Skip to main content

Home/ History Readings/ Group items tagged money news

Rss Feed Group items tagged

lilyrashkind

Biden says he'd be 'very fortunate' to face Trump in 2024 - 0 views

  • President Biden said Thursday he would welcome a 2024 rematch against former President Donald Trump while insisting that European leaders have confidence in his leadership.
  • Trump is openly teasing a potential 2024 bid and has blamed Biden for mismanaging relations with Russia — pointing out that Russian President Vladimir Putin didn’t invade neighboring nations while he was in charge.
  • As president, Trump ruffled feathers among US allies in Europe by insisting they spend more money on their own defense and by weighing a drawdown of US troops from Germany. Ironically, six NATO members responded to the Russian invasion by increasing their defense budgets.
  • ...2 more annotations...
  • “He was asked what he thought. He said they are very good people on both sides. And that’s when I decided I wasn’t going to be quiet any longer,” Biden said of Trump’s response to the violence in Charlottesville. The president, eschewing the historical norm of avoiding domestic political commentary while traveling abroad, proceeded to claim that even US news outlets that oppose him know of his commitment to do “the right thing.”
  • The president added, “The first G7 meeting I attended, like the one I did today, was in Great Britain. And I sat down and I said, ‘America’s back.’ And one of my counterparts, colleagues, who is a head of state, said, ‘For how long? For how long?’ And so I don’t blame, I don’t criticize anybody for asking that question.”
Javier E

How Sunak may succeed in stopping the boats - 0 views

  • After all, much as its backbenchers huff and puff, even Labour has admitted an important principle: there is a limit to the number of refugees this country can accept.
  • In parliament on Monday, the shadow immigration minister, Stephen Kinnock, said explicitly that “safe and legal routes” for immigration must be “capped” and “based on prioritisation”
  • With an estimated 32.5 million refugees in the world, this ought to be a statement of the obvious
  • ...15 more annotations...
  • yet it is one the government’s opponents are always reluctant to admit because its logical corollary is that there will always be an incentive for those not included under the cap to try their luck in the Channel — unless they perceive a high risk of deportation. You cannot stop the boats while taking in the passengers.
  • Sunak’s policy, despite its logic, faces a tortuous road ahead. To ministers’ surprise, they won their case on the Rwanda scheme in British courts last year, only to have the first flight blocked in the middle of the night by an ECHR judge.
  • Yet as the home secretary recently suggested, the government still believes it can get its way. The ECHR, despite its reputation for inflexible and expansionist application of human rights law, can be expedient when its institutional reach is under threat
  • In 2012, for example, after an unmanageable surge of cases that provoked European governments’ wrath, the ECHR agreed to limit itself to intervening only where it believed national courts had not done their jobs properly. Its caseload quickly shrank.
  • With the UK outside the EU and therefore able to leave the ECHR with relative ease, the court’s survival instinct has kicked in. Its officials are said to have been taken aback by the hostility to its Rwanda injunction last June and are in a mood to compromise to avoid the risk of losing the UK altogether
  • Even assuming the legislation takes full effect, it may not work. Migrant arrivals are expected to reach 65,000 this year. The asylum backlog stands at 166,000 and counting, hotels are full to bursting and the government hasn’t yet sent a single person to Rwanda, which in turn hasn’t built the capacity to house more than 200. No wonder most think the policy is doomed.
  • Between the prospect of being deported, housed in unappealing lodgings such as barges and RAF bases rather than hotels, and caught by the French, who are being given large sums of money to step up their coastal policing, the government is hoping it can make trying to cross the Channel sufficiently unattractive
  • There has been a sharp drop in the number of Albanians arriving on our beaches since the government signed a co-operation agreement with Tirana, stepped up deportations and publicised both.
  • evidence from Canada in 2016, where a publicity campaign highlighting the deportation of failed asylum seekers from Hungary led to a dramatic drop in arrivals.
  • It all depends on what’s required to deter people from crossing. The aim, after all, isn’t to run a constant, high-volume travel service to Kigali, but to stop people from getting on boats in the first place. This may already be working
  • This leaves the final piece, which is the expansion of “safe and legal routes” to the UK. It has taken months of awkward media interviews, select committee hearings and the threat of a backbench rebellion, but the government has finally accepted it needs a better system for taking in legitimate refugees.
  • One way is a broader, Ukraine-style scheme, so households can bring in refugees if they agree to take them in
  • Another is to allow for more extended family reunifications for refugees who have relatives here
  • And another would be to expand the practice of assessing and accepting people at UN camps, like the Syrian resettlement scheme
  • After years of ineffectual government under Theresa May and Boris Johnson, we have become used to the idea that ministers never have any ability or intention of keeping their promises
Javier E

