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Javier E

What Oppenheimer really knew about an atomic bomb ending the world - The Washington Post - 0 views

  • In a chilling, existential, bizarrely comic moment, the new movie “Oppenheimer” revives an old question: Did Manhattan Project scientists think there was even a minute possibility that detonating the first atomic bomb on the remote plains of New Mexico could destroy the world?
  • physicists knew it wouldn’t, long before the Trinity test on July 16, 1945, at the Alamogordo Bombing Range, about 210 miles south of the secret Los Alamos, N.M., laboratory.
  • “This thing has been blown out of proportion over the years,” said Richard Rhodes, author of the Pulitzer Prize-winning book “The Making of the Atomic Bomb.” The question on the scientists’ minds before the test, he said, “wasn’t, ‘Is it going to blow up the world?’ It was, ‘Is it going to work at all?’”
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  • In the movie, one scene has J. Robert Oppenheimer, director of the laboratory, seeking to reassure his boss, Gen. Leslie Groves, on the eve of the test. Upon investigation, Oppenheimer tells him, physicists have concluded that the chances the test detonation will destroy the world are “near zero.” Realizing the news has alarmed, not reassured, the general, Oppenheimer asks, “What do you want from theory alone?”“Zero would be nice,” the general replies.
  • no physicists or historians interviewed for this story recalled coming across any mention of such a conversation between Oppenheimer and the general in the historical record.
  • Still, the discussions and calculations persisted long after the Trinity test. In 1946, three Manhattan project scientists, including Teller, who would later become known as the father of the hydrogen bomb, wrote a report concluding that the explosive force of the first atomic bomb wasn’t even close to what would be required to trigger a planet-destroying chain reaction in air. The report was not declassified until 1973.
  • At a conference in the summer of 1942, almost a full year before Los Alamos opened, physicist Edward Teller raised the possibility of atomic bombs igniting Earth’s oceans or atmosphere. According to Rhodes’s account, Hans Bethe, who headed the theoretical division at Los Alamos, “didn’t believe it from the first minute” but nonetheless performed the calculations convincing the other physicists that such a disaster was not a reasonable possibility.
  • “I don’t think any physicists seriously worried about it,” said John Preskill, a professor of theoretical physics at California Institute of Technology.
  • “Did the actual exchange happen at that moment? No, I don’t think so,” said Alex Wellerstein, an associate professor at Stevens Institute of Technology in Hoboken, N.J., and author of the 2021 book, “Restricted Data: The History of Nuclear Secrecy in the United States.”“But were there discussions like that? I believe so,” he added.
  • A 1979 study by scientists at the University of California’s Lawrence Livermore Laboratory examined the question of whether a nuclear explosion might trigger a runaway reaction in the atmosphere or oceans. In page after page of mathematical equations, the scientists described a complex set of factors that made atmospheric ignition effectively impossible.
  • As outlandish as the notion was to many scientists, the nuclear research organization CERN felt obliged to deal with the fear, noting on its website that “some theories suggest that the formation of tiny ‘quantum’ black holes may be possible. The observation of such an event would be thrilling in terms of our understanding of the Universe; and would be perfectly safe.”
  • Dudley’s essay also recounted a story that on the day of the test, “as zero hour approached” Gen. Groves was annoyed to find Manhattan Project physicist and Nobel Prize winner Enrico Fermi making bets with colleagues about whether the bomb would ignite the atmosphere, “and, if so, whether it would destroy only New Mexico ― or the entire world.” (Some experts have suggested Fermi’s actions may have been more of a joke, or an example of gallows humor.)
  • Fascination with this doomsday scenario may stem, at least in part, from a misunderstanding of what physicists mean when they say “near zero.” The branch of physics known as quantum mechanics, which deals with matter and light at the atomic and subatomic scale, does not rule out any possibilities.
  • For example, if a boy tosses a rubber ball at a brick wall, there is an exceedingly remote — but still valid — possibility that instead of watching the ball bounce back, he could see it pass through the wall.
  • Aditi Verma, an assistant professor of nuclear engineering and radiological sciences at the University of Michigan, put it this way: “What a physicist means by ‘near zero’ would be zero to an engineer.”
  • In the 2000s, scientists encountered a similar problem of terminology as they prepared to generate high-speed particle collisions at the Large Hadron Collider in Geneva. Talk surfaced that the activity might generate a black hole that would devour Earth.
  • Probably the easiest to grasp is the fact that, even under the harshest scenarios, far more energy would be lost in the explosion than gained, wiping out any chance to sustain a chain reaction.
  • In other words, any black hole created by the collider would be far too small to pose any risk to the planet.Scientists say such disaster scenarios are sometimes the price of crossing new thresholds of discovery.
  • “You don’t often talk in certainties,” he said. “You talk in probabilities. If you haven’t done the experiment, you are hesitant to say ‘This is impossible. It will never happen.’ … It was good to think it through.”
  • Rhodes added that he hopes the “Oppenheimer” movie will not lead people to doubt the scientists on the Manhattan Project.“They knew what they were doing,” he said. “They were not feeling around in the dark.”
Javier E

Trump Is Constitutionally Prohibited From the Presidency - The Atlantic - 0 views

