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Javier E

Nations don't get rich by plundering other nations - 0 views

  • One idea that I often encounter in the world of economic discussion, and which annoys me greatly, is that nations get rich by looting other nations.
  • This idea is a pillar of “third world” socialism and “decolonial” thinking, but it also exists on the political Right. This is, in a sense, a very natural thing to believe — imperialism is a very real feature of world history, and natural resources sometimes do get looted. So this isn’t a straw man; it’s a common misconception that needs debunkin
  • it’s important to debunk it, because only when we understand how nations actually do get rich can we Americans make sure we take the necessary steps to make sure our nation stays rich.
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  • The first thing to notice is that in the past, no country was rich.
  • even allowing for quite a bit of uncertainty, it’s definitely true that the average citizen of a developed country, or a middle-income country, is far more materially wealthy than their ancestors were 200 years ago:
  • If you account for increasing population and look at total GDP, the increase is even more dramatic.
  • What this means is that whatever today’s rich countries did to get rich, they weren’t doing it in 1820.
  • Imperialism is very old — the Romans, the Persians, the Mongols, and many other empires all pillaged and plundered plenty of wealth. But despite all of that plunder, no country in the world was getting particularly rich, by modern standards, until the latter half of the 20th century.
  • Think about all the imperial plunder that was happening in 1820. The U.S. had 1.7 million slaves and was in the process of taking land from Native Americans. Latin American countries had slavery, as well as other slavery-like labor systems for their indigenous peoples. European empires were already exploiting overseas colonies.
  • But despite all this plunder and extraction of resources and labor, Americans and Europeans were extremely poor by modern standards.
  • With no antibiotics, vaccines, or water treatment, even rich people suffered constantly from all sorts of horrible diseases. They didn’t have cars or trains or airplanes to take them around. Their food was meager and far less varied than ours today. Their living space was much smaller, with little privacy or personal space. Their clothes were shabby and fell apart quickly.
  • At night their houses were dark, and without air conditioning they had trouble escaping the summer heat. They had to carry water from place to place, and even rich people pooped in outhouses or chamberpots. Everyone had bedbugs. Most water supplies were carried from place to place by hand.
  • They were plundering as hard as they could, but it wasn’t making them rich.
  • although Africa, Latin America, and Asia were closer to Europe in terms of living standards back then, they were all very, very poor by modern standards.
Javier E

How a French Bank Captured Haiti - The New York Times - 0 views

  • The documents help explain why Haiti remained on the sidelines during a period so rich with modernization and optimism that Americans dubbed it the Gilded Age and the French called it the Belle Époque. This extraordinary growth benefited both faraway powers and developing neighbors, yet Haiti had vanishingly little to invest in basics like running water, electricity or education.
  • The damage was lasting. Over three decades, French shareholders made profits of at least $136 million in today’s dollars from Haiti’s national bank — about an entire year’s worth of the country’s tax revenues at the time, the documents show.
  • The financial historian Éric Monnet of the Paris School of Economics summed up the national bank’s role as “pure extraction.”
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  • Had the wealth siphoned off by Haiti’s national bank stayed in the country, it would have added at least $1.7 billion to Haiti’s economy over the years — more than all of the government’s revenues in 2021.
  • “Isn’t it funny,” the Haitian politician and economist Edmond Paul wrote of the national bank in 1880, “that a bank that claims to come to the rescue of a depleted public treasury begins not by depositing money but by withdrawing everything of value?”
  • But while Haitians themselves were poor, Haiti could make you rich. As a British diplomat, Spenser St. John, wrote in 1884: “No country possesses greater capabilities, or a better geographical position, or more variety of soil, of climate, or of production.”
  • Slaveholders had taken that wealth for themselves, first with the whip, then with a flotilla of French warships, demanding compensation for plantations, land and what France considered its other lost property: the Haitian people. It was the first and only instance in which generations of free people had to pay the descendants of their former slave masters.
  • Beyond bricks and steel, Haiti earmarked about 20 percent of the French loan to pay off the last of the debt linked to France’s original ransom, according to the loan contract. “The country will finally come out of its malaise,” the Haitian government’s annual report predicted that year. “Our finances will prosper.”
  • None of that happened. Right off the top, French bankers took 40 percent of the loan in commissions and fees. The rest paid off old debts, or disappeared into the pockets of corrupt Haitian politicians.
  • The 1875 loan from Crédit Industriel and its partner left two major legacies. First is what the economist Thomas Piketty called the transition from “brutal colonialism” to “neocolonialism through debt.”
  • Haiti took on millions in new interest, hoping to finally shed the burden of paying its former slave masters. In that way, the loan helped prolong the misery of Haiti’s financial indentureship to France. Long after the former slaveholding families considered the debt settled, Haiti would still be paying — only now to Crédit Industriel.
lilyrashkind

Rising Interest Rates, Slumping Stocks Hit Manhattan's Luxury Market - Mansion Global - 0 views

  • Unfavorable economic conditions, chiefly rising interest rates and the struggling stock market, are taking a toll on Manhattan’s high-end housing sector, according to a report Monday from Olshan Realty.  There were 21 contracts signed in the week ending Sunday that were priced at $4 million or more—the report’s benchmark for luxury—marking the third week in a row of slumping deals, Donna Olshan wrote in her eponymous weekly market review. 
  • The priciest contract signed last week was on a full-floor penthouse at 53 West 53rd St. in Midtown, which had been most recently asking for a hair above $33 million. Spanning 4,599 square feet, the property has views of Central Park and the Hudson and East Rivers.  Designed by Pritzker Prize-winning architect Jean Nouvel, and adjacent to the Museum of Modern Art, the building offers its residents amenities including a golf simulator, a wine room, a library and a theater. 
  • “We’ve seen a lag in the impact that rising interest rates have had on the market, likely because many buyers may not be aware of what this has done to their budget,” said Danielle Hale, chief economist for Realtor.com. The site released a report Thursday finding that for the 19th consecutive week, U.S. home prices saw double-digit year-over-year increases, with the median listing price rising by 14.4% from the same week last year. Homes also spent six fewer days on the market during the week ending April 23 than during the same period last year, according to Realtor’s findings.
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  • New listings this week were up 4% from the previous year, a factor that may tip the balance of what has recently been a white hot seller’s market.
criscimagnael

