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sidneybelleroche

Elections 2021: Key ballot measures US voters are deciding on - CNNPolitics - 0 views

  • Voters will decide Tuesday on key ballot measures related to issues including policing, election reform and some proposals authored in response to Covid-19 restrictions.
  • Voters will decide Tuesday on key ballot measures related to issues including policing, election reform and some proposals authored in response to Covid-19 restrictions.
  • there are 24 statewide ballot measures for consideration in six states
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  • Voters in some major cities, in addition to choosing their next mayor, will also have the opportunity to weigh in on an important issue that has been heavily debated in their communities.
  • Proposition 6 would codify the right for long-term care residents to designate an essential caregiver for in-person visitation.
  • Texas -- Proposition 3 Read MoreWritten in response to Covid-19 restrictions, Texans will consider a constitutional amendment that would prohibit the state or a political subdivision, such as an elected official, from "prohibiting or limiting religious services of religious organizations."
  • Like Proposition 3, Proposition 6 was also influenced by the Covid-19 restrictions enforced during the height of the pandemic.
  • Texas -- Proposition 3 Read MoreWritten in response to Covid-19 restrictions, Texans will consider a constitutional amendment that would prohibit the state or a political subdivision, such as an elected official, from "prohibiting or limiting religious services of religious organizations." Enter your email or view the Vault By CNN webpage to own a piece of CNN History with blockchain technology.close dialogExplore Vault by CNN . Presidential elections, space discoveries, CNN exclusives and more.Explore NowGet UpdatesBe the first to know about upcoming releases from our Vault, with updates delivered right to your inbox.Please enter aboveSign Me UpBy subscribing, you agree to our privacy policy.Success!See you in your inbox.close dialog/* effects for .bx-campaign-1426699 *//* custom css .bx-campaign-1426699 *//* custom css from creative 60682 *//* V Text Alignment Fix */ .bx-custom.bx-campaign-1426699 .bx-row-input + .bx-row-submit { vertical-align: top;}/* custom css from creative 60872 *//************************************ CREATIVE STRUCTURE Do not remove or edit unless non applicable to creative set.************************************//* rendered styles .bx-campaign-1426699 */.bxc.bx-campaign-1426699.bx-active-step-1 .bx-creative:before {min-height: 185px;}.bxc.bx-campaign-1426699.bx-active-step-1 .bx-creative {bo
  • Question 2 would replace Minneapolis Police Department with a new "Department of Public Safety" overseen by the mayor and city council.
  • Cleveland -- Issue 24 Ballot initiative Issue 24 would establish a new civilian commission, called the Community Police Commission, whose members will have final authority over the police department's policy and procedures, hiring and training, and disciplinary action.
  • Proposal 7, also known as Local Law J, asks city residents whether to expand a civilian police review board's authority to conduct investigations and "to exercise oversight, review, and resolution of community complaints alleging abuse of police authority."
  • Austin, Texas -- Proposition A Voters in Austin, Texas are being asked whether to bulk up the city's police department with Proposition A, as its supporters argue that the city is in the midst of a "crime wave" and a shortage of police officers.Proposition A would require that the Austin police department employs at least two police officers for every 1,000 residents.
  • Detroit -- Proposal R A "yes" vote on Proposal R would be in favor of the Detroit City Council establishing a task force that would recommend housing and economic programs that "address historical discrimination against the Black community in Detroit."
  • New Jersey -- Question No. 1 Question No. 1 asks New Jersey voters whether to allow betting on college sports. Currently, sports betting on college events in the state and on college events in which New Jersey teams participate is prohibited.
  • Richmond, Virginia -- Local ReferendumResidents of Virginia's capital city will decide whether to approve the construction of a new casino and 250-room luxury hotel in south Richmond along the I-95 highway.
  • New York -- Ballot Proposal 1New Yorkers are being reminded to flip over their ballots to answer five statewide ballot proposals.
  • New York -- Ballot Proposal 3New York currently requires that its residents register to vote at least 10 days before an election. Ballot Proposal 3 would remove that requirement, clearing the way for state lawmakers to enact new laws that would allow a resident to register to vote in less than 10 days -- such as same-day voter registration.
  • New York -- Ballot Proposal 4As it stands now, New York voters may vote by absentee ballot if they are unable to appear at their polling place due to illness or physical disability or expect to be absent from their county of residence, or New York City if they're residents, on Election Day.Ballot Proposal 4 asks whether to eliminate the requirement that a voter provide a reason if they wish to vote by absentee ballot.
  • Philadelphia -- Question #1: Asks whether to amend the city charter so it urges the Pennsylvania legislature and governor to legalize cannabis for recreational use in the state.
sidneybelleroche

A COVID Mega-Surge on Top of Putin's War Is Creating Hell on Earth - 0 views

  • About 800 people in Ukraine are dying of the virus daily. But the battle against COVID isn’t the only crisis the country is facing: Already traumatized by 7 years of war, Ukrainians are living in fear of a potential Russian invasion, with some 100,000 Russian troops deployed near Ukraine’s border as of this month.
  • Meanwhile, public trust in President Volodymyr Zelesky is plummeting quickly.
  • His approval ratings have gone down from 73 percent in 2019 to 21 percent this month.
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  • only 8.8 million Ukrainians have been fully vaccinated—less than one third of the population.
  • The pandemic has killed more Ukrainians in the past four months than the ongoing war in Donbas has in seven years.
  • Seven years later, tensions are still flaring on an on-again-off-again basis, as Ukrainian forces continue to fight Russian-backed militias, resulting in the loss of some 4,500 Ukrainian citizens so far.
  • Now, the Ukraine-controlled part of Donetsk, a virtual warzone, is bearing the brunt of the COVID crisis in the country, registering 120 virus-induced deaths on Monday alone
  • locals seem to be directing their fury at their own government for its staggering vaccine campaign and overwhelmed medical institutions.
  • 7,507 people have died in the self-proclaimed People’s Donetsk Republic since the beginning of the pandemic.
  • Tens of thousands of young professionals, including medical personnel and doctors have left the Ukrainian government-controlled parts of the Donbas region since 2014.
  • The remaining population of about 300,000 live in small towns close to the frontlines.
  • More than three million people live in the seperatist Donetsk and Luhansk republics, where they rely on Russian-supplied vaccines. Due to the pandemic, most of the checkpoints along the line of contact were shut down, and up to 200,000 pensioners living in the separatist regions were not able to enter Ukraine to receive their funds.
  • To promote COVID vaccination, President Zelensky announced this week that every fully vaccinated Ukrainian would receive a reward of $38, but since Ukraine does not recognize the Russian vaccine, residents of the separatist territories will not be paid the promised reward.
criscimagnael

Park Geun-hye, Ex-Leader of South Korea, to Be Pardoned - The New York Times - 0 views

  • SEOUL, South Korea — The government of President Moon Jae-in said on Friday that it would pardon former President Park Geun-hye, who is serving a 20-year prison term after she was convicted on bribery and other criminal charges.
  • Ms. Park, 69, who became the first democratically elected South Korean leader to be removed from office through parliamentary impeachment,
  • will be freed on Dec. 31 to promote “reconciliation and consolidate national power to help overcome the national crisis caused by the Covid-19 pandemic,” the Justice Ministry said in a statement.
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  • She has served four years and nine months of her sentence so far. Concerns about her health were raised after she was taken to a hospital in Seoul, the capital, for various illnesses last month.
  • Mr. Moon said that Ms. Park’s declining heath had also been a factor in his government’s decision to release her.
  • Ms. Park was pardoned under a broad amnesty that benefited 700 other prisoners, whose remaining prison terms will be eradicated or cut in half. The South Korean president has the power to grant amnesty to prisoners under the Constitution, and has often exercised it to mark major national holidays or the beginning of a new year.
  • Ms. Park, a daughter of the former military dictator Park Chung-hee, was in her fourth year in power in 2016 when hundreds of thousands of protesters began months of weekly rallies in central Seoul demanding that she be forced from office for corruption and incompetence.
  • In January this year, the Supreme Court approved a reduced 20-year prison term for Ms. Park and ordered her to pay 18 billion won ($15 million) in fines, saying that she and her longtime friend and confidante Choi Soon-sil had collected or demanded $19.3 million in bribes from three big businesses, including $7 million from Samsung, South Korea’s largest and most lucrative business group.
  • The younger Mr. Lee, who was sentenced to two and a half years in prison in the corruption scandal, was released on parole in August, when South Korea freed hundreds of prisoners to mark the Aug. 15 National Liberation Day, which commemorates the end of Japanese colonial rule of South Korea at the end of World War II.
  • Despite her conviction, Ms. Park still had a sizable following of die-hard supporters, mostly older conservative South Koreans, who have held rallies in downtown Seoul calling her innocent and demanding her release.
  • Those who have argued for her pardon have compared her case to those of the former military dictators Chun Doo-hwan and Roh Tae-woo.
  • Mr. Moon’s government granted a special amnesty to former Prime Minister Han Myeong-sook, one of the president’s former political allies. Ms. Han was sentenced to two years in prison in 2015 on charges of collecting illegal political donations. She finished her term in 2017.
  • The government also released Lee Seok-ki, a progressive politician, on parole on Friday. He was arrested by Ms. Park’s government in 2013 on charges of conspiring to start an armed revolt to overthrow the Seoul government in the event of war with North Korea. He has served all but nine months of his nine-year sentence.
  • calling him a victim of what they saw as a political witch hunt by Ms. Park to repress her political enemies.
sidneybelleroche