  • The bottom line is that Donald Trump both “engaged in” “insurrection or rebellion” and gave “aid or comfort” to others engaging in such conduct, within the original meaning of those terms as employed in Section Three of the Fourteenth Amendment. If the public record is accurate, the case is not even close. He is no longer eligible to the office of Presidency, or any other state or federal office covered by the Constitution.
  • t the time of the January 6 attack, most Democrats and key Republicans described it as an insurrection for which Trump bore responsibility. We believe that any disinterested observer who witnessed that bloody assault on the temple of our democracy, and anyone who learns about the many failed schemes to bloodlessly overturn the election before that, would have to come to the same conclusion.
  • The only intellectually honest way to disagree is not to deny that the event is what the Constitution refers to as “insurrection” or “rebellion,” but to deny that the insurrection or rebellion matters. Such is to treat the Constitution of the United States as unworthy of preservation and protection.
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  • The former federal judge and Stanford law professor Michael McConnell cautions that “we are talking about empowering partisan politicians such as state Secretaries of State to disqualify their political opponents from the ballot … If abused, this is profoundly anti-democratic.” He also believes, as we do, that insurrection and rebellion are “demanding terms, connoting only the most serious of uprisings against the government,” and that Section 3 “should not be defined down to include mere riots or civil disturbances.” McConnell worries that broad definitions of insurrection and rebellion, with the “lack of concern about enforcement procedure … could empower partisans to seek disqualification every time a politician supports or speaks in support of the objectives of a political riot.”
  • We share these concerns, and we concur that the answer to them lies in the wisdom of judicial decisions as to what constitutes “insurrection,” “rebellion,” or “aid or comfort to the enemies” of the Constitution under Section 3.
  • When a secretary of state or other state official charged with the responsibility of approving the placement of a candidate’s name on an official ballot either disqualifies Trump from appearing on a ballot or declares him eligible, that determination will assuredly be challenged in court by someone with the standing to do so, whether another candidate or an eligible voter in the relevant jurisdiction. Given the urgent importance of the question, such a case will inevitably land before the Supreme Court, where it will in turn test the judiciary’s ability to disentangle constitutional interpretation from political temptation
  • (Additionally, with or without court action, the second sentence of Section 3 contains a protection against abuse of this extraordinary power by these elections officers: Congress’s ability to remove an egregious disqualification by a supermajority of each House.)
  • The entire process, with all its sometimes frail but thus far essentially effective constitutional guardrails, will frame the effort to determine whether the threshold of “insurrection” or “rebellion” was reached and which officials, executive or legislative, were responsible for the January 6 insurrection and the broader efforts to reverse the election’s results.
  • The process that will play out over the coming year could give rise to momentary social unrest and even violence. But so could the failure to engage in this constitutionally mandated process. For our part, we would pray for neither unrest nor violence from the American people during a process of faithful application and enforcement of their Constitution.
  • f Donald Trump were to be reelected, how could any citizen trust that he would uphold the oath of office he would take upon his inauguration? As recently as last December, the former president posted on Truth Social his persistent view that the last presidential election was a “Massive Fraud,” one that “allows for the termination of all rules, regulations, and articles, even those found in the Constitution.”
  • No person who sought to overthrow our Constitution and thereafter declared that it should be “terminated” and that he be immediately returned to the presidency can in good faith take the oath that Article II, Section 1 demands of any president-elect
Javier E

The Thread Vibes Are Off - by Anne Helen Petersen - 0 views

  • The way people post on Twitter is different from the way people post on LinkedIn which is different than how people post Facebook which is different from the way people post on Instagram, no matter how much Facebook keeps telling you to cross-post your IG stories
  • Some people whose job relies on onlineness (like me) have to refine their voices, their ways of being, across several platforms. But most normal people have found their lane — the medium that fits their message — and have stuck with it.
  • People post where they feel public speech “belongs.”
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  • For some, the only speech they feel should be truly public should also be “professional.” Hence: LinkedIn, where the only associated image is a professional headshot, and the only conversations are those related to work.
  • The Facebook of the 2010s was for broadcasting ideological stances under your real name and fighting with your close and extended community about them; now it’s (largely) about finding advice (and fighting about advice) in affinity groups (often) composed of people you’ve never met.
  • Twitter is where you could publicly (if often anonymously) fight, troll, dunk, harass, joke, and generally speak without consequence; it’s also where the mundane status update/life musing (once the foundation of Facebook) could live peacefully.
  • On TikTok, you don’t reshare memes, you use them as the soundtrack to your reimagining, even if that reimagining is just “what if I do the same dance, only with my slightly dorky parents?
  • Which is how some people really would like to navigate the public sphere: with total freedom and total impunity
  • On the flip side, Twitter was where you spoke with your real (verified) name — and with great, algorithm-assisted importance. You could amass clout simply by rephrasing others’ scoops in your own words, declaring opinions as facts, or just declaring. If Twitter was gendered masculine — which it certainly was, and is arguably even more so now — it was only because all of those behaviors are as well.
  • Tiktok is for monologues, for expertise, for timing and performance. It’s without pretense.
  • It rewards the esoteric, the visually witty, the mimetic — even more than Twitter.
  • Twitter was for publicly observing — through the scroll, but also by tweeting, retweeting, quote tweeting — while remaining effectively invisible, a reply-guy amongst reply-guys, a troll amongst trolls.
  • And then there’s Instagram. People think Instagram is for extroverts, for people who want to broadcast every bit of their lives, but most Instagram users I know are shy — at least with public words. Instagram is where parents post pictures of their kids with the caption “these guys right here” or a picture of their dog with “a very good boy.”
  • Like YouTube, far fewer people are posting than consuming, which means that most people aren’t speaking at all.
  • The text doesn’t matter; the photo speaks loudest. Each post becomes overdetermined, especially when so readily viewed within the context of the greater grid
  • The more you understand your value as the sum of your visual parts, the more addictive, essential, and anxiety-producing Instagram becomes.
  • That emphasis on aesthetic perfection is part of what feminizes Instagram — but it’s also what makes it the most natural home for brands, celebrities, and influencers.
  • a static image can communicate a whole lifestyle — and brands have had decades of practice honing the practice in magazine ads and catalogs.
  • And what is an influencer if not a conduit for brands? What is a celebrity if not a conduit for their own constellation of brands?
  • If LinkedIn is the place where you can pretend that your whole life and personality is “business,” then Instagram is where you can pretend it’s all some form of leisure — or at least fun
  • A “fun” work trip, a “fun” behind-the-scenes shot, a brand doing the very hard work of trying to get you to click through and make a purchase with images that are fun fun fun.
  • Instagram is serious and sincere (see: the success of the social justice slideshow) and almost never ironic — maybe because static visual irony is pretty hard to pull off.
  • Instagram is a great place to post an announcement and feel celebrated or consoled but not feel like you have to respond to people
  • The conversation is easier to both control and ignore; of all the social networks, it most closely resembles the fawning broadcast style of the fan magazine, only the celebs control the final edit, not the magazine publisher
  • Celebrities initially glommed to Twitte
  • But its utility gradually faded: part of the problem was harassment, but part of it was context collapse, and the way it allowed words to travel across the platform and out of the celebrity’s control.
  • Instagram was just so much simpler, the communication so clearly in the celebrity wheelhouse. There is very little context collapse on Instagram — it’s all curation and control. As such, you can look interesting but say very little.
Javier E