Tween trends get more expensive as they take cues from social media - The Washington Post - 0 views

  • While earlier generations might have taken their cues from classmates or magazines, tweens and teens now see their peers on platforms like TikTok, Pinterest, Instagram and YouTube.
  • And it’s spawning viral moments in retail, as evidenced by last week’s release of limited-edition Stanley tumblers at Target. Fans lined up outside stores before sunrise to nab the cup made in collaboration with Starbucks, and arguments broke out at a handful of locations. T
  • This age group also is snapping up pricey makeup and skin care, even products usually reserved for “mature” skin. That’s given rise to viral TikToks from exasperated adults.
  • ...19 more annotations...
  • The mania behind these products is heightened by their collectability and the sense of connection they offer, industry experts say.“Material things have always been markers of identity,” Drenten said.
  • It’s also compounded by biology — puberty and cognitive development can feel upending and confusing, said Mindy Weinstein, the founder and chief executive of digital marketing company Market MindShift. So buying into a trend or product — perhaps popularized by older teens — can ease those uncomfortable feelings.
  • It’s known as the “bandwagon effect, and it’s really pronounced in that age group,
  • “they aren’t always sure where they fit into the world. But now by buying that [item] they feel like they fit in.
  • Every generation of tween has had products, accessories, brands and styles they covet. A decade ago, it was Justice clothing, colorful iPod minis, Sidekick cellphones and EOS lip balm. In the early 2000s, Juicy sweatsuits, North Face fleece jackets, Nike Shox, Abercrombie & Fitch and Razr flip phones reigned. In the ’90s it was buying from the Delia’s catalogue magazine, Lip Smacker balms, United Colors of Benetton and Tommy Hilfiger polos. The ’80s had Guess jeans, Keds, banana hair clips and J. Crew sweaters. In the ’70s it was mood rings, Wrangler and Levi’s jeans, Puma sneakers and Frye boots.
  • More than half of U.S. teenagers (ages 13 to 19) spend at least four hours a day on social media, according to Gallup, and most of that time is spent on YouTube and TikTok
  • And it’s highly effective — consumers are more likely to consider buying a product and have a favorable opinion about it if it went vira
  • “TikTok influencers already have their trust … teens and tweens see them and they want to also be into that trend and feel like they’re belonging to that social group,
  • It used to be that our hair, makeup and skin care products were only visible to those who entered our bedrooms, scanning vanities and opening drawers. Now, teens and tweens are filming “Get ready with me” videos, showing off their Rare Beauty liquid blush ($23), Laneige lip balm ($18) and Charlotte Tilbury setting spray ($38) as they complain about school or recap a friend’s bat mitzvah.
  • Margeaux Richmond and her friends spend a lot of time talking about skin care. The 12-year-old from Des Moines said she got a $62 Drunk Elephant moisturizer for Christmas. “It’s kind of pricey, but if it’s good for your skin it’s worth it,” she said. “It’s kind of important to me and my friends because we don’t want our skin to look bad or anything.”
  • This also fuels a collectability culture. The customer no longer wants one water bottle, one pair of Air Jordans, one Summer Fridays lip balm or one Nike sweatshirt — they want them in every color.
  • “We have to think about today’s consumers, not as consumers, but as fans; and fandom has always been intertwined with collecting,” Drenten said. “In today’s culture, particularly among young people, we’ve kind of shifted away from obsession with celebrities to obsession with brands.”
  • Having and displaying a collection on shelves and on social media is seen as a status symbol.
  • Superfans also collect accessories for some of these products, Briggs said, spawning a whole side industry for some products.
  • Who’s doing the actual buying is harder to track. Not all adolescents have jobs or parents who are able or willing to spend $550 on Apple AirPods Max or $275 on a Tiffany & Co’s Pink Double Heart Tag Pendant necklace. “These products, to some extent, are a point of privilege and status,
  • Some of the spending could be attributed to more young people in the workforce: Roughly 37 percent of 16- to 19-year-olds had a job or were looking for one last year,
  • That’s the highest rate since 2009.
  • Richmond said she uses her babysitting money to buy Drunk Elephant skin care or Kendra Scott jewelry — items “my parents won’t buy me.” She’s saving up for her second Stanley tumbler.
  • Drenten emphasized that shopping or gift hauls on social media don’t reflect what every teen or tween wants. It varies by socioeconomics, demographics and personal preference. “At the end of the day, they can still be influenced by who they’re around and not necessarily what they’re seeing as the top line products online.”
Javier E