Apple is about to become the world's first $3 trillion company - CNN - 0 views

  • Apple is on the verge of yet another major milestone. The iPhone maker is close to topping a market value of more than $3 trillion — the first publicly traded company ever to be worth that much.
  • Shares of Apple (AAPL) were up about 1% in premarket trading Monday to around $181.75. The stock needs to hit $182.85 for Apple to surpass the $3 trillion mark.
  • Apple's market value first crossed the $1 trillion threshold in August 2018 and passed $2 trillion in August 2020.
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  • The company has benefited from booming demand for its new IPhone 13 and other older models as well as subscription services such as Apple Music, Apple TV+, iCloud and its popular App Store.
  • Sales surged nearly 30% to more than $83 billion in Apple's most recent quarter, which ended in September.
  • The company has a whopping $191 billion in cash as well.Read More
  • Apple may have some company in the $3 trillion club. Microsoft (MSFT) is now worth about $2.6 trillion and Google owner Alphabet's (GOOGL) market value is right around $2 trillion.
  • Still giant but further behind are Amazon (AMZN), which has a market cap of $1.7 trillion, and Elon Musk's Tesla (TSLA), worth $1 trillion.
lilyrashkind

Westward Expansion - Timeline, Events & Facts - HISTORY - 0 views

  • In 1803, President Thomas Jefferson purchased the territory of Louisiana from the French government for $15 million. The Louisiana Purchase stretched from the Mississippi River to the Rocky Mountains and from Canada to New Orleans, and it doubled the size of the United States. To Jefferson, westward expansion was the key to the nation’s health: He believed that a republic depended on an independent, virtuous citizenry for its survival, and that independence and virtue went hand in hand with land ownership, especially the ownership of small farms.
  • On the contrary, as one historian writes, in the six decades after the Louisiana Purchase, westward expansion “very nearly destroy[ed] the republic.”
  • By 1840, nearly 7 million Americans–40 percent of the nation’s population–lived in the trans-Appalachian West. Following a trail blazed by Lewis and Clark, most of these people had left their homes in the East in search of economic opportunity. Like Thomas Jefferson, many of these pioneers associated westward migration, land ownership and farming with freedom. In Europe, large numbers of factory workers formed a dependent and seemingly permanent working class; by contrast, in the United States, the western frontier offered the possibility of independence and upward mobility for all. In 1843, one thousand pioneers took to the Oregon Trail as part of the “Great Emigration.”
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  • to carry the “great experiment of liberty” to the edge of the continent: to “overspread and to possess the whole of the [land] which Providence has given us,” O’Sullivan wrote. The survival of American freedom depended on it.
  • Meanwhile, the question of whether or not slavery would be allowed in the new western states shadowed every conversation about the frontier. In 1820, the Missouri Compromise had attempted to resolve this question: It had admitted Missouri to the union as a slave state and Maine as a free state, preserving the fragile balance in Congress. More important, it had stipulated that in the future, slavery would be prohibited north of the southern boundary of Missouri (the 36º30’ parallel) in the rest of the Louisiana Purchase.
  • They did not necessarily object to slavery itself, but they resented the way its expansion seemed to interfere with their own economic opportunity.
  • In 1837, American settlers in Texas joined with their Tejano neighbors (Texans of Spanish origin) and won independence from Mexico. They petitioned to join the United States as a slave state.
  • This promised to upset the careful balance that the Missouri Compromise had achieved, and the annexation of Texas and other Mexican territories did not become a political priority until the enthusiastically expansionist cotton planter James K. Polk was elected to the presidency in 1844. Thanks to the maneuvering of Polk and his allies, Texas joined the union as a slave state in February 1846; in June, after negotiations with Great Britain, Oregon joined as a free state.
  • Wilmot’s measure failed to pass, but it made explicit once again the sectional conflict that haunted the process of westward expansion.
  • In 1848, the Treaty of Guadelupe Hidalgo ended the Mexican War and added more than 1 million square miles, an area larger than the Louisiana Purchase, to the United States. The acquisition of this land re-opened the question that the Missouri Compromise had ostensibly settled: What would be the status of slavery in new American territories? After two years of increasingly volatile debate over the issue, Kentucky Senator Henry Clay proposed another compromise. It had four parts: first, California would enter the Union as a free state; second, the status of slavery in the rest of the Mexican territory would be decided by the people who lived there; third, the slave trade (but not slavery) would be abolished in Washington, D.C.; and fourth, a new Fugitive Slave Act would enable Southerners to reclaim runaway slaves who had escaped to Northern states where slavery was not allowed.
  • A decade later, the civil war in Kansas over the expansion of slavery was followed by a national civil war over the same issue. As Thomas Jefferson had predicted, it was the question of slavery in the West–a place that seemed to be the emblem of American freedom–that proved to be “the knell of the union.”
lilyrashkind

7 Common Foods Eaten in the 13 Colonies - HISTORY - 0 views

  • What people ate in colonial America largely depended on where they lived. Due to differences in climate, available natural resources and cultural heritage of the colonists themselves, the daily diet of a New Englander differed greatly from his counterparts in the Middle Colonies—New York, Pennsylvania, New Jersey and Delaware—and even more so from those in the South.
  • In an era long before refrigeration, popular methods of food preservation included drying, salting, smoking and brining, or some combination of these. Another method used to preserve meat was potting. This involved cooking the meat and packing it tightly into a jar, then covering it with butter, lard or tallow (beef fat) before capping it. Potting kept meat safe for weeks or even months; cooks would then open the pot and slice off pieces to serve for a meal.
  • With its multicolored white, blue, red and brown hues, flint corn—also known as Indian corn—is one of the oldest varieties of corn. It was a staple food for Native Americans, who essentially saved the earliest colonists from starvation by teaching them how to plant the crop, when to harvest it and how to grind it into meal. Corn became a dietary staple across all 13 colonies, with cornmeal used in favorite recipes such as hasty pudding (corn boiled in milk) and johnnycakes, a fortifying and highly portable food similar to pancakes
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  • in fact, that the birds eventually went extinct; the last known passenger pigeon died in 1914.
  • The Compleat Housewife would likely have been found in any well-to-do household in the late colonial era, when the mid-day “dinner” could consist of three courses, with multiple dishes per course.
  • Though regional, seasonal and other differences make it difficult to generalize about a typical colonial diet, the following seven foods and beverages are a small sample of what might have been found on many colonial tables.
  • Pickles
  • umble cookies—sometimes spelled “jumbal”—can be considered the ancestors of modern sugar cookies, though far less sweet. Recipes appeared in cookbooks in England as early as 1585, and the cookies became a popular staple in the colonies. “You will find recipes for jumble cookies by the thousands,” says Nahon; even Martha Washington was said to have her own.
  • Black pepper’s antibacterial properties make it a good preservative, and this imported spice took center stage in the pepper cake, a gingerbread-like loaf flavored with black pepper and molasses and studded with candied fruits.
  • Colonial Americans drank a lot of alcohol, and this popular drink-dessert dating to the 18th century combined sweetened whipped cream with wine or hard cider. The resulting frothy concoction was often served on special occasions. Amelia Simmons’ American Cookery, which in 1796 became the first cookbook by an American to be published in the United States, included a recipe for syllabub that called for the cook to flavor cider with sugar, grate nutmeg into it—and milk a cow directly into the liquor. 
Javier E

