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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:

Dealing with interruptions at work

If you’re frequently cut off during meetings, find a work buddy who can jump in and refocus the conversation, Swann said. (“I’d love to hear what Sandra was saying.”)

Dr. Venetis recommended saying “just a second, and I’ll yield the floor.” Doing that acknowledges the other person while being an advocate for yourself, she said.

You can also address interruptions before they start, Swann said. “Set the stage by saying: ‘I have something to share. I’ll only take about five minutes,’” and let people know they will have time to chime in when you’re done

Handling interruptions in your relationship

Explore the root cause of the problem, Dr. Solomon said. Ask each other questions like: How would you describe our conversation patterns? How did people have discussions in your family growing up? How do you feel when you’re interrupted?

Constant interruptions can cause real rifts in understanding, connection and trust, Dr. Solomon said. If interrupting is a pattern in your relationship, she recommends starting a “curious conversation” with your partner when you’re not in the heat of the moment.

Subtle body language can work at home, too, she said. If one partner is “coming in hot,” she suggests leaning forward and putting a hand on the partner’s forearm, or lifting a “hang on” finger.

What to do if you’re the interrupter

Are you hogging the mic? Watch your listener for cues, Dr. Solomon said. Does the person look impatient or disengaged

If you read a transcript of the conversation, she said, are the two of you speaking for roughly the same amount of time?

That’s what you should aim for, Dr. Solomon said. “We tend to want our conversations to feel like a tennis game, with a lot of back and forth,” she said.

The more I used my watch to monitor my stress, the higher my stress levels rose.

“It’s like you’re trying to win at this game instead of living your life. Instead of learning what your body feels like, you have a number.”

Add a social or competitive component, as in the fitness app Strava or the community features on Peloton, and the feelings of control and empowerment that fitness can foster can morph quickly into the opposite.

If it feels like an addiction, that’s because it can work similarly to smartphone and other digital addictions. Dependency is what these devices are designed to foster.

in fact, we very much can become compulsively fixated on these wearable devices — in a way that is akin to addiction.”

These devices don’t just record your behavior — they influence it and keep you coming back. You become dependent on external validation.

you can’t quantify your way to good health. The reality is much harder.

I know I got fitter. But I started to feel that my health wasn’t grounded in my own body anymore, or even in my mind.

Exercise wasn’t helping me rebound from pressure anymore; it was adding to it.

Of course these watches can be useful: for health data, reminding you to move more or maybe even that emergency call if you wind up falling in the woods. Many of us make better choices when we know we’re being watched.

that a coming storm will sweep elites from power

and that violence might be necessary to save the country.

In October 2021, 17 percent of Americans believed in the conspiracy theory, up from 14 percent in March

the percentage of people who rejected QAnon falsehoods shrank to 34 percent in October from 40 percent in March

After Mr. Trump lost the 2020 presidential election, QAnon was expected to be hobbled without him. But it has persisted despite that and despite efforts by tech platforms to staunch its spread. Forensic linguists have also tried to unmask and defang the anonymous author who signed online messages as Q.

Robert P. Jones, the founder and chief executive of the research group and a social science researcher with decades of experience, said he never expected to be dealing with serious survey questions about whether powerful American institutions were controlled by devil-worshiping, sex-trafficking pedophiles. To have so many Americans agree with such a question, he said, was “stunning.”

Believers are “racially, religiously and politically diverse,”

Among Republicans, 25 percent found QAnon to be valid, compared with 14 percent of independents and 9 percent of Democrats.

Media preferences were a major predictor of QAnon susceptibility, with people who trust far-right news sources such as One America News Network and Newsmax nearly five times more likely to be believers than those who trust mainstream news

Fox News viewers were twice as likely to back QAnon ideas

Most QAnon believers associated Christianity with being American and said that the United States risked losing its culture and identity and must be protected from foreign influence

seven in 10 believers agreed with the lie that the 2020 election was stolen from Mr. Trump.

More than half of QAnon supporters are white, while 20 percent are Hispanic and 13 percent are Black.

They were most likely to have household incomes of less than $50,000 a year, hold at most a high school degree, hail from the South and reside in a suburb.