Afghanistan Tries to Stamp Out Opium Again - The New York Times - 0 views

  • For years, opium has been the monster too big to slay. One Afghan government after another has pledged to stamp out opium production and trafficking, only to prove unable to resist billions of dollars in illicit profits.
  • But after the U.S.-led invasion in 2001, opium taxes and smuggling helped fuel the Taliban’s own 20-year insurgency.
  • The Taliban announced on April 3 that poppy cultivation had been outlawed, with violators to be punished under Shariah law.
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  • Water pumps powered by cheap and highly efficient solar panels are able to drill deep down into rapidly dwindling desert aquifers. The solar panels have helped generate bumper opium harvests year after year since farmers in southern Afghanistan’s poppy-growing belt began installing them around 2014.
  • The opium trade earned about $1.8 billion to $2.7 billion last year, the United Nations has estimated. Opium sales have provided 9 to 14 percent of Afghanistan’s gross domestic product, compared with 9 percent provided by legal exports of goods and services.
  • The solar arrays have been central to ensuring Afghanistan’s status as the global leader in opium.
  • The Taliban, for their part, have condemned opium as anti-Islamic, as Afghanistan’s poppy crop sustains addicts in Europe and the Middle East, as well as a huge number inside Afghanistan. But given their own deep ties to opium smuggling during the insurgency, Taliban leaders are walking a fine line between hypocrisy and holiness.
  • Now, solar power is a defining feature of southern Afghan life. Tiny solar panels power light bulbs in mud huts, and solar-driven pumps irrigate cash crops like wheat and pomegranates, as well as subsistence farmers’ vegetable plots.
  • The panels, which supplanted more expensive and less reliable diesel to run water pumps, have helped turn the desert green.
  • Opium farmers now rely on at least 67,000 solar-power-fed water reservoirs across Afghanistan’s desert southwest, according to a European Union-funded research project by David Mansfield, a consultant who has studied illicit economies and rural livelihoods in Afghanistan for two decades.
  • “For many opium farmers, abundant water is now a given,” he said. “No one perceives it to have a cost.”
  • “Do not destroy the fields, but make the fields dry out,” Gov. Maulave Talib Akhund said in a statement. He added, “We are committed to fulfilling the opium decree.”
  • The opium ban was met with a collective shrug this spring by southern farmers, many of whom were already harvesting their spring crops. Opium prices surged almost immediately, several farmers said, to roughly $180 per kilogram from $60 per kilogram.
  • But the Taliban have vowed to crack down on farmers who try to cultivate any new crops.
  • Dr. Mansfield said that determining how long the aquifers could continue to supply water was uncharted territory because no one had been able to conduct a rigorous scientific study of the desert groundwater.
  • “We have to continue to dig our wells deeper and deeper,” Mr. Armani said.
  • Even when prices are high, many poppy farmers say, they earn only about $2 a day for each family member. They are at the very bottom of a narcotic trafficking system in which profits increase exponentially from growers to middlemen to processing labs to major cross-border traffickers.
  • Farmers whose poppy fields were plowed under by the previous government could send their sons to paying jobs as soldiers or police officers — or to the constellation of unskilled jobs provided by the United States and NATO. But those options are gone, and unemployment has soared under the Taliban.
  • “Growing poppies is the only option to survive right now,” he said.
criscimagnael

Lake Powell's total capacity is shrinking, report shows - CNN - 0 views

  • Lake Powell, the second-largest human-made reservoir in the US, has lost nearly 7% of its potential storage capacity since 1963, when Glen Canyon Dam was built, a new report shows.
  • In addition to water loss due to an intense multiyear drought, the US Geological Survey and the Bureau of Reclamation report found, Lake Powell faced an average annual loss in storage capacity of about 33,270 acre-feet, or 11 billion gallons, per year between 1963 and 2018.
  • And last week, Lake Powell dipped below the critical threshold of 3,525 feet above sea level, sparking additional concerns about water supply and hydropower generation millions of people in the West rely on for electricity.
lilyrashkind

Tulsa, Oklahoma, shooting: At least 4 people were killed on St. Francis Hospital campus... - 0 views

  • Officers responded to the scene at roughly 4:56 p.m. and made contact with victims and the suspect roughly five minutes later, Dalgleish said. The officers who arrived could hear shots inside the building, which directed them to the second floor, according to the deputy chief. "The scene is fairly limited to one section of that floor, on the second floor," Dalgleish said. At least part of the scene was in an orthopedic office on that floor, according to Dalgleish.
  • Tulsa Mayor G.T. Bynum expressed "profound gratitude" for the first responders who "did not hesitate today to respond to this act of violence.""The men and women of the Tulsa Police Department did not hesitate," the mayor said. LIVE UPDATES: Tulsa hospital campus shooting
  • "We're treating this as a catastrophic scene right now," Meulenberg said.There has been a reunification site set up for family members and friends at Memorial High School west of LaFortune Park, police added.
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  • he Bureau of Alcohol, Tobacco, Firearms and Explosives is also assisting on scene, the ATF Dallas Field Division said on Twitter. "What happened today in Tulsa is a senseless act of violence and hatred," Oklahoma Gov. Kevin Stitt wrote on Twitter. "I am grateful for the quick and brave actions of the Tulsa Police Department and other first responders who did their best to contain a terrible situation."
  • Debra Proctor was in another building on the hospital campus for a doctor's appointment when she heard police sirens ringing out. When she stepped outside, first responders were lined up everywhere, she told CNN. Proctor, who has been a registered nurse for more than four decades, said it was a "shocking" scene."Police were everywhere in the parking lot, up and down the surrounding blocks," Proctor said. "They were still arriving when I was leaving."Kalen Davis, a lifelong Tulsa resident, was waiting in traffic around 5 p.m. local time when she saw multiple police cars responding to the scene.
lilyrashkind

China faces a nearly $1 trillion funding gap. It will need more debt to fill it. - 0 views

  • The Chinese government faces a growing shortfall of cash, analysts say, as they predict an increase of debt to fill the gap.The analysts did not share specific figures on how much additional debt might be needed. But they pointed to growing pressure on growth that would require more support from deb
  • BEIJING — The Chinese government faces a growing shortfall of cash, analysts say, as they predict an increase of debt to fill the gap.“The latest wave of Omicron and the widespread lockdowns in place since mid-March have resulted in a sharp contraction in government revenue, including land sales revenue,” Ting Lu, chief China economist at Nomura, and a team said in a report last week.
  • “Much of the incoming ‘stimulus measures’, be it special government bonds or incremental lending by policy banks, will be merely used to fill this funding gap,” the Nomura analysts said.
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  • “Many cities without Omicron outbreaks also suffered, as their economies are linked to those currently under lockdown,” Zhang said in an email in mid-May. “The economic costs are not limited to a small number of cities, it is a national problem.”
  • Excluding tax cuts and refunds, the Ministry of Finance said local fiscal revenue grew by 5.4% during the first four months of the year from a year ago. Eight of China’s 31 province-level regions saw a drop in fiscal revenue during that time, the ministry said, without naming them.Incomplete data for the period from Wind Information showed the regions of Qinghai, Shandong, Liaoning, Hebei, Guizhou, Hubei, Hunan and Tianjin posted year-on-year declines in fiscal revenue for the first four months of the year. Tianjin was the worst with a 27% decline.
  • Even before the latest Covid outbreak, land sales, a significant source of local government revenue, have plunged following Beijing’s crackdown on real estate developers’ high reliance on debt. Local governments are also responsible for implementing tax cuts and refunds that Beijing has announced to support growth.
  • Although financial data isn’t readily available for many Chinese cities, the southern tech hub of Shenzhen released figures showing a 44% year-on-year drop in fiscal revenue in April to 25.53 billion yuan. That followed a 7% year-on-year decline in March to 22.95 billion yuan.
  • Beijing in March already announced an increase in transfer of funds from the central to local governments. When asked in May whether that would be expanded, the Ministry of Finance noted some funding for next year would be transferred ahead of time to help local governments with tax refunds and cuts this year.
  • In late April, Chinese President Xi Jinping called for a nationwide push to develop infrastructure ranging from waterways to cloud computing infrastructure. It was not clear at what scale or timeframe the projects would be constructed.
  • “We expect the debt to continue to climb this year as a result of these economic pressures,” Yuan said, noting it remains to be seen how Beijing decides to balance economic growth with debt levels this year.
Javier E