Niall Ferguson: Ukraine Invasion Struggles Could Be the End for Putin - Bloomberg - 0 views

  • What makes history so hard to predict — the reason there is no neat “cycle” of history enabling us to prophesy the future — is that most disasters come out of left field.
  • Unlike hurricanes and auto accidents, to which we can at least attach probabilities, the biggest disasters (pandemics and wars) follow power-law or random distributions. They belong in the realm of uncertainty, or what Nassim Nicholas Taleb, in his book “The Black Swan,” calls  “Extremistan.”
  • What’s more, as I argued in my book “Doom,” disasters don’t come in any predictable sequence.
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  • Ukraine is also receiving vital private-sector assistance, notably the delivery of Starlink internet terminals, which are helping maintain communications
  • All I can do is to apply history, as there is no model from political science or economics that can really help us here.
  • 1. Do the Russians manage to take Kyiv in a matter of two, three, four weeks or never?
  • At least one military analyst I respect said late last week that the Russian invasion force has around two weeks left before serious logistical and supply problems force Putin seriously to the negotiating table.
  • On the other hand, Western media seem over-eager to cover news of Russian reverses, and insufficiently attentive to the harsh fact that the invaders continue to advance on more than one front.
  • A better analogy than the Winter War with Finland may be the Soviet invasion of Afghanistan that began in December 1979.
  • Economic warfare between 1914 and 1918 was not a substitute for sending British armies to fight on the European continent, just as it had not been in the Napoleonic Wars against France.
  • What I cannot tell is whether or not these weapons and other equipment will suffice to sustain Ukrainian resistance over the coming weeks.
  • But the Ukrainians have no real answers to higher-altitude bombardment and missile attacks.
  • 2. Do the sanctions precipitate such a severe economic contraction in Russia that Putin cannot achieve victory?
  • I have heard it said that the breadth and depth of the sanctions imposed on Russia make them unprecedented. I disagree
  • recalls but does not quite match the sanctions that Britain and its allies imposed on Germany at the outbreak of World War
  • It seems there are seven distinct historical processes at work and it’s not clear which is going fastest.
  • Then, as now, it was possible for an increasingly authoritarian government to impose economic controls and divert resources away from civilian consumption to the war effort, while blaming the resulting deprivation on the enemy
  • We should remember that those measures did not defeat Germany, however, because — like Russia today — it had the resources to be self-sufficient
  • no one should forget that self-sufficiency is possible for Russia, albeit at the price of severe austerity, whether it is a choice or a consequence of war.
  • China is able to help Russia in ways that could mitigate the economic shock, just as for years it has helped Iran to circumvent U.S. sanctions by buying its oil.
  • Unlike Soviet citizens, who were accustomed to a state monopoly on communications, today’s Russians have come to rely as much as we do on Big Tech. Being cut off from the metaverse may prove a more psychologically painful deprivation than shortages of imported foods.
  • even a 35% quarterly decline in gross domestic product does not condemn a country to military defeat if its planes can still fly and its tanks still fire rounds.
  • 3. Does the combination of military and economic crisis precipitate a palace coup against Putin?
  • 4. Does the risk of downfall lead Putin to desperate measures (carrying out his nuclear threat)? 
  • The people with the power to arrest Putin are the people he counts on to execute his arrest orders: Nikolai Patrushev, the head of the Security Council and, like Putin, a long-serving KGB officer; Sergei Naryshkin, the head of foreign intelligence; and Alexander Bortnikov, who heads the Federal Security Service, the successor to the KGB.
  • 6. Does the West’s attention deficit disorder kick in before any of this?
  • If Putin’s goal was to deter members of NATO from offering direct military assistance to Ukraine, it seemed to have some effect.
  • Russian casualties are being caused by Ukrainians using arms supplied by multiple NATO countries, including the U.S. and Turkey, but they are mostly crossing into Ukraine from Poland. Might Putin therefore strike a target in eastern Poland — Lublin, say, or Przemysl?
  • he is surely more likely to do so if believes the U.S. would not immediately retaliate in kind against a Russian target. A key lesson of this entire crisis has been that indications of weakness on the U.S. side, which I discussed here last week, have emboldened Putin.
  • 5. Do the Chinese keep Putin afloat but on the condition that he agrees to a compromise peace that they offer to broker?
  • My guess is that the Chinese make no serious diplomatic move until they are convinced Putin’s invasion is thoroughly bogged down in Ukraine’s spring mud.
  • I would not bet the fate of Ukraine on Russian internal politics.
  • Remarkably, one U.S. legislator told me last week that he “couldn’t recall an issue more obsessively followed and more unifying among” his constituents.
  • The only real significance of Western public outrage at Putin’s actions is the political pressure it exerts on Biden and other leaders to take a tougher line with Russia.
  • 7. What is the collateral damage?
  • History shows that wars (much more than pandemics) are the most common cause of jumps in inflation.
  • The best-known recent illustration is the way wars in 1973 (Yom Kippur) and 1979 (Iran-Iraq) contributed to the great inflation of the Seventies
  • these price spikes are not confined to oil and gas but involve a host of other commodities. The prospect of this year’s Ukrainian grain harvest being disrupted means a significant surge in food prices, with all kinds of consequences, especially in developing countries.
  • A tsunami of war has struck Ukraine. Whether the Russian tide flows or ebbs in the coming weeks will do much to determine the course of world history for the rest of our lives.
  • Nor can we ignore the risks that may be lurking within the international financial system.
  • This is the first big crisis of Cold War II, which is in many ways like a mirror image of Cold War I, with China the senior partner, Russia the junior, and a hot war in Eastern Europe rather than East Asia (it was Korea’s turn in 1950).
  • I do not know how the crisis will turn out, but I do know it will have profound consequences for the course of the superpower contest.
  • If the invasion of Ukraine ends in disaster for the heroic defenders of Kyiv and their comrades, another disaster may well follow — and it could occur as far away as Taiwan. Conversely, if there is justice in the world and the disaster befalls the architect of this war, that too will give birth to some fresh and unforeseeable event.
  • Add these seven imponderables together and you see how profoundly important the next few weeks will be.
  • The failure of the administration to signal that it would retaliate is of a piece with last year’s reports that Biden’s national security team was considering ruling out first use of nuclear weapons in its new national military strategy. Nuclear missiles cease to be a deterrent if one side is unwilling to use them.
  • Today, however, the boot is on the other foot. Not only is Putin intimidating NATO; he may have achieved something more, namely a tacit admission by the Biden administration that it would not necessarily retaliate with nuclear weapons if Russia used them.
Javier E

