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“It’s a historic, big deal,” said Robert McNally, an energy adviser to President George W. Bush. “This will reshape not only commercial relationships but political and geopolitical ones as well.”E.U. officials have yet to release all the details of their effort to squelch Russian oil exports but have said those policies will go into effect over months. That is meant to give Europeans time to prepare, but it will also give Russia and its partners time to devise workarounds. Who will adapt

Russian natural gas for some time, possibly years. That could preserve some of Mr. Putin’s leverage, especially if gas demand spikes during a cold winter. European leaders have fewer alternatives to Russian gas because the world’s other major suppliers of that fuel — the United States, Australia and Qatar — can’t quickly expand exports substantially.Russia also has other cards to play, which could undermine the effectiveness of the European embargo.

Another hope of Western leaders is that their moves will reduce Russia’s position in the global energy industry. The idea is that despite its efforts to find new buyers in China, India and elsewhere, Russia will export less oil overall. As a result, Russian producers will need to shut wells, which they will not be able to easily restart because of the difficulties of drilling and producing oil in inhospitable Arctic fields.

“Why wait six months?” asked David Goldwyn, a top State Department energy official in the Obama administration. “As the sanctions are configured now, all that will happen is you will see more Russian crude and product flow to other destinations,” he said. But he added, “It’s a necessary first step.”

In addition, Germany and Poland have pledged to stop importing oil from Russia by pipeline, which means Europeans could reduce Russian imports by 3.3 million barrels a day by the end of the year.And the union has said European companies will no longer be allowed to insure tankers carrying Russian oil anywhere. That ban will also be phased in over several months. Because many of the world’s largest insurers are based in Europe, that move could significantly raise the cost of shipping Russian energy, though insurers in China, India and Russia itself might now pick up some of that business.Before the invasion of Ukraine, roughly half of Russia’s oil exports went to Europe, representing $10 billion in transactions a month. Sales of Russian oil to E.U. members have declined somewhat in the last few months, and those to the United States and Britain have been eliminated.

India is getting about 600,000 barrels a day from Russia, up from 90,000 a day last year, when Russia was a relatively minor supplier. It is now India’s second-biggest supplier after Iraq.But India could find it difficult to keep buying from Russia if the European Union’s restrictions on European companies insuring Russian oil shipments raise costs too much.“India is a winner,” said Helima Croft, RBC’s head of commodity strategy, “as long as they are not hit with secondary sanctions.”

today’s monetary policymakers understand that as we wait for supply constraints to ease, which they will eventually, the Fed can help reduce inflation by slowing growth in demand. Drawing on the lessons of the past, they also understand that by doing what is needed to get inflation under control, they can help the economy and the job market avoid much more serious instability in the future.

Markets and the public appear to understand how the Fed’s approach has changed from the earlier era I described

they suggest continued confidence that, over the longer term, the Fed will be able to bring inflation down close to its 2 percent target.

This confidence in turn makes the Fed’s job easier, by limiting the risk of an “inflationary psychology,” as Burns once put it, on the part of the public.

The degree to which the central bank will have to tighten monetary policy to control our currently high inflation, and the associated risk of an economic slowdown or recession, depends on several factors: how quickly the supply-side problems (high oil prices, supply-chain snarls) subside, how aggregate spending reacts to the tighter financial conditions engineered by the Fed and whether the Fed retains its credibility as an inflation fighter even if inflation takes a while to subside.

Some historians, however, believe that such grim depictions of the Middle Ages were greatly exaggerated,

Among its many principles, humanism promoted the idea that man was the center of his own universe, and people should embrace human achievements in education, classical arts, literature and science.

In 1450, the invention of the Gutenberg printing press allowed for improved communication throughout Europe and for ideas to spread more quickly.

Great Italian writers, artists, politicians and others declared that they were participating in an intellectual and artistic revolution that would be much different from what they experienced during the Dark Ages.

Although other European countries experienced their Renaissance later than Italy, the impacts were still revolutionary.

Leonardo da Vinci (1452–1519): Italian painter, architect, inventor, and “Renaissance man” responsible for painting “The Mona Lisa” and “The Last Supper.

Also known as the “Dark Ages,” the era is often branded as a time of war, ignorance, famine and pandemics such as the Black Death.

By the early 17th century, the Renaissance movement had died out, giving way to the Age of Enlightenment.

Raphael (1483–1520): Italian painter who learned from da Vinci and Michelangelo. Best known for his paintings of the Madonna and “The School of Athens.”

Michelangelo (1483–1520): Italian sculptor, painter, and architect who carved “David” and painted The Sistine Chapel in Rome.

Art, architecture and science were closely linked during the Renaissance.

For instance, artists like da Vinci incorporated scientific principles, such as anatomy into their work, so they could recreate the human body with extraordinary precision.

Renaissance art was characterized by realism and naturalism. Artists strived to depict people and objects in a true-to-life way.

Some of the most famous artistic works that were produced during the Renaissance include:The Mona Lisa (Da Vinci)The Last Supper (Da Vinci)Statue of David (Michelangelo)The Birth of Venus (Botticelli)The Creation of Adam (Michelangelo)

Also, changing trade routes led to a period of economic decline and limited the amount of money that wealthy contributors could spend on the arts.

Donatello (1386–1466): Italian sculptor celebrated for lifelike sculptures like “David,” commissioned by the Medici family.

While many scholars view the Renaissance as a unique and exciting time in European history, others argue that the period wasn’t much different from the Middle Ages and that both eras overlapped more than traditional accounts suggest.

What Friedman believed in was capitalism, or what he called “economic freedom.” Political freedom might come — but capitalism, he said, could do just fine without it.

the corporate funders of “Free to Choose” set out to make their case.

it was still a time when capitalism’s most enthusiastic supporters evidently felt the need to win the public over to a vision of free markets and minimal government

The documentary series “Free to Choose,” which aired on public television in 1980

He and other observers are trying to make sense of what might happen next — and, befitting our current bewilderment, they offer a range of perspectives. Some, like Wolf, hope the relationship can be repaired; others argue that the pairing has always been fraught, if not impossible.

he has also read his Marx and Engels, looking askance at their solutions while commending them for how “brilliantly” they described capitalism’s relentlessness and omnivorousness. Left to its own devices, capitalism expands wherever it can, plowing its way through national boundaries and local traditions — making it marvelously dynamic or utterly ruinous, and not infrequently both.

In Wolf’s case, his anguished tone reflects the scale of his own disillusionment. Born in 1946 in postwar England, he recalls in his preface how “the world seemed solid as I grew up.” He describes the feelings of “confidence” in democracy and capitalism that flourished with the collapse of the Soviet Union

Yet the “democratic capitalism” that Wolf wants to preserve was, even by his own lights, short-lived. Democracy itself — or “liberal democracy” with universal suffrage, which Wolf says is the kind of democracy he means — is a “political mayfly.” Democratic capitalism ended, in his account, with the financial crisis of 2008

Robert Reich has offered another measure, arguing that democratic capitalism, at least in the United States, began with Franklin D. Roosevelt’s New Deal and ended with Reagan, when “corporate capitalism” took over.

The left-wing German sociologist Wolfgang Streeck stakes out a decidedly different position, suggesting that the tendency to equate “democratic capitalism” with a few decades of postwar plenty is to misinterpret a “historical compromise between a then uniquely powerful working class and an equally uniquely weakened capitalist class

In “How Will Capitalism End?” (2016), Streeck argues that it’s not compromise but the cascade of crises following the postwar boom — inflation, unemployment, market crashes — “that represents the normal condition of democratic capitalism.” Where Wolf wistfully invokes a “delicate flower,” Streeck writes contemptuously of a “shotgun marriage.”

the historian Gary Gerstle explores in his fascinating and incisive “The Rise and Fall of the Neoliberal Order” (2022). Before the New Deal order started to falter in the late 1960s and ’70s, Gerstle writes, a majority of Americans believed that capitalism should be managed by a strong state; in the neoliberal order that followed, a majority of Americans believed that the state should be constrained by free markets. Each order began to break down when its traditional ways of solving problems didn’t seem to work

capitalism, according to Naomi Oreskes and Erik M. Conway, has obtained the status of civic religion. In “The Big Myth: How American Business Taught Us to Loathe Government and Love the Free Market,” the authors argue that industry groups and wealthy donors have engaged in a concerted campaign to promote “market fundamentalism” — “a vision of growth and innovation by unfettered markets where government just gets out of the way.”