Book Review: 'Free and Equal,' by Daniel Chandler - The New York Times - 0 views

  • in doing the hard work of spelling out what a Rawlsian program might look like in practice, Chandler ends up illustrating why liberalism has elicited such frustration from its many critics in the first place.
  • Rawls’s theory was premised on the thought experiment of the “original position,” in which individuals would design a just society from behind a “veil of ignorance.” People couldn’t know whether they would be born rich or poor, gay or straight, Black or white — and so, like the child cutting the cake who doesn’t get to choose the first slice, each would be motivated to realize a society that would be accepted as fair even by the most vulnerable.
  • This is liberalism grounded in reciprocity rather than selfishness or altruism. According to Rawls’s “difference principle,” inequalities would be permitted only as long as they promoted the interests of the least advantaged.
  • ...11 more annotations...
  • People might not agree on much, Chandler says, but the “veil of ignorance” encourages us to find a mutually agreeable starting point. If we don’t know what community we are born into, we should want a “reasonable pluralism.” We should also want the state “to maintain the conditions that are the basis for our freedom and equality as citizens.”
  • As an example, Chandler raises the thorny issue of free speech. “Political, moral and religious” speech “is integral to developing our sense of what is fair and how to live,” he writes, which is why it deserves robust protection. But since some speech, such as advertising, plays “no meaningful role” in helping us figure out how to live a good life, such speech can be limited. The idea is to balance individual and group freedoms with the need for peaceful coexistence
  • The state should protect the rights of gay people not to be discriminated against — even though the state cannot force anyone or any group to approve of gay relationships. Chandler, who is gay, suggests that premising gay rights on getting everyone to agree on the question of morality is a waste of energy: “For some people this” — the belief that homosexuality is a sin — “is part of their faith and no reasoned argument will persuade them otherwise.”
  • The last two-thirds of “Free and Equal” are given over to specific policy proposals. Some of them sound familiar enough — restricting private money in politics; beefing up civic education — while others are more far-reaching and radical, including the establishment of worker cooperatives, in which “workers decide how things are done,” and the abolition of private schools.
  • t despite his valiant efforts, the book enacts both the promise and the limitations of the theory it seeks to promote. It didn’t leave me cold, but it did leave me restless.
  • He persuasively refutes the conflation of liberal egalitarianism with technocracy, and helpfully points out that an emphasis on technocratic competence “leaves many voters cold.
  • For anyone who venerates consensus in politics, this sounds appealing; given the fissures of our current moment, it also comes across as wildly insufficient.
  • that’s part of Chandler’s point: A Rawlsian framework encourages people with a variety of deeply held commitments to live together in mutual tolerance, free to figure out questions of individual morality and the good life for themselves.
  • Regarding Katrina Forrester’s “In the Shadow of Justice” (2019), a searching and brilliant history of how his ideas presumed a postwar consensus that was already fracturing at the time that “A Theory of Justice” was published, Chandler has little to say.
  • “Free and Equal” includes a detailed chapter on “Rawls and His Critics,” but mostly navigates around anything that might truly rattle the Rawlsian framework.
  • Perhaps Forrester wouldn’t be surprised by this move; as she puts it, “The capaciousness of liberal philosophy squeezed out possibilities for radical critique.”
Javier E

