leader Volodymyr Zelenskyy to Britain’s wartime leader Winston Churchill, while condemning Russian President Vladimir Putin for launching the invasion of Ukraine in February.
Javier E

Opinion | We Have Two Visions of the Future, and Both Are Wrong - The New York Times - 0 views

  • these fears can no longer be confined to a fanatical fringe of gun-toting survivalists. The relentless onslaught of earthshaking crises, unfolding against the backdrop of flash floods and forest fires, has steadily pushed apocalyptic sentiment into the mainstream. When even the head of the United Nations warns that rising sea levels could unleash “a mass exodus on a biblical scale,” it is hard to remain sanguine about the state of the world. One survey found that over half of young adults now believe that “humanity is doomed” and “the future is frightening.”
  • At the same time, recent years have also seen the resurgence of a very different kind of narrative. Exemplified by a slew of best-selling books and viral TED talks, this view tends to downplay the challenges we face and instead insists on the inexorable march of human progress. If doomsday thinkers worry endlessly that things are about to get a lot worse, the prophets of progress maintain that things have only been getting better — and are likely to continue to do so in the future.
  • If things are really getting better, there is clearly no need for transformative change to confront the most pressing problems of our time. So long as we stick to the script and keep our faith in the redeeming qualities of human ingenuity and technological innovation, all our problems will eventually resolve themselves.
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  • It is easy to understand the appeal of such one-sided tales. As human beings, we seem to prefer to impose clear and linear narratives on a chaotic and unpredictable reality; ambiguity and contradiction are much harder to live with.
  • To truly grasp the complex nature of our current time, we need first of all to embrace its most terrifying aspect: its fundamental open-endedness. It is precisely this radical uncertainty — not knowing where we are and what lies ahead — that gives rise to such existential anxiety.
  • Anthropologists have a name for this disturbing type of experience: liminality
  • liminality originally referred to the sense of disorientation that arises during a rite of passage. In a traditional coming-of-age ritual, for instance, it marks the point at which the adolescent is no longer considered a child but is not yet recognized as an adult — betwixt and between
  • We are ourselves in the midst of a painful transition, a sort of interregnum, as the Italian political theorist Antonio Gramsci famously called it, between an old world that is dying and a new one that is struggling to be born. Such epochal shifts are inevitably fraught with danger
  • the great upheavals in world history can equally be seen “as genuine signs of vitality” that “clear the ground” of discredited ideas and decaying institutions. “The crisis,” he wrote, “is to be regarded as a new nexus of growth.”
  • Once we embrace this Janus-faced nature of our times, at once frightening yet generative, a very different vision of the future emerges.
  • we see phases of relative calm punctuated every so often by periods of great upheaval. These crises can be devastating, but they are also the drivers of history.
  • even the collapse of modern civilization — but it may also open up possibilities for transformative change
Javier E

Opinion | A Nobel Prize for the Economics of Panic - The New York Times - 0 views