The main implication of “The Big Myth” seems to be that “market fundamentalism” is so horrifically egregious — enriching the few and despoiling the planet — that Americans had to be plied with propaganda to believe in it.

as Gerstle’s book shows, neoliberal ideas proved so seductive because they also happened to dovetail with the stories that Americans wanted to tell about themselves, emphasizing individuality and freedom.

A new generation of swashbuckling billionaires entertain the prospect of secession, using their money to realize fantasies of escape, whether through seasteading or spaceships. The book quotes one seasteading enthusiast declaring, “Democracy is not the answer,” but merely “the current industry standard.”

Slobodian’s excellent if discomfiting new book, “Crack-Up Capitalism” (forthcoming in April), explores other neoliberal evasions of the nation-state: tax havens, special economic zones, gated communities — enclaves that are “freed from ordinary forms of regulation.

in “Globalists” (2018) the historian Quinn Slobodian argues that neoliberals have found ways not just to liberate markets but to “encase” them in international institutions, thereby shielding capitalist activities from democratic accountability. He observes that neoliberals were especially alarmed after World War II by decolonization, adopting a condescending “racialized language” that pitted “the rational West,” with its trade rules and property laws, against a postcolonial South, “with its ‘emotional’ commitment to sovereignty.”

Riding the waves of mutability has always been possible if the frame of mind in government and society is adequately supple and responsive. Reliance on ancient nostrums, and expectations that old solutions will remain good enough, are almost inevitably fatal.

Civilisations that become dependent on large, widespread and complex supply networks and reciprocal markets usually generate their own fragilities. If one part of such a network fails, the effects cascade in a series of chain reactions through all apparently powerful participants in the system

The end of the Bronze Age c.1200 BC, perhaps triggered by drought in Anatolia, may have precipitated one such domino collapse, as the Hittite empire, the Mycenaeans, the Mesopotamian states and Pharaonic Egypt all either fell apart or shrank to an unrecognisable impotence.

The stability and good weather of the 18th century had allowed Qing, Mughal, Bourbon and Hanoverian regimes all to thrive, but China and India, more settled and less anxiously aggressive than Europe, did not take off in the way that the Continent’s empires did.

In his hands, the triumph of the West, with the unconscionable horrors of the Atlantic slave trade at its heart, takes on the appearance of an alarming fusion of Faust and Midas. For centuries, Europeans felt they could do no wrong. They could use the world, its people and beauties. They could transform it as they wished, shifting its plants, animals and populations where they wanted, and there would be no consequences. Or at least, as in those two myths of the cult of ‘entitlement’ – a word Frankopan repeatedly uses of the transforming empires – the consequences were hidden from the perpetrators.

His story of destruction over the past two centuries is one of arrogant myopia which led in the 20th century to ‘a sequence of catastrophes unparalleled both in human history and in that of the natural world. The suffering of the past 100 years has been by far the greatest in recorded history in terms of its scale and its horror’.

The assumption that man must conquer nature was allied to the capital and industrialised capacity to bring it about. Humanity became its own climate. Its own actions created the world in which it lived

The value of this book is as an act of deep understanding, recognising not only scientifically but culturally and philosophically that we are epiphenomena – not dominators of the Earth but products of it

Bleakly and soberingly, Frankopan recognises from the long line of precedents that the prospects are for a world of war and suffering. The destructive changes are already ‘baked in’. Success does not breed success, he says, but more often than not ‘sows the seeds of ruin’.

Mr. Biden appeared content to keep North Korea on the back burner, even though President Barack Obama told Mr. Trump in November 2016 that North Korea should be Washington’s top national security priority. Mr. Biden has yet to name a candidate to be ambassador to South Korea. The special envoy for North Korea, Sung Kim, is a veteran diplomat who has dealt with these issues before, but he is doing the job part-time — he is also ambassador to Indonesia.

North Korean scientists have obviously been working on the weapons program, which is central to Pyongyang’s propaganda and Mr. Kim’s main leverage in negotiations with the United States and other nations. The more weapons Mr. Kim has and the more powerful they are, the greater his stature both inside and outside North Korea.

Siegfried Hecker, a nuclear scientist at Stanford University who has visited North Korea, estimated the country very likely has enough nuclear material for about 45 warheads, an increase of about 20 since the end of the Obama administration. He also gave an upper-end number of 60.

But the leaders of those two East Asian nations are divided in their approach and remain embroiled in bitter disputes over separate issues of history and war. Japanese officials are critical of Mr. Moon’s North Korea policy. In November, Wendy Sherman, the deputy secretary of state and an experienced negotiator on North Korea and Iran, hosted a meeting with her South Korean and Japanese counterparts in Washington, but long-running hostilities resulted in an awkward news conference.

One of the biggest dilemmas is how to work with China to curb North Korea’s weapons program. The Chinese leader, Xi Jinping, and his colleagues are balancing various goals: They want to end the disruption caused by Mr. Kim’s weapons while also seeking to avoid a failed state on their border or Pyongyang growing close to Washington or Seoul.

China is by far North Korea’s biggest trading partner. Although it has approved of U.N. sanctions on occasion, it and Russia began asking in 2019 for partial relief of the Obama- and Trump-era sanctions. For a period, it was enforcing those sanctions, but then it began helping North Korea circumvent them as Beijing-Washington relations deteriorated.

China’s technocrats have, to date, demonstrated competence in managing the economy’s imbalances.

we think China’s underlying growth story is coming to an end as the country’s economic imbalances become unsustainable and global decoupling picks up steam. The volatility and low valuations, on the other hand, are likely here to stay. 

“On balance,” Adam sums up, “If you want to be part of history-making economic transformation, China is still the place to be.”

The third point is where we disagree. We just don’t see China as having any good options for maintaining strong growth. 

Mainland China has delivered significant extra returns -- 87 basis points a year more than the mighty S&P -- for anyone willing to hack the wild volatility

Replace bad investment with domestic consumption. 

What imbalances are we talking about? In crude summary, China’s growth has been driven by debt-funded investment, especially in property and infrastructure. The problem is that the returns on these investments are in fast decline, even as debt continues to build up.

This can’t go on forever. Eventually, you have all the bridges, trains, airports and apartment blocks you need, and the return on new ones falls below zero (How do you know that you have arrived at that point? When you have a financial crisis).

The problem is that without a healthy consumer, China’s only real options to create growth are investment and exports -- and at the same time as return on internal investments are declining, the rest of the world, led by the US, are increasingly wary of dependence on Chinese exports. 

What are China’s policy options? Broadly, there are five, as Micheal Pettis explained to us:

Stay with the current model.

Beijing has policy options.

Replace bad investment in things like infrastructure and real estate with good investment in things like tech and healthcare.

Replace bad investment with (even) move exports and a wider current account surplus.

Just quit it with the bad investment. 

we think that options 1 and 5 are not really options at all. The current model will lead to a financial crisis as return on investment falls further and further behind the costs of debt. Simply ceasing to overinvest in infrastructure and real estate, without changing anything else, will simply kill growth. 

Option 2 might be summed up -- as Jason Hsu of Ralient Global Advisors summed it up to us -- as China becoming more like Germany.