Opinion | Steve Bannon Is Onto Something - The New York Times - 0 views

  • In his 2020 book “Politics Is for Power,” Eitan Hersh, a political scientist at Tufts, sketched a day in the life of many political obsessives in sharp, if cruel, terms.I refresh my Twitter feed to keep up on the latest political crisis, then toggle over to Facebook to read clickbait news stories, then over to YouTube to see a montage of juicy clips from the latest congressional hearing. I then complain to my family about all the things I don’t like that I have seen.
  • To Hersh, that’s not politics. It’s what he calls “political hobbyism.” And it’s close to a national pastime.
  • Real political work, for Hersh, is the intentional, strategic accumulation of power in service of a defined end
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  • It is action in service of change, not information in service of outrage.
  • “The people thinking strategically about how to win the 2022 election are the ones doing the most for democracy,” said Daniel Ziblatt, a political scientist at Harvard and one of the authors of “How Democracies Die.”
  • “I’ve heard people saying bridges don’t save democracy — voting rights do. But for Democrats to be in a position to protect democracy, they need bigger majorities.”
  • There are people working on a Plan B
  • He spends his days obsessing over mayoral races in 20,000-person towns, because those mayors appoint the city clerks who decide whether to pull the drop boxes for mail-in ballots and small changes to electoral administration could be the difference between winning Senator Ron Johnson’s seat in 2022 (and having a chance at democracy reform) and losing the race and the Senate. Wikler is organizing volunteers to staff phone banks to recruit people who believe in democracy to serve as municipal poll workers, because Steve Bannon has made it his mission to recruit people who don’t believe in democracy t
  • The difference between those organizing at the local level to shape democracy and those raging ineffectually about democratic backsliding — myself included — reminds me of the old line about war: Amateurs talk strategy; professionals talk logistics. Right now, Trumpists are talking logistics.
  • “We do not have one federal election,” said Amanda Litman, a co-founder of Run for Something, which helps first-time candidates learn about the offices they can contest and helps them mount their campaigns. “We have 50 state elections and then thousands of county elections. And each of those ladder up to give us results.
  • While Congress can write, in some ways, rules or boundaries for how elections are administered, state legislatures are making decisions about who can and can’t vote. Counties and towns are making decisions about how much money they’re spending, what technology they’re using, the rules around which candidates can participate.”
  • Protecting democracy by supporting county supervisors or small-town mayors — particularly ones who fit the politics of more conservative communities — can feel like being diagnosed with heart failure and being told the best thing to do is to double-check your tax returns and those of all your neighbors.
  • These races get zero national attention. They hardly get local attention. Turnout is often lower than 20 percent. That means people who actually engage have a superpower. You, as a single dedicated volunteer, might be able to call and knock on the doors of enough voters to win a local election.”
  • “One thing I was really struck by when I first started getting involved in politics is how much power there is in just showing up to things,” she said. “If you love libraries, libraries have board meetings. Go to the public meeting. See where they’re spending their money. We’re supposed to be participating. If you want to get involved, there’s always a way.”
Javier E

March 2020: How the Fed Averted Economic Disaster - WSJ - 0 views

  • Over the week of March 16, markets experienced an enormous shock to what investors refer to as liquidity, a catchall term for the cost of quickly converting an asset into cash.
  • Mr. Powell bluntly directed his colleagues to move as fast as possible.
  • They devised unparalleled emergency-lending backstops to stem an incipient financial panic that threatened to exacerbate the unfolding economic and public-health emergencies.
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  • They were offering nearly unlimited cheap debt to keep the wheels of finance turning, and when that didn’t help, the Fed began purchasing massive quantities of government debt outright.
  • Investors dumped whatever they could, including ostensibly “risk-free” U.S. Treasury securities. As a global dash for dollars unfolded, Treasurys were no longer serving as the market’s traditional shock absorbers, amplifying extreme turmoil on Wall Street.
  • By week’s end, the Dow had plunged more than 10,000 points since mid-February as investors struggled to get their arms around what a halt to global commerce would mean for businesses that would soon have no revenue.
  • “It was sheer, unadulterated panic, of a magnitude that was far worse than in 2008 and 2009. Far worse,”
  • The idea of shutting down markets was especially discouraging: “It was a profoundly un-American thing to contemplate, to just shut everything down, and almost fatalistic—that we’re not going to get out of this.”
  • nearly two years later, most agree that the Fed’s actions helped to save the economy from going into a pandemic-induced tailspin.
  • “My thought was—I remember this very clearly—‘O.K. We have a four-or-five-day chance to really get our act together and get ahead of this. We’re gonna try to get ahead of this,’” Mr. Powell recalled later. “And we were going to do that by just announcing a ton of stuff on Monday morning.”
  • It worked. The Fed’s pledges to backstop an array of lending, announced on Monday, March 23, would unleash a torrent of private borrowing based on the mere promise of central bank action—together with a massive assist by Congress, which authorized hundreds of billions of dollars that would cover any losses.
  • If the hardest-hit companies like Carnival, with its fleet of 104 ships docked indefinitely, could raise money in capital markets, who couldn’t?
  • on April 9, where he shed an earlier reluctance to express an opinion about government spending policies, which are set by elected officials and not the Fed. He spoke in unusually moral terms. “All of us are affected,” he said. “But the burdens are falling most heavily on those least able to carry them…. They didn’t cause this. Their business isn’t closed because of anything they did wrong. This is what the great fiscal power of the United States is for—to protect these people as best we can from the hardships they are facing.”
  • They were extraordinary words from a Fed chair who during earlier, hot-button policy debates said the central bank needed to “stay in its lane” and avoid providing specific advice.
  • To avoid a widening rift between the market haves (who had been given access to Fed backstops) and the market have-nots (who had been left out because their debt was deemed too risky), Mr. Powell had supported a decision to extend the Fed’s lending to include companies that were being downgraded to “junk” status in the days after it agreed to backstop their bonds.
  • Most controversially, Mr. Powell recommended that the Fed purchase investment vehicles known as exchange-traded funds, or ETFs, that invest in junk debt. He and his colleagues feared that these “high-yield” bonds might buckle, creating a wave of bankruptcies that would cause long-term scarring in the economy.
  • Mr. Powell decided that it was better to err on the side of doing too much than not doing enough.
  • , Paul Singer, who runs the hedge-fund firm Elliott Management, warned that the Fed was sowing the seeds of a bigger crisis by absolving markets of any discipline. “Sadly, when people (including those who should know better) do something stupid and reckless and are not punished,” he wrote, “it is human nature that, far from thinking that they were lucky to have gotten away with something, they are encouraged to keep doing the stupid thing.”
  • The breathtaking speed with which the Fed moved and with which Wall Street rallied after the Fed’s announcements infuriated Dennis Kelleher, a former corporate lawyer and high-ranking Senate aide who runs Better Markets, an advocacy group lobbying for tighter financial regulations.
  • This is a ridiculous discussion no matter how heartfelt Powell is about ‘we can’t pick winners and losers’—to which my answer is, ‘So instead you just make them all winners?’”
  • “Literally, not only has no one in finance lost money, but they’ve all made more money than they could have dreamed,” said Mr. Kelleher. “It just can’t be the case that the only thing the Fed can do is open the fire hydrants wide for everybody
  • Mr. Powell later defended his decision to purchase ETFs that had invested in junk debt. “We wanted to find a surgical way to get in and support that market because it’s a huge market, and it’s a lot of people’s jobs… What were we supposed to do? Just let them die and lose all those jobs?” he said. “If that’s the biggest mistake we made, stipulating it as a mistake, I’m fine with that. It wasn’t time to be making finely crafted judgments,” Mr. Powell said. He hesitated for a moment before concluding. “Do I regret it? I don’t—not really.”
  • “We didn’t know there was a vaccine coming. The pandemic is just raging. And we don’t have a plan,” said Mr. Powell. “Nobody in the world has a plan. And in hindsight, the worry was, ‘What if we can’t really fully open the economy for a long time because the pandemic is just out there killing people?’”
  • Mr. Powell never saw this as a particularly likely outcome, “but it was around the edges of the conversation, and we were very eager to do everything we could to avoid that outcome,”
  • The Fed’s initial response in 2020 received mostly high marks—a notable contrast with the populist ire that greeted Wall Street bailouts following the 2008 financial crisis. North Carolina Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, gave Mr. Powell an “A-plus for 2020,” he said. “On a one-to-10 scale? It was an 11. He gets the highest, highest marks, and deserves them. The Fed as an institution deserves them.”
  • The pandemic was the most severe disruption of the U.S. economy since the Great Depression. Economists, financial-market professionals and historians are only beginning to wrestle with the implications of the aggressive response by fiscal and monetary policy makers.
  • Altogether, Congress approved nearly $5.9 trillion in spending in 2020 and 2021. Adjusted for inflation, that compares with approximately $1.8 trillion in 2008 and 2009.
  • By late 2021, it was clear that many private-sector forecasters and economists at the Fed had misjudged both the speed of the recovery and the ways in which the crisis had upset the economy’s equilibrium. Washington soon faced a different problem. Disoriented supply chains and strong demand—boosted by government stimulus—had produced inflation running above 7%.
  • because the pandemic shock was akin to a natural disaster, it allowed Mr. Powell and the Fed to sidestep concerns about moral hazard—that is, the possibility that their policies would encourage people to take greater risks knowing that they were protected against larger losses. If a future crisis is caused instead by greed or carelessness, the Fed would have to take such concerns more seriously.
  • The high inflation that followed in 2021 might have been worse if the U.S. had seen more widespread bankruptcies or permanent job losses in the early months of the pandemic.
  • an additional burst of stimulus spending in 2021, as vaccines hastened the reopening of the economy, raised the risk that monetary and fiscal policy together would flood the economy with money and further fuel inflation.
  • The surge in federal borrowing since 2020 creates other risks. It is manageable for now but could become very expensive if the Fed has to lift interest rates aggressively to cool the economy and reduce high inflation.
  • The Congressional Budget Office forecast in December 2020 that if rates rose by just 0.1 percentage point more than projected in each year of the decade, debt-service costs in 2030 would rise by $235 billion—more than the Pentagon had requested to spend in 2022 on the Navy.
  • its low-rate policies have coincided with—and critics say it has contributed to—a longer-running widening of wealth inequality.
  • In 2008, household wealth fell by $8 trillion. It rose by $13.5 trillion in 2020, and in the process, spotlighted the unequal distribution of wealth-building assets such as houses and stocks.
  • Without heavy spending from Washington, focused on the needs of the least well-off, these disparities might have attracted more negative scrutiny.
  • Finally, the Fed is a technocratic body that can move quickly because it operates under few political constraints. Turning to it as the first line of defense in this and future crises could compromise its institutional independence.
  • Step one, he said, was to get in the fight and try to win. Figuring out how to exit would be a better problem to have, because it would mean they had succeeded.
  • “We have a recovery that looks completely unlike other recoveries that we’ve had because we’ve put so much support behind the recovery,” Mr. Powell said last month. “Was it too much? I’m going to leave that to the historians.”
  • The final verdict on the 2020 crisis response may turn on whether Mr. Powell is able to bring inflation under control without a painful recession—either as sharp price increases from 2021 reverse on their own accord, as officials initially anticipated, or because the Fed cools down the economy by raising interest rates.
Javier E