  • Obviously, Bernanke, Diamond and Dybvig weren’t the first economists to notice that bank runs happen
  • Diamond and Dybvig provided the first really clear analysis of why they happen — and why, destructive as they are, they can represent rational behavior on the part of bank depositors. Their analysis was also full of implications for financial policy.
  • Bernanke provided evidence on why bank runs matter and, although he avoided saying so directly, why Milton Friedman was wrong about the causes of the Great Depression.
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  • Diamond and Dybvig offered a stylized but insightful model of what banks do. They argued that there is always a tension between individuals’ desire for liquidity — ready access to funds — and the economy’s need to make long-term investments that can’t easily be converted into cash.
  • Banks square that circle by taking money from depositors who can withdraw their funds at will — making those deposits highly liquid — and investing most of that money in illiquid assets, such as business loans.
  • So banking is a productive activity that makes the economy richer by reconciling otherwise incompatible desires for liquidity and productive investment. And it normally works because only a fraction of a bank’s depositors want to withdraw their funds at any given time.
  • This does, however, make banks vulnerable to runs. Suppose that for some reason many depositors come to believe that many other depositors are about to cash out, and try to beat the pack by withdrawing their own funds. To meet these demands for liquidity, a bank will have to sell off its illiquid assets at fire sale prices, and doing so can drive an institution that should be solvent into bankruptcy
  • If that happens, people who didn’t withdraw their funds will be left with nothing. So during a panic, the rational thing to do is to panic along with everyone else.
  • There was, of course, a huge wave of banking panics in 1930-31. Many banks failed, and those that survived made far fewer business loans than before, holding cash instead, while many families shunned banks altogether, putting their cash in safes or under their mattresses. The result was a diversion of wealth into unproductive uses. In his 1983 paper, Bernanke offered evidence that this diversion played a large role in driving the economy into a depression and held back the subsequent recovery.
  • In the story told by Friedman and Anna Schwartz, the banking crisis of the early 1930s was damaging because it led to a fall in the money supply — currency plus bank deposits. Bernanke asserted that this was at most only part of the stor
  • a government backstop — either deposit insurance, the willingness of the central bank to lend money to troubled banks or both — can short-circuit potential crises.
  • Such arrangements offered a higher yield than conventional deposits. But they had no safety net, which opened the door to an old-style bank run and financial panic.
  • So banks need to be regulated as well as backstopped. As I said, the Diamond-Dybvig analysis had remarkably large implications for policy.
  • From an economic point of view, banking is any form of financial intermediation that offers people seemingly liquid assets while using their wealth to make illiquid investments.
  • This insight was dramatically validated in the 2008 financial crisis.
  • By the eve of the crisis, however, the financial system relied heavily on “shadow banking” — banklike activities that didn’t involve standard bank deposits
  • But providing such a backstop raises the possibility of abuse; banks may take on undue risks because they know they’ll be bailed out if things go wrong.
  • And the panic came. The conventionally measured money supply didn’t plunge in 2008 the way it did in the 1930s — but repo and other money-like liabilities of financial intermediaries did:
  • Fortunately, by then Bernanke was chair of the Federal Reserve. He understood what was going on, and the Fed stepped in on an immense scale to prop up the financial system.
  • a sort of meta point about the Diamond-Dybvig work: Once you’ve understood and acknowledged the possibility of self-fulfilling banking crises, you become aware that similar things can happen elsewhere.
  • Perhaps the most notable case in relatively recent times was the euro crisis of 2010-12. Market confidence in the economies of southern Europe collapsed, leading to huge spreads between the interest rates on, for example, Portuguese bonds and those on German bonds. The conventional wisdom at the time — especially in Germany — was that countries were being justifiably punished for taking on excessive debt
  • the Belgian economist Paul De Grauwe argued that what was actually happening was a self-fulfilling panic — basically a run on the bonds of countries that couldn’t provide a backstop because they no longer had their own currencies.
  • Sure enough, when Mario Draghi, the president of the European Central Bank at the time, finally did provide a backstop in 2012 — he said the magic words “whatever it takes,” implying that the bank would lend money to the troubled governments if necessary — the spreads collapsed and the crisis came to an end:
Javier E