The idea is that China would steer more and more money away from real estate and towards high value-add sectors from biotech to chip manufacturing. 

The problem with option 2 is that investment is such a huge part of the Chinese economy that it is difficult to see how that the capital could be efficiently allocated to the country's tech-heavy, high value-add sectors, which are comparatively small

The most promising Chinese firms are swimming in capital as it is. And developing productive capacity isn't just about capital. It takes things the state can't rapidly deploy, like knowhow and intellectual property.

Option 3 is more promising. China could start, as Adam suggests, by building up a proper welfare safety net. But it is reasonable to expect pretty serious social and institutional resistance to this sort of mass redistribution.

why hasn’t China increased its welfare state until now? Longtime China watcher and friend of Unhedged George Magnus suggests it is because of a deep bias in the Chinese policy establishment. “It’s how Leninist systems operate: they think production and supply are everything … if you see a demand problem as a supply problem, you get the wrong answers.”

Option 4, increasing exports’ share of China’s economy even further, may be in the abstract the most appealing. But it runs directly into the fact that both China and the US and its allies have reasons to reduce mutual dependence on their economies.

The emergence of geopolitical divisions between the west, on the one hand, and Russia and China, on the other, will put globalisation at risk. The autocracies will try to reduce their dependence on western currencies and financial markets. Both they and the west will try to reduce their reliance on trade with adversaries. Supply chains will shorten and regionalise… 

Russia must remain a pariah so long as this vile regime survives. But we will also have to devise a new relationship with China. We must still co-operate. Yet we can no longer rely upon this rising giant for essential goods. We are in a new world. Economic decoupling will now surely become deep and irreversible.

In all, the most likely scenario is that China’s growth just keeps slowing. That does not mean that investors in China will necessarily lose money. But it does suggest that generic China exposure -- simply owning Chinese equity or credit indices -- is going to be a losing proposition in the long-term

there is no debate. There’s a trade-off. But once you make identity a core qualification, you’re opening up a whole world of racist anti-racism.

Most Americans believe in individual merit, and advancement regardless of identity. Harvard and our new elite believe that our society is so structured as an enduring “white supremacy” that merit can only be considered after you have accounted for the effects of “intersectional oppression.”

each moment of truth puts a crack in the stifling, authoritarian edifice of DEI. We can bring this corruption to light. We can hold them to account. I’m certainly more hopeful about the future of liberal society now than I was a month ago.

the only way to cover it all up, of course, is to abolish testing students entirely (which is what so many elite colleges and universities are now doing) or to give all students an A or an A-, making any distinctions of excellence irrelevant.

When push comes to shove, when there is a finite number of places available, you’re in a zero-sum predicament. You have to pick between a smarter student of the wrong race and a weaker student of the right race. In the end at Harvard, being in the right race — not merit — determines your chances.

The more people see this for the systemic racism it is, the sooner we can throw this neo-Marxist cuckoo out of the liberal nest, and return to the airing of all ideas, regardless of the subject matter or the identity of the students

That’s how you can claim, as Gay does, that “diversity” and “excellence” go hand in hand, when obviously, at some point they can and do conflict.

The response to all this from the CRT crowd has been to insist — ever more strongly — that Gay is simply and only a victim of racism, or, in woke terminology, a victim of misogynoir. The fact that a white female university president at those same hearings lost her job before Gay did — and without any plagiarism questions — doesn’t count.

In the Congressional hearings, moreover, she showed little gravitas, grace, or ability to think on her feet. She has largely hidden from public view since the plagiarism revelations — not a good instinct for a leader of a huge, public-facing institution like Harvard. She is, quite obviously, a run-of-the-mill woke academic, who was promoted at breakneck speed because of her race and sex, and found herself quickly out of her depth.

When you look instead at what she has done as an administrator, which is where she has been focused more recently, you see it has almost all been about hiring on the basis of sex and race, persecuting heretical members of racial minorities, and removing paintings of dead white dudes. She is, at least, consistent.

And let’s be honest: we can all see with our own eyes that subordinating merit to race and sex is how Gay got her position. Her work, beyond the sloppy dime-store plagiarism, would be underwhelming for an average member of any faculty in the country. But for a Harvard president, it’s astonishingly mid

The ordinary fixes—the kind that draw on people’s will, and require eating less and moving more—rarely have a large or lasting effect. Indeed, America itself has suffered through a long, maddening history of failed attempts to change its habits on a national scale: a yo-yo diet of well-intentioned treatments, policies, and other social interventions that only ever lead us back to where we started

Through it all, obesity rates keep going up; the diabetes epidemic keeps worsening.

The most recent miracle, for Barb as well as for the nation, has come in the form of injectable drugs. In early 2021, the Danish pharmaceutical company Novo Nordisk published a clinical trial showing remarkable results for semaglutide, now sold under the trade names Wegovy and Ozempic.

Patients in the study who’d had injections of the drug lost, on average, close to 15 percent of their body weight—more than had ever been achieved with any other drug in a study of that size. Wadden knew immediately that this would be “an incredible revolution in the treatment of obesity.”

Many more drugs are now racing through development: survodutide, pemvidutide, retatrutide. (Among specialists, that last one has produced the most excitement: An early trial found an average weight loss of 24 percent in one group of participants.

In the United States, an estimated 189 million adults are classified as having obesity or being overweight

The drugs don’t work for everyone. Their major side effects—nausea, vomiting, and diarrhea—can be too intense for many patients. Others don’t end up losing any weight

For the time being, just 25 percent of private insurers offer the relevant coverage, and the cost of treatment—about $1,000 a month—has been prohibitive for many Americans.

The drugs have already been approved not just for people with diabetes or obesity, but for anyone who has a BMI of more than 27 and an associated health condition, such as high blood pressure or cholesterol. By those criteria, more than 140 million American adults already qualify

if this story goes the way it’s gone for other “risk factor” drugs such as statins and antihypertensives, then the threshold for prescriptions will be lowered over time, inching further toward the weight range we now describe as “normal.”

How you view that prospect will depend on your attitudes about obesity, and your tolerance for risk

The first GLP-1 drug to receive FDA approval, exenatide, has been used as a diabetes treatment for more than 20 years. No long-term harms have been identified—but then again, that drug’s long-term effects have been studied carefully only across a span of seven years

the data so far look very good. “These are now being used, literally, in hundreds of thousands of people across the world,” she told me, and although some studies have suggested that GLP-1 drugs may cause inflammation of the pancreas, or even tumor growth, these concerns have not borne out.

adolescents are injecting newer versions of these drugs, and may continue to do so every week for 50 years or more. What might happen over all that time?

“All of us, in the back of our minds, always wonder, Will something show up?  ” Although no serious problems have yet emerged, she said, “you wonder, and you worry.”

in light of what we’ve been through, it’s hard to see what other choices still remain. For 40 years, we’ve tried to curb the spread of obesity and its related ailments, and for 40 years, we’ve failed. We don’t know how to fix the problem. We don’t even understand what’s really causing it. Now, again, we have a new approach. This time around, the fix had better work.

The fen-phen revolution arrived at a crucial turning point for Wadden’s field, and indeed for his career. By then he’d spent almost 15 years at the leading edge of research into dietary interventions, seeing how much weight a person might lose through careful cutting of their calories.

But that sort of diet science—and the diet culture that it helped support—had lately come into a state of ruin. Americans were fatter than they’d ever been, and they were giving up on losing weight. According to one industry group, the total number of dieters in the country declined by more than 25 percent from 1986 to 1991.

Rejecting diet culture became something of a feminist cause. “A growing number of women are joining in an anti-diet movement,” The New York Times reported in 1992. “They are forming support groups and ceasing to diet with a resolve similar to that of secretaries who 20 years ago stopped getting coffee for their bosses.

