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Javier E

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

www.wsj.com/...-economic-disaster-11645199788

fed pandemic monetary policy emergency history crisis us economics

shared by Javier E on 20 Feb 22 - No Cached
  • 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.
  • ...37 more annotations...
  • 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

Norovirus is almost impossible to stop - The Atlantic - 0 views

www.theatlantic.com/...673116

infection prevention epidemic

shared by Javier E on 20 Feb 23 - No Cached
  • Disinfection is back.
  • “Bleach is my friend right now,” says Annette Cameron, a pediatrician at Yale School of Medicine, who spent the first half of this week spraying and sloshing the potent chemical all over her home. It’s one of the few tools she has to combat norovirus, the nasty gut pathogen that her 15-year-old son was recently shedding in gobs.
  • norovirus has seeded outbreaks in several countries, including the United Kingdom, Canada, and the United States. Last week, the U.K. Health Security Agency announced that laboratory reports of the virus had risen to levels 66 percent higher than what’s typical this time of year. Especially hard-hit are Brits 65 and older, who are falling ill at rates that “haven’t been seen in over a decade.”
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  • The U.S. logs fewer than 1,000 annual deaths out of millions of documented cases
  • this is more a nauseating nuisance than a public-health crisis. In most people, norovirus triggers, at most, a few miserable days of GI distress that can include vomiting, diarrhea, and fevers, then resolves on its own; the keys are to stay hydrated and avoid spreading it to anyone vulnerabl
  • norovirus is the most common cause of foodborne illness in the United States.)
  • direct contact with those substances, or the food or water they contaminate, may not even be necessary: Sometimes people vomit with such force that the virus gets aerosolized; toilets, especially lidless ones, can send out plumes of infection
  • Still, fighting norovirus isn’t easy, as plenty of parents can attest. The pathogen, which prompts the body to expel infectious material from both ends of the digestive tract, is seriously gross and frustratingly hardy. Even the old COVID standby, a spritz of hand sanitizer, doesn’t work against it—the virus is encased in a tough protein shell that makes it insensitive to alcohol.
  • At an extreme, a single gram of feces—roughly the heft of a jelly bean—could contain as many as 5.5 billion infectious doses, enough to send the entire population of Eurasia sprinting for the toilet.
  • norovirus mainly targets the gut, and spreads especially well when people swallow viral particles that have been released in someone else’s vomit or stool.
  • the virus is far more deadly in parts of the world with limited access to sanitation and potable water.
  • If the spittle finding holds for humans, then talking, singing, and laughing in close proximity could be risky too.
  • Once emitted into the environment, norovirus particles can persist on surfaces for days—making frequent hand-washing and surface disinfection key measures to prevent spread
  • Handshakes and shared meals tend to get dicey during outbreaks, along with frequently touched items such as utensils, door handles, and phones.
  • One 2012 study pointed to a woven plastic grocery bag as the source of a small outbreak among a group of teenage soccer players; the bag had just been sitting in a bathroom used by one of the girls when she fell sick the night before.
  • Once a norovirus transmission chain begins, it can be very difficult to break. The virus can spread before symptoms start, and then for more than a week after they resolve
  • Once the virus arrives, the entire family is almost sure to be infected. Baldridge, who has two young children, told me that her household has weathered at least four bouts of norovirus in the past several years.
  • Roughly 20 percent of European populations, for instance, are genetically resistant to common norovirus strains. “So you can hope,” Frenck told me. For the rest of us, it comes down to hygiene
  • Altan-Bonnet recommends diligent hand-washing, plus masking to ward off droplet-borne virus. Sick people should isolate themselves if they can. “And keep your saliva to yourself,” she told me.
  • The family fastidiously scrubbed their hands with hot water and soap, donned disposable gloves when touching shared surfaces, and took advantage of the virus’s susceptibility to harsh chemicals and heat. When her son threw up on the floor, Cameron sprayed it down with bleach; when he vomited on his quilt, she blasted it twice in the washing machine on the sanitizing setting, then put it through the dryer at a super high temp
  • After three years of COVID, the world has gotten used to thinking about infections in terms of airways. “We need to recalibrate,” Bhumbra told me, “and remember that other things exist.”
criscimagnael

Xi and Putin's 'No Limits' Bond Leaves China Few Options on Ukraine - The New York Times - 0 views

www.nytimes.com/...putin-ukraine-china-xi.html

shared by criscimagnael on 07 Mar 22 - No Cached
  • They had just finalized a statement declaring their vision of a new international order with Moscow and Beijing at its core, untethered from American power.
  • Over dinner, according to China’s official readout, they discussed “major hot-spot issues of mutual concern.”
  • Publicly, Mr. Xi and Mr. Putin had vowed that their countries’ friendship had “no limits.” The Chinese leader also declared that there would be “no wavering” in their partnership, and he added his weight to Mr. Putin’s accusations of Western betrayal in Europe.
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  • The implications for China extend beyond Ukraine, and even Europe.
  • “He’s damned if he did know, and damned if he didn’t,” Paul Haenle, a former director for China on the National Security Council, said of whether Mr. Xi had been aware of Russia’s plans to invade. “If he did know and he didn’t tell people, he’s complicit; if he wasn’t told by Putin, it’s an affront.”
  • In any case, the invasion evidently surprised many in Beijing’s establishment
  • Mr. Xi’s statement with Mr. Putin on Feb. 4 endorsed a Russian security proposal that would exclude Ukraine from joining the North Atlantic Treaty Organization.
  • Even so, as Mr. Putin became determined to reverse Ukraine’s turn to Western security protections, Chinese officials began to echo Russian arguments. Beijing also saw a growing threat from American-led military blocs.
  • “Putin may have done this anyway, but also it was unquestionably an enabling backdrop that was provided by the joint statement, the visit and Xi’s association with all of these things,”
  • “He owns that relationship with Putin,” Mr. Haenle said. “If you’re suggesting in the Chinese system right now that it was not smart to get that close to Russia, you’re in effect criticizing the leader.”
  • For decades it sought to build ties with Russia while also keeping Ukraine close.
  • Over the past years, as growing numbers of Ukrainians supported joining NATO, Chinese diplomats did not raise objections with Kyiv, said Sergiy Gerasymchuk, an analyst with Ukrainian Prism, a foreign policy research organization in Kyiv.
  • For both leaders, their partnership was an answer to Mr. Biden’s effort to forge an “alliance of democracies.”
  • Before and shortly after the invasion, Beijing sounded sympathetic to Moscow’s security demands, mocking Western warnings of war and accusing the United States of goading Russia. Over the past two weeks, though, China has sought to edge slightly away from Russia. It has softened its tone, expressing grief over civilian casualties. It has cast itself as an impartial party, calling for peace talks and for the war to stop as soon as possible.
  • Beijing had its own complaints with NATO, rooted in the bombing of the Chinese Embassy in Belgrade, Serbia, during NATO’s war in 1999 to protect a breakaway region, Kosovo. Those suspicions deepened when NATO in 2021 began to describe China as an emerging challenge to the alliance.
  • n Feb. 23, a foreign ministry spokeswoman, Hua Chunying, accused Washington of “manufacturing panic.”
  • Chinese officials tweaked their calls to heed Russia’s security, stressing that “any country’s legitimate security concerns should be respected.” They still did not use the word “invasion,” but have acknowledged a “conflict between Ukraine and Russia.”
  • “Many decision makers in China began to perceive relations in black and white: either you are a Chinese ally or an American one,”
  • “They still want to remain sort of neutral, but they bitterly failed.”
criscimagnael

Distorted Reality - The New York Times - 0 views

www.nytimes.com/...court-conspiracy-theories.html

shared by criscimagnael on 25 Mar 22 - No Cached
  • The first of my many blessings,” she told the Senate this week, “is the fact that I was born in this great nation.”
  • She is not an advocate of critical race theory or other progressive ideas about education. She has never taken a public position on hot-button school issues like whether young children should be taught about gender identity.
  • She has often praised law enforcement, including her proud mention this week that her brother and two of her uncles worked as police officers.
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  • It has become an argument over a nominee who does not exist — one who does not respect America, is not truly religious, coddles child abusers and terrorists and has highly developed views about the importance of “woke” education.
  • Conspiracy theories and unfair accusations have a long history in American politics, of course. But they have often remained on the margins. Today, distortions and falsehoods have moved to the center of politics.
  • While neither party is entirely innocent, there is a fundamental difference between Republicans and Democrats. False claims regularly flow from the leaders of the Republican Party —
  • The Jackson hearings have become the latest example. Several Republican senators — including Josh Hawley, Lindsey Graham and Ted Cruz yesterday — have tried to portray her as soft on child pornographers. Their argument depends on a misleading cherry-picking of facts from cases she has heard.
  • Woke education has become another focus of the hearings, with Republicans like Cruz and Marsha Blackburn trying to portray Jackson as an advocate for it. In truth, she has not taken a position on the issues that fall under that category.
  • That was apparently enough for the Republican National Committee to tweet an image of her this week, with her initials — KBJ — crossed out and replaced with CRT, an abbreviation for critical race theory.
  • The only time Jackson appears to have mentioned critical race theory publicly was in a 2015 speech. It was part of a list of disciplines that she said had an intellectual connection to criminal sentencing, including administrative law, philosophy, psychology and statistics.
  • There is one broader political risk here for Democrats, though: imagining that Republicans are simply playing to their base by making these misleading criticisms of Jackson. They are also trying to appeal to swing voters.
  • Most Americans oppose cutting police budgets, for instance. Many believe that allowing all transgender girls to compete in girls’ sports can be unfair to other girls. Many voters — and not just white voters — think that liberals focus too much on racial identity.
  • “One thing that is striking about this hearing,” Lori Ringhand, a legal scholar, told The Times, “is how little effort we are seeing to engage the nominee on her views about actual legal issues.”
Javier E

Opinion | Mixing Barstool Conservatives and Social Conservatives Is Warping the G.O.P. ... - 0 views

www.nytimes.com/...al-conservatives-abortion.html

conservatism sex license libertinism gop culture politics history

shared by Javier E on 16 Mar 23 - No Cached
  • Some conservatives seem to have decided that winning over a new constituency — one that hates rules and ordinances and loves hot people and cool ideas and sex, sex and ideally more sex — is worth changing what it means to be a conservative in the first place.
  • A hornier conservative movement might be more electorally successful, but it will run headfirst into a wall of longstanding conservative policy commitments — to end abortion, eliminate pornography and reinforce the “nuclear family.” Goals that are, at the very least, not very horny.
  • Being a horny bro is not terribly unusual, or even bad. In fact, I’d argue that many men fall in this category — heterosexual men who think that liking sex and sexiness are generally good, uncomplicated things, and think that people who tell them that sex or sexiness is bad or sinful or problematic should be mocked or ignored.
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  • Under the philosophical construct of horny bro-dom, the idea is that abortion isn’t good or bad, but it is an act that a woman wishes to commit, and nobody should tell anybody else what to do, or what not to do. In fact, in 1992, then-Gov. Bill Clinton (a noted horny bro) said
  • Barstool conservatives are “people who, with varying degrees of enthusiasm, accept pornography, homosexuality, drug use, legalized gambling, and whatever Gamergate was about.” But what they do not accept, ever, is being told what to do, whether by “hectoring, schoolmarmish” politicians and media or by the federal government
  • “This attitude is ‘liberal’ in that it regards sexual license as an unalloyed good, and treats any kind of social or religious conservatism as a dead letter. But at the same time it wants to rebel and lash out against the strictures it feels that feminism and political correctness have placed on male liberty, male rights.”
  • The debate that Mr. Hefner and Mr. Buckley had about politics in the 1960s has become a defining question for the conservative movement: whether conservatism is a project intended to get people to do something (even things they do not wish to do) or to protect people from being told what to do.
  • This has created peril for traditional Republicans. Attempting to come across as the “cool mom” of political persuasions — do whatever you want, just do it at home, and ideally, do it in a way that owns the teetotaling libs — is not the natural affect of movement conservatives.
Javier E

