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As the ideological glue that allows Belgians to cohabit has come unstuck, the traditional parties of government have found it difficult to retain public backing. Amid a wider fracturing of the vote, Flemish and Walloon voters are now lured by adventurers on right and left

Belgium serves as a stern reminder that there are few bulwarks against the trends that ail European nations. The country is no Italy or Netherlands, where the far right is already in government, and party democracy and its postwar prosperity survive only as faint memories.

Yet even with Belgium’s lower inequality rates, higher union membership and comparatively stronger party infrastructure, the march of the far right has also proved eerily unstoppable.

As Douglass argued, “To suppress free speech is a double wrong. It violates the rights of the hearer as well as those of the speaker.”

Acts of intimidation are as grave a threat to free speech as restrictive government policies. Again, Douglass said it well: “There can be no right of speech where any man, however lifted up, or however humble, however young, or however old, is overawed by force, and compelled to suppress his honest sentiments.”

Brown University professor Claire Wardle said the Observatory had created innovative methodology and trained the next generation of experts.

“Closing down a lab like this would always be a huge loss, but doing so now, during a year of global elections, makes absolutely no sense,” said Wardle, who previously led research at anti-misinformation nonprofit First Draft. “We need universities to use their resources and standing in the community to stand up to criticism and headlines.”

The study of misinformation has become increasingly controversial, and Stamos, DiResta and Starbird have been besieged by lawsuits, document requests and threats of physical harm. Leading the charge has been Rep. Jim Jordan (R-Ohio), whose House subcommittee alleges the Observatory improperly worked with federal officials and social media companies to violate the free-speech rights of conservatives.

In a joint statement, Stamos and DiResta said their work involved much more than elections, and that they had been unfairly maligned.

“The politically motivated attacks against our research on elections and vaccines have no merit, and the attempts by partisan House committee chairs to suppress First Amendment-protected research are a quintessential example of the weaponization of government,” they said.

Stamos founded the Observatory after publicizing that Russia has attempted to influence the 2016 election by sowing division on Facebook, causing a clash with the company’s top executives. Special counsel Robert S. Mueller III later cited the Facebook operation in indicting a Kremlin contractor. At Stanford, Stamos and his team deepened his study of influence operations from around the world, including one it traced to the Pentagon.

Stamos told associates he stepped back from leading the Observatory last year in part because the political pressure had taken a toll. Stamos had raised most of the money for the project, and the remaining faculty have not been able to replicate his success, as many philanthropic groups shift their focus on artificial intelligence and other, fresher topics.

In supporting the project further, the university would have risked alienating conservative donors, Silicon Valley figures, and members of Congress, who have threatened to stop all federal funding for disinformation research or cut back general support.

The Observatory’s non-election work has included developing curriculum for teaching college students about how to handle trust and safety issues on social media platforms and launching the first peer-reviewed journal dedicated to that field. It has also investigated rings publishing child sexual exploitation material online and flaws in the U.S. system for reporting it, helping to prepare platforms to handle an influx of computer-generated material.

easy money. In an eye-opening new book, “What Went Wrong With Capitalism,” he makes a convincing case.

“When the price of borrowing money is zero,” Sharma told me this week, “the price of everything else goes bonkers.”

To take just one example: In 2010, as the era of ultralow and even negative interest rates was getting started, the median sale price for a house in the United States hovered around $220,000. By the start of this year, it was more than $420,000.

Nowhere has inflation (in the broad sense of the term) been more evident than in global financial markets. In 1980 they were worth a total of $12 trillion — equal to the size of the global economy at the time. After the pandemic, Sharma noted, those markets were worth $390 trillion, or around four times the world’s total gross domestic product.

But the worst hit is to capitalism itself: a pervasive and well-founded sense that the system is broken and rigged, particularly against the poor and the young. “A generation ago, it took the typical young family three years to save up to the down payment on a home,” Sharma observes in the book. “By 2019, thanks to no return on savings, it was taking 19 years.”

First, there was inflation in real and financial assets, followed by inflation in consumer prices, followed by higher financing costs as interest rates have risen to fight inflation

For wealthier Americans who own assets or had locked in low-interest mortgages, this hasn’t been a bad thing. But for Americans who rely heavily on credit, it’s been devastating.

Since investors “can’t make anything on government bonds when those yields are near zero,” he said, “they take bigger risks, buying assets that promise higher returns, from fine art to high-yield debt of zombie firms, which earn too little to make even interest payments and survive by taking on new debt.”

The hit to the overall economy comes in other forms, too: inefficient markets that no longer deploy money carefully to their most productive uses, large corporations swallowing smaller competitors and deploying lobbyists to bend government rules in their favor, the collapse of prudential economic practices.

“The most successful investment strategy of the 2010s,” Sharma writes, citing the podcaster Joshua Brown, “would have been to buy the most expensive tech stocks and then buy more as they rose in price and valuation.”

In theory, easy money should have broad benefits for regular people, from employees with 401(k)s to consumers taking out cheap mortgages. In practice, it has destroyed much of what used to make capitalism an engine of middle-class prosperity in favor of the old and very rich.

The social consequence of this is rage; the political consequence is populism.

“He promised to deconstruct the administrative state but ended up adding new rules at the same pace as his predecessor — 3,000 a year,” Sharma said of Trump. “His exercise of presidential authority to personal ends shattered historic precedents and did more to expand than restrict the scope of government. For all their policy differences, both leading U.S. candidates are committed and fearless statists, not friends of competitive capitalism.”

We are wandering in fog. And the precipice is closer than we think.