Revealed: Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians | Cr... - 0 views

  • The huge trove of banking data was leaked by an anonymous whistleblower to the German newspaper Süddeutsche Zeitung. “I believe that Swiss banking secrecy laws are immoral,” the whistleblower source said in a statement. “The pretext of protecting financial privacy is merely a fig leaf covering the shameful role of Swiss banks as collaborators of tax evaders.”
  • Swiss financial institutions manage about 7.9tn CHF (£6.3tn) in assets, nearly half of which belongs to foreign clients.
  • It identifies the convicts and money launderers who were able to open bank accounts, or keep them open for years after their crimes emerged. And it reveals how Switzerland’s famed banking secrecy laws helped facilitate the looting of countries in the developing world.
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  • his case is one of dozens discovered by reporters appearing to show Credit Suisse opened or maintained accounts for clients who had serious convictions that might be expected to show up in due diligence checks. There are other instances in which Credit Suisse may have taken quick action after red flags emerged, but the case nonetheless shows that dubious clients have been attracted to the bank.
  • Like every other bank in the world, Credit Suisse professes to have stringent control mechanisms to carry out extensive due diligence on its customers to “ensure that the highest standards of conduct are upheld”. In banking parlance, such controls are called know-your-client or KYC checks.
  • A 2017 leaked report commissioned by Switzerland’s financial regulator shed some light on the bank’s internal procedures at that time. Clients would face intensified scrutiny when flagged as a politically exposed person from a high-risk country, or a person involved in a high-risk activity such as gambling, weapons trading, financial services or mining, the report said.
  • Such controls might be expected to prevent a bank from opening accounts for clients such as Rodoljub Radulović, a Serbian securities fraudster indicted in 2001 by the US Securities and Exchange Commission. However, the leaked data identifies him as the co-signatory of two Credit Suisse company accounts. The first was opened in 2005, the year after the SEC had secured a default judgment against Radulović for running a pump-and-dump scheme.
  • One of Radulović’s company accounts held 3.4m CHF (£2.2m) before they closed in 2010. He was recently given a 10-year prison sentence by a court in Belgrade for his role trafficking cocaine from South America for the organised crime boss Darko Šarić.
  • Due diligence is not only for new clients. Banks are required to continually reassess existing customers. The 2017 report said Credit Suisse screened customers at least every three years and as often as once a year for the riskiest clients. Lawyers for Credit Suisse told the Guardian these periodic reviews were introduced “more than 15 years ago”, meaning it was continually running due diligence on existing clients from 2007.
  • The bank might, therefore, have been expected to have discovered that its German client Eduard Seidel was convicted of bribery in 2008. Seidel was an employee of Siemens. As the multinational’s lead in Nigeria, he oversaw a campaign of industrial-scale bribery to secure lucrative contracts for his employer by funnelling cash to corrupt Nigerian politicians.
  • After German authorities raided the Munich headquarters of Siemens in 2006, Seidel immediately confessed his role in the bribery scheme, though he said he had never stolen from the company or appropriated its slush funds. His involvement in the corruption led to his name being entered into the Thomson Reuters World-Check database in 2007.
  • However, the leaked Credit Suisse data shows his accounts were left open until at least well into the last decade. At one point after he left Siemens, one account was worth 54m CHF (£24m). Seidel’s lawyer declined to say whether the accounts were his. He said his client had addressed all outstanding matters relating to his bribery offences and wished to move on with his life.
  • The lawyer did not respond to repeated invitations to explain the source of the 54m CHF. Siemens said it did not know about the money and that its review of its own cashflows shed no light on the account.
  • A representative for Sederholm said Credit Suisse never froze his accounts and did not close them until 2013 when he was unable to provide due diligence material. Asked why Sederholm needed a Swiss account, they said that he was living in Thailand when it was opened, adding: “Can you please tell me if you would prefer to put your money in a Thai or Swiss bank?”
  • One client, Stefan Sederholm, a Swedish computer technician who opened an account with Credit Suisse in 2008, was able to keep it open for two-and-a-half years after his widely reported conviction for human trafficking in the Philippines, for which he was given a life sentence.
  • Swiss banks have cultivated their trusted reputation since as far back as 1713, when the Great Council of Geneva prohibited bankers from revealing details about the fortunes being deposited by European aristocrats. Switzerland soon became a tax haven for many of the world’s elites and its bankers nurtured a “duty of absolute silence” about their clients affairs.
  • The custom was enshrined in statute in 1934 with the introduction of Switzerland’s banking secrecy law, which criminalised the disclosure of client banking information to foreign authorities. Within decades, wealthy clients from all over the world were flocking to Swiss banks. Sometimes, that meant clients with something to hide.
  • One former Credit Suisse employee at the time alleges there was a deeply ingrained culture in Swiss banking of looking the other way when it came to problematic clients. “The bank’s compliance departments [were] masters of plausible deniability,” they told a reporter from the Organized Crime and Corruption Reporting Project, one of the coordinators of the Suisse secrets project. “Never write anything down that could expose an account that is non-compliant and never ask a question you do not want to know the answer to.”
  • The 2000s was also a decade in which foreign regulators and tax authorities became increasingly frustrated at their inability to penetrate the Swiss financial system. That changed in 2007, when the UBS banker Bradley Birkenfeld voluntarily approached US authorities with information about how the bank was helping thousands of wealthy Americans evade tax with secret accounts.
  • Birkenfeld was viewed as a traitor in Switzerland, where banking whistleblowers are often held in contempt. However, a wide-ranging US Senate investigation later uncovered the aggressive tactics used by UBS and Credit Suisse, the latter of which was found to have sent bankers to high-end events to recruit clients, courted a potential customer with free gold, and in one case even delivered sensitive bank statements hidden in the pages of a Sports Illustrated magazine.
  • The revelations sent shock waves through Switzerland’s financial sector and enraged the US, which pressured Switzerland into unilaterally disclosing which of its taxpayers had secret Swiss accounts from 2014. That same year, Switzerland reluctantly signed up to the international convention on the automatic exchange of banking Information.
  • By adopting the so-called common reporting standard (CRS) for sharing tax data, Switzerland in effect agreed that its banks would in the future exchange information about their clients with tax authorities in foreign countries. They started doing so in 2018.
  • Membership of the global exchange system is often cited by Switzerland’s banking industry as a turning point. “There is no longer Swiss bank client confidentiality for clients abroad,” the Swiss Bankers Association told the Guardian. “We are transparent, there is nothing to hide in Switzerland.”
  • Switzerland’s almost 90-year-old banking secrecy law, however, remains in force – and was recently broadened. The Tax Justice Network estimates that countries around the world collectively lose $21bn (£15.4bn) each year in tax revenues because of Switzerland. Many of those countries will be poorer nations that have not signed up to the CRS data exchange.
  • More than 90 countries, most of which are in the developing world, remain in the dark when their wealthy taxpayers hide their money in Swiss accounts.
  • This inequity in the system was cited by the whistleblower behind the leaked data, who said the CRS system “imposes a disproportionate financial and infrastructural burden on developing nations, perpetuating their exclusion from the system in the foreseeable future”.
  • “This situation enables corruption and starves developing countries of much-needed tax revenue. These countries are the ones that therefore suffer most from Switzerland’s reverse-Robin-Hood stunt,” they said.
  • “I am aware that having an offshore Swiss bank account does not necessarily imply tax evasion or any other financial crime,” they said. “However, it is likely that a significant number of these accounts were opened with the sole purpose of hiding their holder’s wealth from fiscal institutions and/or avoiding the payment of taxes on capital gains.”
Javier E