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

www.nytimes.com/...black-power-wokeness.html

black civil rights movement power history crisis culture politics

shared by Javier E on 22 Mar 23 - No Cached
  • Various books I’ve been reading lately have me thinking about 1966. I have often said that the history of Black America could be divided between what happened before and after that year.
  • It was a year when the fight for Black equality shifted sharply in mood, ushering in an era in which rhetoric overtook actual game plans for action
  • The difference between Black America in 1960 and in 1970 appears vaster to me than it was between the start and end of any other decade since the 1860s, after Emancipation
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  • in 1966 specifically, Stokely Carmichael made his iconic speech about a separatist Black Power, the Student Nonviolent Coordinating Committee he led expelled its white members (though Carmichael himself did not advocate this), the Black Panther Party was born, “Black” replaced “Negro” as the preferred term, the Afro went mainstream, and Malcolm X’s “The Autobiography of Malcolm X” (written with Alex Haley) became a standard text for Black readers.
  • Mark Whitaker, a former editor of Newsweek, has justified my sense of that year as seminal with his new book, “Saying It Loud: 1966 — the Year Black Power Challenged the Civil Rights Movement.” Whitaker has a journalist’s understanding of the difference between merely documenting the facts and using them to tell a story, and his sober yet crisp prose pulls the reader along with nary a lull.
  • Why did the mood shift at that particular point? The conditions of Black America at the time would not have led one to imagine that a revolution in thought was imminent. The Civil Rights Act of 1964 and the Voting Rights Act of 1965 had just happened. The economy was relatively strong, and Black men in particular were now earning twice or more what they earned before World War II.
  • as to claims one might hear that Black America was uniquely fed up in 1966, were Black people not plenty fed up in 1876, or after World War I or World War II?
  • The N.A.A.C.P. head Roy Wilkins was infuriated at a crucial summit meeting between leading Black groups where Carmichael referred to Lyndon Johnson as “that cat, the president” and recommended publicly denouncing his work. This was a key conflict between an older style seeking to work within the only reality available and a new style favoring a kind of utopian agitprop.
  • Woke demands that nations and peoples face up to their criminal histories. In the process it often concludes that all history is criminal.”
  • Where Hoover comes in on the 1966 issue is a common observation of his, which was that the Black-led urban riots of the Long, Hot Summer, and the general change in mood from integrationist to separatist, was not solely a response to the frustrations of poverty.
  • It’s a safe bet that if Black leaders had taken the tone of Carmichael and the Panthers in 1900 or even 1950, the response from whites would have been openly violent and even murderous. The theatricality of the new message was in part a response to enough whites now being interested in listening.
  • Daniel Akst’s lucid group biography, “War By Other Means: The Pacifists of the Greatest Generation Who Revolutionized Resistance,” demonstrates people of the era engaging in action that brings about actual change. Following the lives and careers of the activists Dorothy Day, Dwight Macdonald, David Dellinger and Bayard Rustin, one senses almost none of the detour into showmanship that so infused 1966
  • I hardly intend that Carmichael’s brand of progressivism has only been known among Black people. Today it has attained cross-racial influence, serving as a model for today’s extremes of wokeness, confusing acting out for action.
  • One might suppose that the acting out is at least a demonstration of leftist philosophy, perhaps valuable as a teaching tool of sorts. But is it? The flinty, readable “Left is Not Woke” by Susan Neiman, the director of the Einstein Forum think tank, explores that question usefully.
  • Neiman limns the new wokeness as an anti-Enlightenment program, despite its humanistic Latinate vocabulary. She associates true leftism with a philosophy that asserts “a commitment to universalism over tribalism, a firm distinction between justice and power and a belief in the possibility of progress” and sees little of those elements in the essentializing, punitive and pessimistic tenets too common in modern wokeness.
  • I suspect that much of why leading Black political ideology took such a menacing, and even impractical, turn in the late 1960s was that white America was by that time poised to hear it out. Not all of white America. But a critical mass had become aware, through television and the passage of bills like the Civil Rights Act, that there was a “race issue” requiring attention.
  • Neiman critiques pioneering texts of this kind of view, such as Michel Foucault’s widely assigned book, “Discipline and Punish,” and his essay “What is Enlightenment?,” in which he scorns “introducing ‘dialectical’ nuances while seeking to determine what good and bad elements there may have been in the Enlightenment.” In this cynical and extremist kind of rhetoric, Neiman notes that “you may look for an argument; what you’ll find is contempt.” And the problem, she adds, is that “those who have learned in college to distrust every claim to truth will hesitate to acknowledge falsehood.”
  • in 1966 something went seriously awry with what used to be called “The Struggle.” There is a natural human tendency in which action devolves into gesture, the concrete drifts into abstraction, the outline morphs into shorthand. It’s true in language, in the arts, and in politics, and I think its effects distracted much Black American thought — as today’s wokeness as performance also leads us astray — at a time when there was finally the opportunity to do so much more.
Javier E

Opinion | The Meaning of an Awesome Employment Report - The New York Times - 0 views

www.nytimes.com/...awesome-employment-report.html

inflation 2023 economic politics history crisis

shared by Javier E on 11 Apr 23 - No Cached
  • Americans, they said, just don’t want to work. Socialism has made them lazy. They’d rather play video games. They don’t have the skills required by a 21st-century economy. High unemployment is “structural” and can’t be solved with monetary and fiscal stimulus.
  • none of them were true
  • the speed and extent of America’s recovery from the pandemic shock have been incredible.
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  • After the 2008 financial crisis, it took 12 years for employment rates to get back to pre-crisis levels. But only three years after Covid struck, employment is fully back for almost every age and demographic group.
  • At this point the employed percentage of adults is at or above early 2020 levels for every age group except those 70 or older.
  • The overall unemployment rate is only 3.5 percent; we haven’t had that spirit here since 1969. Black unemployment is at a record low. There’s good news everywhere you look.
  • So whaddya know: Provide enough job opportunities, and lazy video-game-playing Americans will take those jobs and, apparently, demonstrate enough skill that employers want to keep them.
  • Full employment also turns out to be a powerful force for equality, on multiple dimensions. The gap between Black and white unemployment is now a fifth of what it was when Ronald Reagan proclaimed “morning in America.” A tight labor market has led to big gains for low-wage workers, sharply reducing overall wage inequality.
  • The big question now is whether the good news on jobs is somehow a mirage, based on an unsustainably hot labor market that will have to cool off drastically to contain inflation.
  • what does the current data say? To some extent the answer is, whatever you want to hear.
  • maybe the important point is that almost every measure of inflationary pressure I’m aware of has improved substantially over the past year, with no increase in the unemployment rate
  • there’s good reason to believe that we can sustain the incredibly good job market we have right now, even while getting inflation under control. And it will be a real tragedy if exaggerated fear of inflation causes the Federal Reserve to push interest rates too high for too long, leading to a gratuitous recession that throws away many of the gains we’ve made.
  • Republicans keep insisting President Biden’s policies have been an economic disaster, and that even the mainstream news media has tended to emphasize inflation — which has been a nasty shock, even though it may be subsiding — rather than job gains.
  • So it does seem worth pointing out that at this point Biden is presiding over the best job market America has seen in a generation — specifically since the boom of the late Clinton years. And that, as Biden himself might (almost) say, is a big something deal.
Javier E