Opinion | China's Economy Is in Serious Trouble - The New York Times - 0 views

  • Some analysts expected the Chinese economy to boom after it lifted the draconian “zero Covid” measures it had adopted to contain the pandemic. Instead, China has underperformed by just about every economic indicator other than official G.D.P., which supposedly grew by 5.2 percent.
  • the Chinese economy seems to be stumbling. Even the official statistics say that China is experiencing Japan-style deflation and high youth unemployment. It’s not a full-blown crisis, at least not yet, but there’s reason to believe that China is entering an era of stagnation and disappointment.
  • Why is China’s economy, which only a few years ago seemed headed for world domination, in trouble?
  • ...12 more annotations...
  • With consumers buying so little, at least relative to the Chinese economy’s productive capacity, how can the nation generate enough demand to keep that capacity in use? The main answer, as Michael Pettis points out, has been to promote extremely high rates of investment, more than 40 percent of G.D.P. The trouble is that it’s hard to invest that much money without running into severely diminishing returns.
  • financial repression — paying low interest on savings and making cheap loans to favored borrowers — that holds down household income and diverts it to government-controlled investment, a weak social safety net that causes families to accumulate savings to deal with possible emergencies, and more.
  • Part of the answer is bad leadership. President Xi Jinping is starting to look like a poor economic manager, whose propensity for arbitrary interventions — which is something autocrats tend to do — has stifled private initiative.
  • But China’s working-age population peaked around 2010 and has been declining ever since. While China has shown impressive technological capacity in some areas, its overall productivity also appears to be stagnating.
  • very high rates of investment may be sustainable if, like China in the early 2000s, you have a rapidly growing work force and high productivity growth as you catch up with Western economies
  • This, in short, isn’t a nation that can productively invest 40 percent of G.D.P. Something has to give.
  • the government was able to mask the problem of inadequate consumer spending for a number of years by promoting a gigantic real estate bubble. In fact, China’s real estate sector became insanely large by international standards.
  • what China must do seems straightforward: end financial repression and allow more of the economy’s income to flow through to households, and strengthen the social safety net so that consumers don’t feel the need to hoard cash. And as it does this it can ramp down its unsustainable investment spending.
  • But there are powerful players, especially state-owned enterprises, that benefit from financial repression
  • And when it comes to strengthening the safety net, the leader of this supposedly communist regime sounds a bit like the governor of Mississippi, denouncing “welfarism” that creates “lazy people.”
  • Japan ended up managing its downshifting well. It avoided mass unemployment, it never lost social and political cohesion, and real G.D.P. per working-age adult actually rose 50 percent over the next three decades, not far short of growth in the United States.
  • My great concern is that China may not respond nearly as well. How cohesive will China be in the face of economic trouble? Will it try to prop up its economy with an export surge that will run headlong into Western efforts to promote green technologies? Scariest of all, will it try to distract from domestic difficulties by engaging in military adventurism?
Javier E