America Fails the Civilization Test - The Atlantic - 0 views

  • The true test of a civilization may be the answer to a basic question: Can it keep its children alive?
  • For most of recorded history, the answer everywhere was plainly no. Roughly half of all people—tens of billions of us—died before finishing puberty until about the 1700s, when breakthroughs in medicine and hygiene led to tremendous advances in longevity. In Central Europe, for example, the mortality rate for children fell from roughly 50 percent in 1750 to 0.3 percent in 2020. You will not find more unambiguous evidence of human progress.
  • ow’s the U.S. doing on the civilization test? When graded on a curve against its peer nations, it is failing. The U.S. mortality rate is much higher, at almost every age, than that of most of Europe, Japan, and Australia.
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  • compared with the citizens of these nations, American infants are less likely to turn 5, American teenagers are less likely to turn 30, and American 30-somethings are less likely to survive to retirement.
  • I called the U.S. the rich death trap of the modern world. The “rich” part is important to observe and hard to overstate. The typical American spends almost 50 percent more each year than the typical Brit, and a trucker in Oklahoma earns more than a doctor in Portugal.
  • A series about big problems and big solutions
  • the typical American is 100 percent more likely to die than the typical Western European at almost every age from birth until retirement.
  • magine I offered you a pill and told you that taking this mystery medication would have two effects. First, it would increase your disposable income by almost half. Second, it would double your odds of dying in the next 365 days. To be an average American is to fill a lifetime prescription of that medication and take the pill nightly.
  • A series about big problems and big solutions
  • 1.8 figure as “the U.S. death ratio”—the annual mortality rate in the U.S., as a multiple of similarly rich countries.
  • By the time an American turns 18, the U.S. death ratio surges to 2.8. By 29, the U.S. death ratio rockets to its peak of 4.22, meaning that the typical American is more than four times more likely to die than the average resident in our basket of high-income nations.
  • The average American my age, in his mid-to-late 30s, is roughly six times more likely to die in the next year than his counterpart in Switzerland.
  • The average U.S. death ratio stays higher than three for practically the entire period between ages 30 and 50, meaning that the typical middle-aged American is roughly three times more likely to die within the year than his counterpart in Western Europe or Australia.
  • One could tell a similar story about drug
  • America suffers not from a monopoly on despair and aggression, but from an oversupply of instruments of death. We have more drug-overdose deaths than any other high-income country because we have so much more fentanyl, even per capita
  • Americans drive more than other countries, leading to our higher-than-average death rate from road accidents
  • I expected that these three culprits—guns, drugs, and cars—would explain most of our death ratio
  • he argued that Americans’ health (and access to health care) seems to be the most important factor. America’s prevalence of cardiovascular and metabolic disease is so high that it accounts for more of our early mortality than guns, drugs, and cars combined.
  • Disentangling America’s health issues is complicated, but I can offer three data points
  • First, American obesity is unusually high, which likely leads to a larger number of early and middle-aged death
  • Second, Americans are unusually sedentary. We take at least 30 percent fewer steps a day than people do in Australia, Switzerland, and Japan
  • Finally, U.S. access to care is unusually unequal—and our health-care outcomes are unusually tied to income.
  • voters and politicians in the U.S. care so much about freedom in that old-fashioned ’Merica-lovin’ kind of way that we’re unwilling to promote public safety if those rules constrict individual choice. That’s how you get a country with infamously laissez-faire firearms laws, more guns than people, lax and poorly enforced driving laws, and a conservative movement that has repeatedly tried to block, overturn, or limit the expansion of universal health insurance on the grounds that it impedes consumer choice.
  • Among the rich, this hyper-individualistic mindset can manifest as a smash-and-grab attitude toward life, with surprising consequences for the less fortunate. For example, childhood obesity is on the rise at the same time that youth-sports participation is in decline among low-income kids
  • What seems to be happening at the national level is that rich families, seeking to burnish their child’s résumé for college, are pulling their kids out of local leagues so that they can participate in prestigious pay-to-play travel teams. At scale, these decisions devastate the local youth-sports leagues for the benefit of increasing by half a percentage point the odds of a wealthy kid getting into an Ivy League school.
  • The problem with the Freedom and Individualism Theory of Everything is that, in many cases, America’s problem isn’t freedom-worship, but actually something quite like its opposite: overregulation
  • In medicine, excessive regulation and risk aversion on the part of the FDA and Institutional Review Boards have very likely slowed the development and adoption of new lifesaving treatments.
  • Are Americans unusually sedentary because they love freedom so very much? It’s possible, I guess. But the more likely explanation is that restrictive housing policies have made it too hard for middle- and low-income families to live near downtown business districts, which forces many of them to drive more than they would like, thus reducing everyday walking and exercise.
  • America is caught in a lurch between oversight and overkill, sometimes promoting individual freedom, with luridly fatal consequences, and sometimes blocking policies and products, with subtly fatal consequences.
Javier E

Naomi Klein on wellness culture: 'We really are alive on the knife's edge' | Well actua... - 0 views

