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It also required that either the president or vice president be a woman, and that one-third of parliamentarians be women. Parliament’s first female speaker, Onsari Gharti Magar, was elected last week.

Bhandari became involved in politics as a teenager in Nepal the 1980s, but stepped away from the action after marrying communist leader Madan Bhandari and having two children with him. After becoming a widow in 1993, when her husband was killed in a mysterious car accident, she stepped back in and campaigned to take his place in parliament.

Nepal is still reeling from the violence and unrest sparked by the adoption of the new constitution. Minority groups complain that it marginalizes them, while others are dismayed at its secularism. India, Nepal’s neighbor, appears to have sided with the dissenters by instituting an unofficial blockade of fuel and other supplies across its border.

“Religion is an attempt to find meaning in events, not a theory that tries to explain the universe.” It exists because we humans are the only species, so far as we can know, who have evolved to know explicitly that, one day in the future, we will die. And this existential fact requires some way of reconciling us to it while we are alive.

This is why science cannot replace it. Science does not tell you how to live, or what life is about; it can provide hypotheses and tentative explanations, but no ultimate meaning

appreciating great art or music is ultimately an act of wonder and contemplation, and has almost nothing to say about morality and life.

Here’s Mill describing the nature of what he called “A Crisis in My Mental History”:

It is perfectly possible to see and record the absurdities and abuses of man-made institutions and rituals, especially religious ones, while embracing a way of life that these evil or deluded people preached but didn’t practice

Seduced by scientism, distracted by materialism, insulated, like no humans before us, from the vicissitudes of sickness and the ubiquity of early death, the post-Christian West believes instead in something we have called progress — a gradual ascent of mankind toward reason, peace, and prosperity — as a substitute in many ways for our previous monotheism

We have constructed a capitalist system that turns individual selfishness into a collective asset and showers us with earthly goods; we have leveraged science for our own health and comfort. Our ability to extend this material bonanza to more and more people is how we define progress; and progress is what we call meaning

But none of this material progress beckons humans to a way of life beyond mere satisfaction of our wants and needs. And this matters. We are a meaning-seeking species

Ditto history

So what happens when this religious rampart of the entire system is removed? I think what happens is illiberal politics. The need for meaning hasn’t gone away, but without Christianity, this yearning looks to politics for satisfaction.

Russell, for his part, abandoned Christianity at the age of 18, for the usual modern reasons, but the question of ultimate meaning still nagged at him. One day, while visiting the sick wife of a colleague, he described what happened: “Suddenly the ground seemed to give away beneath me, and I found myself in quite another region. Within five minutes I went through some such reflections as the following: the loneliness of the human soul is unendurable; nothing can penetrate it except the highest intensity of the sort of love that religious teachers have preached; whatever does not spring from this motive is harmful, or at best useless.”

Our modern world tries extremely hard to protect us from the sort of existential moments experienced by Mill and Russell

Netflix, air-conditioning, sex apps, Alexa, kale, Pilates, Spotify, Twitter … they’re all designed to create a world in which we rarely get a second to confront ultimate meaning — until a tragedy occurs, a death happens, or a diagnosis strikes

Liberalism is a set of procedures, with an empty center, not a manifestation of truth, let alone a reconciliation to mortality. But, critically, it has long been complemented and supported in America by a religion distinctly separate from politics, a tamed Christianity

religious impulses, once anchored in and tamed by Christianity, find expression in various political cults. These political manifestations of religion are new and crud

Will the house still stand when its ramparts are taken away? I’m beginning to suspect it can’t.  And won’t.

like almost all new cultish impulses, they demand a total and immediate commitment to save the world.

We have the cult of Trump on the right, a demigod who, among his worshippers, can do no wrong. And we have the cult of social justice on the left, a religion whose followers show the same zeal as any born-again Evangelical

They are filling the void that Christianity once owned, without any of the wisdom and culture and restraint that Christianity once provided.

social-justice ideology does everything a religion should. It offers an account of the whole: that human life and society and any kind of truth must be seen entirely as a function of social power structures, in which various groups have spent all of human existence oppressing other groups

it provides a set of practices to resist and reverse this interlocking web of oppression — from regulating the workplace and policing the classroom to checking your own sin and even seeking to control language itself.