Opinion | Administrators Will Be the End of Us - The New York Times - 0 views

  • I looked into the growing bureaucratization of American life. It’s not only that growing bureaucracies cost a lot of money; they also enervate American society. They redistribute power from workers to rule makers, and in so doing sap initiative, discretion, creativity and drive.
  • . Over a third of all health care costs go to administration. As the health care expert David Himmelstein put it in 2020, “The average American is paying more than $2,000 a year for useless bureaucracy.”
  • The growth of bureaucracy costs America over $3 trillion in lost economic output every year, Gary Hamel and Michele Zanini estimated in 2016 in The Harvard Business Review
  • ...14 more annotations...
  • 17 percent of G.D.P.
  • there is now one administrator or manager for every 4.7 employees, doing things like designing anti-harassment trainings, writing corporate mission statements, collecting data and managing “systems.”
  • This situation is especially grave in higher education. The Massachusetts Institute of Technology now has almost eight times as many nonfaculty employees as faculty employees
  • The general job of administrators, who are invariably good and well-meaning people, is to supervise and control, and they gain power and job security by hiring more people to work for them to create more supervision and control
  • Their power is similar to what Annie Lowrey of The Atlantic has called the “time tax.” If you’ve ever fought a health care, corporate or university bureaucracy, you quickly realize you don’t have the time for it, so you give up
  • As Philip K. Howard has been arguing for years, good organizations give people discretion to do what is right. But the trend in public and private sector organizations has been to write rules that rob people of the power of discretion
  • kids’ activities, from travel sports to recess, are supervised, and rules dominate. Parents are afraid their kids might be harmed, but as Jonathan Haidt and Greg Lukianoff have argued, by being overprotective, parents make their kids more fragile and more vulnerable to harm.
  • High school students design their lives to fit the metrics that college admissions officers require. And what traits are selective schools looking for? They’re looking for students who are willing to conform to the formulas the gatekeepers devise.
  • t Stanford is apparently now tamed. I invite you to read Ginevra Davis’s essay “Stanford’s War on Social Life” in Palladium, which won a vaunted Sidney Award in 2022 and details how university administrators cracked down on student initiatives to make everything boring, supervised and safe.
  • Mark Edmundson teaches literature at the University of Virginia. The annual self-evaluations he had to submit used to be one page. Now he has to fill out about 15 electronic pages of bureaucratese that include demonstrating how his work advances D.E.I., to make sure his every waking moment conforms to the reigning ideology.
  • the whole administrative apparatus comes with an implied view of human nature. People are weak, fragile, vulnerable and kind of stupid. They need administrators to run their lives
  • The result is the soft despotism that Tocqueville warned us about centuries ago, a power that “is absolute, minute, regular, provident and mild.”
  • this kind of power is now centerless. Presidents and executives don’t run companies, universities or nations. Power is now held by everyone who issues work surveys and annual reports, the people who create H.R. trainings and collect data
  • Trumpian populism is about many things, but one of them is this: working-class people rebelling against administrators. It is about people who want to lead lives of freedom, creativity and vitality, who find themselves working at jobs, sending their kids to schools and visiting hospitals, where they confront “an immense and tutelary power” (Tocqueville’s words) that is out to diminish them.
Javier E

Neal Stephenson's Most Stunning Prediction - The Atlantic - 0 views

  • Think about any concept that we might want to teach somebody—for instance, the Pythagorean theorem. There must be thousands of old and new explanations of the Pythagorean theorem online. The real thing we need is to understand each child’s learning style so we can immediately connect them to the one out of those thousands that is the best fit for how they learn. That to me sounds like an AI kind of project, but it’s a different kind of AI application from DALL-E or large language models.
  • Right now a lot of generative AI is free, but the technology is also very expensive to run. How do you think access to generative AI might play out?
  • Stephenson: There was a bit of early internet utopianism in the book, which was written during that era in the mid-’90s when the internet was coming online. There was a tendency to assume that when all the world’s knowledge comes online, everyone will flock to it
  • ...3 more annotations...
  • It turns out that if you give everyone access to the Library of Congress, what they do is watch videos on TikTok
  • A chatbot is not an oracle; it’s a statistics engine that creates sentences that sound accurate. Right now my sense is that it’s like we’ve just invented transistors. We’ve got a couple of consumer products that people are starting to adopt, like the transistor radio, but we don’t yet know how the transistor will transform society
  • We’re in the transistor-radio stage of AI. I think a lot of the ferment that’s happening right now in the industry is venture capitalists putting money into business plans, and teams that are rapidly evaluating a whole lot of different things that could be done well. I’m sure that some things are going to emerge that I wouldn’t dare try to predict, because the results of the creative frenzy of millions of people is always more interesting than what a single person can think of.
Javier E

