Group items tagged

Beady-eyed readers will note that most of this stuff, apart from Terra-Luna, is in the “on top of” category and not actually on-chain tech. DeFi exchanges and lending protocols have continued to whir even as the enterprises more akin to normal businesses have imploded one by one. But the collapse of these enterprises could imperil the underlying tech by taking out chunks of its value, making the chains more exposed to would-be attackers and pushing miners or stakers to switch off their machines

The value of on-chain activity and tokens is self-reinforcing. The more people that use DeFi, the more valuable Ethereum becomes. The higher the price of ether, the higher the hurdle to attack the blockchain and the more confidence people will have that blockchains will endure

This also works in reverse. The more people shy away from crypto out of fear, the less secure it becomes.

The total market cap of cryptocurrencies is currently $820bn. That is 70% below the peak a year ago, but still high compared with most of crypto’s history.

Many more layers—such as a major stablecoin, big businesses or perhaps other on-chain protocols—would have to unravel to take crypto’s value back to the levels at which it traded just three or four years ago

Although fewer people will use crypto as a result of the ftx collapse, it is very hard to imagine the number will be small enough to take its value to zero. ■

To take out crypto entirely would require killing the underlying blockchain layers. They could either give way first, kicking the stool out from underneath everything else. Or the industry could unravel from the top down, layer by layer like a knitted scarf.

how the industry works. At crypto’s base are blockchains, like Bitcoin and Ethereum, which record transactions verified by computers, a process incentivised by the issuance of new tokens. The Ethereum blockchain validates lines of code, which has made it possible for people to issue their own tokens or build applications

Major chains and a handful of Ethereum-based tokens, like stablecoins, account for about 90% of cryptocurrency value. Big businesses have been built on top of this world, including exchanges, investment funds and lending platforms.

The death of ftx, an exchange declared bankrupt on November 11th after a spectacular blow-up, will encourage some people to turn their attention elsewhere. What would have to happen for everyone to give up?

brokered a deal to move the Port of Los Angeles toward 24/7 operations, joining Long Beach, which is already operating around the clock, and that they are encouraging states to accelerate the licensing of more truck drivers.

On Wednesday, the White House will host leaders from the Port of Los Angeles, the Port of Long Beach, and the International Longshore and Warehouse Union to discuss the difficulties at ports, as well as hold a round table with executives from Walmart, UPS and Home Depot.

Imports for the fourth quarter are on pace to be 4.7 percent higher than in the same period last year, which was also a record-breaking holiday season,

Companies are exacerbating the situation by rushing to obtain products and bidding up their own prices.

Administration officials acknowledged on Tuesday in a call with reporters that the $1.9 trillion economic aid package Mr. Biden signed into law in March had contributed to supply chain issues by boosting demand for goods, but said the law was the reason the U.S. recovery has outpaced those of other nations this year.

Consumer demand for exercise bikes, laptops, toys, patio furniture and other goods is booming, fueled by big savings amassed over the course of the pandemic.

The blockages stretch up and down supply chains, from foreign harbors to American rail yards and warehouses.

Home Depot, Costco and Walmart have taken to chartering their own ships to move products across the Pacific Ocean.

the average anchorage time had stretched to more than 11 days.

Companies that had been trying to avoid passing on higher costs to customers may find that they need to as higher costs become longer lived.

worsening supplier delivery times and conditions at ports suggested that product shortages would persist into mid- to late next year.

governments around the world could help to smooth some shortages and dampen some price increases, for example by encouraging workers to move into industries with labor shortages, like trucking

“But to some extent, they need to let markets do their work,” she said.

a Transportation Department official gathering information on what the administration could do to address the supply chain shortages had contacted his company. Flexport offered the administration suggestions on changing certain regulations and procedures to ease the blockages, but warned that the problem was a series of choke points “stacked one on top of the other.”

from the whole big picture, the supply capacity is really hard to change in a noteworthy way.”

The shortages have come as a shock for many American shoppers, who are used to buying a wide range of global goods with a single click, and seeing that same product on their doorstep within hours or days.

The political risk for the administration is that shortfalls, mostly a nuisance so far, turn into something more existential. Diapers are already in short supply. As aluminum shortages develop, packaging pharmaceuticals could become a problem,

slow deliveries could make for slim pickings this Christmas and Hanukkah.

Consumer price inflation probably climbed by 5.3 percent in the year through September, data from the Bureau of Labor Statistics is expected to show on Wednesday.