“Social justice” theory requires the admission of white privilege in ways that are strikingly like the admission of original sin

To the belief in human progress unfolding through history — itself a remnant of Christian eschatology — it adds the Leninist twist of a cadre of heroes who jump-start the revolution.

many Evangelicals are among the holiest and most quietly devoted people out there. Some have bravely resisted the cult. But their leaders have turned Christianity into a political and social identity, not a lived faith, and much of their flock — a staggering 81 percent voted for Trump — has signed on. They have tribalized a religion explicitly built by Jesus as anti-tribal.

The terrible truth of the last three years is that the fresh appeal of a leader-cult has overwhelmed the fading truths of Christianity.

This is why they are so hard to reach or to persuade and why nothing that Trump does or could do changes their minds. You cannot argue logically with a religion

— which is why you cannot really argue with social-justice activists either

so we’re mistaken if we believe that the collapse of Christianity in America has led to a decline in religion. It has merely led to religious impulses being expressed by political cults.

both cults really do minimize the importance of the individual in favor of either the oppressed group or the leader

They demonstrate, to my mind, how profoundly liberal democracy has actually depended on the complement of a tolerant Christianity to sustain itself — as many earlier liberals (Tocqueville, for example) understood.

It is Christianity that came to champion the individual conscience against the collective, which paved the way for individual rights. It is in Christianity that the seeds of Western religious toleration were first sown. Christianity is the only monotheism that seeks no sway over Caesar, that is content with the ultimate truth over the immediate satisfaction of power. It was Christianity that gave us successive social movements, which enabled more people to be included in the liberal project, thus renewing i

The question we face in contemporary times is whether a political system built upon such a religion can endure when belief in that religion has become a shadow of its future self.

it occurred to me to put the question directly to myself: ‘Suppose that all your objects in life were realized; that all the changes in institutions and opinions that you are looking forward to, could be completely effected at this very instant; would this be a great joy and happiness to you?’ And an irrepressible self-consciousness distinctly answered: ‘No!’”

I think it was mainly about how the people of Britain shook off the moral decadence of the foreign policy of the 1930s, how, beneath the surface, there were depths of feeling and determination that we never saw until an existential crisis hit, and an extraordinary figure seized the moment.

how profoundly I yearn for something like that to reappear in America. The toll of Trump is so deep. In so many ways, he has come close to delegitimizing this country and entire West, aroused the worst instincts within us, fed fear rather than confronting it, and has been rewarded for his depravity in the most depressing way by everything that is foul on the right and nothing that is noble.

I want to believe in America again, its decency and freedom, its hostility, bred in its bones, toward tyranny of any kind, its kindness and generosity. I need what someone once called the audacity of hope.

I’ve witnessed this America ever since I arrived — especially its embrace of immigrants — which is why it is hard to see Trump tearing migrant children from their parents

But who, one wonders, is our Churchill? And when will he or she emerge?

In a famous journal he kept from 1935 to 1944, the Romanian writer Mihail Sebastian chronicled an even more extreme shift in his own country. Like me, Sebastian was Jewish; like me, most of his friends were on the political right. In his journal, he described how, one by one, they were drawn to fascist ideology, like a flock of moths to an inescapable flame. He recounted the arrogance and confidence they acquired as they moved away from identifying themselves as Europeans—admirers of Proust, travelers to Paris—and instead began to call themselves blood-and-soil Romanians. He listened as they veered into conspiratorial thinking or became casually cruel. People he had known for years insulted him to his face and then acted as if nothing had happened. “Is friendship possible,” he wondered in 1937, “with people who have in common a whole series of alien ideas and feelings—so alien that I have only to walk in the door and they suddenly fall silent in shame and embarrassment?”

This is not 1937. Nevertheless, a parallel transformation is taking place in my own time, in the Europe that I inhabit and in Poland, a country whose citizenship I have acquired

the Dreyfus affair is most interesting because it was sparked by a single cause célèbre. Just one court case—one disputed trial—plunged an entire country into an angry debate, creating unresolvable divisions between people who had previously not known that they disagreed with one another. But this shows that vastly different understandings of what is meant by “France” were already there, waiting to be discovered

More important, though the people I am writing about here, the nativist ideologues, are perhaps not all as successful as they would like to be (about which more in a minute), they are not poor and rural, they are not in any sense victims of the political transition, and they are not an impoverished underclass. On the contrary, they are educated, they speak foreign languages, and they travel abroad—just like Sebastian’s friends in the 1930s.