How Bad Are Ultraprocessed Foods, Really? - The New York Times - 0 views

www.nytimes.com/...ssed-foods-harmful-health.html

UPFs food diet processed health risks history culture

shared by Javier E on 07 May 24 - No Cached
  • scientists have found associations between UPFs and a range of health conditions, including heart disease, Type 2 diabetes, obesity, gastrointestinal diseases and depression, as well as earlier death.
  • That’s concerning, experts say, since ultraprocessed foods have become a major part of people’s diets worldwide. They account for 67 percent of the calories consumed by children and teenagers in the United States
  • What are ultraprocessed foods, exactly? And how strong is the evidence that they’re harmful? We asked experts to answer these
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  • Dr. Monteiro and his colleagues developed a food classification system called Nova, named after the Portuguese and Latin words for “new.” It has since been adopted by researchers across the world.
  • Unprocessed or minimally processed foods, like fresh or frozen fruits and vegetables, beans, lentils, meat, poultry, fish, eggs, milk, plain yogurt, rice, pasta, corn meal, flour, coffee, tea and herbs and spices.
  • Processed culinary ingredients, such as cooking oils, butter, sugar, honey, vinegar and salt.
  • If you look at the ingredient list and you see things that you wouldn’t use in home cooking, then that’s probably an ultraprocessed food,”
  • his group includes freshly baked bread, most cheeses and canned vegetables, beans and fish. These foods may contain preservatives that extend shelf life.
  • Ultraprocessed foods made using industrial methods and ingredients you wouldn’t typically find in grocery stores — like high-fructose corn syrup, hydrogenated oils and concentrated proteins like soy isolate.
  • They often contain additives like flavorings, colorings or emulsifiers to make them appear more attractive and palatable.
  • Think sodas and energy drinks, chips, candies, flavored yogurts, margarine, chicken nuggets, hot dogs, sausages, lunch meats, boxed macaroni and cheese, infant formulas and most packaged breads, plant milks, meat substitutes and breakfast cereals.
  • Processed foods made by combining foods from Category 1 with the ingredients of Category 2 and preserving or modifying them with relatively simple methods like canning, bottling, fermentation and baking
  • That has led to debate among nutrition experts about whether it’s useful for describing the healthfulness of a food, partly since many UPFs — like whole grain breads, flavored yogurts and infant formulas — can provide valuable nutrients
  • Most research linking UPFs to poor health is based on observational studies, in which researchers ask people about their diets and then track their health over many years.
  • Why might UPFs be harmful?
  • In a large review of studies that was published in 2024, scientists reported that consuming UPFs was associated with 32 health problems, with the most convincing evidence for heart disease-related deaths, Type 2 diabetes and common mental health issues like anxiety and depression.
  • Such studies are valuable, because they can look at large groups of people — the 2024 review included results from nearly 10 million — over the many years it can take for chronic health conditions to develop
  • She added that the consistency of the link between UPFs and health issues increased her confidence that there was a real problem with the foods.
  • But the observational studies also have limitations,
  • It’s true that there is a correlation between these foods and chronic diseases, she said, but that doesn’t mean that UPFs directly cause poor health.
  • Dr. O’Connor questioned whether it’s helpful to group such “starkly different” foods — like Twinkies and breakfast cereals — into one category. Certain types of ultraprocessed foods, like sodas and processed meats, are more clearly harmful than others
  • UPFs like flavored yogurts and whole grain breads, on the other hand, have been associated with a reduced risk of developing Type 2 diabetes.
  • Clinical trials are needed to test if UPFs directly cause health problems, Dr. O’Connor said. Only one such study, which was small and had some limitations, has been done, s
  • In that study, published in 2019, 20 adults with a range of body sizes lived in a research hospital at the National Institutes of Health for four weeks. For two weeks, they ate mainly unprocessed or minimally processed foods, and for another two weeks, they ate mainly UPFs. The diets had similar amounts of calories and nutrients, and the participants could eat as much as they wanted at each meal.
  • During their two weeks on the ultraprocessed diet, participants gained an average of two pounds and consumed about 500 calories more per day than they did on the unprocessed diet
  • During their time on the unprocessed diet, they lost about two pounds.
  • That finding might help explain the link between UPFs, obesity and other metabolic conditions
  • The Nova system notably doesn’t classify foods based on nutrients like fat, fiber, vitamins or minerals. It’s “agnostic to nutrition,”
  • There are many “strong opinions” about why ultraprocessed foods are unhealthy, Dr. Hall said. “But there’s actually not a lot of rigorous science” on what those mechanisms are
  • Because UPFs are often cheap, convenient and accessible, they’re probably displacing healthier foods from our diets
  • the foods could be having more direct effects on health. They can be easy to overeat — maybe because they contain hard-to-resist combinations of carbohydrates, sugars, fats and salt, are high-calorie and easy to chew
  • It’s also possible that resulting blood sugar spikes may damage arteries or ramp up inflammation, or that certain food additives or chemicals may interfere with hormones, cause a “leaky” intestine or disrupt the gut microbiome.
  • Researchers, including Dr. Hall and Dr. Davy, are beginning to conduct small clinical trials that will test some of these theories.
  • most researchers think there are various ways the foods are causing harm. “Rarely in nutrition is there a single factor that fully explains the relationship between foods and some health outcome,”
  • In 2014, Dr. Monteiro helped write new dietary guidelines for Brazil that advised people to avoid ultraprocessed foods.
  • Other countries like Mexico, Israel and Canada have also explicitly recommended avoiding or limiting UPFs or “highly processed foods.”
  • The U.S. dietary guidelines contain no such advice, but an advisory committee is currently looking into the evidence on how UPFs may affect weight gain, which could influence the 2025 guidelines.
  • It’s difficult to know what to do about UPFs in the United States, where so much food is already ultraprocessed and people with lower incomes can be especially dependent on them,
  • “At the end of the day, they are an important source of food, and food is food,” Dr. Mattei added. “We really cannot vilify them,”
  • While research continues, expert opinions differ on how people should approach UPFs.
  • the safest course is to avoid them altogether
  • to swap flavored yogurt for plain yogurt with fruit, for example, or to buy a fresh loaf from a local bakery instead of packaged bread, if you can afford to do so
  • Dr. Vadiveloo suggested a more moderate strategy, focusing on limiting UPFs that don’t provide valuable nutrients, like soda and cookies
  • She also recommended eating more fruits, vegetables, whole grains (ultraprocessed or not), legumes, nuts and seeds.
  • Cook at home as much as you can, using minimally processed foods
Javier E