  • Why wellness became a seedbed for the far-right is one of several subjects that Naomi Klein explores in her latest book, Doppelganger: A Trip into the Mirror World.
  • She observed that people working in the field of bodily care seemed particularly drawn to anti-vax, anti-mask, “plandemic” beliefs. The Center for Countering Digital Hate’s report on the Disinformation Dozen – a list of 12 people responsible for circulating the bulk of anti-vax content online – was populated by a chiropractor, three osteopaths, and essential oil sellers, as well Christine Northrup, the former OB-GYN turned Oprah-endorsed celebrity doctor who claimed the virus was part of a deep state depopulation plot, and Kelly Brogan, the “holistic psychiatrist” and new age panic preacher.
  • some of this crossover made economic sense: for people working with bodies, social distancing often meant the loss of their livelihoods, and these “grievances set the stage for many wellness workers to see sinister plots in everything having to do with the virus”.
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  • I saw these gym protests as a similar idea: my body is my temple. What I’m doing here is my protection; I’m keeping myself strong. I’m building up my immune system, my body is my force field against whatever is coming.
  • The parts of listening to Bannon that were most destabilizing were when I heard him saying things that sounded like the left, and when I heard him saying things that I agreed with in part – not in whole, but where I saw that kernel of truth and I realized how effective it was going to be in the mix and match with what I see as a fascist project that he’s engaged in.
  • I expect Steve Bannon to be monstrous on immigration, on gender. I expect that from him. It’s when he’s talking about corporate control of the media and saying things that are true about big tech that I start to get queasy and ask, wait a minute, why is he saying more about this than a lot of people on the liberal side of the spectrum? Have we ceded this territory?
  • This point seems central. The mirror world isn’t devoid of truth. Instead, it’s destabilizing because elements of truth are there, but warped.
  • Absolutely. And the destabilizing piece is not simply that they’re saying something true. It’s when you realize people [on the left] have stopped saying that true thing. That’s when you realize that it has power.
  • If we were building multiracial, intergenerational social movements that were really rooted in confronting corporate power, then they could say whatever they want and it wouldn’t really bother me. But we’re talking about it less, and the more [conspiracists] talk about it, the more reticent we become. So it’s a dialectic that makes me queasy.
  • Ehrenreich has a completely different theory, which I think is much more plausible, which is this is the 1980s: people are in the wreckage of the failures of these huge social movements in the ‘60s and ‘70s. There had been this glimpse of collective power that a lot of people really thought was going to change the world, and suddenly they’re living through Thatcherism and Reaganism. And there is this turn towards the self, towards the body as the site of control.
  • Kneeling before the temple of the body also has fascist roots. Historically, certain ideals of human fitness were a way to communicate the value of citizens.Whenever you are working within a system of a hierarchy of humans and bodies, then you’re in fascism territory. I think that it made perfect sense that Nazis were body obsessives who fetishized the natural and the hyperfit form and genes.
  • There is a connection between certain kinds of new age ideas and health fads and the fascist project
  • After the second world war, a lot of people in the world of wellness ran in the opposite direction. But there are some ways in which they are natural affinities and they’re finding each other again
  • there is a way the quest for wellness and hyper fitness becomes obsessive.
  • But the spread of misinformation across wellness culture was likely attributable to more complex factors, including the limits of conventional medicine and the areas of health that are understudied or dismissed.
  • Ehrenreich is trying to understand why this exploded in the 1980s. The whole aerobics craze, the whole jogging craze. You know, how does somebody like Jerry Rubin, a member of the Yippies, turn into a health evangelist in the 1980s?
  • in lots of ways this is what Naomi Wolf was trying to understand in the Beauty Myth. Why was there so much more of a focus in the 1980s on personal appearance? She makes the case that beauty became a third shift for women: there was the work shift, there was the home shift, and on top of that, women were now also expected to look like professional beauties.
  • Barbara Ehrenreich wrote about this really beautifully in her book about wellness culture, where she talks about the silence of the gyms. This is a collective space, right? Why aren’t people chitchatting? But often gyms are very silent and she speculates that maybe it’s because people are talking to someone, it’s just not the other people in the gym, it’s somebody in their head. They’re trying to tame their body into being another kind of body, a perfected body.
  • Then you have all of these entrepreneurial wellness figures who come in and say, individuals must take charge of their own bodies as their primary sites of influence, control and competitive edge.
  • the flip side of the idea that your competitive edge is your body is that the people who don’t have bodies as fit or strong as yours somehow did something wrong or are less deserving of access, less deserving even of life.
  • And that is unfortunately all too compatible with far-right notions of natural hierarchies, genetic superiority and disposable people.
  • We should be compassionate with ourselves in terms of why we look away. There are lots of ways of distracting oneself from unbearable realities. Conspiracy theories are a kind of distraction. So is hyper fitness, this turn towards the self.
  • The compassion comes in where we acknowledge that there’s a reason why it is so hard to look at the reality of what has been unveiled by these overlapping crises – you could call it a polycrisis: of the pandemic, climate change, massive racial and economic inequality, realizing that your country was founded on a lie, that the national narratives that you grew up on left out huge parts in the story.
  • All of this is hard to bear.
  • Because we live in a hyper-individualist culture, we try to bear it on our own and we should not be surprised that we’re cracking under the weight of that, because we can’t bear it alone.
  • the weight of our historical moment. We really are alive on the knife’s edge of whether or not this earth is going to be habitable for our species. That is not something that we can handle just on our own.
  • So we need to reach towards each other. That’s really tricky work. It’s a lot easier to come together and agree on things that are not working and things that are bad than it is to come together and develop a horizon of how things could be better.
  • Things could be beautiful, things could be livable. There could be a world where everyone belongs. But I don’t think we can bear the reality of our moment unless we can imagine something else.
Javier E

George Orwell: The Prevention of Literature - The Atlantic - 0 views

  • the much more tenable and dangerous proposition that freedom is undesirable and that intellectual honesty is a form of antisocial selfishness
  • the controversy over freedom of speech and of the press is at bottom a controversy over the desirability, or otherwise, of telling lies.
  • What is really at issue is the right to report contemporary events truthfully, or as truthfully as is consistent with the ignorance, bias, and self-deception from which every observer necessarily suffers
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  • it is necessary to strip away the irrelevancies in which this controversy is usually wrapped up.
  • The enemies of intellectual liberty always try to present their case as a plea for discipline versus individualism.
  • The issue truth-versus-untruth is as far as possible kept in the background.
  • the writer who refuses to sell his opinions is always branded as a mere egoist, He is accused, that is, either of wanting to shut himself up in an ivory tower, or of making an exhibitionist display of his own personality, or of resisting the inevitable current, of history in an attempt to cling to unjustified privileges.
  • Each of them tacitly claims that “the truth” has already been revealed, and that the heretic, if he is not simply a fool, is secretly aware of “the truth” and merely resists it out of selfish motives.
  • Freedom of the intellect means the freedom to report what one has seen, heard, and fell, and not to be obliged to fabricate imaginary facts and feelings.
  • known facts are suppressed and distorted to such an extent as to make it doubtful whether a true history of our times can ever be written.
  • A totalitarian state is in effect a theocracy, and its ruling caste, in order to keep its position, has to be thought of as infallible. But since, in practice, no one is infallible, it is frequently necessary to rearrange past events in order to show that this or that mistake was not made, or that this or that imaginary triumph actually happened
  • Then, again, every major change in policy demands a corresponding change of doctrine and a revaluation of prominent historical figures. This kind of thing happens everywhere, but clearly it is likelier to lead to outright falsification in societies where only one opinion is permissible at any given moment.
  • The friends of totalitarianism in England usually tend to argue that since absolute truth is not attainable, a big lie is no worse than a little lie. It is pointed out that all historical records are biased and inaccurate, or, on the other hand, that modem physics has proved that what seems to us the real world is an illusion, so that to believe in the evidence of one’s senses is simply vulgar philistinism.
Javier E

UN calls for immediate Russian withdrawal from Ukraine | Ukraine | The Guardian - 0 views