What Happened to Google's Effort to Scan Millions of University Library Books? | EdSurg... - 0 views

  • academics now regularly tap into the reservoir of digitized material that Google helped create, using it as a dataset they can query, even if they can’t consume full texts.
  • the HathiTrust Digital Library. Established in 2008 and based at the University of Michigan, it has grown to include 128 member institutions, according to its executive director, Mike Furlough. It now contains more than 15.7 million volumes. Taking into account multi-volume journals and duplicate copies, that’s about 8 million unique items, about 95 percent of them from Google’s scanning.
kennyn-77

What next for world powers in war-torn Libya? | News | Al Jazeera - 0 views

  • The presence of both Turkish and Russian forces in the North African country is deeply unsettling to European powers, unlike the United States, analysts say.
  • Libya’s electoral commission decided that no such vote could take place for numerous reasons. The presence of foreign forces on Libyan soil was unquestionably one of the delicate factors, adding complexity and controversy to the now-postponed election scheduled for December 24.
  • Turkey’s military or Russia’s Wagner Group will leave the country in the foreseeable future.
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  • First, the Turks and Russians have too much to gain from staying in Libya. Second, they have little incentive to leave under current circumstances because the only power in the world that could potentially use its leverage to pressure Turkish and Russian forces to depart is the United States. It is unlikely for the US to play its cards in such a manner.
  • Washington is not interested in Libya, especially at this time when there are far more pressing problems – from Donbas to North Korea, to China and, above all, to the enormous internal problems that the Biden administration is facing,”
  • From Washington’s perspective, this is not necessarily problematic so long as the Wagner Group’s presence does not expand. Because of such concerns about the Russian force enlarging its footprint in Libya, the US sees the Turkish military’s presence in the polarised North African country as the best outcome that Washington could realistically expect.
  • Beyond issues stemming from economic competition, there are security issues that give EU members reason to perceive the Turkish and Russian hard power in Libya as threatening national interests of European powers. “Finally, whoever controls the Libyan coast controls migration flows and this is a strategic issue that Brussels should not underestimate,” said Fasanotti.
  • The presence of both Turkish and Russian forces in the North African country is deeply unsettling to European powers, unlike Washington that has taken a far more favourable stance towards Ankara’s role in Libya.
  • “The presence of Turkish forces there is of course considered detrimental to France’s interests, given the strategic alignment of Paris to Abu Dhabi and its support of the Eastern forces of General Khalifa Haftar in the 2019-2020 Tripoli offensive,”
  • “Economic competition must be also factored into these considerations, which help explain why after many years of a worrisome intra-European spat, Paris [which backed Haftar] and Rome [which backed the Government of National Accord] decided to come together, set aside their differences, and face outsiders expanding their influence in the Libyan arena.”
  • “The only mechanism that the United States has is the Turkish presence. When the United States looks at Turkey it sees a NATO member.
  • If the US remains unwilling to throw its weight around in Libya and maintains its own perspectives on Turkish-Russian rivalry for influence that leads Washington to be more accommodating of Ankara’s Libya foreign policy than several of the US’s close European allies, these divisions could deepen.
Javier E

You Are Going to Get COVID Again … And Again … And Again - The Atlantic - 0 views