Now Wadden and other obesity researchers were reaching a consensus that behavioral interventions might produce in the very best scenario an average lasting weight loss of just 5 to 10 percent

National surveys completed in 1994 showed that the adult obesity rate had surged by more than half since 1980, while the proportion of children classified as overweight had doubled. The need for weight control in America had never seemed so great, even as the chances of achieving it were never perceived to be so small.

Wadden wasn’t terribly concerned, because no one in his study had reported any heart symptoms. But ultrasounds revealed that nearly one-third of them had some degree of leakage in their heart valves. His “cure for obesity” was in fact a source of harm.

In December 1994, the Times ran an editorial on what was understood to be a pivotal discovery: A genetic basis for obesity had finally been found. Researchers at Rockefeller University were investigating a molecule, later named leptin, that gets secreted from fat cells and travels to the brain, and that causes feelings of satiety. Lab mice with mutations in the leptin gene—importantly, a gene also found in humans—overeat until they’re three times the size of other mice. “The finding holds out the dazzling hope,”

In April 1996, the doctors recommended yes: Dexfenfluramine was approved—and became an instant blockbuster. Patients received prescriptions by the hundreds of thousands every month. Sketchy wellness clinics—call toll-free, 1-888-4FEN-FEN—helped meet demand. Then, as now, experts voiced concerns about access. Then, as now, they worried that people who didn’t really need the drugs were lining up to take them. By the end of the year, sales of “fen” alone had surpassed $300 million.

It was nothing less than an awakening, for doctors and their patients alike. Now a patient could be treated for excess weight in the same way they might be treated for diabetes or hypertension—with a drug they’d have to take for the rest of their life.

the article heralded a “new understanding of obesity as a chronic disease rather than a failure of willpower.”

News had just come out that, at the Mayo Clinic in Minnesota, two dozen women taking fen-phen—including six who were, like Barb, in their 30s—had developed cardiac conditions. A few had needed surgery, and on the operating table, doctors discovered that their heart valves were covered with a waxy plaque.

Americans had been prescribed regular fenfluramine since 1973, and the newer drug, dexfenfluramine, had been available in France since 1985. Experts took comfort in this history. Using language that is familiar from today’s assurances regarding semaglutide and other GLP-1 drugs, they pointed out that millions were already on the medication. “It is highly unlikely that there is anything significant in toxicity to the drug that hasn’t been picked up with this kind of experience,” an FDA official named James Bilstad would later say in a Time cover story headlined “The Hot New Diet Pill.

“I know I can’t get any more,” she told Williams. “I have to use up what I have. And then I don’t know what I’m going to do after that. That’s the problem—and that is what scares me to death.” Telling people to lose weight the “natural way,” she told another guest, who was suggesting that people with obesity need only go on low-carb diets, is like “asking a person with a thyroid condition to just stop their medication.”

She’d gone off the fen-phen and had rapidly regained weight. “The voices returned and came back in a furor I’d never heard before,” Barb later wrote on her blog. “It was as if they were so angry at being silenced for so long, they were going to tell me 19 months’ worth of what they wanted me to hear. I was forced to listen. And I ate. And I ate. And ate.”

For Barb, rapid weight loss has brought on a different metaphysical confusion. When she looks in the mirror, she sometimes sees her shape as it was two years ago. In certain corners of the internet, this is known as “phantom fat syndrome,” but Barb dislikes that term. She thinks it should be called “body integration syndrome,” stemming from a disconnect between your “larger-body memory” and “smaller-body reality.

In 2003, the U.S. surgeon general declared obesity “the terror within, a threat that is every bit as real to America as the weapons of mass destruction”; a few months later, Eric Finkelstein, an economist who studies the social costs of obesity, put out an influential paper finding that excess weight was associated with up to $79 billion in health-care spending in 1998, of which roughly half was paid by Medicare and Medicaid. (Later he’d conclude that the number had nearly doubled in a decade.

In 2004, Finkelstein attended an Action on Obesity summit hosted by the Mayo Clinic, at which numerous social interventions were proposed, including calorie labeling in workplace cafeterias and mandatory gym class for children of all grades.

he message at their core, that soda was a form of poison like tobacco, spread. In San Francisco and New York, public-service campaigns showed images of soda bottles pouring out a stream of glistening, blood-streaked fat. Michelle Obama led an effort to depict water—plain old water—as something “cool” to drink.

Soon, the federal government took up many of the ideas that Brownell had helped popularize. Barack Obama had promised while campaigning for president that if America’s obesity trends could be reversed, the Medicare system alone would save “a trillion dollars.” By fighting fat, he implied, his ambitious plan for health-care reform would pay for itself. Once he was in office, his administration pulled every policy lever it could.

Michelle Obama helped guide these efforts, working with marketing experts to develop ways of nudging kids toward better diets and pledging to eliminate “food deserts,” or neighborhoods that lacked convenient access to healthy, affordable food. She was relentless in her public messaging; she planted an organic garden at the White House and promoted her signature “Let’s Move!” campaign around the country.

An all-out war on soda would come to stand in for these broad efforts. Nutrition studies found that half of all Americans were drinking sugar-sweetened beverages every day, and that consumption of these accounted for one-third of the added sugar in adults’ diets. Studies turned up links between people’s soft-drink consumption and their risks for type 2 diabetes and obesity. A new strand of research hinted that “liquid calories” in particular were dangerous to health.

when their field lost faith in low-calorie diets as a source of lasting weight loss, the two friends went in opposite directions. Wadden looked for ways to fix a person’s chemistry, so he turned to pharmaceuticals. Brownell had come to see obesity as a product of our toxic food environment: He meant to fix the world to which a person’s chemistry responded, so he started getting into policy.

The social engineering worked. Slowly but surely, Americans’ lamented lifestyle began to shift. From 2001 to 2018, added-sugar intake dropped by about one-fifth among children, teens, and young adults. From the late 1970s through the early 2000s, the obesity rate among American children had roughly tripled; then, suddenly, it flattened out.

although the obesity rate among adults was still increasing, its climb seemed slower than before. Americans’ long-standing tendency to eat ever-bigger portions also seemed to be abating.

sugary drinks—liquid candy, pretty much—were always going to be a soft target for the nanny state. Fixing the food environment in deeper ways proved much harder. “The tobacco playbook pretty much only works for soda, because that’s the closest analogy we have as a food item,

that tobacco playbook doesn’t work to increase consumption of fruits and vegetables, he said. It doesn’t work to increase consumption of beans. It doesn’t work to make people eat more nuts or seeds or extra-virgin olive oil.

Careful research in the past decade has shown that many of the Obama-era social fixes did little to alter behavior or improve our health. Putting calorie labels on menus seemed to prompt at most a small decline in the amount of food people ate. Employer-based wellness programs (which are still offered by 80 percent of large companies) were shown to have zero tangible effects. Health-care spending, in general, kept going up.

From the mid-1990s to the mid-2000s, the proportion of adults who said they’d experienced discrimination on account of their height or weight increased by two-thirds, going up to 12 percent. Puhl and others started citing evidence that this form of discrimination wasn’t merely a source of psychic harm, but also of obesity itself. Studies found that the experience of weight discrimination is associated with overeating, and with the risk of weight gain over time.

obesity rates resumed their ascent. Today, 20 percent of American children have obesity. For all the policy nudges and the sensible revisions to nutrition standards, food companies remain as unfettered as they were in the 1990s, Kelly Brownell told me. “Is there anything the industry can’t do now that it was doing then?” he asked. “The answer really is no. And so we have a very predictable set of outcomes.”

she started to rebound. The openings into her gastric pouch—the section of her stomach that wasn’t bypassed—stretched back to something like their former size. And Barb found ways to “eat around” the surgery, as doctors say, by taking food throughout the day in smaller portions

Bariatric surgeries can be highly effective for some people and nearly useless for others. Long-term studies have found that 30 percent of those who receive the same procedure Barb did regain at least one-quarter of what they lost within two years of reaching their weight nadir; more than half regain that much within five years.

if the effects of Barb’s surgery were quickly wearing off, its side effects were not: She now had iron, calcium, and B12 deficiencies resulting from the changes to her gut. She looked into getting a revision of the surgery—a redo, more or less—but insurance wouldn’t cover it

She found that every health concern she brought to doctors might be taken as a referendum, in some way, on her body size. “If I stubbed my toe or whatever, they’d just say ‘Lose weight.’ ” She began to notice all the times she’d be in a waiting room and find that every chair had arms. She realized that if she was having a surgical procedure, she’d need to buy herself a plus-size gown—or else submit to being covered with a bedsheet when the nurses realized that nothing else would fit.