  • The resolution on Thursday night saw 141 countries in favour with seven against and 32 abstentions, including China.
  • Ukraine’s allies failed to improve on numbers seen in the last vote on the issue in October immediately after Russia annexed republics in the east of Ukraine. In that vote 143 countries backed the resolution, with five against and 35 abstentions.
  • Among the big countries abstaining on Thursday, Thailand said it did not want to become involved in a morality play, adding that billions of bystanders were bearing the brunt of the war.
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  • South Africa stressed that the principles of territorial integrity in the UN Charter were sacrosanct, and applied in the case of Ukraine, but claimed the resolution would not advance the cause of peace.
  • The Chinese deputy envoy to the UN, Dai Bing, said the west was throwing fuel on to the fire by arming Ukraine. That would only exacerbate tensions, he said.
  • Leading the abstention camp, he claimed: “One year into the Ukraine crisis, the conflict is still grinding on and growing in scale, wreaking havoc to countless lives. A spillover effect is intensifying. We are deeply worried about this. China’s position on the Ukraine issue is consistent and clear. The sovereignty and territorial integrity of all countries should be respected. The purposes and principles of the UN Charter should be observed. The legitimate security concerns of all countries should be taken seriously.”
  • Catherine Colonna, the French foreign minister – one of many European foreign ministers to travel to New York for the debate prior to the vote – warned that those that abstained would in fact be siding with the aggressor
  • he said none could sleep easy in a world in which a great power – one with nuclear weapons and a permanent Security Council member – could, at its own discretion, decide to attack its neighbours.
  • “Russia is trying to convince some of you that its attempts to upset the world order and impose a strength-based order will work in their favour. This is an illusion. The facts bear this out. It was Russia and Russia alone that wanted the war.”
Javier E

Opinion | Today's Woke Excesses Were Born in the '60s - The New York Times - 0 views

  • Various books I’ve been reading lately have me thinking about 1966. I have often said that the history of Black America could be divided between what happened before and after that year.
  • It was a year when the fight for Black equality shifted sharply in mood, ushering in an era in which rhetoric overtook actual game plans for action
  • The difference between Black America in 1960 and in 1970 appears vaster to me than it was between the start and end of any other decade since the 1860s, after Emancipation
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  • in 1966 specifically, Stokely Carmichael made his iconic speech about a separatist Black Power, the Student Nonviolent Coordinating Committee he led expelled its white members (though Carmichael himself did not advocate this), the Black Panther Party was born, “Black” replaced “Negro” as the preferred term, the Afro went mainstream, and Malcolm X’s “The Autobiography of Malcolm X” (written with Alex Haley) became a standard text for Black readers.
  • Mark Whitaker, a former editor of Newsweek, has justified my sense of that year as seminal with his new book, “Saying It Loud: 1966 — the Year Black Power Challenged the Civil Rights Movement.” Whitaker has a journalist’s understanding of the difference between merely documenting the facts and using them to tell a story, and his sober yet crisp prose pulls the reader along with nary a lull.
  • Why did the mood shift at that particular point? The conditions of Black America at the time would not have led one to imagine that a revolution in thought was imminent. The Civil Rights Act of 1964 and the Voting Rights Act of 1965 had just happened. The economy was relatively strong, and Black men in particular were now earning twice or more what they earned before World War II.
  • as to claims one might hear that Black America was uniquely fed up in 1966, were Black people not plenty fed up in 1876, or after World War I or World War II?
  • The N.A.A.C.P. head Roy Wilkins was infuriated at a crucial summit meeting between leading Black groups where Carmichael referred to Lyndon Johnson as “that cat, the president” and recommended publicly denouncing his work. This was a key conflict between an older style seeking to work within the only reality available and a new style favoring a kind of utopian agitprop.
  • Woke demands that nations and peoples face up to their criminal histories. In the process it often concludes that all history is criminal.”
  • Where Hoover comes in on the 1966 issue is a common observation of his, which was that the Black-led urban riots of the Long, Hot Summer, and the general change in mood from integrationist to separatist, was not solely a response to the frustrations of poverty.
  • It’s a safe bet that if Black leaders had taken the tone of Carmichael and the Panthers in 1900 or even 1950, the response from whites would have been openly violent and even murderous. The theatricality of the new message was in part a response to enough whites now being interested in listening.
  • Daniel Akst’s lucid group biography, “War By Other Means: The Pacifists of the Greatest Generation Who Revolutionized Resistance,” demonstrates people of the era engaging in action that brings about actual change. Following the lives and careers of the activists Dorothy Day, Dwight Macdonald, David Dellinger and Bayard Rustin, one senses almost none of the detour into showmanship that so infused 1966
  • I hardly intend that Carmichael’s brand of progressivism has only been known among Black people. Today it has attained cross-racial influence, serving as a model for today’s extremes of wokeness, confusing acting out for action.
  • One might suppose that the acting out is at least a demonstration of leftist philosophy, perhaps valuable as a teaching tool of sorts. But is it? The flinty, readable “Left is Not Woke” by Susan Neiman, the director of the Einstein Forum think tank, explores that question usefully.
  • Neiman limns the new wokeness as an anti-Enlightenment program, despite its humanistic Latinate vocabulary. She associates true leftism with a philosophy that asserts “a commitment to universalism over tribalism, a firm distinction between justice and power and a belief in the possibility of progress” and sees little of those elements in the essentializing, punitive and pessimistic tenets too common in modern wokeness.
  • I suspect that much of why leading Black political ideology took such a menacing, and even impractical, turn in the late 1960s was that white America was by that time poised to hear it out. Not all of white America. But a critical mass had become aware, through television and the passage of bills like the Civil Rights Act, that there was a “race issue” requiring attention.
  • Neiman critiques pioneering texts of this kind of view, such as Michel Foucault’s widely assigned book, “Discipline and Punish,” and his essay “What is Enlightenment?,” in which he scorns “introducing ‘dialectical’ nuances while seeking to determine what good and bad elements there may have been in the Enlightenment.” In this cynical and extremist kind of rhetoric, Neiman notes that “you may look for an argument; what you’ll find is contempt.” And the problem, she adds, is that “those who have learned in college to distrust every claim to truth will hesitate to acknowledge falsehood.”
  • in 1966 something went seriously awry with what used to be called “The Struggle.” There is a natural human tendency in which action devolves into gesture, the concrete drifts into abstraction, the outline morphs into shorthand. It’s true in language, in the arts, and in politics, and I think its effects distracted much Black American thought — as today’s wokeness as performance also leads us astray — at a time when there was finally the opportunity to do so much more.
Javier E