The Bankrupt Colonialist - Comment is Freed - 0 views

  • Up to now the main question has been about whether sanctions and the pressure on the Russian economy will force Putin to abandon his aggression. There is, however, also a post-war issue, which is the cost of reconstruction. Estimates of the impact of the war on Ukraine are already well over $100 billion
  • Understandably Kyiv wants compensation. This is raised in the kommersant story. According to Podolyak:  “compensatory mechanisms should be clearly spelled out: at the expense of what and from what budget all this will be restored.
  • Yet reparations of this sort - a more than reasonable request - would not only amount to an admission of guilt for the damage caused (Russia ludicrously claims only military targets have been hit) but will be beyond the capacity of the Russian economy, in its enfeebled state, to support.  
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  • Looking forward the most worrying issue for the Kremlin is the isolation of the country’s economy. Since the start of the war the Russian stock market has closed, interest rates have doubled, inflation has shot up, and the value of the rouble has plummeted. One recent estimate suggests that Russia faces a drop of from 7 to 15% in GDP in 2022. It risks defaulting on it’s debts.
  • it is hard to see how Russia is going to have much spare capacity to compensate Ukraine for the damage it has inflicted upon it, even in the unlikely event it was prepared to offer to do so as part of an agreement.  
  • Second, given what has happened over the past few weeks to the population of these territories, those remaining will be more hostile to Russia and will likely resist an imposed government.
  • At the very least Moscow will want the provinces of Donetsk and Luhansk in their entirety, and not just the previous separatist enclaves, to be annexed or given some independent status. This was, after all, the demand with which Russia entered the war.  
  • It is, however, by no means straightforward even from a Russian perspective.  
  • First, if Ukraine has not otherwise been defeated and so “demilitarised” then this will be a frontier that will require defending for the indefinite future.
  • There is a further issue here even if there is no agreement. The cities and towns that have suffered the worst as a result of Putin’s war are those that were once claimed to be pro-Russian and so required “liberation” from Ukrainian “genocide”.
  • So the cost of occupying even this limited part of the country will be considerable and that is before even thinking about the expense required to render those horribly damaged towns and cities at all habitable, with effective infrastructure and accommodation.
  • Their economies were in decline before 2014 and that process has since accelerated. They are now poorer than other parts of Ukraine and prone to criminality.
  • The capital Grozny was rebuilt but the economy functioned thereafter at barely a fraction of pre-war levels. Despite efforts to make the economy more productive, in 2017 it was estimated that Chechnya required 80% of the government budget to be subsidised.
  • The other implication is that while economic sanctions have not yet given the West much leverage over Putin’s war strategy they do offer it leverage over his peace strategy.
  • Attempts to turn the situation around have not been helped by Chechnya’s rampant corruption. So this relatively small territory is already costing Moscow close to $3 billion a year. Crimea, annexed in 2014, may be costing a similar amount.  
  • Or take Syria. Here Russian air power was also used in a  brutal way, this time against rebel populations and in support of the Assad regime. That campaign succeeded in keeping Assad in power but Russia lacks the resources to reconstruct Syria
  • “Now moving into its eleventh year, the conflict in Syria has inflicted an almost unimaginable degree of devastation and loss on the Syrian people and their economy. Over 350,000 verifiable deaths have been directly attributed to the conflict so far, but the number of unaccounted lethal and non-lethal casualties is almost certainly far higher
  • More than half the country’s pre-conflict population (of almost 21 million) has been displaced—one of the largest displacements of people since World War II—and, partly as a result, by 2019, economic activity in Syria had shrunk by more than 50% compared to what it had been in 2010.”   
  • Syria was a far cheaper war for Russia to wage, probably in the low billions of dollars, in fuel, ordnance, and personnel cost. Far less has gone into economic assistance and much of that has been returned to Russia as arms sales and gas and infrastructure contracts
  • The strains on the Russian war effort are already evident, from the army’s hesitation about trying to fight their way into cities and the recruitment of mercenaries, to the reported appeal to China for help with supplies of military equipment and Putin’s fury with his intelligence agencies for misleading assessments and wasting roubles on Ukrainian agents who turned out to be useless
  • He is now having to choose between a range of poor outcomes, which the US suggests may include escalation to chemical use (which would be both militarily pointless and test further Western determination not to get directly involved).
  • War is rarely a good investment. Putin has acted for reasons of political and not economic opportunism. The prospects for any territory “liberated” by Russia is bleak. They will not prosper and will remain cut off from the international economy. To the extent that people stay they will have to be subsidised for all their needs while there will be little economic activity.  
  • Because of the destruction the short-term prospects will be bleak even if these territories are fully returned to Ukraine. But over the longer-term they will be much better off because of the amount of economic assistance Ukraine will receive and its integration into the international economy.
  • as Germany and Japan showed after 1945 even shattered economies can be rebuilt to even greater levels of efficiency with sufficient resilience and resources. That is another reason why Western financial assistance and investment will be especially vital - Ukraine’s full recovery will serve as a testament to Putin’s failure.
  •  it is worth keeping this analysis in mind when considering prospective peace deals. The Russians may have underestimated the costs of conquest from the start but their approach to war has raised those costs considerably, especially in those parts of Ukraine close to Russia.
  • Third, these territories will be economically wrecked and with no prospect of recovery so long as they are separated from Ukraine. 
  • The question of the future of sanctions and how they might be unwound is not one to be discussed separately from any peace talks. They are a vital part of the negotiations. As there can be no Western-led peace talks without Ukraine, it should be made clear to Moscow that for now this is a card for Zelensky to play.
  • The future of the Russian economy can then be in his hands. Should a moment come to start to ease sanctions, some leverage will be required to ensure that any agreement is being honoured. There could be a link  to reparations for the terrible damage caused.
  • As his original war plans failed Putin has insisted his forces follow a disruptive and cruel strategy that has put his original aims even more out of reach and Ukraine with a say over the future of the Russian economy.
Javier E

Opinion | How Economists Missed the Big Disinflation - The New York Times - 0 views

  • it’s not clear to me that economists who had predicted that getting inflation under control — it’s down a lot, although not all the way — would require years of very high unemployment are engaging in a similar reckoning. They should. In particular, they should ask themselves whether inflation pessimism was in part caused by a form of bias that has had negative effects on a lot of economic policymaking — not partisan bias, but the urge to sound serious by calling for hard choices and sacrifice.
  • let me talk about what went wrong with so many recent economic predictions.
  • mainstream predictions about inflation and unemployment made late last year — economic projections by the Federal Reserve and by professional forecasters surveyed by the Philadelphia Fed. Perhaps surprisingly, both more or less correctly predicted the inflation decline we’re actually seeing.
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  • Both forecasts, however, assumed that disinflation would require a substantial rise in unemployment. The professional forecasters predicted 4.4 percent unemployment by the fourth quarter, the Fed 4.6 percent. Since the actual unemployment rate in July was only 3.5 percent, to meet those predictions would require that the economy fall off a cliff starting just about now — and there are no signs that this is happening.
  • Getting inflation down, a chorus of economists insisted, would require much bigger increases in unemployment. Most famously, Larry Summers declared that we would need something like two years of 7.5 percent unemployment to get inflation down to 2 percent, but others offered broadly similar if less extreme diagnoses.
  • I’m still seeing a lot of excuses — two, in particular
  • One is the claim that much of the progress against inflation is in some sense illusory, that underlying inflation is still well above 4 percent
  • the preponderance of the evidence — plus the results of hands-free algorithms that use a consistent procedure to extract the signal from the noise — suggests underlying inflation around 3 percent and dropping.
  • The other is the claim that disinflation pessimists were simply applying standard economic models, so that the fault lay in the models, not themselves.
  • that’s simply not true. Standard models say that disinflation is very costly if persistent high inflation has become entrenched in expectations.
  • inflation pessimists really need to do what inflation optimists did a year ago, and ask how they got it so wrong, effectively calling for policies that would have put millions out of work.
  • it wasn’t partisanship; America’s right has become so divorced from empirical reality that it has played no role in this debate
  • What I do suspect, however, is that some very good economists got caught up in a version of the Very Serious People problem of the 2010s, in which the desire to seem hardheaded led many elite voices to obsess over budget deficits when they should have been focused on inadequate job creation.
  • The good news is that while the Fed did, in effect, try to engineer a recession to control inflation, it didn’t succeed: Despite rising interest rates, the economy just kept chugging along. Why that happened is another question. But pessimists really need to grapple with the fact that disinflation happened anyway.
Javier E

China's Latest Problem: People Don't Want to Go There - WSJ - 0 views

  • Nationwide, just 52,000 people arrived to mainland China from overseas on trips organized by travel agencies during the first quarter, the latest period for which national data is available, compared with 3.7 million in the first quarter of 2019. As in past years, nearly half of the visitors came from the self-ruled island of Taiwan and the Chinese territories of Hong Kong and Macau, rather than farther-away places like the U.S. or Europe.
  • The dearth of visitors could also be contributing to less investment in China. Foreign direct investment into the country fell to $20 billion in the first quarter, compared with $100 billion in last year’s first quarter,
  • A shortage of available flights to China is partly to blame for the low arrival numbers, with carriers not yet restoring the same level of service they offered pre-Covid. But Chinese and overseas tourism experts say foreign visitors are also staying away because of deteriorating relations between China and the West, which has made them more wary of visiting. 
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  • Central China’s Zhangjiajie National Park, a region of striking rock formations where the “floating mountains” in the movie Avatar were filmed, recorded only 25,600 overseas visitors through mid-May, compared with 500,000 in the first five months of 2019. 
  • Another group that is steering clear of China is expatriates, who in previous years acted as bridges between Chinese society and their respective home countries. Many invited family and friends to visit
  • Investment consultant Alexander Sirakov, 37, moved back to his home country Bulgaria from Shanghai last August. He said that most people in his wider circle of expatriate friends also departed, including eight out of the 10 expat families living in his compound.“People now perceive China as very distant and somewhat alienated,” he said. “It was exactly the opposite four years ago, when China was really open and vibrant, a must-go place.”
Javier E