Barb grew angrier and more direct about her needs—You’ll have to find me a different chair, she started saying to receptionists. Many others shared her rage. Activists had long decried the cruel treatment of people with obesity: The National Association to Advance Fat Acceptance had existed, for example, in one form or another, since 1969; the Council on Size & Weight Discrimination had been incorporated in 1991. But in the early 2000s, the ideas behind this movement began to wend their way deeper into academia, and they soon gained some purchase with the public.

“Our public-health efforts to address obesity have failed,” Eric Finkelstein, the economist, told me.

Others attacked the very premise of a “healthy weight”: People do not have any fundamental need, they argued, morally or medically, to strive for smaller bodies as an end in itself. They called for resistance to the ideology of anti-fatness, with its profit-making arms in health care and consumer goods. The Association for Size Diversity and Health formed in 2003; a year later, dozens of scholars working on weight-related topics joined together to create the academic field of fat studies.

As the size-diversity movement grew, its values were taken up—or co-opted—by Big Business. Dove had recently launched its “Campaign for Real Beauty,” which included plus-size women. (Ad Age later named it the best ad campaign of the 21st century.) People started talking about “fat shaming” as something to avoid

By 2001, Bacon, who uses they/them pronouns, had received their Ph.D. and finished a rough draft of a book, Health at Every Size, which drew inspiration from a broader movement by that name among health-care practitioners

But something shifted in the ensuing years. In 2007, Bacon got a different response, and the book was published. Health at Every Size became a point of entry for a generation of young activists and, for a time, helped shape Americans’ understanding of obesity.

Some experts were rethinking their advice on food and diet. At UC Davis, a physiologist named Lindo Bacon who had struggled to overcome an eating disorder had been studying the effects of “intuitive eating,” which aims to promote healthy, sustainable behavior without fixating on what you weigh or how you look

The heightened sensitivity started showing up in survey data, too. In 2010, fewer than half of U.S. adults expressed support for giving people with obesity the same legal protections from discrimination offered to people with disabilities. In 2015, that rate had risen to three-quarters.

In Bacon’s view, the 2000s and 2010s were glory years. “People came together and they realized that they’re not alone, and they can start to be critical of the ideas that they’ve been taught,” Bacon told me. “We were on this marvelous path of gaining more credibility for the whole Health at Every Size movement, and more awareness.”

that sense of unity proved short-lived; the movement soon began to splinter. Black women have the highest rates of obesity, and disproportionately high rates of associated health conditions. Yet according to Fatima Cody Stanford, an obesity-medicine physician at Harvard Medical School, Black patients with obesity get lower-quality care than white patients with obesity.

That system was exactly what Bacon and the Health at Every Size movement had set out to reform. The problem, as they saw it, was not so much that Black people lacked access to obesity medicine, but that, as Bacon and the Black sociologist Sabrina Strings argued in a 2020 article, Black women have been “specifically targeted” for weight loss, which Bacon and Strings saw as a form of racism

But members of the fat-acceptance movement pointed out that their own most visible leaders, including Bacon, were overwhelmingly white. “White female dietitians have helped steal and monetize the body positive movement,” Marquisele Mercedes, a Black activist and public-health Ph.D. student, wrote in September 2020. “And I’m sick of it.”

Tensions over who had the standing to speak, and on which topics, boiled over. In 2022, following allegations that Bacon had been exploitative and condescending toward Black colleagues, the Association for Size Diversity and Health expelled them from its ranks and barred them from attending its events.

As the movement succumbed to in-fighting, its momentum with the public stalled. If attitudes about fatness among the general public had changed during the 2000s and 2010s, it was only to a point. The idea that some people can indeed be “fit but fat,” though backed up by research, has always been a tough sell.

Although Americans had become less inclined to say they valued thinness, measures of their implicit attitudes seemed fairly stable. Outside of a few cities such as San Francisco and Madison, Wisconsin, new body-size-discrimination laws were never passed.

In the meantime, thinness was coming back into fashion

In the spring of 2022, Kim Kardashian—whose “curvy” physique has been a media and popular obsession—boasted about crash-dieting in advance of the Met Gala. A year later, the model and influencer Felicity Hayward warned Vogue Business that “plus-size representation has gone backwards.” In March of this year, the singer Lizzo, whose body pride has long been central to her public persona, told The New York Times that she’s been trying to lose weight. “I’m not going to lie and say I love my body every day,” she said.

Among the many other dramatic effects of the GLP-1 drugs, they may well have released a store of pent-up social pressure to lose weight.

If ever there was a time to debate that impulse, and to question its origins and effects, it would be now. But Puhl told me that no one can even agree on which words are inoffensive. The medical field still uses obesity, as a description of a diagnosable disease. But many activists despise that phrase—some spell it with an asterisk in place of the e—and propose instead to reclaim fat.

Everyone seems to agree on the most important, central fact: that we should be doing everything we can to limit weight stigma. But that hasn’t been enough to stop the arguing.

Things feel surreal these days to just about anyone who has spent years thinking about obesity. At 71, after more than four decades in the field, Thomas Wadden now works part-time, seeing patients just a few days a week. But the arrival of the GLP-1 drugs has kept him hanging on for a few more years, he said. “It’s too much of an exciting period to leave obesity research right now.”

When everyone is on semaglutide or tirzepatide, will the soft-drink companies—Brownell’s nemeses for so many years—feel as if a burden has been lifted? “My guess is the food industry is probably really happy to see these drugs come along,” he said. They’ll find a way to reach the people who are taking GLP‑1s, with foods and beverages in smaller portions, maybe. At the same time, the pressures to cut back on where and how they sell their products will abate.

the triumph in obesity treatment only highlights the abiding mystery of why Americans are still getting fatter, even now

Perhaps one can lay the blame on “ultraprocessed” foods, he said. Maybe it’s a related problem with our microbiomes. Or it could be that obesity, once it takes hold within a population, tends to reproduce itself through interactions between a mother and a fetus. Others have pointed to increasing screen time, how much sleep we get, which chemicals are in the products that we use, and which pills we happen to take for our many other maladies.

“The GLP-1s are just a perfect example of how poorly we understand obesity,” Mozaffarian told me. “Any explanation of why they cause weight loss is all post-hoc hand-waving now, because we have no idea. We have no idea why they really work and people are losing weight.”

The new drugs—and the “new understanding of obesity” that they have supposedly occasioned—could end up changing people’s attitudes toward body size. But in what ways

When the American Medical Association declared obesity a disease in 2013, Rebecca Puhl told me, some thought “it might reduce stigma, because it was putting more emphasis on the uncontrollable factors that contribute to obesity.” Others guessed that it would do the opposite, because no one likes to be “diseased.”

why wasn’t there another kind of nagging voice that wouldn’t stop—a sense of worry over what the future holds? And if she wasn’t worried for herself, then what about for Meghann or for Tristan, who are barely in their 40s? Wouldn’t they be on these drugs for another 40 years, or even longer? But Barb said she wasn’t worried—not at all. “The technology is so much better now.” If any problems come up, the scientists will find solutions.