What has caused this transformation

My answer is a complicated one, because I think the explanation is universal. Given the right conditions, any society can turn against democracy. Indeed, if history is anything to go by, all societies eventually will.

And it is taking place without the excuse of an economic crisis of the kind Europe suffered in the 1930s. Poland’s economy has been the most consistently successful in Europe over the past quarter century. Even after the global financial collapse in 2008, the country saw no recession. What’s more, the refugee wave that has hit other European countries has not been felt here at all. There are no migrant camps, and there is no Islamist terrorism, or terrorism of any kind.

in modern Britain, America, Germany, France, and until recently Poland, we have assumed that competition is the most just and efficient way to distribute power. The best-run businesses should make the most money. The most appealing and competent politicians should rule. The contests between them should take place on an even playing field, to ensure a fair outcome.

All of these debates, whether in 1890s France or 1990s Poland, have at their core a series of important questions: Who gets to define a nation? And who, therefore, gets to rule a nation? For a long time, we have imagined that these questions were settled—but why should they ever be?

the illiberal one-party state, now found all over the world—think of China, Venezuela, Zimbabwe—was first developed by Lenin, in Russia, starting in 1917. In the political-science textbooks of the future, the Soviet Union’s founder will surely be remembered not for his Marxist beliefs, but as the inventor of this enduring form of political organization.

Unlike Marxism, the Leninist one-party state is not a philosophy. It is a mechanism for holding power. It works because it clearly defines who gets to be the elite—the political elite, the cultural elite, the financial elite.

In monarchies such as prerevolutionary France and Russia, the right to rule was granted to the aristocracy, which defined itself by rigid codes of breeding and etiquette. In modern Western democracies, the right to rule is granted, at least in theory, by different forms of competition: campaigning and voting, meritocratic tests that determine access to higher education and the civil service, free markets

Two decades ago, different understandings of “Poland” must already have been present too, just waiting to be exacerbated by chance, circumstance, and personal ambition

Lenin’s one-party state was based on different values. It overthrew the aristocratic order. But it did not put a competitive model in place. The Bolshevik one-party state was not merely undemocratic; it was also anticompetitive and antimeritocratic. Places in universities, civil-service jobs, and roles in government and industry did not go to the most industrious or the most capable. Instead, they went to the most loyal.

As Hannah Arendt wrote back in the 1940s, the worst kind of one-party state “invariably replaces all first-rate talents, regardless of their sympathies, with those crackpots and fools whose lack of intelligence and creativity is still the best guarantee of their loyalty.”

Lenin’s one-party system also reflected his disdain for the idea of a neutral state, of apolitical civil servants and an objective media. He wrote that freedom of the press “is a deception.” He mocked freedom of assembly as a “hollow phrase.” As for parliamentary democracy itself, that was no more than “a machine for the suppression of the working class.”

These parties tolerate the existence of political opponents. But they use every means possible, legal and illegal, to reduce their opponents’ ability to function and to curtail competition in politics and economics. They dislike foreign investment and criticize privatization, unless it is designed to benefit their supporters. They undermine meritocracy. Like Donald Trump, they mock the notions of neutrality and professionalism, whether in journalists or civil servants. They discourage businesses from advertising in “opposition”—by which they mean illegitimate—media.

nepotism, state capture. But if you so choose, you can also describe it in positive terms: It represents the end of the hateful notions of meritocracy and competition, principles that, by definition, never benefited the less successful. A rigged and uncompetitive system sounds bad if you want to live in a society run by the talented. But if that isn’t your primary interest, then what’s wrong with it?

If you are someone who believes that you deserve to rule, then your motivation to attack the elite, pack the courts, and warp the press to achieve your ambitions is strong. Resentment, envy, and above all the belief that the “system” is unfair—these are important sentiments among the intellectuals of the Polish right.