They often point out that much of the surge has been spurred by a jump in car prices, caused by a lack of computer chips that delayed vehicle production.

the pandemic has shut down factories and slowed production around the world. Port closures, shortages of shipping containers and truck drivers, and pileups in rail and ship yards have led to long transit times and unpredictable deliveries for a wide range of products

Tesla, for instance, had been hoping to reduce the cost of its electric vehicles and has struggled to do that amid the bottlenecks.

If demand slumps as households spend away government stimulus checks and other savings they stockpiled during the pandemic downturn, that could leave purveyors of couches and lawn furniture with fewer production backlogs and less pricing power down the road.

If buying stays strong, and shipping remains problematic, inflation could become more entrenched.

To get their own orders fulfilled, companies have placed bigger orders and offered to pay higher prices.

that’s particularly true on the I.R.A., which has to build all these things in the real world.

we’re trying to do industrial physical transformation at a speed and scale unheralded in American history. This is bigger than anything we have done at this speed ever.

The money is beginning to move out the door now, but we’re on a clock. Climate change is not like some other issues where if you don’t solve it this year, it is exactly the same to solve it next year. This is an issue where every year you don’t solve it, the amount of greenhouse gases in the atmosphere builds, warming builds, the effects compound

Solve, frankly, isn’t the right word there because all we can do is abate, a lot of the problems now baked in. So how is it going, and who can actually walk us through that?

Robinson Meyer is the founding executive editor of heatmap.news

why do all these numbers differ so much? How big is this thing?

in electric vehicles and in the effort, kind of this dual effort in the law, to both encourage Americans to buy and use electric vehicles and then also to build a domestic manufacturing base for electric vehicles.

on both counts, the data’s really good on electric vehicles. And that’s where we’re getting the fastest response from industry and the clearest response from industry to the law.

ROBINSON MEYER: Factories are getting planned. Steel’s going in the ground. The financing for those factories is locked down. It seems like they’re definitely going to happen. They’re permitted. Companies are excited about them. Large Fortune 500 automakers are confidently and with certainty planning for an electric vehicle future, and they’re building the factories to do that in the United States. They’re also building the factories to do that not just in blue states. And so to some degree, we can see the political certainty for electric vehicles going forward.

in other parts of the law, partially due to just vagaries of how the law is being implemented, tax credits where the fine print hasn’t worked out yet, it’s too early to say whether the law is working and how it’s going and whether it’s going to accomplish its goal

EZRA KLEIN: I always find this very funny in a way. The Congressional Budget Office scored it. They thought it would make about $380 billion in climate investments over a decade. So then you have all these other analyses coming out.

But there’s actually this huge range of outcomes in between where the thing passes, and maybe what you wanted to have happen happens. Maybe it doesn’t. Implementation is where all this rubber meets the road

the Rhodium Group, which is a consulting firm, they think it could be as high as $522 billion, which is a big difference. Then there’s this Goldman Sachs estimate, which the administration loves, where they say they’re projecting $1.2 trillion in incentives —

ROBINSON MEYER: All the numbers differ because most of the important incentives, most of the important tax credits and subsidies in the I.R.A., are uncapped. There’s no limit to how much the government might spend on them. All that matters is that some private citizen or firm or organization come to the government and is like, hey, we did this. You said you’d give us money for it. Give us the money.

because of that, different banks have their own energy system models, their own models of the economy. Different research groups have their own models.

we know it’s going to be wrong because the Congressional Budget Office is actually quite constrained in how it can predict how these tax credits are taken up. And it’s constrained by the technology that’s out there in the country right now.

The C.B.O. can only look at the number of electrolyzers, kind of the existing hydrogen infrastructure in the country, and be like, well, they’re probably all going to use these tax credits. And so I think they said that there would be about $5 billion of take up for the hydrogen tax credits.

But sometimes money gets allocated, and then costs overrun, and there delays, and you can’t get the permits, and so on, and the thing never gets built

the fact that the estimates are going up is to them early evidence that this is going well. There is a lot of applications. People want the tax credits. They want to build these new factories, et cetera.

a huge fallacy that we make in policy all the time is assuming that once money is allocated for something, you get the thing you’re allocating the money for. Noah Smith, the economics writer, likes to call this checkism, that money equals stuff.