Some of Trump’s Christian followers do appear to have grown to see him as a kind of religious figure. He is a savior. I think it began with the sense that he was uniquely committed to saving them from their foes (liberals, Democrats, elites, seculars, illegal immigrants, etc.) and saving America from all that threatens it.

In this sense, Gushee continued, “a savior does not have to be a good person but just needs to fulfill his divinely appointed role. Trump is seen by many as actually having done so while president.”

This view of Trump is especially strong “in the Pentecostal wing of the conservative Christian world,” Gushee wrote, wherehe is sometimes also viewed as an anointed leader sent by God. “Anointed” here means set apart and especially equipped by God for a holy task. Sometimes the most unlikely people got anointed by God in the Bible. So Trump’s unlikeliness for this role is actually evidence in favor.

The prosecutions underway against Trump have been easily interpretable as signs of persecution, which can then connect to the suffering Jesus theme in Christianity. Trump has been able to leverage that with lines like, “They’re not persecuting me. They’re persecuting you.” The idea that he is unjustly suffering and, in so doing, vicariously absorbing the suffering that his followers would be enduring is a powerful way for Trump to be identified with Jesus.

Robert P. Jones, the founder and chief executive of P.R.R.I. (formerly the Public Religion Research Institute), contends that Trump’s religious claims are an outright fraud:Trump has given us adequate evidence that he has little religious sensibility or theological acuity. He has scant knowledge of the Bible, he has said that he has never sought forgiveness for his sins, and he has no substantive connection to a church or denomination. He’s not only one of the least religious but also likely one of the most theologically ignorant presidents the country has ever had.

If people wanted to make him out to be savior, anointed one and agent of God, he would not object

Lacking any inner spiritual or moral compass that would seek to deflect overinflated or even idolatrous claims about himself, he instead reposted their artwork and videos and so on. Anyone truly serious about the Christian faith would deflect claims to being a savior or anointed one, but he did not have such brakes operating.

there are evangelicals of the charismatic and Pentecostal variety — the so-called New Apostolic Reformation or Independent Network Charismatics — who believe that Donald Trump is an agent of God to rescue the United States from the atheistic, even demonic, secularists and progressives who want to destroy the country by advancing abortion, gay marriage, wokeness, transgenderism, etc.

“This whole movement,” Fea wrote,is rooted in prophecy. The prophets speak directly to God and receive direct messages from him about politics. They think that politics is a form of spiritual warfare and believe that God is using Donald Trump to help wage this war. (God can even use sinners to accomplish his will — there are a lot of biblical examples of this, they say.)

As far as Trump goes, Fea continued, “he probably thinks these charismatics and Pentecostals are crazy. But if they are going to tell him he is God’s anointed one, he will gladly accept the title and use it if it wins him votes. He will happily accept their prayers because it is politically expedient.”

The more interesting case, Gushee wrote,is Trump himself. I accept as given that he entered politics as the amoral, worldly, narcissistic New York businessman that he appeared to be. Like all G.O.P. politicians, he knew he would have to win over the conservative Christian voting bloc so central to the party.

Trump, Jones added in an email, “almost certainly lacks the kind of religious sensibility or theological framework necessary to personally grasp what it would even mean to be a Jesus-like, messianic figure.”

According to Jones, in order to rationalize this quasi-deification of Trump — despite “his crassness and vulgarity, divorces, mocking of disabled people, his overt racism and a determination by a court that he sexually abused advice columnist E. Jean Carroll” — white evangelicals refer not to Jesus but the Persian King Cyrus from the book of Isaiah in the Hebrew Bible.”

Cyrus is the model of an ungodly king who nonetheless frees a group of Jews who are held captive in Babylon. It took white evangelicals themselves a while to settle on an explanation for their support, but this characterization of Trump was solidified in a 2018 film that came out just before the 2018 midterms entitled “The Trump Prophecy,” which portrayed Trump as the only leader who could save America from certain cultural collapse.

According to Jones, “White evangelicals’ stalwart, enduring support for Trump tells us much more about who they see themselves to be than who they think Trump is. As I argued in my most recent book, ‘The Hidden Roots of White Supremacy,’” Jones continued in his email, “the primary force animating white evangelical Protestant politics — one that has been with us since before the founding of the Republic — is the vision of America as a nation primarily of, by and for white Christians.”

“a majority (56 percent) of white evangelical Protestants, compared to only one-third of all Americans, believed that ‘God intended America to be a new promised land where European Christians could create a society that could be an example to the rest of the world.’”

Jones argued that Trump’s declaration on the Ellipse on Jan. 6, 2021 — “We fight like hell. And if you don’t fight like hell, you’re not going to have a country anymore” — was a direct appeal “to this sense of divine entitlement of those who believed this mythology strongly enough to engage in a violent insurrection.”

“White evangelicals,” Guth found, “are invariably the most populist: more likely to favor strong leadership (even when that means breaking the rules), to distrust government, to see the country on the wrong track and to think that the majority should always rule (and minorities adapt).”

Guth also found thatanother salient trait of populist politics is the willingness to ignore democratic civility. We constructed a “rough politics” score from three A.N.E.S. items: whether protesters deserve what they get if they are hurt in demonstrating, whether the country would be better off if it got rid of rotten apples and whether people are “too sensitive” about political discourse. Here the usual pattern recurs: Evangelical affiliation, evangelical identity and biblical literalism predicts agreement with those assertions, while religious minorities, secular folks and progressives tend to demur.

Guth wrote that his “findings help us understand what many have struggled to comprehend: How can white evangelical Protestants continue to provide strong support for President Donald Trump, whose personal values and behavior trample on the biblical and ethical standards professed by that community?”

The most common explanation, according to Guth,is that white evangelicals have a transactional relationship with the president: As long as he nominates conservative jurists and makes appropriate gestures on abortion and sexual politics, they will support him.

“The evidence here,” he wrote, “suggests a more problematic answer”:White evangelicals share with Trump a multitude of attitudes, including his hostility toward immigrants, his Islamophobia, his racism and nativism, as well as his political style, with its nasty politics and assertion of strong, solitary leadership. Indeed, Trump’s candidacy may have “authorized” for the first time the widespread expression of such attitudes.

The pervasive populism of white evangelical laity not only helps explain their support for President Trump but suggests powerful barriers to influence by cosmopolitan internationalist evangelical elites, who want to turn the community in a different direction. As hostile responses to efforts of antipopulist evangelicals like Michael Gerson, Russell Moore, David Platt and many others indicate, there is currently a very limited market for such alternative perspectives among the rank and file.

Nor does cosmopolitan or cooperative internationalism find much purchase among local evangelical clergy. Analysis of the 2017 Cooperative Clergy Survey shows that ministers from several evangelical denominations, especially the large Southern Baptist Convention and Assemblies of God, exhibit exactly the same populist traits seen here in white evangelical laity, but in more pronounced form: strong Islamophobia, Christian nationalism, extreme moral traditionalism, opposition to trade pacts, militaristic attitudes, resistance to political compromise and climate change denial, among others.

In other words, conservative populism, with all its antidemocratic implications, has taken root in America. What we don’t know is for how long — or how much damage it will do.

the characters in the core three modern shows—Discovery, Picard, and Strange New Worlds—are less concerned with professionalism and duty and more concerned with personal morality, authenticity, and teamwork.

Dylan Roth, writing for Fanbyte, suggested that as Star Trek has aged, it has “changed from a series about benign authority to one about stalwart heroes protecting an institution from moral decay.” This is true enough, but I also think there’s something else going on with the modern Trek shows. Namely, the atmosphere and philosophy of the shows is much less comfortable with the maxims of professionalism and duty that were foundational to pre-2017 Star Trek media.

Modern Star Trek, much like older Star Trek, often presents its main characters as moral paragons, but whereas older Trek would usually depict them embodying Starfleet’s ideals in the presence of challenging aliens, modern Trek is more likely to establish their uprightness by contrast with the faceless and untrustworthy institution of Starfleet itself. Both eras do both things, at least occasionally, but the ratio has notably shifted.