The AI Revolution Is Already Losing Steam - WSJ - 0 views

  • Most of the measurable and qualitative improvements in today’s large language model AIs like OpenAI’s ChatGPT and Google’s Gemini—including their talents for writing and analysis—come down to shoving ever more data into them. 
  • AI could become a commodity
  • To train next generation AIs, engineers are turning to “synthetic data,” which is data generated by other AIs. That approach didn’t work to create better self-driving technology for vehicles, and there is plenty of evidence it will be no better for large language models,
  • ...25 more annotations...
  • AIs like ChatGPT rapidly got better in their early days, but what we’ve seen in the past 14-and-a-half months are only incremental gains, says Marcus. “The truth is, the core capabilities of these systems have either reached a plateau, or at least have slowed down in their improvement,” he adds.
  • the gaps between the performance of various AI models are closing. All of the best proprietary AI models are converging on about the same scores on tests of their abilities, and even free, open-source models, like those from Meta and Mistral, are catching up.
  • models work by digesting huge volumes of text, and it’s undeniable that up to now, simply adding more has led to better capabilities. But a major barrier to continuing down this path is that companies have already trained their AIs on more or less the entire internet, and are running out of additional data to hoover up. There aren’t 10 more internets’ worth of human-generated content for today’s AIs to inhale.
  • A mature technology is one where everyone knows how to build it. Absent profound breakthroughs—which become exceedingly rare—no one has an edge in performance
  • companies look for efficiencies, and whoever is winning shifts from who is in the lead to who can cut costs to the bone. The last major technology this happened with was electric vehicles, and now it appears to be happening to AI.
  • the future for AI startups—like OpenAI and Anthropic—could be dim.
  • Microsoft and Google will be able to entice enough users to make their AI investments worthwhile, doing so will require spending vast amounts of money over a long period of time, leaving even the best-funded AI startups—with their comparatively paltry warchests—unable to compete.
  • Many other AI startups, even well-funded ones, are apparently in talks to sell themselves.
  • the bottom line is that for a popular service that relies on generative AI, the costs of running it far exceed the already eye-watering cost of training it.
  • That difference is alarming, but what really matters to the long-term health of the industry is how much it costs to run AIs. 
  • Changing people’s mindsets and habits will be among the biggest barriers to swift adoption of AI. That is a remarkably consistent pattern across the rollout of all new technologies.
  • the industry spent $50 billion on chips from Nvidia to train AI in 2023, but brought in only $3 billion in revenue.
  • For an almost entirely ad-supported company like Google, which is now offering AI-generated summaries across billions of search results, analysts believe delivering AI answers on those searches will eat into the company’s margins
  • Google, Microsoft and others said their revenue from cloud services went up, which they attributed in part to those services powering other company’s AIs. But sustaining that revenue depends on other companies and startups getting enough value out of AI to justify continuing to fork over billions of dollars to train and run those systems
  • three in four white-collar workers now use AI at work. Another survey, from corporate expense-management and tracking company Ramp, shows about a third of companies pay for at least one AI tool, up from 21% a year ago.
  • OpenAI doesn’t disclose its annual revenue, but the Financial Times reported in December that it was at least $2 billion, and that the company thought it could double that amount by 2025. 
  • That is still a far cry from the revenue needed to justify OpenAI’s now nearly $90 billion valuation
  • the company excels at generating interest and attention, but it’s unclear how many of those users will stick around. 
  • AI isn’t nearly the productivity booster it has been touted as
  • While these systems can help some people do their jobs, they can’t actually replace them. This means they are unlikely to help companies save on payroll. He compares it to the way that self-driving trucks have been slow to arrive, in part because it turns out that driving a truck is just one part of a truck driver’s job.
  • Add in the myriad challenges of using AI at work. For example, AIs still make up fake information,
  • getting the most out of open-ended chatbots isn’t intuitive, and workers will need significant training and time to adjust.
  • That’s because AI has to think anew every single time something is asked of it, and the resources that AI uses when it generates an answer are far larger than what it takes to, say, return a conventional search result
  • None of this is to say that today’s AI won’t, in the long run, transform all sorts of jobs and industries. The problem is that the current level of investment—in startups and by big companies—seems to be predicated on the idea that AI is going to get so much better, so fast, and be adopted so quickly that its impact on our lives and the economy is hard to comprehend. 
  • Mounting evidence suggests that won’t be the case.
« First ‹ Previous 1241 - 1248 of 1248
Showing 20 items per page