EZRA KLEIN: They do not want that, and not wanting that and putting every application through a level of scrutiny high enough to try and make sure you don’t have another one

I don’t think people think a lot about who is cutting these checks, but a lot of it is happening in this very obscure office of the Department of Energy, the Loan Program Office, which has gone from having $40 billion in lending authority, which is already a big boost over it not existing a couple decades ago, to $400 billion in loan authority,

the Loan Program Office as one of the best places we have data on how this is going right now and one of the offices that’s responded fastest to the I.R.A.

the Loan Program Office is basically the Department of Energy’s in-house bank, and it’s kind of the closest thing we have in the US to what exists in other countries, like Germany, which is a State development bank that funds projects that are eventually going to be profitable.

It has existed for some time. I mean, at first, it kind of was first to play after the Recovery Act of 2009. And in fact, early in its life, it gave a very important loan to Tesla. It gave this almost bridge loan to Tesla that helped Tesla build up manufacturing capacity, and it got Tesla to where it is today.

EZRA KLEIN: It’s because one of the questions I have about that office and that you see in some of the coverage of them is they’re very afraid of having another Solyndra.

Now, depending on other numbers, including the D.O.E., it’s potentially as high as $100 billion, but that’s because the whole thing about the I.R.A. is it’s meant to encourage the build-out of this hydrogen infrastructure.

EZRA KLEIN: I’m never that excited when I see a government loans program turning a profit because I think that tends to mean they’re not making risky enough loans. The point of the government should be to bear quite a bit of risk —

And to some degree, Ford now has to compete, and US automakers are trying to catch up with Chinese EV automakers. And its firms have EV battery technology especially, but just have kind of comprehensive understanding of the EV supply chain that no other countries’ companies have

ROBINSON MEYER: You’re absolutely right that this is the key question. They gave this $9.2 billion loan to Ford to build these EV battery plants in Kentucky and Tennessee. It’s the largest loan in the office’s history. It actually means that the investment in these factories is going to be entirely covered by the government, which is great for Ford and great for our build-out of EVs

And to some degree, I should say, one of the roles of L.P.O. and one of the roles of any kind of State development bank, right, is to loan to these big factory projects that, yes, may eventually be profitable, may, in fact, assuredly be profitable, but just aren’t there yet or need financing that the private market can’t provide. That being said, they have moved very slowly, I think.

And they feel like they’re moving quickly. They just got out new guidelines that are supposed to streamline a lot of this. Their core programs, they just redefined and streamlined in the name of speeding them up

However, so far, L.P.O. has been quite slow in getting out new loans

I want to say that the pressure they’re under is very real. Solyndra was a disaster for the Department of Energy. Whether that was fair or not fair, there’s a real fear that if you make a couple bad loans that go bad in a big way, you will destroy the political support for this program, and the money will be clawed back, a future Republican administration will wreck the office, whatever it might be. So this is not an easy call.

when you tell me they just made the biggest loan in their history to Ford, I’m not saying you shouldn’t lend any money to Ford, but when I think of what is the kind of company that cannot raise money on the capital markets, the one that comes to mind is not Ford

They have made loans to a number of more risky companies than Ford, but in addition to speed, do you think they are taking bets on the kinds of companies that need bets? It’s a little bit hard for me to believe that it would have been impossible for Ford to figure out how to finance factorie

ROBINSON MEYER: Now, I guess what I would say about that is that Ford is — let’s go back to why Solyndra failed, right? Solyndra failed because Chinese solar deluged the market. Now, why did Chinese solar deluge the market? Because there’s such support of Chinese financing from the state for massive solar factories and massive scale.

EZRA KLEIN: — the private market can’t. So that’s the meta question I’m asking here. In your view, because you’re tracking this much closer than I am, are they too much under the shadow of Solyndra? Are they being too cautious? Are they getting money out fast enough?

ROBINSON MEYER: I think that’s right; that basically, if we think the US should stay competitive and stay as close as it can and not even stay competitive, but catch up with Chinese companies, it is going to require large-scale state support of manufacturing.

EZRA KLEIN: OK, that’s fair. I will say, in general, there’s a constant thing you find reporting on government that people in government feel like they are moving very quickly

EZRA KLEIN: — given the procedural work they have to go through. And they often are moving very quickly compared to what has been done in that respect before, compared to what they have to get over. They are working weekends, they are working nights, and they are still not actually moving that quickly compared to what a VC firm can do or an investment bank or someone else who doesn’t have the weight of congressional oversight committees potentially calling you in and government procurement rules and all the rest of it.