Ozempic or Bust - The Atlantic - 0 views

www.theatlantic.com/...678211

obesity treatment culture history policy health

shared by Javier E on 09 May 24 - No Cached
  • June 2024 Issue
  • Explore
  • it is impossible to know, in the first few years of any novel intervention, whether its success will last.
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  • The ordinary fixes—the kind that draw on people’s will, and require eating less and moving more—rarely have a large or lasting effect. Indeed, America itself has suffered through a long, maddening history of failed attempts to change its habits on a national scale: a yo-yo diet of well-intentioned treatments, policies, and other social interventions that only ever lead us back to where we started
  • Through it all, obesity rates keep going up; the diabetes epidemic keeps worsening.
  • The most recent miracle, for Barb as well as for the nation, has come in the form of injectable drugs. In early 2021, the Danish pharmaceutical company Novo Nordisk published a clinical trial showing remarkable results for semaglutide, now sold under the trade names Wegovy and Ozempic.
  • Patients in the study who’d had injections of the drug lost, on average, close to 15 percent of their body weight—more than had ever been achieved with any other drug in a study of that size. Wadden knew immediately that this would be “an incredible revolution in the treatment of obesity.”
  • Many more drugs are now racing through development: survodutide, pemvidutide, retatrutide. (Among specialists, that last one has produced the most excitement: An early trial found an average weight loss of 24 percent in one group of participants.
  • In the United States, an estimated 189 million adults are classified as having obesity or being overweight
  • The drugs don’t work for everyone. Their major side effects—nausea, vomiting, and diarrhea—can be too intense for many patients. Others don’t end up losing any weight
  • For the time being, just 25 percent of private insurers offer the relevant coverage, and the cost of treatment—about $1,000 a month—has been prohibitive for many Americans.
  • The drugs have already been approved not just for people with diabetes or obesity, but for anyone who has a BMI of more than 27 and an associated health condition, such as high blood pressure or cholesterol. By those criteria, more than 140 million American adults already qualify
  • if this story goes the way it’s gone for other “risk factor” drugs such as statins and antihypertensives, then the threshold for prescriptions will be lowered over time, inching further toward the weight range we now describe as “normal.”
  • How you view that prospect will depend on your attitudes about obesity, and your tolerance for risk
  • The first GLP-1 drug to receive FDA approval, exenatide, has been used as a diabetes treatment for more than 20 years. No long-term harms have been identified—but then again, that drug’s long-term effects have been studied carefully only across a span of seven years
  • the data so far look very good. “These are now being used, literally, in hundreds of thousands of people across the world,” she told me, and although some studies have suggested that GLP-1 drugs may cause inflammation of the pancreas, or even tumor growth, these concerns have not borne out.
  • adolescents are injecting newer versions of these drugs, and may continue to do so every week for 50 years or more. What might happen over all that time?
  • “All of us, in the back of our minds, always wonder, Will something show up?  ” Although no serious problems have yet emerged, she said, “you wonder, and you worry.”
  • in light of what we’ve been through, it’s hard to see what other choices still remain. For 40 years, we’ve tried to curb the spread of obesity and its related ailments, and for 40 years, we’ve failed. We don’t know how to fix the problem. We don’t even understand what’s really causing it. Now, again, we have a new approach. This time around, the fix had better work.
  • The fen-phen revolution arrived at a crucial turning point for Wadden’s field, and indeed for his career. By then he’d spent almost 15 years at the leading edge of research into dietary interventions, seeing how much weight a person might lose through careful cutting of their calories.
  • But that sort of diet science—and the diet culture that it helped support—had lately come into a state of ruin. Americans were fatter than they’d ever been, and they were giving up on losing weight. According to one industry group, the total number of dieters in the country declined by more than 25 percent from 1986 to 1991.
  • Rejecting diet culture became something of a feminist cause. “A growing number of women are joining in an anti-diet movement,” The New York Times reported in 1992. “They are forming support groups and ceasing to diet with a resolve similar to that of secretaries who 20 years ago stopped getting coffee for their bosses.
  • Now Wadden and other obesity researchers were reaching a consensus that behavioral interventions might produce in the very best scenario an average lasting weight loss of just 5 to 10 percent
  • National surveys completed in 1994 showed that the adult obesity rate had surged by more than half since 1980, while the proportion of children classified as overweight had doubled. The need for weight control in America had never seemed so great, even as the chances of achieving it were never perceived to be so small.
  • Wadden wasn’t terribly concerned, because no one in his study had reported any heart symptoms. But ultrasounds revealed that nearly one-third of them had some degree of leakage in their heart valves. His “cure for obesity” was in fact a source of harm.
  • In December 1994, the Times ran an editorial on what was understood to be a pivotal discovery: A genetic basis for obesity had finally been found. Researchers at Rockefeller University were investigating a molecule, later named leptin, that gets secreted from fat cells and travels to the brain, and that causes feelings of satiety. Lab mice with mutations in the leptin gene—importantly, a gene also found in humans—overeat until they’re three times the size of other mice. “The finding holds out the dazzling hope,”
  • In April 1996, the doctors recommended yes: Dexfenfluramine was approved—and became an instant blockbuster. Patients received prescriptions by the hundreds of thousands every month. Sketchy wellness clinics—call toll-free, 1-888-4FEN-FEN—helped meet demand. Then, as now, experts voiced concerns about access. Then, as now, they worried that people who didn’t really need the drugs were lining up to take them. By the end of the year, sales of “fen” alone had surpassed $300 million.
  • It was nothing less than an awakening, for doctors and their patients alike. Now a patient could be treated for excess weight in the same way they might be treated for diabetes or hypertension—with a drug they’d have to take for the rest of their life.
  • the article heralded a “new understanding of obesity as a chronic disease rather than a failure of willpower.”
  • News had just come out that, at the Mayo Clinic in Minnesota, two dozen women taking fen-phen—including six who were, like Barb, in their 30s—had developed cardiac conditions. A few had needed surgery, and on the operating table, doctors discovered that their heart valves were covered with a waxy plaque.
  • Americans had been prescribed regular fenfluramine since 1973, and the newer drug, dexfenfluramine, had been available in France since 1985. Experts took comfort in this history. Using language that is familiar from today’s assurances regarding semaglutide and other GLP-1 drugs, they pointed out that millions were already on the medication. “It is highly unlikely that there is anything significant in toxicity to the drug that hasn’t been picked up with this kind of experience,” an FDA official named James Bilstad would later say in a Time cover story headlined “The Hot New Diet Pill.
  • “I know I can’t get any more,” she told Williams. “I have to use up what I have. And then I don’t know what I’m going to do after that. That’s the problem—and that is what scares me to death.” Telling people to lose weight the “natural way,” she told another guest, who was suggesting that people with obesity need only go on low-carb diets, is like “asking a person with a thyroid condition to just stop their medication.”
  • She’d gone off the fen-phen and had rapidly regained weight. “The voices returned and came back in a furor I’d never heard before,” Barb later wrote on her blog. “It was as if they were so angry at being silenced for so long, they were going to tell me 19 months’ worth of what they wanted me to hear. I was forced to listen. And I ate. And I ate. And ate.”
  • For Barb, rapid weight loss has brought on a different metaphysical confusion. When she looks in the mirror, she sometimes sees her shape as it was two years ago. In certain corners of the internet, this is known as “phantom fat syndrome,” but Barb dislikes that term. She thinks it should be called “body integration syndrome,” stemming from a disconnect between your “larger-body memory” and “smaller-body reality.
  • In 2003, the U.S. surgeon general declared obesity “the terror within, a threat that is every bit as real to America as the weapons of mass destruction”; a few months later, Eric Finkelstein, an economist who studies the social costs of obesity, put out an influential paper finding that excess weight was associated with up to $79 billion in health-care spending in 1998, of which roughly half was paid by Medicare and Medicaid. (Later he’d conclude that the number had nearly doubled in a decade.
  • In 2004, Finkelstein attended an Action on Obesity summit hosted by the Mayo Clinic, at which numerous social interventions were proposed, including calorie labeling in workplace cafeterias and mandatory gym class for children of all grades.
  • he message at their core, that soda was a form of poison like tobacco, spread. In San Francisco and New York, public-service campaigns showed images of soda bottles pouring out a stream of glistening, blood-streaked fat. Michelle Obama led an effort to depict water—plain old water—as something “cool” to drink.
  • Soon, the federal government took up many of the ideas that Brownell had helped popularize. Barack Obama had promised while campaigning for president that if America’s obesity trends could be reversed, the Medicare system alone would save “a trillion dollars.” By fighting fat, he implied, his ambitious plan for health-care reform would pay for itself. Once he was in office, his administration pulled every policy lever it could.
  • Michelle Obama helped guide these efforts, working with marketing experts to develop ways of nudging kids toward better diets and pledging to eliminate “food deserts,” or neighborhoods that lacked convenient access to healthy, affordable food. She was relentless in her public messaging; she planted an organic garden at the White House and promoted her signature “Let’s Move!” campaign around the country.
  • An all-out war on soda would come to stand in for these broad efforts. Nutrition studies found that half of all Americans were drinking sugar-sweetened beverages every day, and that consumption of these accounted for one-third of the added sugar in adults’ diets. Studies turned up links between people’s soft-drink consumption and their risks for type 2 diabetes and obesity. A new strand of research hinted that “liquid calories” in particular were dangerous to health.
  • when their field lost faith in low-calorie diets as a source of lasting weight loss, the two friends went in opposite directions. Wadden looked for ways to fix a person’s chemistry, so he turned to pharmaceuticals. Brownell had come to see obesity as a product of our toxic food environment: He meant to fix the world to which a person’s chemistry responded, so he started getting into policy.
  • The social engineering worked. Slowly but surely, Americans’ lamented lifestyle began to shift. From 2001 to 2018, added-sugar intake dropped by about one-fifth among children, teens, and young adults. From the late 1970s through the early 2000s, the obesity rate among American children had roughly tripled; then, suddenly, it flattened out.
  • although the obesity rate among adults was still increasing, its climb seemed slower than before. Americans’ long-standing tendency to eat ever-bigger portions also seemed to be abating.
  • sugary drinks—liquid candy, pretty much—were always going to be a soft target for the nanny state. Fixing the food environment in deeper ways proved much harder. “The tobacco playbook pretty much only works for soda, because that’s the closest analogy we have as a food item,
  • that tobacco playbook doesn’t work to increase consumption of fruits and vegetables, he said. It doesn’t work to increase consumption of beans. It doesn’t work to make people eat more nuts or seeds or extra-virgin olive oil.
  • Careful research in the past decade has shown that many of the Obama-era social fixes did little to alter behavior or improve our health. Putting calorie labels on menus seemed to prompt at most a small decline in the amount of food people ate. Employer-based wellness programs (which are still offered by 80 percent of large companies) were shown to have zero tangible effects. Health-care spending, in general, kept going up.
  • From the mid-1990s to the mid-2000s, the proportion of adults who said they’d experienced discrimination on account of their height or weight increased by two-thirds, going up to 12 percent. Puhl and others started citing evidence that this form of discrimination wasn’t merely a source of psychic harm, but also of obesity itself. Studies found that the experience of weight discrimination is associated with overeating, and with the risk of weight gain over time.
  • obesity rates resumed their ascent. Today, 20 percent of American children have obesity. For all the policy nudges and the sensible revisions to nutrition standards, food companies remain as unfettered as they were in the 1990s, Kelly Brownell told me. “Is there anything the industry can’t do now that it was doing then?” he asked. “The answer really is no. And so we have a very predictable set of outcomes.”
  • she started to rebound. The openings into her gastric pouch—the section of her stomach that wasn’t bypassed—stretched back to something like their former size. And Barb found ways to “eat around” the surgery, as doctors say, by taking food throughout the day in smaller portions
  • Bariatric surgeries can be highly effective for some people and nearly useless for others. Long-term studies have found that 30 percent of those who receive the same procedure Barb did regain at least one-quarter of what they lost within two years of reaching their weight nadir; more than half regain that much within five years.
  • if the effects of Barb’s surgery were quickly wearing off, its side effects were not: She now had iron, calcium, and B12 deficiencies resulting from the changes to her gut. She looked into getting a revision of the surgery—a redo, more or less—but insurance wouldn’t cover it
  • She found that every health concern she brought to doctors might be taken as a referendum, in some way, on her body size. “If I stubbed my toe or whatever, they’d just say ‘Lose weight.’ ” She began to notice all the times she’d be in a waiting room and find that every chair had arms. She realized that if she was having a surgical procedure, she’d need to buy herself a plus-size gown—or else submit to being covered with a bedsheet when the nurses realized that nothing else would fit.
  • Barb grew angrier and more direct about her needs—You’ll have to find me a different chair, she started saying to receptionists. Many others shared her rage. Activists had long decried the cruel treatment of people with obesity: The National Association to Advance Fat Acceptance had existed, for example, in one form or another, since 1969; the Council on Size & Weight Discrimination had been incorporated in 1991. But in the early 2000s, the ideas behind this movement began to wend their way deeper into academia, and they soon gained some purchase with the public.
  • “Our public-health efforts to address obesity have failed,” Eric Finkelstein, the economist, told me.
  • Others attacked the very premise of a “healthy weight”: People do not have any fundamental need, they argued, morally or medically, to strive for smaller bodies as an end in itself. They called for resistance to the ideology of anti-fatness, with its profit-making arms in health care and consumer goods. The Association for Size Diversity and Health formed in 2003; a year later, dozens of scholars working on weight-related topics joined together to create the academic field of fat studies.
  • As the size-diversity movement grew, its values were taken up—or co-opted—by Big Business. Dove had recently launched its “Campaign for Real Beauty,” which included plus-size women. (Ad Age later named it the best ad campaign of the 21st century.) People started talking about “fat shaming” as something to avoid
  • By 2001, Bacon, who uses they/them pronouns, had received their Ph.D. and finished a rough draft of a book, Health at Every Size, which drew inspiration from a broader movement by that name among health-care practitioners
  • But something shifted in the ensuing years. In 2007, Bacon got a different response, and the book was published. Health at Every Size became a point of entry for a generation of young activists and, for a time, helped shape Americans’ understanding of obesity.
  • Some experts were rethinking their advice on food and diet. At UC Davis, a physiologist named Lindo Bacon who had struggled to overcome an eating disorder had been studying the effects of “intuitive eating,” which aims to promote healthy, sustainable behavior without fixating on what you weigh or how you look
  • The heightened sensitivity started showing up in survey data, too. In 2010, fewer than half of U.S. adults expressed support for giving people with obesity the same legal protections from discrimination offered to people with disabilities. In 2015, that rate had risen to three-quarters.
  • In Bacon’s view, the 2000s and 2010s were glory years. “People came together and they realized that they’re not alone, and they can start to be critical of the ideas that they’ve been taught,” Bacon told me. “We were on this marvelous path of gaining more credibility for the whole Health at Every Size movement, and more awareness.”
  • that sense of unity proved short-lived; the movement soon began to splinter. Black women have the highest rates of obesity, and disproportionately high rates of associated health conditions. Yet according to Fatima Cody Stanford, an obesity-medicine physician at Harvard Medical School, Black patients with obesity get lower-quality care than white patients with obesity.
  • That system was exactly what Bacon and the Health at Every Size movement had set out to reform. The problem, as they saw it, was not so much that Black people lacked access to obesity medicine, but that, as Bacon and the Black sociologist Sabrina Strings argued in a 2020 article, Black women have been “specifically targeted” for weight loss, which Bacon and Strings saw as a form of racism
  • But members of the fat-acceptance movement pointed out that their own most visible leaders, including Bacon, were overwhelmingly white. “White female dietitians have helped steal and monetize the body positive movement,” Marquisele Mercedes, a Black activist and public-health Ph.D. student, wrote in September 2020. “And I’m sick of it.”
  • Tensions over who had the standing to speak, and on which topics, boiled over. In 2022, following allegations that Bacon had been exploitative and condescending toward Black colleagues, the Association for Size Diversity and Health expelled them from its ranks and barred them from attending its events.
  • As the movement succumbed to in-fighting, its momentum with the public stalled. If attitudes about fatness among the general public had changed during the 2000s and 2010s, it was only to a point. The idea that some people can indeed be “fit but fat,” though backed up by research, has always been a tough sell.
  • Although Americans had become less inclined to say they valued thinness, measures of their implicit attitudes seemed fairly stable. Outside of a few cities such as San Francisco and Madison, Wisconsin, new body-size-discrimination laws were never passed.
  • In the meantime, thinness was coming back into fashion
  • In the spring of 2022, Kim Kardashian—whose “curvy” physique has been a media and popular obsession—boasted about crash-dieting in advance of the Met Gala. A year later, the model and influencer Felicity Hayward warned Vogue Business that “plus-size representation has gone backwards.” In March of this year, the singer Lizzo, whose body pride has long been central to her public persona, told The New York Times that she’s been trying to lose weight. “I’m not going to lie and say I love my body every day,” she said.
  • Among the many other dramatic effects of the GLP-1 drugs, they may well have released a store of pent-up social pressure to lose weight.
  • If ever there was a time to debate that impulse, and to question its origins and effects, it would be now. But Puhl told me that no one can even agree on which words are inoffensive. The medical field still uses obesity, as a description of a diagnosable disease. But many activists despise that phrase—some spell it with an asterisk in place of the e—and propose instead to reclaim fat.
  • Everyone seems to agree on the most important, central fact: that we should be doing everything we can to limit weight stigma. But that hasn’t been enough to stop the arguing.
  • Things feel surreal these days to just about anyone who has spent years thinking about obesity. At 71, after more than four decades in the field, Thomas Wadden now works part-time, seeing patients just a few days a week. But the arrival of the GLP-1 drugs has kept him hanging on for a few more years, he said. “It’s too much of an exciting period to leave obesity research right now.”
  • When everyone is on semaglutide or tirzepatide, will the soft-drink companies—Brownell’s nemeses for so many years—feel as if a burden has been lifted? “My guess is the food industry is probably really happy to see these drugs come along,” he said. They’ll find a way to reach the people who are taking GLP‑1s, with foods and beverages in smaller portions, maybe. At the same time, the pressures to cut back on where and how they sell their products will abate.
  • the triumph in obesity treatment only highlights the abiding mystery of why Americans are still getting fatter, even now
  • Perhaps one can lay the blame on “ultraprocessed” foods, he said. Maybe it’s a related problem with our microbiomes. Or it could be that obesity, once it takes hold within a population, tends to reproduce itself through interactions between a mother and a fetus. Others have pointed to increasing screen time, how much sleep we get, which chemicals are in the products that we use, and which pills we happen to take for our many other maladies.
  • “The GLP-1s are just a perfect example of how poorly we understand obesity,” Mozaffarian told me. “Any explanation of why they cause weight loss is all post-hoc hand-waving now, because we have no idea. We have no idea why they really work and people are losing weight.”
  • The new drugs—and the “new understanding of obesity” that they have supposedly occasioned—could end up changing people’s attitudes toward body size. But in what ways
  • When the American Medical Association declared obesity a disease in 2013, Rebecca Puhl told me, some thought “it might reduce stigma, because it was putting more emphasis on the uncontrollable factors that contribute to obesity.” Others guessed that it would do the opposite, because no one likes to be “diseased.”
  • why wasn’t there another kind of nagging voice that wouldn’t stop—a sense of worry over what the future holds? And if she wasn’t worried for herself, then what about for Meghann or for Tristan, who are barely in their 40s? Wouldn’t they be on these drugs for another 40 years, or even longer? But Barb said she wasn’t worried—not at all. “The technology is so much better now.” If any problems come up, the scientists will find solutions.
Javier E