Whatever mistakes the party might make, whatever laws it might break, at least the “truth” about Smolensk would finally be told.

the polarizing political movements of 21st-century Europe demand much less of their adherents. They don’t require belief in a full-blown ideology, and thus they don’t require violence or terror police. They don’t force people to believe that black is white, war is peace, and state farms have achieved 1,000 percent of their planned production. Most of them don’t deploy propaganda that conflicts with everyday reality.

yet all of them depend, if not on a Big Lie, then on what the historian Timothy Snyder once told me should be called the Medium-Size Lie, or perhaps a clutch of Medium-Size Lies. To put it differently, all of them encourage their followers to engage, at least part of the time, with an alternative reality. Sometimes that alternative reality has developed organically; more often, it’s been carefully formulated, with the help of modern marketing techniques, audience segmentation, and social-media campaigns.

In Hungary, the lie is unoriginal: It is the belief, shared by the Russian government and the American alt-right, in the superhuman powers of George Soros, the Hungarian Jewish billionaire who is supposedly plotting to bring down the nation through the deliberate importation of migrants, even though no such migrants exist in Hungary.

In Poland, at least the lie is sui generis. It is the Smolensk conspiracy theory: the belief that a nefarious plot brought down the president’s plane in April 2010.

The truth, as it began to emerge, was not comforting to the Law and Justice Party or to its leader, the dead president’s twin brother. The plane had taken off late; the president was likely in a hurry to land, because he wanted to use the trip to launch his reelection campaign. There was thick fog in Smolensk, which did not have a real airport, just a landing strip in the forest; the pilots considered diverting the plane, which would have meant a drive of several hours to the ceremony. After the president had a brief phone call with his brother, his advisers apparently pressed the pilots to land. Some of them, against protocol, walked in and out of the cockpit during the flight. Also against protocol, the chief of the air force came and sat beside the pilots. “Zmieścisz się śmiało”—“You’ll make it, be bold,” he said. Seconds later, the plane collided with the tops of some birch trees, rolled over, and hit the ground.

When, some weeks after the election, European institutions and human-rights groups began responding to the actions of the Law and Justice government, they focused on the undermining of the courts and public media. They didn’t focus on the institutionalization of the Smolensk conspiracy theory, which was, frankly, just too weird for outsiders to understand. And yet the decision to put a fantasy at the heart of government policy really was the source of the authoritarian actions that followed.

Although the Macierewicz commission has never produced a credible alternate explanation for the crash, the Smolensk lie laid the moral groundwork for other lies. Those who could accept this elaborate theory, with no evidence whatsoever, could accept anything.

picking apart personal and political motives is extremely difficult. That’s what I learned from the story of Jacek Kurski, the director of Polish state television and the chief ideologist of the Polish illiberal state. He started out in the same place, at the same time, as his brother, Jarosław Kurski, who edits the largest and most influential liberal Polish newspaper. They are two sides of the same coin.

The Smolensk conspiracy theory, like the Hungarian migration conspiracy theory, served another purpose: For a younger generation that no longer remembered Communism, and a society where former Communists had largely disappeared from politics, it offered a new reason to distrust the politicians, businesspeople, and intellectuals who had emerged from the struggles of the 1990s and now led the country.

More to the point, it offered a means of defining a new and better elite. There was no need for competition, or for exams, or for a résumé bristling with achievements. Anyone who professes belief in the Smolensk lie is by definition a true patriot—and, incidentally, might well qualify for a government job.

Hungary’s belated reckoning with its Communist past—putting up museums, holding memorial services, naming perpetrators—did not, as I thought it would, help cement respect for the rule of law, for restraints on the state, for pluralism

16 years after the Terror Háza’s opening, Hungary’s ruling party respects no restraints of any kind. It has gone much further than Law and Justice in politicizing the state media and destroying the private media, achieving the latter by issuing threats and blocking access to advertising. It has created a new business elite that is loyal to Orbán.

Schmidt embodies what the Bulgarian writer Ivan Krastev recently described as the desire of many eastern and central Europeans to “shake off the colonial dependency implicit in the very project of Westernization,” to rid themselves of the humiliation of having been imitators, followers of the West rather than founders.