ROBINSON MEYER: I think that’s a theme across the government’s implementation of the I.R.A. right now, is that generally the government feels like it’s moving as fast as it can. And if you look at the Department of Treasury, they feel like we are publishing — basically, the way that most of the I.R.A. subsidies work is that they will eventually be administered by the I.R.S., but first the Department of the Treasury has to write the guidebook for all these subsidies, right?

the law says there’s a very general kind of “here’s thousands of dollars for EVs under this circumstance.” Someone still has to go in and write all the fine print. The Department of Treasury is doing that right now for each tax credit, and they have to do that before anyone can claim that tax credit to the I.R.S. Treasury feels like it’s moving extremely quickly. It basically feels like it’s completely at capacity with these, and it’s sequenced these so it feels like it’s getting out the most important tax credits first.

Private industry feels like we need certainty. It’s almost a year since the law passed, and you haven’t gotten us the domestic content bonus. You haven’t gotten us the community solar bonus. You haven’t gotten us all these things yet.

a theme across the government right now is that the I.R.A. passed. Agencies have to write the regulations for all these tax credits. They feel like they’re moving very quickly, and yet companies feel like they’re not moving fast enough.

that’s how we get to this point where we’re 311 days out from the I.R.A. passing, and you’re like, well, has it made a big difference? And I’m like, well, frankly, wind and solar developers broadly don’t feel like they have the full understanding of all the subsidies they need yet to begin making the massive investments

I think it’s fair to say maybe the biggest bet on that is green hydrogen, if you’re looking in the bill.

We think it’s going to be an important tool in industry. It may be an important tool for storing energy in the power grid. It may be an important tool for anything that needs combustion.

ROBINSON MEYER: Yeah, absolutely. So green hydrogen — and let’s just actually talk about hydrogen broadly as this potential tool in the decarbonization tool kit.

It’s a molecule. It is a very light element, and you can burn it, but it’s not a fossil fuel. And a lot of the importance of hydrogen kind of comes back to that attribute of it.

So when we look at sectors of the economy that are going to be quite hard to decarbonize — and that’s because there is something about fossil fuels chemically that is essential to how that sector works either because they provide combustion heat and steelmaking or because fossil fuels are actually a chemical feedstock where the molecules in the fossil fuel are going into the product or because fossil fuels are so energy dense that you can carry a lot of energy while actually not carrying that much mass — any of those places, that’s where we look at hydrogen as going.

green hydrogen is something new, and the size of the bet is huge. So can you talk about first just what is green hydrogen? Because my understanding of it is spotty.

The I.R.A. is extremely generous — like extremely, extremely generous — in its hydrogen subsidies

The first is for what’s called blue hydrogen, which is hydrogen made from natural gas, where we then capture the carbon dioxide that was released from that process and pump it back into the ground. That’s one thing that’s subsidized. It’s basically subsidized as part of this broader set of packages targeted at carbon capture

green hydrogen, which is where we take water, use electrolyzers on it, basically zap it apart, take the hydrogen from the water, and then use that as a fue

The I.R.A. subsidies for green hydrogen specifically, which is the one with water and electricity, are so generous that relatively immediately, it’s going to have a negative cost to make green hydrogen. It will cost less than $0 to make green hydrogen. The government’s going to fully cover the cost of producing it.

That is intentional because what needs to happen now is that green hydrogen moves into places where we’re using natural gas, other places in the industrial economy, and it needs to be price competitive with those things, with natural gas, for instance. And so as it kind of is transported, it’s going to cost money

As you make the investment to replace the technology, it’s going to cost money. And so as the hydrogen moves through the system, it’s going to wind up being price competitive with natural gas, but the subsidies in the bill are so generous that hydrogen will cost less than $0 to make a kilogram of it

There seems to be a sense that hydrogen, green hydrogen, is something we sort of know how to make, but we don’t know how to make it cost competitive yet. We don’t know how to infuse it into all the processes that we need to be infused into. And so a place where the I.R.A. is trying to create a reality that does not yet exist is a reality where green hydrogen is widely used, we have to know how to use it, et cetera.

And they just seem to think we don’t. And so you need all these factories. You need all this innovation. Like, they have to create a whole innovation and supply chain almost from scratch. Is that right?

ROBINSON MEYER: That’s exactly right. There’s a great Department of Energy report that I would actually recommend anyone interested in this read called “The Liftoff Report for Clean Hydrogen.” They made it for a few other technologies. It’s a hundred-page book that’s basically how the D.O.E. believes we’re going to build out a clean hydrogen economy.

And, of course, that is policy in its own right because the D.O.E. is saying, here is the years we’re going to invest to have certain infrastructure come online. Here’s what we think we need. That’s kind of a signal to industry that everyone should plan around those years as well.