  • You’re not just likely to get the coronavirus. You’re likely to get it again and again and again.
  • “I personally know several individuals who have had COVID in almost every wave,” says Salim Abdool Karim, a clinical infectious-diseases epidemiologist and the director of the Center for the AIDS Program of Research in South Africa, which has experienced five meticulously tracked surges, and where just one-third of the population is vaccinated.
  • er best guess for the future has the virus infiltrating each of us, on average, every three years or so. “Barring some intervention that really changes the landscape,” she said, “we will all get SARS-CoV-2 multiple times in our life.”
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  • that would be on par with what we experience with flu viruses, which scientists estimate hit us about every two to five years, less often in adulthood. It also matches up well with the documented cadence of the four other coronaviruses that seasonally trouble humans, and cause common colds.
  • For now, every infection, and every subsequent reinfection, remains a toss of the dice. “Really, it’s a gamble,” says Ziyad Al-Aly, a clinical epidemiologist and long-COVID researcher at Washington University in St. Louis. Vaccination and infection-induced immunity may load the dice against landing on severe disease, but that danger will never go away completely, and scientists don’t yet know what happens to people who contract “mild” COVID over and over again
  • Or maybe not. This virus seems capable of tangling into just about every tissue in the body, affecting organs such as the heart, brain, liver, kidneys, and gut; it has already claimed the lives of millions, while saddling countless others with symptoms that can linger for months or years.
  • considering our current baseline, “less dangerous” could still be terrible—and it’s not clear exactly where we’re headed. When it comes to reinfection, we “just don’t know enough,”
  • Perhaps, as several experts have posited since the pandemic’s early days, SARS-CoV-2 will just become the fifth cold-causing coronavirus.
  • A third or fourth bout might be more muted still; the burden of individual diseases may be headed toward an asymptote of mildness that holds for many years
  • Future versions of SARS-CoV-2 could continue to shape-shift out of existing antibodies’ reach, as coronaviruses often do. But the body is flush with other fighters that are much tougher to bamboozle—among them, B cells and T cells that can quash a growing infection before it spirals out of control
  • Those protections tend to build iteratively, as people see pathogens or vaccines more often. People vaccinated three times over, for instance, seem especially well equipped to duke it out with all sorts of SARS-CoV-2 variants, including Omicron and its offshoots.
  • promising patterns: Second infections and post-vaccination infections “are significantly less severe,” she told me, sometimes to the point where people don’t notice them at all
  • Bodies, wised up to the virus’s quirks, can now react more quickly, clobbering it with sharper and speedier strikes.
  • “There are still very good reasons” to keep exposures few and far between, Landon, of the University of Chicago, told me. Putting off reinfection creates fewer opportunities for harm: The dice are less likely to land on severe disease (or chronic illness) when they’re rolled less often overall. It also buys us time to enhance our understanding of the virus, and improve our tools to fight it.
  • Immunity, though, is neither binary nor permanent. Even if SARS-CoV-2’s assaults are blunted over time, there are no guarantees about the degree to which that happens, or how long it lasts.
  • A slew of factors could end up weighting the dice toward severe disease—among them, a person’s genetics, age, underlying medical conditions, health-care access, and frequency or magnitude of exposure to the virus.
  • for everyone else, no amount of viral dampening can totally eliminate the chance, however small it may be, of getting very sick.
  • Long COVID, too, might remain a possibility with every discrete bout of illness. Or maybe the effects of a slow-but-steady trickle of minor, fast-resolving infections would sum together, and bring about the condition.
  • Every time the body’s defenses are engaged, it “takes a lot of energy, and causes tissue damage,” Thomas told me. Should that become a near-constant barrage, “that’s probably not great for you.”
  • Bodies are resilient, especially when they’re offered time to rest, and she doubts that reinfection with a typically ephemeral virus such as SARS-CoV-2 would cause mounting damage. “The cumulative effect is more likely to be protective than detrimental,” she said, because of the immunity that’s laid down each time.
  • people who have caught the virus twice or thrice may be more likely to become long-haulers than those who have had it just once.
  • Some other microbes, when they reinvade us, can fire up the immune system in unhelpful ways, driving bad bouts of inflammation that burn through the body, or duping certain defensive molecules into aiding, rather than blocking, the virus’s siege. Researchers don’t think SARS-CoV-2 will do the same. But this pathogen is “much more formidable than even someone working on coronaviruses would have expected,
  • Seasonal encounters with pathogens other than SARS-CoV-2 don’t often worry us—but perhaps that’s because we’re still working to understand their toll. “Have we been underestimating long-term consequences from other repeat infections?” Thomas said. “The answer is probably, almost certainly, yes.”
  • the rhythm of reinfection isn’t just about the durability of immunity or the pace of viral evolution. It’s also about our actions and policies, and whether they allow the pathogen to transmit and evolve. Strategies to avoid infection—to make it as infrequent as possible, for as many people as possible—remain options, in the form of vaccination, masking, ventilation, paid sick leave, and more.
  • Gordon and Swartz are both hopeful that the slow accumulation of immunity will also slash people’s chances of developing long COVID.
  • The outlooks of the experts I spoke with spanned the range from optimism to pessimism, though all agreed that uncertainty loomed. Until we know more, none were keen to gamble with the virus—or with their own health. Any reinfection will likely still pose a threat, “even if it’s not the worst-case scenario,” Abdool Karim told me. “I wouldn’t want to put myself in that position.”
lilyrashkind

Dawn Staley: Investing in women's basketball from North Philly to South Carolina - CNN - 0 views

  • (CNN)At the top of Dawn Staley's stacked trophy case is an orange and white basketball. The University of South Carolina women's basketball head coach said the ball was signed by every Olympic coach, and she finally added her own signature last month. It also serves as a reminder of just how much the game has given her.
  • On Friday at 7 p.m. ET, Staley will try to get one step closer to another national championship when she coaches her No. 1 seeded South Carolina team through their Sweet Sixteen game against No. 5 North Carolina. The Gamecocks dominated in the first two rounds of the tournament, beating Howard 79-21 and Miami 49-33. However, once again, Staley recognizes this tournament is about more than just winning.
  • "Those young ladies -- I saw on social media in their press conference -- they're like: 'You know, we're happy to be here. This is where Dawn Staley coaches. This is where they play their actual games.'
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  • After winning the 2017 national championship, Columbia, South Carolina's mayor named a street near the Colonial Life Arena 'Dawn Staley Way.' In January 2021, the university installed a statue of A'ja Wilson for her accomplishments with that championship team. Just nine months later, on October 15, 2021, the University of South Carolina Board of Trustees approved a seven-year, $22.4 million contract extension, making Staley the highest paid Black coach in women's basketball and one of the highest paid in the country.
  • Staley feels that South Carolina has grown the game and women's sport as a whole, especially when it comes to equal pay. She wants to see the rest of the country make the same commitment to women's basketball that South Carolina has. Staley believes the passion for women's basketball is already there; players, coaches and fans are all locked into the game, the only thing that's missing is investment.
  • For now, while she waits for others to invest in women's basketball, Staley invests in her players and helps them reach their own aspirations. The goals players set for themselves are far and beyond what Staley imagined at their age; she even heard one player say she wants to be a millionaire by the time she graduates college."I want them to get everything they can get out of the sport," she said. "I've introduced my entire team to agents all over the country so they can get their brands in order, so they can get the wealth that they deserve."
  • "I know my impact in Philly. I know my impact here in South Carolina. I'm beginning to find myself and my impact across the country because I hear it from other people," Staley said."So I choose people because of the impact they can make in their neighborhoods. If those neighborhoods can get fixed because of someone that came back and they're giving back and they're pouring into them, we're going to have better neighborhoods."
  • Growing up in the projects of North Philadelphia, Staley said she learned so many lessons and wouldn't trade her childhood for another in suburbia: "North Philly raised me, and I take it everywhere I go."Her mother, Estelle Staley, was a disciplinarian and Staley freely admits she was scared of her mom, but the way she raised Staley and her siblings was integral to all her accomplishments in basketball. As time goes on, Staley sees more and more of her mother in herself. She said she's her mother's child through and through, in the way she coaches, mentors and treats those around her.
  • "Honestly, I just want to be known as an odds-beater. Like just simply beat the odds because no one from North Philly -- no one from the projects in North Philly -- gave me a shot at any of this, like really none of this."I had a praying mother. She made sure we went to church, and all of this is divine intervention because you could not have dreamt of this happening to just one individual."
Javier E