The 'Black Hole' That Sucks Up Silicon Valley's Money - The Atlantic - 0 views

www.theatlantic.com/...560216

philanthropy silicon valley rich tax shelter money

shared by Javier E on 14 May 18 - No Cached
  • That’s not to say that Silicon Valley’s wealthy aren’t donating their money to charity. Many, including Mark Zuckerberg, Elon Musk, and Larry Page, have signed the Giving Pledge, committing to dedicating the majority of their wealth to philanthropic causes. But much of that money is not making its way out into the community.
  • The San Francisco Bay Area has rapidly become the richest region in the country—the Census Bureau said last year that median household income was $96,777. It’s a place where $100,000 Teslas are commonplace, “raw water” goes for $37 a jug, and injecting clients with the plasma of youth —a gag on the television show Silicon Valley—is being tried by real companies for just $8,000 a pop.
  • There are many reasons for this, but one of them is likely the increasing popularity of a certain type of charitable account called a donor-advised fund. These funds allow donors to receive big tax breaks for giving money or stock, but have little transparency and no requirement that money put into them is actually spent.
  • ...23 more annotations...
  • Donor-advised funds are categorized by law as public charities, rather than private foundations, so they have no payout requirements and few disclosure requirements.
  • And wealthy residents of Silicon Valley are donating large sums to such funds
  • critics say that in part because of its structure as a warehouse of donor-advised funds, the Silicon Valley Community Foundation has not had a positive impact on the community it is meant to serve. Some people I talked to say the foundation has had little interest in spending money, because its chief executive, Emmett Carson, who was placed on paid administrative leave after the Chronicle’s report, wanted it to be known that he had created one of the biggest foundations in the country. Carson was “aggressive” about trying to raise money, but “unaggressive about suggesting what clients would do with it,”
  • “Most of us in the local area have seen our support from the foundation go down and not up,” he said.
  • The amount of money going from the Silicon Valley Community Foundation to the nine-county Bay Area actually dropped in 2017 by 46 percent, even as the amount of money under management grew by 64 percent, to $13.5 billion
  • “They got so drunk on the idea of growth that they lost track of anything smacking of mission,” he said. It did not help perceptions that the foundation opened offices in New York and San Francisco at the same time local organizations were seeing donations drop.
  • The foundation now gives her organization some grants, but they don’t come from the donor-advised funds, she told me. “I haven’t really cracked the code of how to access those donor-advised funds,” she said. Her organization had been getting between $50,000 and $100,000 a year from United Way that it no longer gets, she said,
  • Rob Reich, the co-director of the Stanford Center on Philanthropy and Civil Society, set up a donor-advised fund at the Silicon Valley Community Foundation as an experiment. He spent $5,000—the minimum amount accepted—and waited. He received almost no communication from the foundation, he told me. No emails or calls about potential nonprofits to give to, no information about whether the staff was out looking for good opportunities in the community, no data about how his money was being managed.
  • One year later, despite a booming stock market, his account was worth less than the $5,000 he had put in, and had not been used in any way in the community. His balance was lower because the foundation charges hefty fees to donors who keep their money there. “I was flabbergasted,” he told me. “I didn’t understand what I, as a donor, was getting for my fees.”
  • Though donors receive a big tax break for donating to donor-advised funds, the funds have no payout requirements, unlike private foundations, which are required to disperse 5 percent of their assets each year. With donor-advised funds, “there’s no urgency and no forced payout,”
  • he had met wealthy individuals who said they were setting up donor-advised funds so that their children could disperse the funds and learn about philanthropy—they had no intent to spend the money in their own lifetimes.
  • Fund managers also receive fees for the amount of money they have under management, which means they have little incentive to encourage people to spend the money in their accounts,
  • Transparency is also an issue. While foundations have to provide detailed information about where they give their money, donor-advised funds distributions are listed as gifts made from the entire charitable fund—like the Silicon Valley Community Foundation—rather than from individuals.
  • Donor-advised funds can also be set up anonymously, which makes it hard for nonprofits to engage with potential givers. They also don’t have websites or mission statements like private foundations do, which can make it hard for nonprofits to know what causes donors support.
  • Public charities—defined as organizations that receive a significant amount of their revenue from small donations—were saddled with less oversight, in part because Congress figured that their large number of donors would make sure they were spending their money well, Madoff said. But an attorney named Norman Sugarman, who represented the Jewish Community Federation of Cleveland, convinced the IRS to categorize a certain type of asset—charitable dollars placed in individually named accounts managed by a public charity—as donations to public, not private, foundations.
  • Donor-advised funds have been growing nationally as the amount of money made by the top 1 percent has grown: Contributions to donor-advised funds grew 15.1 percent in fiscal year 2016, according to The Chronicle of Philanthropy, while overall charitable contributions grew only 1.4 percent that year
  • Six of the top 10 philanthropies in the country last year, in terms of the amount of nongovernmental money raised, were donor-advised funds,
  • In addition, those funds with high payout rates could just be giving to another donor-advised fund, rather than to a public charity, Madoff says. One-quarter of donor-advised fund sponsors distribute less than 1 percent of their assets in a year,
  • Groups that administer donor-advised funds defend their payout rate, saying distributions from donor-advised funds are around 14 percent of assets a year. But that number can be misleading, because one donor-advised fund could give out all its money, while many more could give out none, skewing the data.
  • Donor-advised funds are especially popular in places like Silicon Valley because they provide tax advantages for donating appreciated stock, which many start-up founders have but don’t necessarily want to pay huge taxes on
  • Donors get a tax break for the value of the appreciated stock at the time they donate it, which can also spare them hefty capital-gains taxes. “Anybody with a business interest can give their business interest before it goes public and save huge amounts of taxes,”
  • Often, people give to donor-advised funds right before a public event like an initial public offering, so they can avoid the capital-gains taxes they’d otherwise have to pay, and instead receive a tax deduction. Mark Zuckerberg and Priscilla Chan gave $500 million in stock to the foundation in 2012, when Facebook held its initial public offering, and also donated $1 billion in stock in 2013
  • Wealthy donors can also donate real estate and deduct the value of real estate at the time of the donation—if they’d given to a private foundation, they’d only be able to deduct the donor’s basis value (typically the purchase price) of the real estate at the time they acquired it. The difference can be a huge amount of money in the hot market of California.
Javier E

Are We All Too Cynical for Star Trek? - by Bill Coberly - 0 views

plus.thebulwark.com/...-all-too-cynical-for-star-trek

science fiction trek utopia values TV culture history

shared by Javier E on 04 Feb 24 - No Cached
  • WHAT DOES IT MEAN IF WE CAN’T even trust the institutions in our imagined utopias?
  • Starfleet’s exact role was left intentionally vague in the original series (1966–69); the writer’s guide for the original Star Trek explicitly encourages writers to “stay away from it as much as possible,” partly to avoid getting into the details of Earth’s future politics. But by the time of Star Trek’s heyday in the mid-1990s, Starfleet was established as an elite institution composed of brilliant and dedicated people (human and otherwise) who served in an organization resembling NASA, the Coast Guard, the Navy, and the Department of State all bundled together, with all of the opportunities for incoherence and mission creep that jumble implies.
  • One of the greatest episodes of Deep Space Nine (1992–99), “In the Pale Moonlight,” is entirely about how, in times of crisis, moral compromise may be necessary, even for Starfleet. But such cases are treated as exceptional, unusual circumstances far beyond the norm; as a rule, Starfleet is good, and the best way to be a good servant of the true and just in the world of Star Trek is by being a good Starfleet officer. How does one be a good Starfleet officer? By doing one’s job, by being a professional, by following one’s duty.
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  • the characters in the core three modern shows—Discovery, Picard, and Strange New Worlds—are less concerned with professionalism and duty and more concerned with personal morality, authenticity, and teamwork.
  • Dylan Roth, writing for Fanbyte, suggested that as Star Trek has aged, it has “changed from a series about benign authority to one about stalwart heroes protecting an institution from moral decay.” This is true enough, but I also think there’s something else going on with the modern Trek shows. Namely, the atmosphere and philosophy of the shows is much less comfortable with the maxims of professionalism and duty that were foundational to pre-2017 Star Trek media.
  • Modern Star Trek, much like older Star Trek, often presents its main characters as moral paragons, but whereas older Trek would usually depict them embodying Starfleet’s ideals in the presence of challenging aliens, modern Trek is more likely to establish their uprightness by contrast with the faceless and untrustworthy institution of Starfleet itself. Both eras do both things, at least occasionally, but the ratio has notably shifted.
  • Old-school Sisko reminds his crew of the expectations he has for them and unsubtly critiques their behavior as unbecoming of Starfleet officers. He acknowledges their difficulties (“I know it’s hot. . .”), but leaves no doubt that he expects them to perform their duties as professionals anyway. New-school Tilly motivates her command by making it clear that she sees and hears their concerns, and encourages them to work together by seeing the value in their unique life experiences.
  • difference in leadership style is everywhere between the two eras. The Strange New Worlds version of Capt. Christopher Pike has been repeatedly praised for being more collaborative than commanding (I struggle to remember a time he has ever raised his voice), whereas Capt. Sisko shouts at everyone, as only the great Avery Brooks can shout. Picard’s version of its title character trades all his twentieth-century grouchy gravitas for a more grandfatherly role; his inspirational speeches now seek to buoy his friends’ confidence rather than inspire subordinates to high achievement.
  • WHY THE CHANGE? Part of it probably has to do with the other material that Star Trek writers are drawing from. The ’60s and ’90s-era Trek writers either served in the military themselves or were drawing from science fiction written by people who had. (Gene Roddenberry, the creator of Star Trek, and many of the great science-fiction authors of the mid-twentieth century, including Robert Heinlein, Arthur Clarke, Isaac Asimov, Frank Herbert, and Walter M. Miller Jr., each served in some capacity in the World War II-era U.S. or British armed forces.
  • modern Trek writers are far less likely to have served—but are far more likely to have worked in twenty-first-century corporate America, which has a rather different set of norms and concepts of professionalism.
  • more fundamentally, popular science fiction today—as written by authors like N.K. Jemisin, Martha Wells, and Tamsyn Muir—is more likely to be concerned with questions of identity and combating imperialism. It is also more likely to be written from marginalized perspectives, which have valid reasons to distrust institutions and authority. For many of these writers, concepts like “professionalism” have questionable implications
  • Besides, nobody likes any of America’s institutions anymore (and for all that Star Trek is ostensibly international, it is a fundamentally American franchise). Gallup’s polling about Americans’ faith in U.S. institutions shows it hovering at or near record-breaking lows, spawning a great deal of hand-wringing from people across the political spectrum. These apparently untrustworthy institutions range from purely political ones (the presidency, the Supreme Court, etc.) to “the church or organized religion” (whatever that means), “banks,” and “newspapers.”
  • What are professionalism and duty if not the suppression of individual quirks in service of some larger goal or institution? Duty overrides individual desires or assessments of right and wrong.
  • But older Trek nevertheless believed in duty, because it believed that Starfleet was a fundamentally good institution, even if it may be failed by individual bad or misguided actors. It elevated Starfleet’s regulations and codes of conduct almost to the status of holy wri
  • it is difficult to be seriously inspired by the notion of duties if one has a deep distrust of the institutions that assign such duties.
  • Of course the characters written by twenty-first-century authors, who are animated by the same deep distrust of American institutions as the rest of us, are less likely to justify themselves with the language of duty than they are by reference to personal morality and authenticity. And of course they’re going to be skeptical of rank and hierarchy because they don’t believe these things are necessarily signs of actual merit or accomplishment any more than the rest of us do.
  • Yet I worry. If Star Trek is supposed to start from the assumption that Starfleet and the Federation are quasi-utopian, I worry about what it says about our collective imaginations if we can’t even let the institutions of that fictional utopia be utopian. If we can’t even trust Starfleet, who can we trust?
Javier E