The Closing of the American Mind: A Summary - 0 views

  • Preface
  • “No teacher can doubt that his real task is to assist his pupil to fulfill human nature against all the deforming forces of convention and prejudice.” p. 20
  • A liberal education is one that helps students to ask themselves and answer the question, “what is man?… In our chronic lack of certainty, this comes down to knowing the alternative answers [to that question] and thinking about them.” p. 21
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  • Introduction: Our Virtue
  • “There is one thing that a professor can be absolutely certain of: almost every student entering the university believes, or says he believes, that truth is relative…. Relativism is necessary to openness; and this is the virtue, the only virtue, which all primary education for more than fifty years has dedicated itself to inculcating.” p. 25
  • Democratic education…wants and needs to produce men and women [who are] supportive of a democratic regime.” p. 26
  • The historical assumption of the human sciences was (and remains) that an objective human nature exists and can be discovered—if not by reason itself, then at least by empirical science guided by reason. Science was a method to allow us to rise beyond the prejudices of our culture in order to discover the truths of human nature. It was a mechanism for opening our minds, an instrument of openness. p. 37-38
  • Liberalism has always tended towards increased freedom—i.e., decreased regulation. But “it was possible to expand the space exempt from legitimate social and political regulation only by contracting the claims to moral and political knowledge…. It begins to appear that full freedom can be attained only when there is no such knowledge at all…[and] of course the result is that…the argument justifying freedom disappears, and…all beliefs begin to have an attenuated character.” p. 28
  • Modern education is concerned mainly with correcting ethnocentrism—showing students that their preferences are merely accidents of their culture and that no single culture is better than any other. The roots of this movement are found in the problems (racism, mistreatment) that arose due to the multicultural nature of American life. p. 29-30
  • The Founders envisioned a society where individuals were bound together by their belief in and adherence to the rights of the Constitution. Minority factions were seen as a bad thing, detracting from social cohesiveness. p. 31
  • However, the provision of equal rights did not guarantee equal treatment, and minority groups suffered. This caused them to retreat into their minority identities and oppose the majority—indeed, “much of the intellectual machinery of twentieth-century American political thought and social science was constructed for the purpose of making an assault on [the] majority…. The very idea of a majority—now understood to be selfish interest—is done away with in order to protect the minorities.” p. 32-35
  • However, its ideas about what this means have changed over time, starting with a faith in the human rights of the U.S. Constitution, but ultimately changing to (now) mean “openness,” i.e., relativism. p. 26-27
  • “Historicism and cultural relativism actually are a means to avoid testing our own prejudices and asking, for example, whether men are really equal or whether that opinion is a democratic prejudice.” p. 40
  • Today, “the human sciences want to make us culture-beings with the instruments [science and reason] that were invented to liberate us from culture…: cultural relativism, historicism, the fact-value distinction—are the suicide of science. Culture, hence closedness, reigns supreme. Openness to closedness is what we teach.” p. 38-39
  • Yet the dogmatic modern assumption is that human nature does not exist, that our ways of being are culturally determined, that our minds are inherently constrained—“closed”—by cultural influences. p. 38
  • “There are two types of openness, the openness of indifference…and the openness that invites us to the quest for knowledge and certitude.” p. 41
  • The openness of indifference advocates the removal of all requirements in education—why should students learn languages or philosophy? But the reality is that, “to be open to knowing, there are certain types of things one must know which most people don’t want to bother to learn and which appear boring and irrelevant…true openness means closedness to all the charms that make us comfortable with the present.” p. 41
  • The Clean Slate
  • On the surface, Americans seems to lack a true culture or set of traditions. But most of them grew up with a shared knowledge of the Bible and the Declaration of Independence, and “contrary to much contemporary wisdom, the United States has one of the longest uninterrupted political [and intellectual] traditions of any nation in the world.” And this tradition is not confused or counterbalanced by a history of monarchy or aristocracy. p. 52-55
  • So we have a culture in which to root education, but we have begun to undermine it. The idealism of the American founding has been explained away as mythical, selfishly-motivated, and racist. And so our culture has been devalued. p. 55-56
  • Religion, too, has been explained away, but this has left us without a standpoint from which to understand our experience as humans. Parents “have nothing to give their children in the way of a vision of the world.” p. 56-57
  • “As it now stands, students have powerful images of what the perfect body is and pursue it incessantly. But deprived of literary guidance, they no longer have any image of a perfect soul, and hence do not long to have one. They do not even imagine that there is such a thing.” p. 67
  • Books
  • “I have begun to wonder whether the experience of the greatest texts from early childhood is not a prerequisite for a concern throughout life for them and for lesser but important literature. The soul’s longing…may well require encouragement at the outset.” p. 62
  • Literature is critical because it presents to young people the range of possibilities of human types—both good and bad. p. 62-64
  • But students are less and less exposed to literature, and as a result, “they have only pop psychology to tell them what people are like, and the range of their motives…. [Therefore,] people become more alike, for want of knowing they can be otherwise. What poor substitutes for real diversity are the wild rainbows of dyed hair and other external differences that tell the observer nothing about what is inside.” p. 64
  • Without exposure to literature, students usually resort to the movies. But movies do not provide the “distance from the contemporary” that students need, and so this only reinforces the belief that the here and now is all there is. p. 64
  • The loss of literature has also meant the loss of heroes. In a “perversion of the democratic principle,” this lack is almost admired, since being oneself is the supposed goal. But whether or not it is seen as desirable, students invariably seek role models. And without literature, they only have those around them (and in the media) to emulate. p. 66-67
  • “Nobody believes that the old books do, or even could, contain the truth…. Tradition has become superfluous.” p. 58
  • We are left with a culture filled with “the intense, changing, crude and immediate, which Tocqueville warned us would be the character of democratic art…. In short, life is made into a nonstop, commercially prepackaged masturbational fantasy. This description may seem exaggerated, but only because some would prefer to regard it as such.” p. 74-75
  • Relationships
  • “In short, after the war, while America was sending out its blue jeans to unite the young of all nations, a concrete form of democratic universalism that has had liberalizing effects on many enslaved nations, it was importing a clothing of German fabrication for its souls, which clashed with all that and cast doubt on the Americanization of the world on which we had embarked, thinking it was good and in conformity with the rights of man
  • “This indeterminate or open-ended future and the lack of a binding past mean that the souls of young people are in a condition like that of the first men in the state of nature—spiritually unclad, unconnected, isolated, with no inherited or unconditional connection with anything or anyone…. Why are we surprised that such unfurnished persons should be preoccupied principally with themselves?” p. 87-88