Listening to her, I became convinced that there was never a moment when Schmidt’s views “changed.” She never turned against liberal democracy, because she never believed in it, or at least she never thought it was all that important. For her, the antidote to Communism is not democracy but an anti-Dreyfusard vision of national sovereignty

It’s clear that the Medium-Size Lie is working for Orbán—just as it has for Donald Trump—if only because it focuses the world’s attention on his rhetoric rather than his actions.

I described my 1999 New Year’s Eve party to a Greek political scientist. Quietly, he laughed at me. Or rather, he laughed with me; he didn’t mean to be rude. But this thing I was calling polarization was nothing new. “The post-1989 liberal moment—this was the exception,” Stathis Kalyvas told me. Polarization is normal. More to the point, I would add, skepticism about liberal democracy is also normal. And the appeal of authoritarianism is eternal.

Americans, with our powerful founding story, our unusual reverence for our Constitution, our relative geographic isolation, and our two centuries of economic success, have long been convinced that liberal democracy, once achieved, cannot be altered. American history is told as a tale of progress, always forward and upward, with the Civil War as a kind of blip in the middle, an obstacle that was overcome.

In Greece, history feels not linear but circular. There is liberal democracy and then there is oligarchy. Then there is liberal democracy again. Then there is foreign subversion, then there is an attempted Communist coup, then there is civil war, and then there is dictatorship. And so on, since the time of the Athenian republic.

In truth, the argument about who gets to rule is never over, particularly in an era when people have rejected aristocracy, and no longer believe that leadership is inherited at birth or that the ruling class is endorsed by God

Democracy and free markets can produce unsatisfying outcomes, after all, especially when badly regulated, or when nobody trusts the regulators, or when people are entering the contest from very different starting points. Sooner or later, the losers of the competition were always going to challenge the value of the competition itself.

More to the point, the principles of competition, even when they encourage talent and create upward mobility, don’t necessarily answer deeper questions about national identity, or satisfy the human desire to belong to a moral community.

The authoritarian state, or even the semi-authoritarian state—the one-party state, the illiberal state—offers that promise: that the nation will be ruled by the best people, the deserving people, the members of the party, the believers in the Medium-Size Lie.

over time, the combination of his perfect résumé, his actorly ability to change register as he unpacks a sentence, and his smoothness and self-love have begun to worry me. My fear is that his appeal will fade

Klobuchar, to my mind, is the better midwestern option. She is an engaging and successful politician. But there’s a reason she seemingly can’t get more traction. She just doesn’t command a room

I so want Biden to be ten years younger. I can’t help but be very fond of the man, and he does have a mix of qualities that appeal to both African-Americans and white working-class midwesterners. What I worry about is his constant stumbling in his speech, his muddling of words, those many moments when his eyes close, and his face twitches, as he tries to finish a sentence

Sanders has been on the far left all his life, and the oppo research the GOP throws at him could be brutal. He’s a man, after all, who sided with a Marxist-Leninist party that supported Ayatollah Khomeini during the hostage crisis in 1979. He loved the monstrous dictator Fidel Castro and took his 1988 honeymoon in the Soviet Union, no less, where he openly and publicly criticized his own country and praised many aspects of the Soviet system

On two key issues, immigration and identity politics, Bernie has sensibilities and instincts that could neutralize these two strong points for Trump. Sanders has always loathed the idea of open borders and the effect they have on domestic wages, and he doesn’t fit well with the entire woke industry. He still believes in class struggle, not the culture war

Biden has an advantage because of Obama, his appeal to the midwestern voters (if he wins back Pennsylvania, that would work wonders), and his rapport with African-Americans. But he also seems pretty out of it.

it wears off faster among the young and energetic than among the older, more world-weary but also more patient

Middle-class Singaporean families often refer to themselves nowadays as the “sandwich generation,” by which they mean that between needing to care for elderly parents and spending heavily on tuition or tutoring and uniforms for school-age children, they have little left to spend on themselves

There are more than 10,000 cases, and numbers are rising fast. More than 800 cases were registered in just five and a half days this past week, more than the previous all-time record for a full week.

The Singaporean system lacks an open-ended entitlement akin to the U.S. Social Security system. It uses a market-based system with much to commend it, but it isn’t perfect. The system is designed to rely in part on multigenerational families taking care of the elderly, so as is the case everywhere, when a family doesn’t cohere well for one reason or another, its elderly members often suffer most.

with the coming of Singapore’s second monsoon season, the island is suffering the worst bout of dengue fever infections in more than a decade.