A Tantalizing 'Hint' That Astronomers Got Dark Energy All Wrong - The New York Times - 0 views

www.nytimes.com/...nomy-universe-dark-energy.html

science research universe age dark energy

shared by Javier E on 05 Apr 24 - No Cached
  • Dark energy was assumed to be a constant force in the universe, both currently and throughout cosmic history. But the new data suggest that it may be more changeable, growing stronger or weaker over time, reversing or even fading away.
  • . If the work of dark energy were constant over time, it would eventually push all the stars and galaxies so far apart that even atoms could be torn asunder, sapping the universe of all life, light, energy and thought, and condemning it to an everlasting case of the cosmic blahs. Instead, it seems, dark energy is capable of changing course and pointing the cosmos toward a richer future.
  • a large international collaboration called the Dark Energy Spectroscopic Instrument, or DESI. The group has just begun a five-year effort to create a three-dimensional map of the positions and velocities of 40 million galaxies across 11 billion years of cosmic time. Its initial map, based on the first year of observations, includes just six million galaxies.
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  • “So far we’re seeing basic agreement with our best model of the universe, but we’re also seeing some potentially interesting differences that could indicate that dark energy is evolving with time,”
  • When the scientists combined their map with other cosmological data, they were surprised to find that it did not quite agree with the otherwise reliable standard model of the universe, which assumes that dark energy is constant and unchanging. A varying dark energy fit the data points better.
  • “It’s certainly more than a curiosity,” Dr. Palanque-Delabrouille said. “I would call it a hint. Yeah, it’s not yet evidence, but it’s interesting.”
  • But this version of dark energy is merely the simplest one. “With DESI we now have achieved a precision that allows us to go beyond that simple model,” Dr. Palanque-Delabrouille said, “to see if the density of dark energy is constant over time, or if it has some fluctuations and evolution with time.”
  • “While combining data sets is tricky, and these are early results from DESI, the possible evidence that dark energy is not constant is the best news I have heard since cosmic acceleration was firmly established 20-plus years ago.”
  • praised the new survey as “superb data.” The results, she said, “open the potential for a new window into understanding dark energy, the dominant component of the universe, which remains the biggest mystery in cosmology. Pretty exciting.”
  • what if dark energy were not constant as the cosmological model assumed?
  • At issue is a parameter called w, which is a measure of the density, or vehemence, of the dark energy. In Einstein’s version of dark energy, this number remains constant, with a value of –1, throughout the life of the universe. Cosmologists have been using this value in their models for the past 25 years.
  • Dark energy took its place in the standard model of the universe known as L.C.D.M., composed of 70 percent dark energy (Lambda), 25 percent cold dark matter (an assortment of slow-moving exotic particles) and 5 percent atomic matter. So far that model has been bruised but not broken by the new James Webb Space Telescope
  • As a measure of distance, the researchers used bumps in the cosmic distribution of galaxies, known as baryon acoustic oscillations. These bumps were imprinted on the cosmos by sound waves in the hot plasma that filled the universe when it was just 380,000 years old. Back then, the bumps were a half-million light-years across. Now, 13.5 billion years later, the universe has expanded a thousandfold, and the bumps — which are now 500 million light-years across — serve as convenient cosmic measuring sticks.
  • The DESI scientists divided the past 11 billion years of cosmic history into seven spans of time. (The universe is 13.8 billion years old.) For each, they measured the size of these bumps and how fast the galaxies in them were speeding away from us and from each other.
  • When the researchers put it all together, they found that the usual assumption — a constant dark energy — didn’t work to describe the expansion of the universe. Galaxies in the three most recent epochs appeared closer than they should have been, suggesting that dark energy could be evolving with time.
  • Dr. Riess of Johns Hopkins, who had an early look at the DESI results, noted that the “hint,” if validated, could pull the rug out from other cosmological measurements, such as the age or size of the universe. “This result is very interesting and we should take it seriously,” he wrote in his email. “Otherwise why else do we do these experiments?”
Javier E

Chocolate Might Never Be the Same - The Atlantic - 0 views

www.theatlantic.com/...678053

chocolate culture crisis history economics

shared by Javier E on 17 Apr 24 - No Cached
  • Chocolate has had “mounting problems for years,” Sophia Carodenuto, an environmental scientist at the University of Victoria, in Canada, told me. The farmers who grow them are chronically underpaid. And cocoa trees—the fruits of which contain beans that are fermented and roasted to create chocolate—are tough to grow, and thrive only in certain conditions. A decade ago, chocolate giants warned that the cocoa supply, already facing environmental challenges, would soon be unable to keep up with rising demand. “But what we’re seeing now is a little bit of an explosion”
  • The simplest explanation for the ongoing cocoa shortage is extreme weather, heightened by climate change. Exceptionally hot and dry conditions in West Africa, partly driven by the current El Niño event, have led to reduced yields. Heavier-than-usual rains have created ideal conditions for black pod disease, which causes cocoa pods to rot on the branch. All of this has taken place while swollen shoot, a virus fatal to cocoa plants, is spreading more rapidly in cocoa-growing regions. Global cocoa production is expected to fall by nearly 11 percent this season,
  • Already, some West African farmers are racing to plant new trees. But they may not be able to plant their way out of future cocoa shortages. “Climate change is definitely a challenge” because it will make rainfall less predictable, which is a problem for moisture-sensitive cocoa trees, Debenham told me. Furthermore, rising temperatures and more frequent droughts will render some cocoa-growing regions unusable.
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  • Climate change isn’t the only problem. Cocoa crops in Côte d’Ivoire and Ghana, where 60 percent of the world’s cocoa come from, may already be in “structural decline,” Debenham said, citing disease, aging cocoa trees, and illegal gold mining on farmland.
  • ore important, the farmers who tend to the crops can’t afford to invest in their farms to increase their yields and bolster resilience against climate change. The bleak outlook for cocoa farmers threatens to doom cocoa-growing in the region altogether. In Ghana, the average cocoa farmer is close to 50 years old. A new generation of farmers is needed to maintain the cocoa supply, but young people may just walk away from the industry.
  • No matter how you look at it, the future of cocoa doesn’t look good. With less cocoa available all around, chocolate may become more expensive. For high-end chocolate brands, whose products use lots of cocoa, the recent price hikes are reportedly an existential threat.
  • Cocoa shortages will affect all kinds of chocolate, but mass-produced sweets may change beyond just the prices. The erratic temperatures brought about by climate change could change the flavor of beans, depending on where they are grown
  • Variability is a concern for commercial chocolate makers, who need to maintain consistent flavors across their products. They may counteract discrepancies among different batches of beans by combining them, then roasting them at a higher temperature,
  • Commercial chocolate makers may also tweak their recipes to amp up or mimic chocolate flavors without using more cocoa. These candies contain relatively little cacao to begin with; only 10 percent of a product’s weight must be cocoa in order to qualify as chocolate in the eyes of the FDA.
  • Newer chocolate alternatives may provide more satisfying counterfeits. Win-Win isn’t the only start-up producing cocoa-free chocolate, which is similar in concept to animal-free meat. The company uses plant ingredients to emulate the flavor and texture of chocolate—as do its competitors Foreverland and Voyage Foods. Another firm, California Cultured, grows actual cacao cells in giant steel tanks.
  • So much of the appeal of cheap chocolate is that it’s always been there—whether in the form of a Hershey’s Kiss, Oreo cookies, a bowl of Cocoa Puffs, or the shell of a fondant-filled egg. “You grow up with those tastes. It’s hard to fathom how pervasive it has been,” Carodenuto said. Chocolate lovers have weathered minor tweaks to these candies over the years, but the shifts happening today may be less tolerable—or at the very least more noticeable. The change that has been hardest to ignore is that cheap chocolate is no longer that cheap.
Javier E