Most Americans comfortable with solar panels, turbines in their communities, Post-UMD p... - 0 views

  • As renewable energy becomes more widespread in the United States, large and bipartisan majorities of Americans say they wouldn’t mind fields of solar panels and wind turbines being built in their communities, according to a Washington Post-University of Maryland poll.
  • Three-quarters of all Americans say they would be comfortable living near solar farms while nearly 7 in 10 report feeling the same about wind turbines. And these attitudes appear to remain largely consistent regardless of where people live.
  • 69 percent of residents in rural and suburban areas say they would be comfortable if wind turbines were constructed in their area, as do 66 percent of urban residents.
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  • General comfort with green energy infrastructure crosses party lines, with 66 percent of Republicans saying they are comfortable with a field of solar panels being built in their community and 59 percent comfortable with wind turbines. Among Democrats, 87 percent are comfortable with solar farms and 79 percent with wind farms
  • By contrast, fewer than half of Democrats or Republicans would welcome a nuclear power plant in their community.
  • while backing renewables remains popular among many Americans, experts say progress can be impeded by a small, yet vocal, opposition, which can be driven in part by the sentiment of “Not in My Backyard,” or NIMBYism.
  • “We know things like permitting reform and NIMBYism are a challenge for renewable electricity and transmission projects. The closer that these projects get to where many people are, the more challenges that can arise.”
  • According to the Post-UMD poll, the more concerned people say they are with climate change, the more likely they are to feel comfortable with wind and solar farms being built in their communities.
Javier E

What Does It Mean to Care About COVID Anymore? - The Atlantic - 0 views

  • “People who are vaccinated and relatively healthy who are getting COVID are not getting that sick,” Lisa Lee, an epidemiologist at Virginia Tech, told me. “And so people are thinking, Wow, I’ve had COVID. It wasn’t that bad. I don’t really care anymore.”
  • Still, there are many reasons to continue caring about COVID. About 300 people are still dying every day; COVID is on track to be the third-leading cause of death in the U.S. for the third year running. The prospect of developing long COVID is real and terrifying, as are mounting concerns about reinfections.
  • ow more than ever, we must remember that COVID is not just a personal threat but a community one.
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  • In an ideal epidemiological scenario, everyone would willingly deploy the full arsenal of COVID precautions, such as masking and forgoing crowded indoor activities, especially during waves. But that kind of all-out response no longer makes sense. “It’s probably not realistic to expect people to take precautions every time, perpetually, or even every winter or fall, unless there is a particularly concerning reason to do that,
  • when so few people feel that the potential benefit of dodging an infection is worth the inconvenience of precautions, what does it even mean to care about COVID?
  • people over 50 account for 93 percent of COVID-related deaths in the U.S., even though they represent just 35.7 percent of the population. As long as the death rate remains as high as it is, caring about COVID should mean orienting precautions to protect them.
  • Barring another Omicron-esque event, we thankfully won’t ever return to a moment where Americans obsess over COVID en masse. But this virus isn’t going away, so we can’t escape having a population that is split between the high-risk minority and the low-risk majority
  • Right now, Nuzzo told me, the language we use to describe one’s position on COVID is “black-and-white, absolutist—you either care or you don’t.” There is space between those extremes. At least for now, it’s the only way to compromise between the world we have and the world we want.
Javier E

Opinion | Climate Change Is Real. Markets, Not Governments, Offer the Cure. - The New Y... - 0 views