Getting 'More Christians Into Politics' Is the Wrong Christian Goal - 0 views

  • If I could distill the anger about that essay down to a single sentence (besides simply, “Shut up!”) it would be this: “You talk about the problems in Christian conservatism too much. Talk about the Left more.” 
  • And I get it. I really do. In a deeply divided nation where millions of people have convinced themselves that the church is under unprecedented siege, you want Christians who possess a public platform to “defend the church.” There is a deep and profound human desire for advocacy.
  • Yet that’s not remotely the model of biblical discourse, especially of how believers talk to each other.
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  • As I wrote in my book, at my most partisan moment I once gave a speech in which I said words that shame me to this day. 
  • we forget a fundamental truth—our own maladies often make us unable to see the world clearly. Or, as Jesus said, “You hypocrite, first take the plank out of your own eye, and then you will see clearly to remove the speck from your brother’s eye.” In so many ways, we’ve become the People of the Plank, blind to the pain we’ve inflicted on the public even as we try desperately to protect ourselves from them.
  • Early church fathers were far, far more concerned with the faith and virtue of the church than the maladies of the Romans. 
  • I didn’t exactly become post-partisan upon my return (that came later), but I gained the perspective that permitted me to start the process of pulling the plank from my own eye.
  • In Iraq, the reality was so profoundly different that words can barely begin to describe all the distinctions
  • “I believe the two greatest threats to the United States are university leftists at home and jihadists abroad.”
  • it’s opened my eyes to many truths that were new to me. Among them, the church should be focused much more on its own virtue than the virtue of the rest of the world.
  • In addition, if there were no grounds for Christians to live with a “spirit of fear” at the height of the Roman Empire, there are no grounds for us to live with a spirit of fear in our nation today. Yet fear seems to dominate Christian political activism—including fear of the left, of CRT, and sometimes even fear for the very existence of a free church in the United States of America.
  • sad experience with Christian leaders teaches us that their professed identity tells us little to nothing about their actual virtue, and virtue should be the guiding concern of Christians in politics, not identity. 
  • I now see that my young desire for “more Christians in politics” and “more respect for Christians in public life” was part of the plank in my eye. Indeed, it helped make me gullible and tribal.
  • I was often eager to critique secular cultures and slow to respond when my own narratives came under credible attack. 
  • While some of the most important fights for justice have been led by Christians—including the civil rights and pro-life movements—some of the most destructive political and cultural forces have been loudly and proudly led by Christians as well. 
  • In fact, two of the most destructive political and cultural movements of this new century—vaccine refusal that has cost hundreds of thousands of lives, and an effort to overturn an election that could have ruptured our republic—were disproportionately dominated by the most outspoken Christian voices.
  • Here’s what’s hard. Refusing to lie for a president. Refusing to yield to a mob. Resisting the fury of a furious time. And if Christians can’t succeed in that most basic, though often profoundly dangerous, task, then no, we don’t need more Christians in politics. We need more people who possess and demonstrate character and moral courage.
Javier E

Opinion | Colleges Should Be More Than Just Vocational Schools - The New York Times - 0 views

  • Between 2013 and 2016, across the United States, 651 foreign language programs were closed, while majors in classics, the arts and religion have frequently been eliminated or, at larger schools, shrunk. The trend extends from small private schools like Marymount to the Ivy League and major public universities, and shows no sign of stopping.
  • The steady disinvestment in the liberal arts risks turning America’s universities into vocational schools narrowly focused on professional training. Increasingly, they have robust programs in subjects like business, nursing and computer science but less and less funding for and focus on departments of history, literature, philosophy, mathematics and theology.
  • America’s higher education system was founded on the liberal arts and the widespread understanding that mass access to art, culture, language and science were essential if America was to thrive. But a bipartisan coalition of politicians and university administrators is now hard at work attacking it — and its essential role in public life — by slashing funding, cutting back on tenure protections, ending faculty governance and imposing narrow ideological limits on what can and can’t be taught.
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  • For decades — and particularly since the 2008 recession — politicians in both parties have mounted a strident campaign against government funding for the liberal arts. They express a growing disdain for any courses not explicitly tailored to the job market and outright contempt for the role the liberal arts-focused university has played in American society.
  • Former Gov. Scott Walker’s assault on higher education in Wisconsin formed the bedrock of many later conservative attacks. His work severely undermined a state university system that was once globally admired. Mr. Walker reportedly attempted to cut phrases like “the search for truth” and “public service” — as well as a call to improve “the human condition” — from the University of Wisconsin’s official mission statement
  • But blue states also regularly cut higher education funding, sometimes with similar rationales. In 2016, Matt Bevin, the Republican governor of Kentucky at the time, suggested that students majoring in the humanities shouldn’t receive state funding. The current secretary of education, Miguel Cardona, a Democrat, seems to barely disagree. “Every student should have access to an education that aligns with industry demands and evolves to meet the demands of tomorrow’s global work force,” he wrote in December.
  • Federal funding reflects those priorities. The National Endowment for the Humanities’ budget in 2022 was just $180 million. The National Science Foundation’s budget was about 50 times greater, having nearly doubled within two decades.
  • What were students meant to think? As the cost of higher education rose, substantially outpacing inflation since 1990, students followed funding — and what politicians repeatedly said about employability — into fields like business and computer science. Even majors in mathematics were hit by the focus on employability.
  • Universities took note and began culling. One recent study showed that history faculty across 28 Midwestern universities had dropped by almost 30 percent in roughly the past decade. Classics programs, including the only one at a historically Black college, were often simply eliminated.
  • Higher education, with broad study in the liberal arts, is meant to create not merely good workers but good citizens
  • this is a grim and narrow view of the purpose of higher education, merely as a tool to train workers as replaceable cogs in America’s economic machine, to generate raw material for its largest companies.
  • Citizens with knowledge of their history and culture are better equipped to lead and participate in a democratic society; learning in many different forms of knowledge teaches the humility necessary to accept other points of view in a pluralistic and increasingly globalized society.
  • In 1947, a presidential commission bemoaned an education system where a student “may have gained technical or professional training” while being “only incidentally, if at all, made ready for performing his duties as a man, a parent and a citizen.” The report recommended funding to give as many Americans as possible the sort of education that would “give to the student the values, attitudes, knowledge and skills that will equip him to live rightly and well in a free society,” which is to say the liberal arts as traditionally understood. The funding followed.
  • The report is true today, too
  • the American higher education system is returning to what it once was: liberal arts finishing schools for the wealthy and privileged, and vocational training for the rest.
  • Reversing this decline requires a concerted effort by both government and educational actors
  • renewed funding for the liberal arts — and especially the humanities — would support beleaguered departments and show students that this study is valuable and valued.
  • At the university level, instituting general education requirements would guarantee that even students whose majors have nothing to do with the humanities emerged from college equipped to think deeply and critically across disciplines.
  • Liberal arts professors must also be willing to leave their crumbling ivory towers and the parochial debates about their own career path, in order to engage directly in public life
Javier E

He's Narrating Your New Audiobook. He's Also Been Dead for Nearly 10 Years. - WSJ - 0 views