It’s a great book. It’s like the best piece of industrial policy I’ve actually seen from the government at all. But one of the points it makes is that you’re going to make green hydrogen. You’re then going to need to move it. You’re going to need to move it in a pipeline or maybe a truck or maybe in storage tanks that you then cart around.

Once it gets to a facility that uses green hydrogen, you’re going to need to store some green hydrogen there in storage tanks on site because you basically need kind of a backup supply in case your main supply fails. All of those things are going to add cost to hydrogen. And not only are they going to add cost, we don’t really know how to do them. We have very few pipelines that are hydrogen ready.

All of that investment needs to happen as a result to make the green hydrogen economy come alive. And why it’s so lavishly subsidized is to kind of fund all that downstream investment that’s eventually going to make the economy come true.

But a lot of what has to happen here, including once the money is given out, is that things we do know how to build get built, and they get built really fast, and they get built at this crazy scale.

So I’ve been reading this paper on what they call “The Greens’ Dilemma” by J.B. Ruhl and James Salzman, who also wrote this paper called “Old Green Laws, New Green Deal,” or something like that. And I think they get at the scale problem here really well.

“The largest solar facility currently online in the US is capable of generating 585 megawatts. To meet even a middle-road renewable energy scenario would require bringing online two new 400-megawatt solar power facilities, each taking up at least 2,000 acres of land every week for the next 30 years.”

And that’s just solar. We’re not talking wind there. We’re not talking any of the other stuff we’ve discussed here, transmission lines. Can we do that? Do we have that capacity?

ROBINSON MEYER: No, we do not. We absolutely do not. I think we’re going to build a ton of wind and solar. We do not right now have the system set up to use that much land to build that much new solar and wind by the time that we need to build it. I think it is partially because of permitting laws, and I think it’s also partially because right now there is no master plan

There’s no overarching strategic entity in the government that’s saying, how do we get from all these subsidies in the I.R.A. to net zero? What is our actual plan to get from where we are right now to where we’re emitting zero carbon as an economy? And without that function, no project is essential. No activity that we do absolutely needs to happen, and so therefore everything just kind of proceeds along at a convenient pace.

given the scale of what’s being attempted here, you might think that something the I.R.A. does is to have some entity in the government, as you’re saying, say, OK, we need this many solar farms. This is where we think we should put them. Let’s find some people to build them, or let’s build them ourselves.

what it actually does is there’s an office somewhere waiting for private companies to send in an application for a tax credit for solar that they say they’re going to build, and then we hope they build it

it’s an almost entirely passive process on the part of the government. Entirely would be going too far because I do think they talk to people, and they’re having conversations

the builder applies, not the government plans. Is that accurate?

ROBINSON MEYER: That’s correct. Yes.

ROBINSON MEYER: I think here’s what I would say, and this gets back to what do we want the I.R.A. to do and what are our expectations for the I.R.A

If the I.R.A. exists to build out a ton of green capacity and shift the political economy of the country toward being less dominated by fossil fuels and more dominated by the clean energy industry, frankly, then it is working

If the I.R.A. is meant to get us all the way to net zero, then it is not capable of that.

in 2022, right, we had no way to see how we were going to reduce emissions. We did not know if we were going to get a climate bill at all. Now, we have this really aggressive climate bill, and we’re like, oh, is this going to get us to net zero?

But getting to net zero was not even a possibility in 2022.

The issue is that the I.R.A. requires, ultimately, private actors to come forward and do these things. And as more and more renewables get onto the grid, almost mechanically, there’s going to be less interest in bringing the final pieces of decarbonized electricity infrastructure onto the grid as well.

EZRA KLEIN: Because the first things that get applied for are the ones that are more obviously profitable

The issue is when you talk to solar developers, they don’t see it like, “Am I going to make a ton of money, yes or no?” They see it like they have a capital stack, and they have certain incentives and certain ways to make money based off certain things they can do. And as more and more solar gets on the grid, building solar at all becomes less profitable

also, just generally, there’s less people willing to buy the solar.

as we get closer to a zero-carbon grid, there is this risk that basically less and less gets built because it will become less and less profitable

EZRA KLEIN: Let’s call that the last 20 percent risk

EZRA KLEIN: — or the last 40 percent. I mean, you can probably attach different numbers to that

ROBINSON MEYER: Permitting is the primary thing that is going to hold back any construction basically, especially out West,

right now permitting fights, the process under the National Environmental Policy Act just at the federal level, can take 4.5 years

let’s say every single project we need to do was applied for today, which is not true — those projects have not yet been applied for — they would be approved under the current permitting schedule in 2027.