  • “The one eccentric element in this portrait, the one failure…is the relation between blacks and whites.” Although black students are present on campuses, they “have, by and large, proved indigestible.” p. 91
  • the Black Power movement arrived and the universities conceded to identity politics, which took the form of Black-themed courses, quotas, and an unwillingness to fail black students. p. 94-95
  • “The black student who wants to be just a student and to avoid allegiance to the black group has to pay a terrific price, because he is judged negatively by his black peers and because his behavior is atypical in the eyes of whites. White students have silently and unconsciously adjusted to a group presence of blacks, and they must readjust for a black who does not define himself by the group.” Affirmative action cements this dynamic. p. 95-96
  • The restructuring of the family requires that men subdue their masculine character. “And it is indeed possible to soften men. But to make them ‘care’ is another thing, and the project must inevitably fail…. The old moral order, however imperfect it may have been, at least moved towards the virtues by way of the passions. If men were self-concerned, that order tried to expand the scope of self-concern to include others [i.e., his wife and children], rather than commanding men to cease being concerned with themselves.” p. 129
  • “I am not arguing here that the old family arrangements were good or that we should go back to them. I am only insisting that we not cloud our vision to such an extent that we believe that there are viable substitutes for them just because we want or need them.” p. 130
  • “All of our reforms have helped strip the teeth of our gears, which can therefore no longer mesh. They spin idly, side by side, unable to set the social machine in motion.” p. 131
  • Modern students are lacking the longing that is critical for a full enjoyment of life. They are complacent. And the universities do not see themselves as providing for such a longing. p. 134-136
  • The German Connection
  • Value relativism is the modern replacement for traditional morality, and “constitutes a change in our view of things moral and political as great as the one that took place when Christianity replaced Greek and Roman paganism.” p. 141
  • Value relativism has sunk so far into the American consciousness that its vocabulary has become colloquial: we talk about ‘charisma,’ ‘life-style,’ ‘commitment,’ ‘identity,’ etc. “Although they, and the things to which they refer, would have been incomprehensible to our fathers, not to speak of our Founding Fathers.” p. 147
  • Students today are largely apathetic about any concerns outside of themselves. There isn’t any malice in this self-centeredness; but it has become so entrenched in American culture that it isn’t even recognized as unusual. p. 82-86
  • “We chose [to import] a system of thought that, like some wines, does not travel; we chose a way of looking at things that could never be ours and had its starting point dislike of us and our goals.” p. 153
  • The question isn’t even asked whether the German doctrine of value-creation is contrary to democratic and egalitarian ideals; but it certainly seems to leave room for their opposites and perhaps promote them—i.e., value relativism seems to allow for fascism. p. 154
  • The Self
  • Although a precise definition remains elusive, “the self is the modern substitute for the soul.” p. 173
  • Man used to strive for fulfillment by taming his bodily desires in order to live virtuously. But this changed after Machiavelli (and Hobbes after him) suggested that instead we ignore virtue and follow our desires, which find their root in the state of nature. p. 174-175
  • Following their advice, “our desire becomes a kind of oracle we consult; it is the last word, while in the past it was the questionable and dangerous part of us.” p. 175
  • Locke then replaced the virtuous man with the rationally selfish one. “Beneath his selfishness, of course, lies an expectation that it conduces more to the good of others than does moralism.” p. 175-176
  • “All higher purposiveness in nature, which might have been consulted by men’s reason and used to limit human passion, has disappeared.” p. 176
  • That reason “is unable to rule in culture or in soul…constitutes a crisis of the West…[whose] regimes are founded on reason.” Previous regimes relied on religion, but Enlightenment undermined religion. p. 196
  • Psychology came to us “in order to treat the parts of man which had been so long neglected by liberal society…. Modern psychology has this in common with what was always a popular opinion, fathered by Machiavelli—that selfishness is somehow good. Man is self, and the self must be selfish. What is new is that we are told to look more deeply into the self, that we assumed too easily that we know it and have access to it.” p. 178
  • Prior to this, it was only God who was dignified—not man. And God was dignified in his freedom, his ability to create. If man was to be elevated, he, too, must be free; he, too, must be able to create. p. 180
  • And so, following Rousseau and our dissatisfaction with the Enlightenment, we have elevated creativity above reason as the ultimate virtue, and the artist replaced the philosopher and scientist at the admired human type. p. 181-182
  • Yet those who praise creativity don’t realize why. They admire it without seeing that it is the result of Romantic thought absorbed into democratic public opinion. And it has influenced the whole political spectrum, from Left to Right. p. 181-182
  • The Germans (Nietzsche and Weber) recognized as early as 1919 that the scientific spirit was dead, that reason cannot establish values. But Americans (naïvely, and largely unknowingly) still held onto the rationalist dream, written as they were into our political foundations. p. 194-195
  • When those ideas came to the U.S. (via Weber), “a very dark view of the future was superimposed on our incorrigible optimism. We are children playing with adult toys.” p. 195
  • “The psychology of the self has succeeded so well that it is now the instinct of most of us to turn for a cure for our ills back within ourselves rather than to the nature of things.” p. 179
  • Rousseau and others recognized this. “The very idea of culture was a way of preserving something like religion without talking about it.” But Nietzsche saw this was impossible. p. 196-197
  • We are left with no religion, but we still have religious impulses. p. 197
  • “The disenchantment of God and nature necessitated a new description of good and evil. To adapt a formula of Plato about the gods, we do not love a thing because it is good, it is good because we love it. It [became] our decision to esteem that makes something estimable.” p. 197
  • “Since values are not rational…they must be imposed.” Will, or commitment, is the primary virtue; it is the equivalent of (what used to be) faith. “Nietzsche was not a fascist; but this project inspired fascist rhetoric, which looked to the revitalization of old cultures or the foundation of new ones, as opposed to the rational, rootless cosmopolitanism of the revolutions of the Left.” p. 201-202
  • Nietzsche was a cultural relativist. This meant he anticipated war, because wars are inevitable when values are imposed and unrooted in truth or anything objective. p. 202
  • “Just over the horizon, when Weber wrote, lay Hitler…. He was the mad, horrible parody of the charismatic leader—the demagogue—hoped for by Weber.” Weber was not looking for something so extreme, but “when one ventures out into the vast spaces opened up by Nietzsche, it is hard to set limits.” p. 213-214
  • “Hitler did not cause a rethinking of the politics here or in Europe. All to the contrary—it was while we were fighting him that the thought that had preceded him in Europe conquered here.” And it remains dominant. p. 214
  • The language of values implies that the religious is the source of everything political, social, and personal. It has been facilitated by a softening and blurring of the idea of religion and “the sacred,” which are no longer seen as dangerous.
  • “As an image of our current intellectual condition, I keep being reminded of the newsreel pictures of Frenchmen splashing happily in the water at the seashore, enjoying the paid annual vacations legislated by Leon Blum’s Popular Front government. It was 1936, the same year Hitler was permitted to occupy the Rhineland. All our big causes amount to that kind of vacation.” p. 239
  • This is our educational crisis and opportunity. Western rationalism has culminated in a rejection of reason. Is this result necessary?” p. 240
Javier E