WHY THE CHANGE? Part of it probably has to do with the other material that Star Trek writers are drawing from. The ’60s and ’90s-era Trek writers either served in the military themselves or were drawing from science fiction written by people who had. (Gene Roddenberry, the creator of Star Trek, and many of the great science-fiction authors of the mid-twentieth century, including Robert Heinlein, Arthur Clarke, Isaac Asimov, Frank Herbert, and Walter M. Miller Jr., each served in some capacity in the World War II-era U.S. or British armed forces.

difference in leadership style is everywhere between the two eras. The Strange New Worlds version of Capt. Christopher Pike has been repeatedly praised for being more collaborative than commanding (I struggle to remember a time he has ever raised his voice), whereas Capt. Sisko shouts at everyone, as only the great Avery Brooks can shout. Picard’s version of its title character trades all his twentieth-century grouchy gravitas for a more grandfatherly role; his inspirational speeches now seek to buoy his friends’ confidence rather than inspire subordinates to high achievement.

Old-school Sisko reminds his crew of the expectations he has for them and unsubtly critiques their behavior as unbecoming of Starfleet officers. He acknowledges their difficulties (“I know it’s hot. . .”), but leaves no doubt that he expects them to perform their duties as professionals anyway. New-school Tilly motivates her command by making it clear that she sees and hears their concerns, and encourages them to work together by seeing the value in their unique life experiences.

modern Trek writers are far less likely to have served—but are far more likely to have worked in twenty-first-century corporate America, which has a rather different set of norms and concepts of professionalism.

more fundamentally, popular science fiction today—as written by authors like N.K. Jemisin, Martha Wells, and Tamsyn Muir—is more likely to be concerned with questions of identity and combating imperialism. It is also more likely to be written from marginalized perspectives, which have valid reasons to distrust institutions and authority. For many of these writers, concepts like “professionalism” have questionable implications

Besides, nobody likes any of America’s institutions anymore (and for all that Star Trek is ostensibly international, it is a fundamentally American franchise). Gallup’s polling about Americans’ faith in U.S. institutions shows it hovering at or near record-breaking lows, spawning a great deal of hand-wringing from people across the political spectrum. These apparently untrustworthy institutions range from purely political ones (the presidency, the Supreme Court, etc.) to “the church or organized religion” (whatever that means), “banks,” and “newspapers.”

What are professionalism and duty if not the suppression of individual quirks in service of some larger goal or institution? Duty overrides individual desires or assessments of right and wrong.

But older Trek nevertheless believed in duty, because it believed that Starfleet was a fundamentally good institution, even if it may be failed by individual bad or misguided actors. It elevated Starfleet’s regulations and codes of conduct almost to the status of holy wri

it is difficult to be seriously inspired by the notion of duties if one has a deep distrust of the institutions that assign such duties.

Of course the characters written by twenty-first-century authors, who are animated by the same deep distrust of American institutions as the rest of us, are less likely to justify themselves with the language of duty than they are by reference to personal morality and authenticity. And of course they’re going to be skeptical of rank and hierarchy because they don’t believe these things are necessarily signs of actual merit or accomplishment any more than the rest of us do.

Yet I worry. If Star Trek is supposed to start from the assumption that Starfleet and the Federation are quasi-utopian, I worry about what it says about our collective imaginations if we can’t even let the institutions of that fictional utopia be utopian. If we can’t even trust Starfleet, who can we trust?

“China is clearly alarmed by these developments,” said Jingdong Yuan, director of the China and Asia Security Program at the Stockholm International Peace Research Institute. “Chinese interpretations would be that the U.S. and its allies have clearly decided that China needs to be contained.”

aside from pointed words and the perfunctory maritime patrol, Beijing’s options to push back against U.S. pressure appear limited, analysts said, especially as China contends with slowing economic growth and mounting trade frictions.

Whether Mr. Biden’s strategy succeeds in deterring China in the long run remains to be seen. Nationalists in China view American alliances as fragile and subject to the whims of each U.S. presidential election. Then there’s Mr. Xi, who perceives the West to be in structural decline, and China’s ascendance as Asia’s dominant power to be inevitable.

“The Americans should not think so highly of themselves. They could not solve Afghanistan or Ukraine,” said Zheng Yongnian, an influential political scientist at the Chinese University of Hong Kong’s campus in Shenzhen. He said that China still hoped to resolve its disputes peacefully. “The reason we are not touching the Philippines is not that we are afraid of the United States.”

Beijing’s room to maneuver against Washington is limited by its struggling economy, which has been hit by a property crisis and a cratering of foreign investment. China has been increasing exports, but that has already caused friction with countries concerned about a flood of cheap Chinese goods.

The broader American pressure campaign may also be nudging China to avoid escalating tensions further. Despite its differences with the United States, China is engaging in talks between the countries’ leaders and senior officials. Relations with some neighbors, such as Australia, are slowly thawing. Analysts have noted that Beijing has also avoided escalating its military presence around Taiwan in recent months, despite the island’s election of a leader the Communist Party loathes.

“They are definitely being more cautious and demonstrating a willingness to engage,” Ja Ian Chong, an associate professor of political science at the National University of Singapore, said of Beijing. “They are realizing there are actual risks to letting frictions escalate. We just haven’t seen any substantive compromises yet.”

In other words, the Marshall Plan and the tech boom during the 1990s were products of their time and place. They wouldn’t necessarily have the desired effects in a modern context.

“A shifting global economy left many working Americans and their communities behind. A financial crisis shook the middle class. A pandemic exposed the fragility of our supply chains. A changing climate threatened lives and livelihoods. Russia’s invasion of Ukraine underscored the risks of overdependence.”

What was the solution? Instead of rampant globalization, Sullivan’s pitch was that a reenergized American economy made the country stronger. It was time to remake the Rust Belt into a Cobalt Corridor, to establish industries that led not only to blue-collar work but to azure-collared careers. If that was done right, a strengthened America could act more capably around the globe.

“This moment demands that we forge a new consensus. That’s why the United States, under President Biden, is pursuing a modern industrial and innovation strategy — both at home and with partners around the world,

Implicitly, Sullivan said the main assumptions undergirding America’s foreign and economic policy had been wrong for decades. China, and the Washington belief that liberalized markets would eventually lead to democracy within the halls of power in Beijing, was the most glaring example.

“By the time President Biden came into office, we had to contend with the reality that a large non-market economy had been integrated into the international economic order in a way that posed considerable challenges,” he said, citing China’s large-scale subsidization of multiple sectors that crushed America’s competitiveness across industries. Making matters worse, Sullivan continued, “economic integration didn’t stop China from expanding its military ambitions.” It also didn’t stop countries like Russia from invading their neighbors.

Standing in front of the esteemed audience, Sullivan was telling them he didn’t want to be caught flat-footed as the global economy reshaped around them. The U.S. government would be proactive, prepared and proud in search of an industrial strategy to undergird American power. Without saying the words, he was offering a plan to make America great again.

A self-proclaimed “A-Team” came together to move beyond the Trump era, but in some ways they embraced elements of it. Not the nativist demagoguery, but the need to return to fundamentals: a healthy middle class powered by a humming industrial base, a humility about what the U.S. military alone can accomplish, a solid cadre of allies, attention to the most existential threats and a refresh of the tenets that sustain American democracy.

“This strategy will take resolve — it will take a dedicated commitment to overcoming the barriers that have kept this country and our partners from building rapidly, efficiently, and fairly as we were able to do in the past,”

In fact, the news from Wall Street lately has mostly been about retreat from climate goals, rather than recommitment. Banks and asset managers are withdrawing from international climate alliances and chafing at their rules. Regional banks are stepping up lending to fossil fuel producers. Sustainable investment funds have sustained crippling outflows, and many have collapsed.