Few realize that military power can do more than either compel or deter. Most of the time most military power in the hands of a status quo actor like the United States neither compels nor deters; it “merely” reassures, except that over time there is nothing mere about it

He proceeded to explain that the U.S. effort in Vietnam had already bought the new nations of Southeast Asia shelter from communist onslaught for three to four precious years.

LKY’s son, current Prime Minister Lee Hsien Loong, repeated the same conclusion in a recent Foreign Affairs essay. He added that ever since the Vietnam War era, regardless of the end of the Cold War and dramatic changes in China, the U.S. role in East Asia has been both benign—he did not say error-free—and stabilizing.

More than that, U.S. support for an expanding free-trade accented global economic order has enabled Singapore to surf the crest of burgeoning economic growth in Asia, becoming the most successful transshipment platform in history. It has enabled Singapore to benefit from several major technological developments—containerization is a good example—that have revolutionized international trade in manufactures

No country in the world has benefited more than Singapore from U.S. postwar grand strategy, except perhaps China. Which is an interesting observation, often made here, in its own right.

The most important of these reasons—and, I’ve learned, the hardest one for foreigners to understand—is that the Protestant/Enlightenment DNA baked indelibly into the American personality requires a belief in the nation’s exceptionalist virtue to justify an activist role abroad

Singapore has ridden the great whale of Asian advancement in a sea of American-guaranteed tranquility.

Singapore’s approach to dealing with China has been one of strategic hedging. There is no getting around the need to cooperate economically and functionally with China, for Chinese influence permeates the entire region. Do a simple thought experiment: Even if Singaporeans determined to avoid China, how could they avoid the emanations of Chinese relations with and influence on Malaysia, Indonesia, the Philippines, Vietnam, Thailand, Japan, and Korea? Impossible.

Singapore’s close relationship with the United States needs to be seen as similarly enmeshed with the greater web of U.S. relationships in littoral Asia, as well as with India and the Middle East. It is misleading, therefore, to define the issue as one of Singapore’s confidence, or lack thereof, that the United States will come to Singapore’s aid and defense en extremis.

The utility of the U.S. role vis-à-vis China is mainly one of regional balancing that indirectly benefits Singaporean security.

Singapore’s hedging strategy, which reflects a similar disposition throughout Southeast Asia with variations here and there, only works within certain ranges of enabling reality. It doesn’t work if American power or will wanes too much, and it doesn’t work if the broader Sino-American regional balance collapses into glaring enmity and major-power conflict.

Over the past dozen years the worry has been too much American waning, less of capability than of strategic attention, competence, and will. Now, over the past year or two, the worry has shifted to anxiety over potential system collapse into conflict and even outright war.

It’s no fun being a sentient ping pong ball between two behemoths with stinging paddles, so they join together in ASEAN hoping that this will deflect such incentives. It won’t, but people do what they can when they cannot do what they like.

the flat-out truth: The United States is in the process of doing something no other great power in modern history has ever done. It is knowingly and voluntarily abdicating its global role and responsibilities

One Lee Kuan Yew vignette sums up the matter. In the autumn of 1968, at a dinner in his honor at Harvard, the Prime Minister had to sit through a litany of complaints from leading scholars about President Johnson’s disastrously escalatory war policies in Vietnam. When they were through, no doubt expecting sympathy from an Asian leader, LKY, never one to bite his tongue, turned on his hosts and announced: “You make me sick.”

The recessional began already at the end of the George W. Bush Administration, set roots during the eight years of the Obama presidency, and became a bitter, relentless, tactless, and barely shy of mad obsession during the Trump presidency.

the strategy itself is unlikely to be revivified for several reasons.

It is troubled within, so is internally directed for reasons good and otherwise. Thus distracted from the rest of the world in a Hamlet-like act sure to last at least a decade, it is unlikely ever to return in full to the disinterested, active, and constructive role it pioneered for itself after World War II.

When, for justifiable reasons or not, the nation loses its moral self-respect, it cannot lift its chin to look confidently upon the world, or bring itself to ask the world to look upon America as a worthy model, let alone a leader.