Where We Went Wrong | Harvard Magazine - 0 views

  • John Kenneth Galbraith assessed the trajectory of America’s increasingly “affluent society.” His outlook was not a happy one. The nation’s increasingly evident material prosperity was not making its citizens any more satisfied. Nor, at least in its existing form, was it likely to do so
  • One reason, Galbraith argued, was the glaring imbalance between the opulence in consumption of private goods and the poverty, often squalor, of public services like schools and parks
  • nother was that even the bountifully supplied private goods often satisfied no genuine need, or even desire; a vast advertising apparatus generated artificial demand for them, and satisfying this demand failed to provide meaningful or lasting satisfaction.
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  • economist J. Bradford DeLong ’82, Ph.D. ’87, looking back on the twentieth century two decades after its end, comes to a similar conclusion but on different grounds.
  • DeLong, professor of economics at Berkeley, looks to matters of “contingency” and “choice”: at key junctures the economy suffered “bad luck,” and the actions taken by the responsible policymakers were “incompetent.”
  • these were “the most consequential years of all humanity’s centuries.” The changes they saw, while in the first instance economic, also “shaped and transformed nearly everything sociological, political, and cultural.”
  • DeLong’s look back over the twentieth century energetically encompasses political and social trends as well; nor is his scope limited to the United States. The result is a work of strikingly expansive breadth and scope
  • labeling the book an economic history fails to convey its sweeping frame.
  • The century that is DeLong’s focus is what he calls the “long twentieth century,” running from just after the Civil War to the end of the 2000s when a series of events, including the biggest financial crisis since the 1930s followed by likewise the most severe business downturn, finally rendered the advanced Western economies “unable to resume economic growth at anything near the average pace that had been the rule since 1870.
  • d behind those missteps in policy stood not just failures of economic thinking but a voting public that reacted perversely, even if understandably, to the frustrations poor economic outcomes had brought them.
  • Within this 140-year span, DeLong identifies two eras of “El Dorado” economic growth, each facilitated by expanding globalization, and each driven by rapid advances in technology and changes in business organization for applying technology to economic ends
  • from 1870 to World War I, and again from World War II to 197
  • fellow economist Robert J. Gordon ’62, who in his monumental treatise on The Rise and Fall of American Economic Growth (reviewed in “How America Grew,” May-June 2016, page 68) hailed 1870-1970 as a “special century” in this regard (interrupted midway by the disaster of the 1930s).
  • Gordon highlighted the role of a cluster of once-for-all-time technological advances—the steam engine, railroads, electrification, the internal combustion engine, radio and television, powered flight
  • Pessimistic that future technological advances (most obviously, the computer and electronics revolutions) will generate productivity gains to match those of the special century, Gordon therefore saw little prospect of a return to the rapid growth of those halcyon days.
  • DeLong instead points to a series of noneconomic (and non-technological) events that slowed growth, followed by a perverse turn in economic policy triggered in part by public frustration: In 1973 the OPEC cartel tripled the price of oil, and then quadrupled it yet again six years later.
  • For all too many Americans (and citizens of other countries too), the combination of high inflation and sluggish growth meant that “social democracy was no longer delivering the rapid progress toward utopia that it had delivered in the first post-World War II generation.”
  • Frustration over these and other ills in turn spawned what DeLong calls the “neoliberal turn” in public attitudes and economic policy. The new economic policies introduced under this rubric “did not end the slowdown in productivity growth but reinforced it.
  • the tax and regulatory changes enacted in this new climate channeled most of what economic gains there were to people already at the top of the income scale
  • Meanwhile, progressive “inclusion” of women and African Americans in the economy (and in American society more broadly) meant that middle- and lower-income white men saw even smaller gains—and, perversely, reacted by providing still greater support for policies like tax cuts for those with far higher incomes than their own.
  • Daniel Bell’s argument in his 1976 classic The Cultural Contradictions of Capitalism. Bell famously suggested that the very success of a capitalist economy would eventually undermine a society’s commitment to the values and institutions that made capitalism possible in the first plac
  • In DeLong’s view, the “greatest cause” of the neoliberal turn was “the extraordinary pace of rising prosperity during the Thirty Glorious Years, which raised the bar that a political-economic order had to surpass in order to generate broad acceptance.” At the same time, “the fading memory of the Great Depression led to the fading of the belief, or rather recognition, by the middle class that they, as well as the working class, needed social insurance.”
  • what the economy delivered to “hard-working white men” no longer matched what they saw as their just deserts: in their eyes, “the rich got richer, the unworthy and minority poor got handouts.”
  • As Bell would have put it, the politics of entitlement, bred by years of economic success that so many people had come to take for granted, squeezed out the politics of opportunity and ambition, giving rise to the politics of resentment.
  • The new era therefore became “a time to question the bourgeois virtues of hard, regular work and thrift in pursuit of material abundance.”
  • DeLong’s unspoken agenda would surely include rolling back many of the changes made in the U.S. tax code over the past half-century, as well as reinvigorating antitrust policy to blunt the dominance, and therefore outsize profits, of the mega-firms that now tower over key sectors of the economy
  • He would also surely reverse the recent trend moving away from free trade. Central bankers should certainly behave like Paul Volcker (appointed by President Carter), whose decisive action finally broke the 1970s inflation even at considerable economic cost
  • Not only Galbraith’s main themes but many of his more specific observations as well seem as pertinent, and important, today as they did then.
  • What will future readers of Slouching Towards Utopia conclude?
  • If anything, DeLong’s narratives will become more valuable as those events fade into the past. Alas, his description of fascism as having at its center “a contempt for limits, especially those implied by reason-based arguments; a belief that reality could be altered by the will; and an exaltation of the violent assertion of that will as the ultimate argument” will likely strike a nerve with many Americans not just today but in years to come.
  • what about DeLong’s core explanation of what went wrong in the latter third of his, and our, “long century”? I predict that it too will still look right, and important.
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