In some cases, it’s a classic prisoner’s dilemma: If firms collectively shift to cleaner energy, a cooler climate benefits everyone more in the future

in the short term, each firm has an individual incentive to cash in on fossil fuels, making the transition much harder to achieve.

when it comes to avoiding climate damage to their own operations, the financial industry is genuinely struggling to comprehend what a warming future will mean.

A global compact of financial institutions made commitments worth $130 trillion to try to bring down emissions, confident that governments would create a regulatory and financial infrastructure to make those investments profitable. And in 2022, the Inflation Reduction Act passed.

What about the risk that climate change poses to the financial industry’s own investments, through more powerful hurricanes, heat waves that knock out power grids, wildfires that wipe out towns?

“If we think about what is going to be the best way to tilt your portfolios in the direction to benefit, it’s really difficult to do,”

“These will probably be great investments over 20 years, but when we’re judged over one to three years, it’s a little more challenging for us.”

Some firms cater to institutional clients, like public employee pension funds, that want combating climate change to be part of their investment strategy and are willing to take a short-term hit. But they aren’t a majority

And over the past couple of years, many banks and asset managers have shrunk from anything with a climate label for fear of losing business from states that frown on such concerns.

On top of that, the war in Ukraine scrambled the financial case for backing a rapid energy transition. Artificial intelligence and the movement toward greater electrification are adding demand for power, and renewables haven’t kept up

All of that is about the relative appeal of investments that would slow climate change

If you bought some of the largest solar-energy exchange-traded funds in early 2023, you would have lost about 20 percent of your money, while the rest of the stock market soared.

There is evidence that banks and investors price in some physical risk, but also that much of it still lurks, unheeded.

“I’m very, very worried about this, because insurance markets are this opaque weak link,” Dr. Sastry said. “There are parallels to some of the complex linkages that happened in 2008, where there is a weak and unregulated market that spills over to the banking system.”

Regulators worry that failing to understand those ripple effects could not just put a single bank in trouble but even become a contagion that would undermine the financial system.

But while the European Central Bank has made climate risk a consideration in its policy and oversight, the Federal Reserve has resisted taking a more active role, despite indications that extreme weather is feeding inflation and that high interest rates are slowing the transition to clean energy.

“The argument has been, ‘Unless we can convincingly show it’s part of our mandate, Congress should deal with it, it’s none of our business,’”

a much nearer-term uncertainty looms: the outcome of the U.S. election, which could determine whether further action is taken to address climate concerns or existing efforts are rolled back. An aggressive climate strategy might not fare as well during a second Trump administration, so it may seem wise to wait and see how it shakes out.

big companies are hesitating on climate-sensitive investments as November approaches, but says that “two things are misguided and quite dangerous about that hypothesis.”

One: States like California are establishing stricter rules for carbon-related financial disclosures and may step it up further if Republicans win

And two: Europe is phasing in a “carbon border adjustment mechanism,” which will punish polluting companies that want to do business there.

at the moment, even European financial institutions feel pressure from the United States, which — while providing some of the most generous subsidies so far for renewable-energy investment — has not imposed a price on carbon.

The global insurance company Allianz has set out a plan to align its investments in a way that would prevent warming above 1.5 degrees Celsius by the end of the century, if everyone else did the same. But it’s difficult to steer a portfolio to climate-friendly assets while other funds take on polluting companies and reap short-term profits for impatient clients.

“This is the main challenge for an asset manager, to really bring the customer along,” said Markus Zimmer, an Allianz economist. Asset managers don’t have sufficient tools on their own to move money out of polluting investments and into clean ones, if they want to stay in business,

“Of course it helps if the financial industry is somehow ambitious, but you cannot really substitute the lack of actions by policymakers,”

According to new research, the benefit is greater when decarbonization occurs faster, because the risks of extreme damage mount as time goes on. But without a uniform set of rules, someone is bound to scoop up the immediate profits, disadvantaging those that don’t — and the longer-term outcome is adverse for all.

MAGA has replaced Reaganism as the chief operating system of the Republican Party.

If Democrats hope to win in the near future they have to take the MAGA worldview seriously, and respectfully make the case, especially to working-class voters, for something better.

In a volatile world, MAGA offers people security. It promises secure borders and secure neighborhoods. It offers protection from globalization, from the creative destruction of modern capitalism. It offers protection from an educated class that looks down on you and indoctrinates your children in school. It offers you protection from corporate predators.

the problem with MAGA — and here is where the Democratic opportunity lies — is that it emerges from a mode of consciousness that is very different from the traditional American consciousness.

Americans have a zeal for continual self-improvement, a “need tirelessly to tinker, improve everything and everybody, never leave anything alone.”

“the Spirit of America is best known in Europe by one of its qualities — energy.”

we saw ourselves, as the dynamic nation par excellence. We didn’t have a common past, but we dreamed of a common futur

Americans can’t be secure if the world is in flames. That’s why America has to be active abroad in places like Ukraine, keeping wolves like Vladimir Putin at bay.

Through most of our history, we were not known for our profundity or culture but for living at full throttle.

MAGA, on the other hand, emerges from a scarcity consciousness, a zero-sum mentality: If we let in tons of immigrants they will take all our jobs; if America gets browner, “they” will replace “us.”

MAGA is based on a series of victim stories: The elites are out to screw us. Our allies are freeloading off us. Secular America is oppressing Christian America.

MAGA looks less like an American brand of conservatism and more like a European brand of conservatism. It resembles all those generations of Russian chauvinists who argued that the Russian masses embody all that is good but they are threatened by aliens from the outside

MAGA looks like a kind of right-wing Marxism, which assumes that class struggle is the permanent defining feature of politics.

MAGA is a fortress mentality, but America has traditionally been defined by a pioneering mentality. MAGA offers a strong shell, but not much in the way of wings needed to soar.

If Democrats are to thrive, they need to tap into America’s dynamic cultural roots and show how they can be applied to the 21st century

My favorite definition of dynamism is adapted from the psychologist John Bowlby: All of life is a series of daring explorations from a secure base. If Democrats are to thrive, they need to offer people a vision both of the secure base and of the daring explorations.

The American consciousness has traditionally been an abundance consciousness.

Americans can’t be secure if the border is in chaos. Popular support for continued immigration depends on a sense that the government has things under control.

Americans can’t be secure if a single setback will send people to the depths of crushing poverty. That’s why the social insurance programs that Democrats largely built are so important.

offer people a vision of the daring explorations that await them. That’s where the pessimistic post-Reagan Republicans can’t compete

champion the abundance agenda that people like Derek Thompson and my colleague Ezra Klein have been writing about. We need to build things. Lots of new homes. Supersonic airplanes and high-speed trains.

If Republicans are going to double down on class war rhetoric — elites versus masses — Democrats need to get out of that business

They need to stand up to protectionism, not join the stampede.

Democrats need to throttle back the regulators who have been given such free rein that they’ve stifled innovation.

Democrats need to take on their teachers’ unions and commit to dynamism in the field of education.

tap back into the more traditional American aspiration: We are not sentenced to a permanent class-riven future but can create a fluid, mobile society.

The economist Michael Strain of the American Enterprise Institute has offered a telling psychic critique of MAGA economic thinking: “The economics of grievance is ineffective, counterproductive and corrosive, eroding the foundations of prosperity. Messages matter. Tell people that the system is rigged, and they will aspire to less

Champion personal responsibility, and they will lift their aspirations. Promoting an optimistic vision of economic life can increase risk tolerance, ambition, effort and dynamism.”

t aspiration is not like a brick that just sits there. Aspiration is more like a flame that can be fed or dampened

“The problem is desire. We need to *want* these things. The problem is inertia. We need to want these things more than we want to prevent these things.”