  • AI’s reach into audiobook narration isn’t merely theoretical. Thousands of AI-narrated audiobooks are available on popular marketplaces including Alphabet Inc.’s Google Play Books and Apple Inc.’s Apple Books. Amazon.com Inc., AMZN +0.25% whose Audible unit is the largest U.S. audiobook service, doesn’t offer any for now, but says it is evaluating its position.
  • The technology hasn’t been widely embraced by the largest U.S. book publishers, which mostly use it for marketing efforts and some foreign-language title
  • it is a boon for smaller outfits and little-known authors, whose books might not have the sales potential to warrant the cost—traditionally at least $5,000—of recording an audio version.
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  • Apple and Google said they allow users to create audiobooks free of charge that use digitally replicated human voices. The voices featured in audiobooks generated by Apple and Google come from real people, whose voices helped train their automated-narration engines.
  • Ms. Papel said there is still plenty of work for professional narrators because the new era of AI auto-narration is just getting under way, though she said that might not be the case in the future.
  • “From what I can see, human narrators are freaking out,
  • Melissa Papel, a Paris-born actress who records from her home studio in Los Angeles, said she recorded eight hours of content for DeepZen, reading in French from different books. “One called for me to read in an angry way, another in a disgusted way, a humorous way, a dramatic way,” she said.
  • Charles Watkinson, director of the University of Michigan Press, said the publisher has made about 100 audiobooks using Google’s free auto-narrated audiobook platform since early last year. The new technology made those titles possible because it eliminated the costs associated with using a production studio, support staff and human narrators.
  • “I understood that they would use my voice to teach software how to speak more humanly,” Ms. Papel said. “I didn’t realize they could use my voice to pronounce words I didn’t say. That’s incredible.”
  • DeepZen pays its narrators a flat fee plus a royalty based on the revenue the company generates from different projects. The agreements span multiple years
  • a national union that represents performers, including professional audiobook narrators, said he expects AI to eventually disrupt the industry.
  • Audiobook sales rose 7% last year, according to the Association of American Publishers, while print book sales declined by 5.8%, according to book tracker Circana BookScan.
  • eepZen says it has signed deals with 35 publishers in the U.S. and abroad and is working with 25 authors.
  • Josiah Ziegler, a psychiatrist in Fort Collins, Colo., last year created Intellectual Classics, which focuses on nonfiction works that are out of copyright and don’t have an audiobook edition. 
  • He chose Mr. Herrmann as the narrator for “The War with Mexico,” a work by Justin H. Smith that won the 1920 Pulitzer Prize for history whose audiobook version Dr. Ziegler expects to publish later this year.
  • DeepZen, which has created nearly a hundred audiobooks featuring Mr. Herrmann’s voice, is pursuing the rights of other well-known stars who have died.
Javier E

A Hamline Adjunct Showed a Painting of the Prophet Muhammad. She Lost Her Job. - The Ne... - 0 views

  • University officials and administrators all declined interviews. But Dr. Miller, the school’s president, defended the decision in a statement.“To look upon an image of the Prophet Muhammad, for many Muslims, is against their faith,” Dr. Miller’s statement said, adding, “It was important that our Muslim students, as well as all other students, feel safe, supported and respected both in and out of our classrooms.”
  • In a December interview with the school newspaper, the student who complained to the administration, Aram Wedatalla, described being blindsided by the image.
  • There are, however, a range of beliefs. Some Muslims distinguish between respectful depictions and mocking caricatures, while others do not subscribe to the restriction at all.
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  • The painting shown in Dr. López Prater’s class is in one of the earliest Islamic illustrated histories of the world, “A Compendium of Chronicles,” written during the 14th century by Rashid-al-Din (1247-1318).Shown regularly in art history classes, the painting shows a winged and crowned Angel Gabriel pointing at the Prophet Muhammad and delivering to him the first Quranic revelation. Muslims believe that the Quran comprises the words of Allah dictated to the Prophet Muhammad through the Angel Gabriel.
  • The image is “a masterpiece of Persian manuscript painting,” said Christiane Gruber, a professor of Islamic art at the University of Michigan. It is housed at the University of Edinburgh; similar paintings have been on display at places like the Metropolitan Museum of Art. And a sculpture of the prophet is at the Supreme Court.Dr. Gruber said that showing Islamic art and depictions of the Prophet Muhammad have become more common in academia, because of a push to “decolonize the canon” — that is, expand curriculum beyond a Western model.
  • Dr. Gruber, who wrote the essay in New Lines Magazine defending Dr. López Prater, said that studying Islamic art without the Compendium of Chronicles image “would be like not teaching Michaelangelo’s David.”
  • Yet, most Muslims believe that visual representations of Muhammad should not be viewed, even if the Quran does not explicitly prohibit them. The prohibition stems from the belief that an image of Muhammad could lead to worshiping the prophet rather than the god he served.
  • The administration, he said, “closed down conversation when they should have opened it up.”
  • Omid Safi, a professor of Asian and Middle Eastern Studies at Duke University, said he regularly shows images of the Prophet Muhammad in class and without Dr. López Prater’s opt-out mechanisms. He explains to his students that these images were works of devotion created by pious artists at the behest of devout rulers.“That’s the part I want my students to grapple with,” Dr. Safi said. “How does something that comes from the very middle of the tradition end up being received later on as something marginal or forbidden?”
  • Dr. López Prater, a self-described art nerd, said she knew about the potential for conflict on Oct. 6, when she began her online lecture with 30 or so students.She said she spent a few minutes explaining why she was showing the image, how different religions have depicted the divine and how standards change over time.“I do not want to present the art of Islam as something that is monolithic,” she said in an interview, adding that she had been shown the image as a graduate student. She also showed a second image, from the 16th century, which depicted Muhammad wearing a veil.
  • Four days after the class, Dr. López Prater was summoned to a video meeting with the dean of the college of liberal arts, Marcela Kostihova.
  • After the class ended, Ms. Wedatalla, a business major and president of the university’s Muslim Student Association, stuck around to voice her discomfort.Immediately afterward, Dr. López Prater sent an email to her department head, Allison Baker, about the encounter; she thought that Ms. Wedatalla might complain.Ms. Baker, the chair of the digital and studio art department, responded to the email four minutes later.“It sounded like you did everything right,” Ms. Baker said. “I believe in academic freedom so you have my support.”
  • As Dr. López Prater predicted, Ms. Wedatalla reached out to administrators. Dr. López Prater, with Ms. Baker’s help, wrote an apology, explaining that sometimes “diversity involves bringing contradicting, uncomfortable and coexisting truths into conversation with each other.”
  • Ms. Wedatalla declined an interview request, and did not explain why she had not raised concerns before the image was shown. But in an email statement, she said images of Prophet Muhammad should never be displayed, and that Dr. López Prater gave a trigger warning precisely because she knew such images were offensive to many Muslims. The lecture was so disturbing, she said, that she could no longer see herself in that course.
  • Dr. López Prater said that no one in class raised concerns, and there was no disrespectful commentary.
  • Dr. Kostihova compared showing the image to using a racial epithet for Black people, according to Dr. López Prater.“It was very clear to me that she had not talked to any art historians,” Dr. López Prater said.
  • A couple of weeks later, the university rescinded its offer to teach next semester.
  • Dr. López Prater said she was ready to move on. She had teaching jobs at other schools. But on Nov. 7, David Everett, the vice president for inclusive excellence, sent an email to all university employees, saying that certain actions taken in an online class were “undeniably inconsiderate, disrespectful and Islamophobic.”
  • Dr. López Prater, who had only begun teaching at Hamline in the fall, said she felt like a bucket of ice water had been dumped over her head, but the shock soon gave way to “blistering anger at being characterized in those terms by somebody who I have never even met or spoken with.” She reached out to Dr. Gruber, who ended up writing the essay and starting the petition.
  • At the Dec. 8 forum, which was attended by several dozen students, faculty and administrators, Ms. Wedatalla described, often through tears, how she felt seeing the image.“Who do I call at 8 a.m.,” she asked, when “you see someone disrespecting and offending your religion?”Other Muslim students on the panel, all Black women, also spoke tearfully about struggling to fit in at Hamline. Students of color in recent years had protested what they called racist incidents; the university, they said, paid lip service to diversity and did not support students with institutional resources.
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