ROBINSON MEYER: That’s before they get built.

Basically nobody on the left talked about permitting five years ago. I don’t want to say literally nobody, but you weren’t hearing it, including in the climate discussion.

people have moved to saying we do not have the laws, right, the permitting laws, the procurement laws to do this at the speed we’re promising, and we need to fix that. And then what you’re seeing them propose is kind of tweak oriented,

Permitting reform could mean a lot of different things, and Democrats and Republicans have different ideas about what it could mean. Environmental groups, within themselves, have different ideas about what it could mean.

for many environmental groups, the permitting process is their main tool. It is how they do the good that they see themselves doing in the world. They use the permitting process to slow down fossil fuel projects, to slow down projects that they see as harming local communities or the local environment.

ROBINSON MEYER: So we talk about the National Environmental Policy Act or NEPA. Let’s just start calling it NEPA. We talk about the NEPA process

NEPA requires the government basically study any environmental impact from a project or from a decision or from a big rule that could occur.

Any giant project in the United States goes through this NEPA process. The federal government studies what the environmental impact of the project will be. Then it makes a decision about whether to approve the project. That decision has nothing to do with the study. Now, notionally, the study is supposed to inform the project.

the decision the federal government makes, the actual “can you build this, yes or no,” legally has no connection to the study. But it must conduct the study in order to make that decision.

that permitting reform is so tough for the Democratic coalition specifically is that this process of forcing the government to amend its studies of the environmental impact of various decisions is the main tool that environmental litigation groups like Earthjustice use to slow down fossil fuel projects and use to slow down large-scale chemical or industrial projects that they don’t think should happen.

when we talk about making this program faster, and when we talk about making it more immune to litigation, they see it as we’re going to take away their main tools to fight fossil fuel infrastructure

why there’s this gap between rhetoric and what’s actually being proposed is that the same tool that is slowing down the green build-out is also what’s slowing down the fossil fuel build-out

ROBINSON MEYER: They’re the classic conflict here between the environmental movement classic, let’s call it, which was “think globally, act locally,” which said “we’re going to do everything we can to preserve the local environment,” and what the environmental movement and the climate movement, let’s say, needs to do today, which is think globally, act with an eye to what we need globally as well, which is, in some cases, maybe welcome projects that may slightly reduce local environmental quality or may seem to reduce local environmental quality in the name of a decarbonized world.

Because if we fill the atmosphere with carbon, nobody’s going to get a good environment.

Michael Gerrard, who is professor at Columbia Law School. He’s a founder of the Sabin Center for Climate Change Law there. It’s called “A Time for Triage,” and he has this sort of interesting argument that the environmental movement in general, in his view, is engaged in something he calls trade-off denial.

his view and the view of some people is that, look, the climate crisis is so bad that we just have to make those choices. We have to do things we would not have wanted to do to preserve something like the climate in which not just human civilization, but this sort of animal ecosystem, has emerged. But that’s hard, and who gets to decide which trade-offs to make?

what you’re not really seeing — not really, I would say, from the administration, even though they have some principles now; not really from California, though Gavin Newsom has a set of early things — is “this is what we think we need to make the I.R.A. happen on time, and this is how we’re going to decide what is a kind of project that gets this speedway through,” w

there’s a failure on the part of, let’s say, the environmental coalition writ large to have the courage to have this conversation and to sit down at a table and be like, “OK, we know that certain projects aren’t happening fast enough. We know that we need to build out faster. What could we actually do to the laws to be able to construct things faster and to meet our net-zero targets and to let the I.R.A. kind achieve what it could achieve?”

part of the issue is that we’re in this environment where Democrats control the Senate, Republicans control the House, and it feels very unlikely that you could just get “we are going to accelerate projects, but only those that are good for climate change,” into the law given that Republicans control the House.

part of the progressive fear here is that the right solutions must recognize climate change. Progressives are very skeptical that there are reforms that are neutral on the existence of climate change and whether we need to build faster to meet those demands that can pass through a Republican-controlled House.

one of the implications of that piece was it was maybe a huge mistake for progressives not to have figured out what they wanted here and could accept here, back when the negotiating partner was Joe Manchin.