As Putin Threatens, Despair and Hedging in Europe - The New York Times - 0 views

www.nytimes.com/...-russia-munich-conference.html

putin europe threat response 2024

shared by Javier E on 20 Feb 24 - No Cached
  • As the leaders of the West gathered in Munich over the past three days, President Vladimir V. Putin had a message for them: Nothing they’ve done so far — sanctions, condemnation, attempted containment — would alter his intentions to disrupt the current world order.
  • In Munich, the mood was both anxious and unmoored, as leaders faced confrontations they had not anticipated. Warnings about Mr. Putin’s possible next moves were mixed with Europe’s growing worries that it could soon be abandoned by the United States, the one power that has been at the core of its defense strategy for 75 years.
  • Barely an hour went by at the Munich Security Conference in which the conversation did not turn to the question of whether Congress would fail to find a way to fund new arms for Ukraine, and if so, how long the Ukrainians could hold out. And while Donald Trump’s name was rarely mentioned, the prospect of whether he would make good on his threats to pull out of NATO and let Russia “do whatever the hell they want” with allies he judged insufficient hung over much of the dialogue.
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  • The dourness of the mood contrasted sharply with just a year ago, when many of the same participants — intelligence chiefs and diplomats, oligarchs and analysts — thought Russia might be on the verge of strategic defeat in Ukraine. There was talk of how many months it might take to drive the Russians back to the borders that existed before their invasion on Feb. 24, 2022. Now that optimism appeared premature at best, faintly delusional at worst.
  • Nikolai Denkov, the prime minister of Bulgaria, argued that Europeans should draw three lessons from the cascade of troubles. The war in Ukraine was not just about gray zones between Europe and Russia, he argued, but “whether the democratic world we value can be beaten, and this is now well understood in Europe.”
  • “European defense was a possibility before, but now it’s a necessity,” said Claudio Graziano, a retired general from Italy and former chairman of the European Union Military Committee. But saying the right words is not the same as doing what they demand.
  • third, they needed to separate Ukraine’s urgent needs for ammunition and air defense from longer-term strategic goals.
  • Some attendees found the commitments made by the leaders who showed up uninspiring, said Nathalie Tocci, director of Italy’s Institute of International Affairs. “Kamala Harris empty, Scholz mushy, Zelensky tired,
  • “I feel underwhelmed and somewhat disappointed” by the debate here, said Steven E. Sokol, president of the American Council on Germany. “There was a lack of urgency and a lack of clarity about the path forward, and I did not see a strong show of European solidarity.
  • Second, European nations have realized that they must combine their forces in military, not just economic endeavors, to build up their own deterrence
  • now two-thirds of the alliance members have met the goal of spending 2 percent of their gross domestic product on defense — up from just a handful of nations 10 years ago. But a few acknowledged that goal is now badly outdated, and they talked immediately about the political barriers to spending more.
  • the prospect of less American commitment to NATO, as the United States turned to other challenges from China or in the Middle East, was concentrating minds.
  • the fundamental disconnect was still on display: When Europeans thought Russia would integrate into European institutions, they stopped planning and spending for the possibility they might be wrong. And when Russia’s attitude changed, they underreacted.
  • “This is 30 years of underinvestment coming home,” said François Heisbourg, a French defense analyst, who called them “les trente paresseuses” — the 30 lazy years of post Cold-War peace dividends, in contrast to the 30 glorious years that followed World War II.
  • What was important for Europeans to remember was that this hot war in Ukraine was close and could spread quickly, Ms. Kallas said. “So if you think that you are far away, you’re not far away. It can go very, very fast.”
  • Dmytro Kuleba, the foreign minister of embattled Ukraine, was blunter. “I think our friends and partners were too late in waking up their own defense industries,” he said. “And we will pay with our lives throughout 2024 to give your defense industries time to ramp up production.”
Javier E

Opinion | A Titanic Geopolitical Struggle Is Underway - The New York Times - 0 views

www.nytimes.com/...israel-gaza-war-ukraine.html

politics history policy global foreign policy world order

shared by Javier E on 25 Jan 24 - No Cached
  • There are many ways to explain the two biggest conflicts in the world today, but my own shorthand has been that Ukraine wants to join the West and Israel wants to join the Arab East — and Russia, with Iran’s help, is trying to stop the first, and Iran and Hamas are trying to stop the second.
  • They reflect a titanic geopolitical struggle between two opposing networks of nations and nonstate actors over whose values and interests will dominate our post-post-Cold War world — following the relatively stable Pax Americana/globalization era that was ushered in by the fall of the Berlin Wall in 1989 and the collapse of the Soviet bloc, America’s chief Cold War rival.
  • On one side is the Resistance Network, dedicated to preserving closed, autocratic systems where the past buries the future. On the other side is the Inclusion Network, trying to forge more open, connected, pluralizing systems where the future buries the past.
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  • China under President Xi Jinping straddles the two networks, along with much of what’s come to be called the global south. Their hearts, and often pocketbooks, are with the Resistors but their heads are with the Includers
  • These wars very much are our business — and now clearly inescapable, since we’re deeply entwined in both conflicts. What’s crucial to keep in mind about America — as the leader of the Inclusion Network — is that right now we’re fighting the war in Ukraine on our terms, but we’re fighting the war in the Middle East on Iran’s terms.
  • CNN recently described, per a source familiar with it, a declassified U.S. intelligence assessment provided to Congress saying that Russia had lost 87 percent of its preinvasion active-duty ground troops and two-thirds of its tanks that it had prior to its invasion of Ukraine. Putin can still inflict a lot of damage on Ukraine with missiles, but his dream of occupying the whole country and using it as a launching pad to threaten the Inclusion Network — particularly the NATO-protected European Union — is now out of reach. Thank you, Kyiv.
  • At a breakfast with NATO leaders devoted to the Ukraine issue at Davos this year, Canada’s deputy prime minister, Chrystia Freeland, noted that it is we, the West, who should be thanking the Ukrainians, not forcing them to beg us for more weapons.
  • “What Putin wants is to transform the world order” that evolved since World War II and the post-Cold War — where “the competition between nations was about who can be richer and who can help their people prosper the most . … Putin hates that world because he loses in that world — his system is a loser in a peaceful, global, wealth-enhancing paradigm. And so what he wants is to move us back to dog-eat-dog, to a 19th-century, great power competition, because he thinks he can, if not win, be more effective there. … Let’s not think that this is a Ukrainian problem; this is a problem for us all.”
  • the Resistance Network “is orchestrated by Iran, Islamists and jihadists” in a process they refer to as the “unity of battlefields.” This network, he noted, “seeks to bridge militias, rejectionists, religious sects and sectarian leaders,” creating an anti-Israel, anti-American, anti-Western axis that can simultaneously pressure Israel in Gaza, in the West Bank and on the Lebanon border — as well as America in the Red Sea, in Syria and in Iraq and Saudi Arabia from all directions.
  • In stark contrast, Koteich said, stands the Inclusion Network, one that’s focused on “weaving together” global and regional markets instead of battlefronts, business conferences, news organizations, elites, hedge funds, tech incubators and major trade routes. This inclusion network, he added, “transcends traditional boundaries, creating a web of economic and technological interdependence that has the potential to redefine power structures and create new paradigms of regional stability.”
  • things are different in the Middle East. There, it is Iran that is sitting back comfortably — indirectly at war with Israel and America, and sometimes Saudi Arabia, by fighting through Tehran’s proxies: Hamas in Gaza, the Houthis in Yemen, Hezbollah in Lebanon and Syria, and Shiite militias in Iraq.
  • Iran is reaping all the benefits and paying virtually no cost for the work of its proxies, and the U.S., Israel and their tacit Arab allies have not yet manifested the will or the way to pressure Iran back — without getting into a hot war, which they all want to avoid.
  • The members of the Resistance Network are great at tearing down and breaking stuff, but, unlike the Inclusion Network, they have shown no capacity to build any government or society to which anyone would want to emigrate, let alone emulate
  • For all of these reasons, this is a moment of great peril as well as great opportunity — especially for Israel. The competition between the Resistance Network and the Inclusion Network means that the region has never been more hostile or more hospitable to accepting a Jewish state.
Javier E

Dave Ramsey Tells Millions What to Do With Their Money. People Under 40 Say He's Wrong.... - 0 views

www.wsj.com/...nder-40-say-hes-wrong-56733630

financial advice advisor austerity discipline Gen Z money learning trends culture

shared by Javier E on 19 May 24 - No Cached
  • Ramsey, the well-known and intensely followed 63-year-old conservative Christian radio host, has 4.4 million Instagram followers, 1.9 million TikTok followers and legions more who listen to his radio shows and podcasts.
  • His message is brutal and direct: Avoid debt at all costs. Pay for everything in cash. Embrace frugality.
  • Plenty of 20- and 30-year-olds are pushing back, largely on TikTok. The hashtag #daveramseywouldntapprove, for instance, has 66.8 million views. Many say they don’t want to eat rice and beans every night—a popular Ramsey trope—or hold down multiple jobs to pay off loans. They also say Ramsey is out of touch with their reality.
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  • Rising inflation has led to surging prices for groceries, cars and many essentials. The cost of a college education has skyrocketed in two decades, with the average student debt for federal loans at $37,000, according to the Education Department. Overall debts for Americans in their 30s jumped 27% from late 2019 to early 2023—steeper than for any other age group.
  • home prices have risen considerably, while wages haven’t kept pace.
  • “What Dave Ramsey really misses is any kind of social context,” says Morgan Sanner, a
  • She began paying off $48,000 in student loans (a Ramsey do) and also took out a loan to buy a 2016 Honda (a Ramsey don’t). Her rationale was that it was safer to pay extra for a more reliable car than a junker she could buy with cash. S
  • he feels these sorts of real-life decisions don’t factor into his advice.
  • When she saw a comment from Ramsey online about how people receiving pandemic stimulus payments were “pretty much screwed already,” Israel felt it came across as shaming people. The pandemic shutdowns ended a decadelong economic expansion for Black Americans, a disproportionate number of whom lost their jobs and relied on those checks.
  • “Moralizing financial decisions is very damaging to marginalized groups,” says Israel, who is Black.
  • Many young adults scratch their heads over his advice that people should let their credit scores dwindle and die.
  • People need a good credit score, says Mandy Phillips, a 39-year-old residential mortgage loan originator in Redding, Calif. She uses TikTok and other social media to educate millennials and Gen Z about home buying. Scores are vital when applying for mortgages and rentals.
  • She also takes issue with Ramsey’s advice to only obtain a home loan if you can take out a 15-year fixed-rate mortgage with a down payment of at least 10%. Few younger buyers can pay the large monthly bills of shorter-term mortgages.
  • “That may have worked years ago in the ’80s and ’90s, but that’s not something that is achievable for the average American,” Phillips says.
  • Housing is a particularly hot-button topic. He advises people to only buy a house with their lawfully wedded spouse. Yet many young adults are pooling their finances with partners, friends or roommates to buy their first homes. 
  • Ramsey is perhaps best known for advocating a “debt snowball method”: People with multiple loans pay off the smallest balances first, regardless of interest rate. As you knock out each loan, he says, the money you have to put toward larger debt snowballs. Seeing small wins motivates people to keep going, he says.Conventional economic theory would be to pay off the highest-interest loans first, says James Choi, a finance professor at the Yale School of Management, who has studied the advice of popular finance gurus.
  • Ramsey’s save-not-spend message sounds logical, young adults say. It’s his all-or-nothing approach that doesn’t work for them.
  • Kate Hindman, a 31-year-old administrative assistant in Pasadena, Calif., who has taken an anti-Ramsey stance on TikTok, ended up with $30,000 in credit-card debt after she and her husband faced income-reducing job changes. They’ve since turned it into a consolidation loan with an 8% interest rate and pay about $1,200 a month.
  • She wonders if the debt aversion is generational. Perhaps younger people are less willing to make huge sacrifices to be debt-free. Maybe carrying some amount of debt forever is a new normal.
Javier E