Working from home and the US-Europe divide - 0 views

  • there is one explanation that seems almost too simplistic: that “Americans just work harder”,
  • The numbers do in fact bear out this assertion—a rare case of national stereotypes being empirically provable
  • On average Americans work 1,811 hours per year, according to data from the OECD, a club of mostly rich countries. That is 15% more than in the EU, where the average is 1,571 hours
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  • it is not just that Europeans spend a few extra weeks on the beach. The typical working day in Britain, France and Germany is half an hour shorter than in America, according to the International Labour Organisation.
  • which is the better way of living—with more money or more free time? The reality is that it is difficult for people to choose
  • Those in America work according to American schedules; those in Europe conform to European norms.
  • the more fruitful question is why Americans put in longer hours
  • The answer leads to a curious new observation: that remote work is making America’s office drones a little more European, albeit with a puritanical twist.
  • A first guess suggests that culture might account for the variation in work hours. Maybe Europeans enjoy their leisure more. They are spoilt for choice about how to spend time off
  • As for Americans, surveys indicate that they view hard work as intrinsically worthwhile. “Rugged individualism” is, after all, what built the country.
  • the difficulty with chalking up the difference to culture is that until the early 1970s many Europeans worked more
  • American working hours are basically the same now as back then. The big change is that Europeans now toil less. Hours are down a whopping 30% in Germany over the past half-century. Something beyond culture—a slow-moving, ill-defined variable—is at play.
  • Edward Prescott, an American economist, came to a provocative conclusion, arguing that the key was taxation
  • Until the early 1970s tax levels were similar in America and Europe, and so were hours worked. By the early 1990s Europe’s taxes had become more burdensome and, in Prescott’s view, its employees less motivated
  • A substantial gap persists today: American tax revenue is 28% of GDP, compared with 40% or so in Europe.
  • A recent study by Jósef Sigurdsson of Stockholm University examined how Icelandic workers responded to a one-year income-tax holiday in 1987, when the country overhauled its tax system. Although people with more flexibility—especially younger ones in part-time jobs—did indeed put in more hours, the overall increase in work was modest relative to that implied by Prescott’s model.
  • Regulation seems to matter more.
  • European rules give workers power, from generous parental-leave policies to stricter laws on firing staff. Many European countries try to put caps on working tim
  • most research agrees that they have reduced work hours.
  • Another important relationship is that, as people get richer, they typically want to work less
  • A recent paper by the IMF shows a remarkably strong link between GDP per person and hours worked in Europe. People in richer countries, such as the Netherlands, generally work less than those in poorer countries, such as Bulgaria.
  • Americans are wealthier than most Europeans, so why do they still work more?
  • Perhaps leisure is a collective-action problem. Americans may want to ask their bosses for longer holidays but are worried about being seen as slackers
  • A paper in 2005 by Alberto Alesina of Harvard University and colleagues argued that Europe’s stronger unions had in effect solved this collective-action problem by fighting for paid vacations, which ended up enshrined in law.
  • Europe’s well-regulated leisure time may then beget more leisure because it is more socially acceptable, and the market responds by supplying more good ways not to work. It is a virtuous cycle of lovely cafés.
  • One fascinating new development is a discrepancy in the rise of remote work
  • In 2023 the Global Survey of Working Arrangements found that full-time employees in America work from home 1.4 days a week, while those in Europe do so for 0.8 days
  • a striking result: Europeans and Americans now spend almost exactly the same amount of time in the office, with 1,320 hours a year for the former and 1,304 for the latter.
  • In other words, the extra 15% of work done by Americans annually is now from the comfort of their own homes—or occasionally on the beach, perhaps even one in Europe. Americans do still work harder, but rather more enjoyably than in the past
Javier E

Opinion | How Capitalism Went Off the Rails - The New York Times - 0 views

  • Last year the Edelman Trust Barometer found that only 20 percent of people in the G7 countries thought that they and their families would be better off in five years.
  • Another Edelman survey, from 2020, uncovered a broad distrust of capitalism in countries across the world, “driven by a growing sense of inequity and unfairness in the system.”
  • Why the broad dissatisfaction with an economic system that is supposed to offer unsurpassed prosperity?
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  • easy money. In an eye-opening new book, “What Went Wrong With Capitalism,” he makes a convincing case.
  • “When the price of borrowing money is zero,” Sharma told me this week, “the price of everything else goes bonkers.”
  • To take just one example: In 2010, as the era of ultralow and even negative interest rates was getting started, the median sale price for a house in the United States hovered around $220,000. By the start of this year, it was more than $420,000.
  • Nowhere has inflation (in the broad sense of the term) been more evident than in global financial markets. In 1980 they were worth a total of $12 trillion — equal to the size of the global economy at the time. After the pandemic, Sharma noted, those markets were worth $390 trillion, or around four times the world’s total gross domestic product.
  • But the worst hit is to capitalism itself: a pervasive and well-founded sense that the system is broken and rigged, particularly against the poor and the young. “A generation ago, it took the typical young family three years to save up to the down payment on a home,” Sharma observes in the book. “By 2019, thanks to no return on savings, it was taking 19 years.”
  • First, there was inflation in real and financial assets, followed by inflation in consumer prices, followed by higher financing costs as interest rates have risen to fight inflation
  • For wealthier Americans who own assets or had locked in low-interest mortgages, this hasn’t been a bad thing. But for Americans who rely heavily on credit, it’s been devastating.
  • Since investors “can’t make anything on government bonds when those yields are near zero,” he said, “they take bigger risks, buying assets that promise higher returns, from fine art to high-yield debt of zombie firms, which earn too little to make even interest payments and survive by taking on new debt.”
  • The hit to the overall economy comes in other forms, too: inefficient markets that no longer deploy money carefully to their most productive uses, large corporations swallowing smaller competitors and deploying lobbyists to bend government rules in their favor, the collapse of prudential economic practices.
  • “The most successful investment strategy of the 2010s,” Sharma writes, citing the podcaster Joshua Brown, “would have been to buy the most expensive tech stocks and then buy more as they rose in price and valuation.”
  • In theory, easy money should have broad benefits for regular people, from employees with 401(k)s to consumers taking out cheap mortgages. In practice, it has destroyed much of what used to make capitalism an engine of middle-class prosperity in favor of the old and very rich.
  • The social consequence of this is rage; the political consequence is populism.
  • “He promised to deconstruct the administrative state but ended up adding new rules at the same pace as his predecessor — 3,000 a year,” Sharma said of Trump. “His exercise of presidential authority to personal ends shattered historic precedents and did more to expand than restrict the scope of government. For all their policy differences, both leading U.S. candidates are committed and fearless statists, not friends of competitive capitalism.”
  • We are wandering in fog. And the precipice is closer than we think.
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