  • For years, I saw myself not as a global-warming denier (a loaded term with its tendentious echo of Holocaust denial) but rather as an agnostic on the causes of climate change and a scoffer at the idea that it was a catastrophic threat to the future of humanity.
  • It’s not that I was unalterably opposed to the idea that, by pumping carbon dioxide into the atmosphere, modern civilization was contributing to the warming by 1 degree Celsius and the inches of sea-level rise the planet had experienced since the dawn of the industrial age. It’s that the severity of the threat seemed to me wildly exaggerated and that the proposed cures all smacked of old-fashioned statism mixed with new-age religion.
  • Hadn’t we repeatedly lived through previous alarms about other, allegedly imminent, environmental catastrophes that didn’t come to pass, like the belief, widespread in the 1970s, that overpopulation would inevitably lead to mass starvation? And if the Green Revolution had spared us from that Malthusian nightmare, why should we not have confidence that human ingenuity wouldn’t also prevent the parade of horribles that climate change was supposed to bring about?
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  • I had other doubts, too. It seemed hubristic, or worse, to make multitrillion-dollar policy bets based on computer models trying to forecast climate patterns decades into the future. Climate activists kept promoting policies based on technologies that were either far from mature (solar energy) or sometimes actively harmful (biofuels).
  • Expensive efforts to curb greenhouse gas emissions in Europe and North America seemed particularly fruitless when China, India and other developing countries weren’t about to curb their own appetite for fossil fuels
  • just how fast is Greenland’s ice melting right now? Is this an emergency for our time, or is it a problem for the future?
  • His pitch was simple: The coastline we have taken for granted for thousands of years of human history changed rapidly in the past on account of natural forces — and would soon be changing rapidly and disastrously by man-made ones. A trip to Greenland, which holds one-eighth of the world’s ice on land (most of the rest is in Antarctica) would show me just how drastic those changes have been. Would I join him?
  • Greenland is about the size of Alaska and California combined and, except at its coasts, is covered by ice that in places is nearly two miles thick. Even that’s only a fraction of the ice in Antarctica, which is more than six times as large
  • Greenland’s ice also poses a nearer-term risk because it is melting faster. If all its ice were to melt, global sea levels would rise by some 24 feet. That would be more than enough to inundate hundreds of coastal cities in scores of nations, from Jakarta and Bangkok to Copenhagen and Amsterdam to Miami and New Orleans.
  • There was also a millenarian fervor that bothered me about climate activism, with its apocalyptic imagery (the Statue of Liberty underwater) and threats of doom unless we were willing to live far more frugally.
  • “We haven’t had a good positive mass balance year since the late 1990s,” he told me in a follow-on email when I asked him to explain the data for me. The losses can vary sharply by year. The annualized average over the past 30 years, he added, is 170 gigatons per year. That’s the equivalent of about 5,400 tons of ice loss per second. That “suggests that Greenland ice loss has been tracking the I.P.P.C. worse-case, highest-carbon-emission scenario.
  • The data shows unmistakably that Greenland’s ice is not in balance. It is losing far more than it is gaining.
  • scientists have been drilling ice-core samples from Greenland for decades, giving them a very good idea of climatic changes stretching back thousands of years. Better yet, a pair of satellites that detect anomalies in Earth’s gravity fields have been taking measurements of the sheet regularly for nearly 20 years, giving scientists a much more precise idea of what is happening.
  • it’s hard to forecast with any precision what that means. “Anyone who says they know what the sea level is going to be in 2100 is giving you an educated guess,” said NASA’s Willis. “The fact is, we’re seeing these big ice sheets melt for the first time in history, and we don’t really know how fast they can go.”
  • His own educated guess: “By 2100, we are probably looking at more than a foot or two and hopefully less than seven or eight feet. But we are struggling to figure out just how fast the ice sheets can melt. So the upper end of range is still not well known.”
  • On the face of it, that sounds manageable. Even if sea levels rise by eight feet, won’t the world have nearly 80 years to come to grips with the problem, during which technologies that help us mitigate the effects of climate change while adapting to its consequences are likely to make dramatic advances?
  • Won’t the world — including countries that today are poor — become far richer and thus more capable of weathering the floods, surges and superstorms?
  • The average rate at which sea level is rising around the world, he estimates, has more than tripled over the past three decades, to five millimeters a year from 1.5 millimeters. That may still seem minute, yet as the world learned during the pandemic, exponential increases have a way of hitting hard.
  • “When something is on a straight line or a smooth curve, you can plot its trajectory,” Englander said. “But sea level, like earthquakes and mudslides, is something that happens irregularly and can change rather quickly and surprise us. The point is, you can no longer predict the future by the recent past.”
  • In The Wall Street Journal’s editorial pages, where I used to work, the theoretical physicist Steven Koonin, a former under secretary for science in the Obama administration’s Energy Department, cast doubt on the threat from Thwaites in a voice that could have once been mine. He also thinks the risks associated with Greenland’s melting are less a product of human-induced global warming than of natural cycles in North Atlantic currents and temperatures, which over time have a way of regressing to the mean.
  • Even the poorest countries, while still unacceptably vulnerable, are suffering far fewer human and economic losses to climate-related disasters.
  • Another climate nonalarmist is Roger Pielke Jr., a professor of environmental studies at the University of Colorado Boulder. I call Pielke a nonalarmist rather than a skeptic because he readily acknowledges that the challenges associated with climate change, including sea-level rise, are real, serious and probably unstoppable, at least for many decades.
  • “If we have to have a problem,” he told me when I reached him by phone, “we probably want one with a slow onset that we can see coming. It’s not like an asteroid coming from space.”
  • “Since the 1940s, the impact of floods as a proportion of U.S. gross domestic product has dropped by 70 percent-plus,” Pielke said. “We see this around the world, across phenomena. The story is that fewer people are dying and we are having less damage proportional to G.D.P.”
  • “Much climate reporting today highlights short-term changes when they fit the narrative of a broken climate but then ignores or plays down changes when they don’t, often dismissing them as ‘just weather,’” he wrote in February.
  • Global warming is real and getting worse, Pielke said, yet still it’s possible that humanity will be able to adapt to, and compensate for, its effects.
  • A few years ago, I would have found voices like Koonin’s and Pielke’s persuasive. Now I’m less sure. What intervened was a pandemic.
  • That’s what I thought until the spring of 2020, when, along with everyone else, I experienced how swiftly and implacably nature can overwhelm even the richest and most technologically advanced societies. It was a lesson in the sort of intellectual humility I recommended for others
  • It was also a lesson in thinking about risk, especially those in the category known as high-impact, low-probability events that seem to be hitting us with such regularity in this century: the attacks of Sept. 11, 2001; the tsunamis of 2004 and 2011, the mass upheavals in the Arab world
  • What if the past does nothing to predict the future? What if climate risks do not evolve gradually and relatively predictably but instead suddenly soar uncontrollably? How much lead time is required to deal with something like sea-level rise? How do we weigh the risks of underreacting to climate change against the risks of overreacting to it?
  • I called Seth Klarman, one of the world’s most successful hedge-fund managers, to think through questions of risk. While he’s not an expert on climate change, he has spent decades thinking deeply about every manner of risk
  • And we will almost certainly have to do it from sources other than Russia, China, the Democratic Republic of Congo and other places that pose unacceptable strategic, environmental or humanitarian risks
  • “If you face something that is potentially existential,” he explained, “existential for nations, even for life as we know it, even if you thought the risk is, say, 5 percent, you’d want to hedge against it.”
  • “One thing we try to do,” he said, “is we buy protection when it’s really inexpensive, even when we think we may well not need it.” The forces contributing to climate change, he noted, echoing Englander, “might be irreversible sooner than the damage from climate change has become fully apparent. You can’t say it’s far off and wait when, if you had acted sooner, you might have dealt with it better and at less cost. We have to act now.”
  • In other words, an ounce of prevention is worth a pound of cure. That’s particularly true if climate change is akin to cancer — manageable or curable in its earlier stages, disastrous in its later ones.
  • As I’ve always believed, knowing there is grave risk to future generations — and expecting current ones to make immediate sacrifices for it — defies most of what we know about human nature. So I began to think more deeply about that challenge, and others.
  • For the world to achieve the net-zero goal for carbon dioxide emissions by 2050, according to the International Energy Agency, we will have to mine, by 2040, six times the current amounts of critical minerals — nickel, cobalt, copper, lithium, manganese, graphite, chromium, rare earths and other minerals and elements — needed for electric vehicles, wind turbines and solar panels.
  • The poster child for this kind of magical thinking is Germany, which undertook a historic Energiewende — “energy revolution” — only to come up short. At the turn of the century, Germany got about 85 percent of its primary energy from fossil fuels. Now it gets about 78 percent, a puny reduction, considering that the country has spent massive sums on renewables to increase the share of electricity it generates from them.
  • As in everything else in life, so too with the environment: There is no such thing as a free lunch. Whether it’s nuclear, biofuels, natural gas, hydroelectric or, yes, wind and solar, there will always be serious environmental downsides to any form of energy when used on a massive scale. A single industrial-size wind turbine, for instance, typically requires about a ton of rare earth metals as well as three metric tons of copper, which is notoriously destructive and dirty to mine.
  • no “clean energy” solution will easily liberate us from our overwhelming and, for now, inescapable dependence on fossil fuels.
  • Nobody brings the point home better than Vaclav Smil, the Canadian polymath whose most recent book, “How the World Really Works,” should be required reading for policymakers and anyone else interested in a serious discussion about potential climate solutions.
  • “I’ve talked to so many experts and seen so much evidence,” he told me over Zoom, “I’m convinced the climate is changing, and addressing climate change has become a philanthropic priority of mine.”
  • Things could turn a corner once scientists finally figure out a technical solution to the energy storage problem. Or when governments and local actors get over their NIMBYism when it comes to permitting and building a large energy grid to move electricity from Germany’s windy north to its energy-hungry south. Or when thoughtful environmental activists finally come to grips with the necessity of nuclear energy
  • Till then, even as I’ve come to accept the danger we face, I think it’s worth extending the cancer metaphor a little further: Just as cancer treatments, when they work at all, can have terrible side effects, much the same can be said of climate treatments: The gap between an accurate diagnosis and effective treatment remains dismayingly wide
  • Only when countries like Vietnam and China turned to a different model, of largely bottom-up, market-driven development, did hundreds of millions of people get lifted out of destitution.
  • the most important transformation has come in agriculture, which uses about 70 percent of the world’s freshwater supply.
  • Farmers gradually adopted sprinkler and drip irrigation systems, rather than more wasteful flood irrigation, not to conserve water but because the technology provided higher crop yields and larger profit margins.
  • Water shortages “will spur a revolutionary, aggressive approach to getting rid of flood irrigation,” said Seth Siegel, the chief sustainability officer of the Israeli AgTech company N-Drip. “Most of this innovation will be driven by free-market capitalism, with important incentives from government and NGOs.
  • meaningful environmental progress has been made through market forces. In this century, America’s carbon dioxide emissions across fuel types have fallen to well below 5,000 million metric tons per year, from a peak of about 6,000 million in 2007, even as our inflation-adjusted G.D.P. has grown by over 50 percent and total population by about 17 percent.
  • 1) Engagement with critics is vital. Insults and stridency are never good tools of persuasion, and trying to cow or censor climate skeptics into silence rarely works
  • the biggest single driver in emissions reductions from 2005 to 2017 was the switch from coal to natural gas for power generation, since gas produces roughly half the carbon dioxide as coal. This, in turn, was the result of a fracking revolution in the past decade, fiercely resisted by many environmental activists, that made the United States the world’s largest gas producer.
  • In the long run, we are likelier to make progress when we adopt partial solutions that work with the grain of human nature, not big ones that work against it
  • Renewables, particularly wind power, played a role. So did efficiency mandates.
  • The problem with our civilization isn’t overconfidence. It’s polarization, paralysis and a profound lack of trust in all institutions, including the scientific one
  • Devising effective climate policies begins with recognizing the reality of the social and political landscape in which all policy operates. Some thoughts on how we might do better:
  • They may not be directly related to climate change but can nonetheless have a positive impact on it. And they probably won’t come in the form of One Big Idea but in thousands of little ones whose cumulative impacts add up.
  • 2) Separate facts from predictions and predictions from policy. Global warming is a fact. So is the human contribution to it. So are observed increases in temperature and sea levels. So are continued increases if we continue to do more of the same. But the rate of those increases is difficult to predict even with the most sophisticated computer modeling
  • 3) Don’t allow climate to become a mainly left-of-center concern. One reason the topic of climate has become so anathema to many conservatives is that so many of the proposed solutions have the flavor, and often the price tag, of old-fashioned statism
  • 4) Be honest about the nature of the challenge. Talk of an imminent climate catastrophe is probably misleading, at least in the way most people understand “imminent.”
  • A more accurate description of the challenge might be a “potentially imminent tipping point,” meaning the worst consequences of climate change can still be far off but our ability to reverse them is drawing near. Again, the metaphor of cancer — never safe to ignore and always better to deal with at Stage 2 than at Stage 4 — can be helpful.
  • 5) Be humble about the nature of the solutions. The larger the political and financial investment in a “big fix” response to climate change on the scale of the Energiewende, the greater the loss in time, capital and (crucially) public trust when it doesn’t work as planned
  • 6) Begin solving problems our great-grandchildren will face. Start with sea-level rise
  • We can also stop providing incentives for building in flood-prone areas by raising the price of federal flood insurance to reflect the increased risk more accurately.
  • 7) Stop viewing economic growth as a problem. Industrialization may be the leading cause of climate change. But we cannot and will not reverse it through some form of deindustrialization, which would send the world into poverty and deprivation
  • 8) Get serious about the environmental trade-offs that come with clean energy. You cannot support wind farms but hinder the transmission lines needed to bring their power to the markets where they are needed.
  • 9) A problem for the future is, by its very nature, a moral one. A conservative movement that claims to care about what we owe the future has the twin responsibility of setting an example for its children and at the same time preparing for that future.
Javier E