Manchin’s bill is basically a set of moderate NEPA reforms and transmission reforms. Democrats, progressives refuse to move on it. Now, I do want to be fair here because I think Democrats absolutely should have seized on that opportunity, because it was the only moment when — we could tell already that Democrats — I mean, Democrats actually, by that moment, had lost the House.

I do want to be fair here that Manchin’s own account of what happened with this bill is that Senate Republicans killed it and that once McConnell failed to negotiate on the bill in December, Manchin’s bill was dead.

EZRA KLEIN: It died in both places.ROBINSON MEYER: It died in both places. I think that’s right.

Republicans already knew they were going to get the House, too, so they had less incentive to play along. Probably the time for this was October.

EZRA KLEIN: But it wasn’t like Democrats were trying to get this one done.

EZRA KLEIN: To your point about this was all coming down to the wire, Manchin could have let the I.R.A. pass many months before this, and they would have had more time to negotiate together, right? The fact that it was associated with Manchin in the way it was was also what made it toxic to progressives, who didn’t want to be held up by him anymore.

What becomes clear by the winter of this year, February, March of this year, is that as Democrats and Republicans begin to talk through this debt-ceiling process where, again, permitting was not the main focus. It was the federal budget. It was an entirely separate political process, basically.

EZRA KLEIN: I would say the core weirdness of the debt-ceiling fight was there was no main focus to it.

EZRA KLEIN: It wasn’t like past ones where it was about the debt. Republicans did some stuff to cut spending. They also wanted to cut spending on the I.R.S., which would increase the debt, right? It was a total mishmash of stuff happening in there.

That alchemy goes into the final debt-ceiling negotiations, which are between principals in Congress and the White House, and what we get is a set of basically the NEPA reforms in Joe Manchin’s bill from last year and the Mountain Valley pipeline, the thing that environmentalists were focused on blocking, and effectively no transmission reforms.

the set of NEPA reforms that were just enacted, that are now in the law, include — basically, the word reasonable has been inserted many times into NEPA. [LAUGHS] So the law, instead of saying the government has to study all environmental impacts, now it has to study reasonable environmental impacts.

this is a kind of climate win — has to study the environmental impacts that could result from not doing a project. The kind of average NEPA environmental impact study today is 500 pages and takes 4.5 years to produce. Under the law now, the government is supposed to hit a page limit of 150 to 300 pages.

there’s a study that’s very well cited by progressives from three professors in Utah who basically say, well, when you look at the National Forest Service, and you look at this 40,000 NEPA decisions, what mostly holds up these NEPA decisions is not like, oh, there’s too many requirements or they had to study too many things that don’t matter. It’s just there wasn’t enough staff and that staffing is primarily the big impediment. And so on the one hand, I think that’s probably accurate in that these are, in some cases — the beast has been starved, and these are very poorly staffed departments

The main progressive demand was just “we must staff it better.”

But if it’s taking you this much staffing and that much time to say something doesn’t apply to you, maybe you have a process problem —ROBINSON MEYER: Yes.EZRA KLEIN: — and you shouldn’t just throw endless resources at a broken process, which brings me — because, again, you can fall into this and never get out — I think, to the bigger critique her

these bills are almost symbolic because there’s so much else happening, and it’s really the way all this interlocks and the number of possible choke points, that if you touch one of them or even you streamline one of them, it doesn’t necessarily get you that f

“All told, over 60 federal permitting programs operate in the infrastructure approval regime, and that is just the federal system. State and local approvals and impact assessments could also apply to any project.”

their view is that under this system, it’s simply not possible to build the amount of decarbonization infrastructure we need at the pace we need it; that no amount of streamlining NEPA or streamlining, in California, CEQA will get you there; that we basically have been operating under what they call an environmental grand bargain dating back to the ’70s, where we built all of these processes to slow things down and to clean up the air and clean up the water.

we accepted this trade-off of slower building, quite a bit slower building, for a cleaner environment. And that was a good trade. It was addressing the problems of that era

now we have the problems of this era, which is we need to unbelievably, rapidly build out decarbonization infrastructure to keep the climate from warming more than we can handle and that we just don’t have a legal regime or anything.

You would need to do a whole new grand bargain for this era. And I’ve not seen that many people say that, but it seems true to me

the role that America had played in the global economy in the ’50s and ’60s where we had a ton of manufacturing, where we were kind of the factory to a world rebuilding from World War II, was no longer tenable and that, also, we wanted to focus on more of these kind of high-wage, what we would now call knowledge economy jobs.That was a large economic transition happening in the ’70s and ’80s, and it dovetailed really nicely with the environmental grand bargain.