Climate change just became solvable because of math - 0 views

the.ink/...case-for-climate-unilateralism

climate change economic cost research

shared by Javier E on 04 Jun 24 - No Cached
  • For years, economists’ best estimates of the cost of climate inaction were giant but not quite big enough to stimulate immediate and adequate action. The cost of inaction was, in a sense, high enough to be terrifying but too low to be galvanizing
  • now a groundbreaking new study has raised the estimated cost of inaction by so much that it makes acting seem like a bargain, and even makes it makes sense for wealthy countries to act alone, regardless of what their peers are doing. It’s a rare academic paper that could change everything.
  • Until the new paper, the most commonly used economic models were predicting climate impacts on the world economy on the order of about $200 in losses per ton of carbon emitted, or around 2 percent of world GDP (the monetary value of everything people produce) per degree of warming
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  • But while those are huge numbers by any measure (world GDP is around $100 trillion), they aren’t big enough to motivate most leaders to justify mitigation, which will also cost a whole lot of money.
  • To put it in terms the authors use, the recently enacted Inflation Reduction Act will cost Americans roughly $80 per ton of carbon emissions avoided, and while each ton not pumped into the atmosphere would save the world $200 as a whole, it would only save Americans about $40 of that $200, making it feel to some altruistic but not self-evident in purely economic terms.
  • In their new paper, economists Adrien Bilal of Harvard and Diego Känzig of Northwestern take a fresh look at the data
  • They show that the social cost of carbon is likely far bigger — six times bigger — than previously estimated: losses of more than $1,000 per ton, or around 12 percent of world GDP per degree of warming.
  • — roughly equivalent to the economic drag on big economies if they were permanently at war.
  • Suddenly, that $80 Americans are spending on reducing one ton of carbon emissions is netting them $200 or so in U.S. economic activity.
  • Bilal and Känzig argue that it’s very much worth it for countries of means to spend the money now to avoid much greater costs down the line
  • the potential losses are so vast it makes sense for these countries to go ahead and act on their own to avoid climate change losses, even if other nations do nothing.
  • What’s different about your methodology and how did it lead you to the numbers you've come up with?
  • Adrien Bilal: So virtually all of the previous work that's been done on the subject has relied on comparisons of different countries that heat up or cool down at different points in time. The U.K. gets a little hotter in one year, and then Germany stays cool. And then you look at how GDP in the U.K. evolves following that change in temperature.
  • that generally gives you numbers in the vicinity of $150 per ton of carbon emitted and a 2 percent decline in GDP per degree Celsius in warming
  • we think that is quite different from what climate change is actually doing to the world. It's not only that the U.K. is going to heat up a little more than Germany, but the whole world is heating up because of climate change. And, in particular, oceans are also heating up. And when the whole planet warms, that has potentially really different implications for the climate system, increased frequency of extreme weather events that then have big local impacts. 
  • that's actually what geoscientists have been telling us for a long time, but it simply hadn't percolated into economics. And so we took that perspective very seriously and thought, "Well, what happens when we basically compare years where the world is very hot to years where the world is cooler?" And that gives you a much larger effect of climate change on the economy.
Javier E

Europe Has a New Economic Engine: American Tourists - WSJ - 0 views

www.wsj.com/...omy-american-tourists-f6112f78

europe tourism portugal greece

shared by Javier E on 21 Jun 24 - No Cached
  • the Mediterranean rush is turning Europe’s recent economic history on its head. In the 2010s, Germany and other manufacturing-heavy economies helped drag the continent out of its debt crisis thanks to strong exports of cars and capital goods, especially to China.
  • Today, Italy, Spain, Greece and Portugal contribute between a quarter and half of the bloc’s annual growth. 
  • While Germany’s economy is flatlining, Spain is Europe’s fastest-growing big economy. Nearly three-quarters of the country’s recent growth and one in four new jobs are linked to tourism
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  • In Greece, an unlikely economic star since the pandemic, as many as 44% of all jobs are connected to tourism. 
  • Can Europe’s emerging “museum economy” support sustained wealth creation and the expansive welfare systems Europeans have become accustomed to since the end of World War II? And what happens if the dollar falls and the tourists leave?
  • Rent and other living expenses are rising in hot spots, making it harder for many locals to make ends meet. A heightened focus on tourism, which turns a quick profit but remains a low-productivity activity, tethers these economies to a highly cyclical industry
  • It also risks keeping workers and capital from more profitable areas, like tech and high-end manufacturing. 
  • some economists, residents and politicians are concerned about the boom’s long-term implications.
  • The strong dollar—and a powerful post-Covid recovery—has empowered millions of Americans who would have vacationed in the U.S. before the pandemic. They are now finding they can afford a lavish European holiday.
  • “It is literally, for Americans right now, the place to go,”
  • One reason is the brutal sovereign debt crisis that hit the continent’s south especially hard just over a decade ago. Unable to stimulate demand with public spending or to energize exports by devaluing their currency—the euro, which is shared by 20 states—those countries could only boost their competitiveness by lowering wages.
  • “Your dollar goes a lot further,” Cross said over coffee in the lobby of her five-star hotel. “You don’t feel you’re scrounging as much.”
  • Tourism now generates one-fifth of economic output in Lisbon and supports one in four jobs. That boom has reverberated far beyond the capital.
  • Portugal’s gross domestic product grew nearly 8% between 2019 and 2024, compared with less than 1% for Germany,
  • The government recorded a rare 1.2% of GDP budget surplus last year, and its debt-to-GDP ratio is expected to fall to 95% this year, the lowest since 2009
  • Portugal’s population is growing again after years of decline, thanks in part to an influx of migrant workers and to various tax incentives and investor visas that have attracted high-income workers. 
  • In Portugal, a country of 10 million that juts out into the North Atlantic from Spain, Americans recently surpassed Spaniards as the biggest group of foreign tourists. 
  • The trend is part of a global readjustment following the Covid-19 lockdowns. Spending on travel and hospitality worldwide grew roughly seven times faster than the global economy over the past two years, according to Oxford Economics. That pattern is expected to continue for the next decade, though to a lesser degree.
  • Europe, especially southern Europe, has benefited more than many other regions. Though it is home to just 5% of the world’s population, the European Union received around one-third of all international tourist dollars—more than half a trillion dollars—last year. This is up roughly threefold over two decades, and compares with about $150 billion for the U.S., where tourism has been slower to rebound.
  • Moedas, Lisbon’s mayor, says there’s room for further growth. For a city that doubles in size to around one million every day, including commuters, only around 35,000 are tourists, he said. “We are very far from a situation of so-called overtourism.”
  • This and a real estate collapse that left hundreds of thousands of workers suddenly available made the region’s tourist industry ultracompetitive, much cheaper than Caribbean beach destinations and on a par with Latin American destinations like Mexico. 
  • Once an owner of TAP, Neeleman increased the number of direct flights to the U.S. eightfold between 2015 and 2020, adding major hubs such as JFK and Boston Logan, betting that would open up an untapped market. As bookings soared, other U.S. airlines followed. 
  • Signs of discontent are bubbling up across the region. Tens of thousands of local residents marched in Spain’s Balearic and Canary islands in recent months to protest mass tourism and overcrowding. On Mallorca, activists have put up fake signs at some popular beaches warning in English of the risk of falling rocks or dangerous jellyfish to deter tourists, according to social-media posts.
  • For Gonçalo Hall, a 36-year-old tech worker, the influx of foreign cash that has transformed Lisbon has been overwhelmingly beneficial for the city. When he lived in the capital 15 years ago, he wouldn’t walk in the historic downtown after 8 p.m. It was “full of homeless people, not safe. Lots of empty and abandoned buildings,” he said. 
  • “The quality of life in Lisbon doesn’t match the prices. Even expats are leaving,” said Hall, who moved to the Atlantic island of Madeira during the pandemic and continues to work remotely.  
  • The average Portuguese employee earns around €1,000 a month after tax, or around $1,100 a month, and only 2% earn more than €2,000. A one-bedroom apartment in Lisbon can easily cost more than €500,000 to buy, or over €1,200 a month to rent. Rents in nearby cities are also climbing as people leave the capital, squeezed out as lucrative short-term rentals transform the housing market. 
  • Jessica Ribeiro, a 35-year-old sociologist, pays around €490 a month for an apartment that she shares with her ex-husband in a town close to Lisbon. Neither can afford to leave. Both make a little more than the minimum wage of €820 a month, and soaring rents mean it is impossible to find an apartment in the neighborhood for less than €700, Ribeiro said. 
  • “The harm that tourism has brought is infinitely bigger than the benefits,” Ribeiro said. “It sends people away from their place of work, making their lives much harder.” 
  • A frequent complaint from residents and housing advocates is that some of the boom’s biggest winners are American companies, from Airbnb to Uber, which often pay little tax in the places where they do most of their business.
  • Lisbon is cracking down on Airbnbs and increasing taxes on tourists, doubling the nightly city tax from €2 to €4, which should raise €80 million a year. Airbnb has paid Lisbon and Porto, Portugal’s two biggest cities, more than €63 million after entering into voluntary tax collection agreements with local officials. Moedas said he is considering “a bit more regulation” of the city’s many Ubers, whose drivers he said don’t always respect traffic rules. 
  • Around nine in 10 Airbnb hosts in Portugal rent their family home and almost half say the extra income helps them afford to stay in their homes, according to a spokesperson for the company. “Guests using our platform account for just 10% of total nights booked in Portugal, and we follow the rules and only allow listings that are registered with local authorities,”
  • Higher rents are forcing many businesses and cultural and social spaces catering to locals to close, according to Silva. “This is not an economy that is serving the needs of the majority of people,” she said.
  • “It was actually comical, because I went from knowing no one who had been to Portugal to everyone telling me they were going to Portugal,”
  • Serving foreigners is difficult to scale up and is more exposed to economic headwinds. Like the discovery of oil, southern Europe’s new focus on tourism can crowd out higher-value activities by hogging capital and workers, a phenomenon some economists have dubbed the “beach disease.”
  • “Portugal isn’t an industrialized country. It’s just the playground of the EU,” said Priscila Valadão, a 43-year-old administrative assistant in Lisbon. She makes €905 a month and rents a room from a friend for €250 a month. “The type of jobs being offered…are restricted to a type of activity that really doesn’t enrich the country,”
  • For Europe’s policymakers, having people open hotels or restaurants is easier than incentivizing them to build up advanced manufacturing, which is capital intensive and takes a long time to pay off, said Marcos Carias, an economist with French insurer Coface. 
  • “Tourism is the easy way out,” Carias said. “What is the incentive to look for ingenuity and go through the pain of creating new economic value if tourism works as a short-term solution?”
  • Proponents say tourism attracts capital to poor regions, and can serve as a base to build a more diversified economy. Lisbon’s Moedas said he is trying to leverage the influx of foreign visitors to build up sectors such as culture and technology, including by developing conferences and cultural events. 
  • “Some extreme left parties basically say we need to reduce tourism,” Moedas said, but that is the wrong approach. “What we have to do is to increase other sectors like innovation, technology…. We should still invest in tourism, but we should go up the ladder.”
  • In Athens, Mayor Haris Doukas says he is working on extending the tourist season, increasing the average length of stay and promoting specific types of tourism, such as organizing conferences and business meetings, to attract visitors with higher purchasing power. He’s also called for new taxes to help the city accommodate the millions of additional tourists thronging to the ancient capital.
  • More than one-third of highly qualified Portuguese students leave the country after graduating,
  • Even higher-paid technology workers have started decamping to cheaper places. 
  • Tiago Araújo, chief executive of tourism tech startup HiJiffy, has held on to his employees but says many of them have been moving out of Lisbon. The trend, which started during Covid, is now being primarily driven by the housing crisis.
  • While Dias, the hotel owner, is diversifying into nightlife, he refuses to envisage a future where the sector would have to rely heavily on visitors from elsewhere.
  • If Americans stop coming to Lisbon, he said, “I don’t think we can charge this kind of [price] because we will have to go to Europeans, and the Europeans, they don’t have money.”
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