Europe's energy crisis may get a lot worse - 0 views

  • It was only at the end of April that Russia cut gas supplies to Poland and Bulgaria, the first two victims of its energy-pressure campaign. But overall gas shipments are at less than one-third the level they were just a year ago. In mid-June, shipments through Nord Stream 1 were cut by 75 percent; in July, they were cut again.
  • “It is wartime,” Tatiana Mitrova, a research fellow at Columbia, told her colleague Jason Bordoff, a former adviser to Barack Obama, on an eye-opening recent episode of the podcast “Columbia Energy Exchange.”
  • I think there’s been a gradual and growing recognition that we are headed into the worst global energy crisis at least since the 1970s and perhaps longer than that.
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  • “This is something that European politicians and consumers didn’t want to admit for quite a long time. It sounds terrible, but that’s the reality. In wartime the economy is mobilized. The decisions are made by the governments, not by the free market. This is the case for Europe this winter,” she said, adding that we may see forced rationing, price controls, the suspension of energy markets and shutdowns of whole industrial sectors. “We are not actually talking about extremely high prices, but we are talking about physical absence of energy resources in certain parts of Europe.”
  • It’s increasingly clear that Vladimir Putin is using gas as a weapon and trying to supply just enough gas to Europe to keep Europe in a perpetual state of panic about its ability to weather the coming winter.
  • Europe has been finding all the supplies that it can, but governments are realizing that’s not going to be sufficient. There are going to have to be efforts taken to curb demand as well and to prepare for the possibility of really severe energy rationing this winter.
  • If things become really severe this winter, I fear that you could see European countries start to look out for themselves rather than one another.
  • I think we could start to see governments saying, “Well, we’re going to restrict exports. We’re going to keep our energy at home.” Everyone starts to just look out for themselves, which I think would be exactly what Putin would hope for.
  • it would be wise to assume that Russia will use every opportunity it can to turn the screws on Europe.
  • I think you would see Russia continue to restrict gas exports and maybe cut them off completely to Europe — and a very cold winter. I think a combination of those two things would mean sky-high energy prices.
  • governments will have to ration energy supplies and decide what’s important.
  • Since Russia invaded Ukraine and maybe until very recently, I’ve had the sense that the European public and the public beyond Europe, as well as policymakers, have been a little bit sleepwalking into a looming crisis.
  • here was some unrealistic optimism about how quickly Europe could do without Russian gas. And we took too long to confront seriously just how bad the numbers would look if the worst came to pass.
  • I think there was continued skepticism that Putin would really cut the gas supply. “It might be declining. It might be a little bit lower,” people thought. “But he’s not really going to shut off the supply.” And I think now everyone’s recognizing that’s a real possibility.
  • Putin has the ability to do a lot of damage to the global economy — and himself, to be sure — if he cuts oil exports as well.
  • There’s no extra oil supply in the world at all, as OPEC Plus reminded everyone by saying: No, we’re not going to be increasing production much, and we can’t even if we wanted to.
  • For all the talk about high gasoline prices and the rhetoric of Putin’s energy price hike, Russia’s oil exports have not fallen very much. If that were to happen — either because the U.S. and Europe forced oil to come off the market to put economic pressure on Putin or because he takes the oil off the market to hurt all of us — oil prices go up enormously.
  • it depends how much he takes off the market. We don’t know exactly. If Russia were to cut its oil exports completely, the prices would just skyrocket — to hundreds of dollars a barrel, I think.
  • That’s because there’s just no extra supply out there today at all. There’s a very little extra supply that the Saudis and the Emiratis can put on the market. And that’s about it. We’ve used the strategic petroleum reserve, and that’s coming to an end in the next several months.
  • We’re heading into a winter where markets might simply not be able to work anymore as the instrument by which you determine supply and demand.
  • if prices just soar to uncontrollable levels, markets are not going to work anymore. You’re going to need governments to step in and decide who gets the scarce energy supplies — how much goes to heating homes, how much goes to industry. There’s going to be a pecking order of different industries, where some industries are deemed more important to the economy than others.
  • a lot of governments in Europe are putting in place those kinds of emergency plans right now.
  • if the worst comes to pass, governments will, by necessity, step in to say: Homes get the natural gas, and parts of industry get dumped. Probably they would set price caps on energy or massively subsidize it. So it’s going to be very painful.
  • Worryingly for the European economy, this may mean that factories that can’t switch fuels will go dormant.
  • Today, before winter comes, gas prices in Europe are around $60 per million British thermal units. That compares to around $7 to $8 here in the United States
  • if the worst comes to pass, the market, as a mechanism, simply won’t work. The market will break. The prices will go too high. There’s just not enough energy for the market to balance at a certain price.
  • don’t forget, the amount of liquid natural gas that Europe is importing today — Asia is competing for those shipments. What happens if the Asia winter is very bad? What happens if China and others are willing to pay very high prices for it?
  • I think we’re in a multiyear potential energy crisis.
  • one thing that hasn’t gotten enough attention and that I worry most about is the impact this is having on emerging markets and the developing economies, because it is an interconnected market. When Europe is competing to buy L.N.G. at very high prices, not to mention Asia, that means if you’re in Pakistan or Bangladesh or lower-income countries, you’re really struggling to afford it. You’re just priced out of the market for natural gas — and coal. Coal is incredibly expensive now,
  • I think that that is a real potential humanitarian crisis, as a ripple effect of what’s happening in Europe right now.
  • right now, the price of gas in Europe is about four times what it was last year. Russia has cut flows to Europe by two-thirds but is earning the same revenue as it did last year. So Putin is not being hurt by the loss of gas exports to Europe. Europe’s being hurt by that.
  • this situation could last for several years.
  • Could the energy crisis bring about a change of heart, in which European countries withdraw some of their support or even begin to pressure Ukraine to negotiate a settlement? Is it possible that could even happen in advance of this winter?
  • you would imagine that, over time, when you don’t see Ukraine on the front page each and every day, eventually people’s attention wanes a bit and at a certain point the economic pain of high energy prices or other economic harms from the conflict reach a point where support may start to fracture a bit.
  • Whether that reaches a point where you start to see the West put pressure on Ukraine to capitulate, I think we’re pretty far away from that now, because everyone recognizes how outrageous and unacceptable Putin’s conduct is.
Javier E