That fact that most Americans today also increasingly see expansive international engagement as too expensive, too dangerous, too complex to understand, and unhelpful either to the “main street” American economy or to rock-bottom American security, is relevant too

the disappearance of a single “evil” adversary in Soviet communism, the advent of near-permanent economic anxiety punctuated by the 2008-9 Great Recession—whatever numbers the stock market puts up—and the sclerotic polarization of American politics have left most Americans with little bandwidth for foreign policy narratives.

Few listen to any member of our tenured political class with the gumption to argue that U.S. internationalism remains in the national interest. In any event, few try, and even fewer manage to make any sense when they do.

In that context, pleas from thoughtful observers that we must find a mean between trying to do too much and doing too little are likely to be wasted. No thoughtful, moderate approach to any public policy question can get an actionable hearing these days.

what has happened to “the America I knew and so admired” that its people could elect a man like Donald Trump President? How could a great country deteriorate so quickly from apparent competence, lucidity of mind, and cautious self-confidence into utterly debilitating spasms of apparent self-destruction?

The political culture as a whole has become a centrism incinerator, an immoderation generator, a shuddering dynamo of shallow intellectual impetuosity of every description.

in the wake of the George Floyd unrest one side thinks a slogan—“law and order”—that is mighty close to a dogwhistle for “shoot people of color” can make it all better, while the other side advocates defunding or abolishing the police, for all the good that would do struggling inner-city underclass neighborhoods.

To any normal person these are brazenly unserious propositions, yet they suck up nearly all the oxygen the U.S. media has the inclination to report about. The optic once it reaches Singapore, 9,650 miles away, is one of raving derangement.

Drop any policy proposal into any of the great lava flows of contemporary American irrationality and any sane center it may possess will boil away into nothingness in a matter of seconds

It’s hard for many to let go of hoary assurances about American benignity, constancy, and sound judgment

It is a little like trying to peel a beloved but thoroughly battered toy out of the hands of a four-year old. They want to hold onto it, even though at some level they know it’s time to loosen their grip.

Since then the mendacious narcissism of Donald Trump, the eager acquiescence to it of nearly the entire Republican Party, and its deadly metathesis in the COVID-19 and George Floyd contexts, have changed their questions. They no longer ask how this man could have become President. Now they ask where is the bottom of this sputtering cacophonous mess? They ask what will happen before and then on and after November 3

Singapore’s good fortune in recent decades is by no means entirely an accident of its ambient geostrategic surroundings, but it owes much to those surroundings. While Singaporeans were honing the arts of good government, saving and investing in the country, educating and inventing value-added jobs for themselves, all the while keeping intercommunal relations inclined toward greater tolerance and harmony, the world was cooperating mightily with their ambitions. At the business end of that world was the United States

The U.S. grand strategy of providing security goods to the global commons sheltered Singapore’s efforts in more ways than one over the years

In 1965, when Singapore was thrust into independence from the Malaysian union, a more fraught environment could barely have been imagined. Indonesia was going crazy in the year of living dangerously, and the konfrontasi spilled over violently onto Singapore’s streets, layering on the raw feelings of race riots here in 1964. Communist Chinese infiltration of every trade union movement in the region was a fact of life, not to exclude shards of Singapore’s, and the Cultural Revolution was at full froth in China. So when U.S. Marines hit the beach at Da Nang in February 1965 the independence-generation leadership here counted it as a blessing.

this is exactly the problem now: Those massively benign trends are at risk of inanition, if not reversal.

While China is no longer either Marxist or crazy, as it was during Mao’s Cultural Revolution, it is still Leninist, as its recent summary arrogation of Hong Kong’s negotiated special status shows. It has meanwhile grown mighty economically, advanced technologically at surprising speed, and has taken to investing grandly in its military capabilities. Its diplomacy has become more assertive, some would even say arrogant, as its Wolf Warrior nationalism has grown

The downward economic inflection of the pandemic has exacerbated pre-existing economic strains

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

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

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

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

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

Replace bad investment with domestic consumption. 

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

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

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

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

Stay with the current model.

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

Beijing has policy options.

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

Just quit it with the bad investment. 

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

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

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

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

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

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

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

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

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

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

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