Housing markets face a brutal squeeze | The Economist - 0 views

  • interest-rate rises have now returned mortgage rates to levels not seen for decades. A year ago the 30-year fixed-rate mortgage in America was below 3%. Today it is only a little shy of 7%
  • Three factors will determine where the pain is most acute, and thus where these consequences are most likely. The first is recent price growth. Housing markets where prices have surged since the pandemic are especially vulnerable to cooling demand
  • Borrowing levels are the second factor. The higher household debt is as a share of income, the more vulnerable owners are to higher mortgage payments and defaults.
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  • The third factor is the speed with which higher interest rates pass through to homeowners. The biggest risk is to borrowers on floating-rate mortgages
  • not all fixed-term loans are alike. In America the bulk of them are fixed for two or three decades. In other countries, even fixed-rate borrowers will face soaring mortgage costs soon enough
  • all the ingredients for a deep housing slump are in place. This time, though, it is likely to be led not by America, but by Canada, the Netherlands, Australia, New Zealand and Norway
  • First-time buyers and recent borrowers are especially vulnerable. Many stretched their finances to buy a home, leaving less spare cash to cover a jump in mortgage costs
  • First-time buyers have also had less time to accumulate equity. Oxford Economics estimates that a 15% drop in house prices in America over a year would cancel out two-thirds of the housing equity they have accumulated since the start of the pandemic
  • the housing squeeze will have profound consequences. “The housing cycle IS the business cycle”, wrote Edward Leamer of the University of California, Los Angeles, in a paper published in 2007
  • The link between the two cycles arises because housing confers “wealth effects” on owner occupiers. When house prices rise, people feel good about their financial situation, so borrow and spend more.
  • It noted that housing slowdowns had preceded eight of the past ten recessions in America
  • 2019 research by the Bank of England found that a 10% increase in house prices raises consumption by 0.35–0.5%
  • Another important channel between the housing market and the rest of the economy is investment. Capital spending associated with housing, especially house building, can be extremely volatile—and is often the difference between a growing or shrinking economy.
  • Some people see an upside to a housing crash. They hope lower prices will allow young folk to buy their first houses. These hopes are almost certain to be dashed. In housing corrections, and sometimes for years after, home ownership rates tend to fall, rather than rise
  • Economic conditions that cause house prices to fall simultaneously imperil the chances of would-be homeowners. Unemployment rises and wages decline. If interest rates jump, people are able to borrow less and mortgage lenders tend to become more skittish about lending
  • The biggest effect of a housing downturn may be in politics
  • In countries where home ownership is seen as a rite of passage, lower prices without any increase in affordability will rub salt in already sore wounds. “Falling to what? Falling to absurdly grotesque prices instead of just unthinkable?”
  • For years more established homeowners took comfort in the thought that, even if real-wage growth was terrible, at least the price of their house was rising. Those days are over. Even baby-boomers, the great winners from a decade of price growth, now face the prospect of living off a smaller nest-egg in retirement, as downsizing becomes less lucrative
  • All this means rising interest rates will have unpredictable political repurcussions, as people who once benefited from the status quo discover what it feels like to lose out.
  • Do not be surprised, then, if policymakers launch enormous rescue operations
Javier E

How a Scottish Moral Philosopher Got Elon Musk's Number - The New York Times - 0 views

  • a Scottish moral philosopher.The philosopher, William MacAskill,
  • his latest book, “What We Owe the Future,” became a best seller after it was published in August.
  • His rising profile parallels the worldwide growth of the giving community he helped found, effective altruism. Once a niche pursuit for earnest vegans and volunteer kidney donors who lived frugally so that they would have more money to give away for cheap medical interventions in developing countries, it has emerged as a significant force in philanthropy, especially in millennial and Gen-Z giving.
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  • In a few short years, effective altruism has become the giving philosophy for many Silicon Valley programmers, hedge funders and even tech billionaires. That includes not just Mr. Bankman-Fried but also the Facebook and Asana co-founder Dustin Moskovitz and his wife, Cari Tuna, who are devoting much of their fortune to the cause.
  • “If I can help encourage people who do have enormous resources to not buy yachts and instead put that money toward pandemic preparedness and A.I. safety and bed nets and animal welfare that’s just like a really good thing to do,” Mr. MacAskill said.
  • Mr. Musk has not officially joined the movement but he and Mr. MacAskill have known each other since 2015, when they met at an effective altruism conference. Mr. Musk has also said on Twitter that Mr. MacAskill’s giving philosophy is similar to his own.
  • Mr. MacAskill was one of the founders of the group Giving What We Can, started at Oxford in 2009. Members promised to give away at least 10 percent of what they earned to the most cost-effective charities possible.
  • The rise of this kind of thinking, known as longtermism, has meant the Effective Altruists are increasingly associated with causes that have the ring of science fiction to them — like preventing artificial intelligence from running amok or sending people to distant planets to increase our chances of survival as a species
  • Traditionally, effective altruism was focused on finding the lowest-cost interventions that did the most good. The classic example is insecticide-treated bed nets to prevent mosquitoes from giving people malaria.
  • Mr. MacAskill argues that people living today have a responsibility not just to people halfway around the world but also those in future generations.
  • If the movement has an ur-text, it is the Australian philosopher Peter Singer’s article, “Famine, Affluence and Morality,” published in 1972. The essay, which argued that there was no difference morally between the obligation to help a person dying on the street in front of your house and the obligation to help people who were dying elsewhere in the world, emerged as a kind of “sleeper hit” for young people in the past two decades,
  • The two men first met in 2012, when Mr. Bankman-Fried was a student at M.I.T. with an interest in utilitarian philosophy.
  • Over lunch, Mr. Bankman-Fried said that he was interested in working on issues related to animal welfare. Mr. MacAskill suggested that he might do more good by entering a high-earning field and donating money to the cause than by working for it directly.
  • Mr. Bankman-Fried contacted the Humane League and other charities, asking if they would prefer his time or donations based on his expected earnings if he went to work in tech or finance. They opted for the money, and he embarked on a remunerative career, eventually founding the cryptocurrency exchange FTX in 2019.
  • Bloomberg recently estimated that Mr. Bankman-Fried was worth $10.5 billion, even after the recent crash in crypto prices. That puts Mr. Bankman-Fried in the unusual position of having earned his enormous fortune on behalf of the effective altruism cause, rather than making the money and then searching for a sense of purpose in donating it.
  • Mr. Bankman-Fried said he expected to give away the bulk of his fortune in the next 10 to 20 years.
  • Mr. Moskovitz and Ms. Tuna’s net worth is estimated at $12.7 billion. They founded their own group, Good Ventures, in 2011. The group said it had given $1.96 billion in donations
  • Those two enormous fortunes, along with giving by scores of highly paid engineers at tech companies, mean the community is exceptionally well funded.
  • Mr. MacAskill said that he got to know Mr. Musk better through Igor Kurganov, a professional poker player and effective altruist, who briefly advised Mr. Musk on philanthropy.
  • In August, Mr. Musk retweeted Mr. MacAskill’s book announcement to his 108 million followers with the observation: “Worth reading. This is a close match for my philosophy.” Yet instead of wholeheartedly embracing that endorsement as many would, Mr. MacAskill posted a typically earnest and detailed thread in response about some of the places he agreed — and many areas where he disagreed — with Mr. Musk. (They did not see eye to eye on near-term space settlement, for one.)
  • Mr. MacAskill accepts responsibility for what he calls misconceptions about the community. “I take a significant amount of blame,” he said, “for being a philosopher who was unprepared for this amount of media attention.”
Javier E

RWE, Germany's biggest power company, is going green | The Economist - 0 views

  • dirtiest companies for more than a century; now rwe is aiming to be among the cleanest
  • On October 1st it agreed to buy the renewable-energy business of Consolidated Edison (ConEd), an American utility, for $6.8bn. Three days later it signed an agreement with Germany’s regional and federal governments to bring forward plans to stop generating electricity with lignite, an especially filthy sort of coal, by eight years to 2030
  • The recent announcements are part of a much bigger realignment. In November last year it unveiled plans to invest €50bn ($50bn) to increase renewable-power capacity from 25 to 50 gigawatts (gw) within eight years, about a third of its current total.
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  • the firm’s boss, told analysts that its lignite business is likely to be hived off as a non-profit foundation as soon as the current energy crisis ends and German politicians have the time to give regulatory approval.
  • ConEd’s 3GW renewable business will make rwe America’s fourth-largest provider of green energy, but also comes with a pipeline of wind and solar projects of over 7gw
  • Enel, an Italian firm, and Iberdrola, a Spanish one, want to reach 129gw and 95gw, respectively, in green power-generation capacity by 2030.
  • . The Qatar Investment Authority (qia), the country’s sovereign-wealth fund, contributed €2.4bn of cash for the deal and will henceforth own 9% of rwe. But it only paid about half the multiple for its stake in rwe that rwe shelled out for ConEd’s renewable business.
  • When Chancellor Olaf Scholz toured the Middle East in September, Qatar was one of the stops. Germany’s government hopes that the resource-rich Gulf state will one day provide exports of liquefied natural gas to replace imports from Russia. With qia now becoming rwe’s largest shareholder, the gas is more likely to start flowing
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