At some point, the I.R.A. recognizes that that environmental grand bargain is no longer operative, right, because it says, we’re going to build all this big fiscal fixed infrastructure in the United States, we’re going to become a manufacturing giant again, but there has not been a recognition among either party of what exactly that will mean and what will be required to have it take hold.

It must require a form of on-the-ground, inside-the-fenceline, “at the site of the power plant” pollution control technology. The only way to do that, really, is by requiring carbon capture and requiring the large construction of major industrial infrastructure at many, many coal plants and natural gas plants around the country in order to capture carbon so it doesn’t enter the atmosphere, and so we don’t contribute to climate change. That is what the Supreme Court has ruled. Until that body changes, that is going to be the law.

So the E.P.A. has now, last month, proposed a new rule under the Clean Air Act that is going to require coal plants and some natural gas plants to install carbon capture technology to do basically what the Supreme Court has all but kind of required the E.P.A. to do

the E.P.A. has to demonstrate, in order to kind of make this rule the law and in order to make this rule pass muster with the Supreme Court, that this is tenable, that this is the best available and technologically feasible option

that means you actually have to allow carbon capture facilities to get built and you have to create a legal process that will allow carbon capture facilities to get built. And that means you need to be able to tell a power plant operator that if they capture carbon, there’s a way they can inject it back into the ground, the thing that they’re supposed to do with it.

Well, E.P.A. simultaneously has only approved the kind of well that you need to inject carbon that you’ve captured from a coal factory or a natural gas line back into the ground. It’s called a Class 6 well. The E.P.A. has only ever approved two Class 6 wells. It takes years for the E.P.A. to approve a Class 6 well.

And environmental justice groups really, really oppose these Class 6 wells because they see any carbon capture as an effort to extend the life of the fossil fuel infrastructure

The issue here is that it seems like C.C.S., carbon capture, is going to be essential to how the U.S. decarbonizes. Legally, we have no other choice because of the constraints the Supreme Court has placed on the E.P.A.. At the same time, environmental justice groups, and big green groups to some extent, oppose building out any C.C.S.

to be fair to them, right, they would say there are other ways to decarbonize. That may not be the way we’ve chosen because the politics weren’t there for it, but there are a lot of these groups that believe you could have 100 percent renewables, do not use all that much carbon capture, right? They would have liked to see a different decarbonization path taken too. I’m not sure that path is realistic.

what you do see are environmental groups opposing making it possible to build C.C.S. anywhere in the country at all.

EZRA KLEIN: The only point I’m making here is I think this is where you see a compromise a lot of them didn’t want to make —ROBINSON MEYER: Exactly, yeah.EZRA KLEIN: — which is a decarbonization strategy that actually does extend the life cycle of a lot of fossil fuel infrastructure using carbon capture. And because they never bought onto it, they’re still using the pathway they have to try to block it. The problem is that’s part of the path that’s now been chosen. So if you block it, you just don’t decarbonize. It’s not like you get the 100 percent renewable strategy.

ROBINSON MEYER: Exactly. The bargain that will emerge from that set of actions and that set of coalitional trade-offs is we will simply keep running this, and we will not cap it.

What could be possible is that progressives and Democrats and the E.P.A. turns around and says, “Oh, that’s fine. You can do C.C.S. You just have to cap every single stationary source in the country.” Like, “You want to do C.C.S.? We totally agree. Essential. You must put CSS infrastructure on every power plant, on every factory that burns fossil fuels, on everything.”

If progressives were to do that and were to get it into the law — and there’s nothing the Supreme Court has said, by the way, that would limit progressives from doing that — the upshot would be we shut down a ton more stationary sources and a ton more petrochemical refineries and these bad facilities that groups don’t want than we would under the current plan.

what is effectively going to happen is that way more factories and power plants stay open and uncapped than would be otherwise.

EZRA KLEIN: So Republican-controlled states are just on track to get a lot more of it. So the Rocky Mountain Institute estimates that red states will get $623 billion in investments by 2030 compared to $354 billion for blue states.

why are red states getting so much more of this money?

ROBINSON MEYER: I think there’s two reasons. I think, first of all, red states have been more enthusiastic about getting the money. They’re the ones giving away the tax credits. They have a business-friendly environment. And ultimately, the way many, many of these red-state governors see it is that these are just businesses.

I think the other thing is that these states, many of them, are right-to-work states. And so they might pay their workers less. They certainly face much less risk financially from a unionization campaign in their state.

regardless of the I.R.A., that’s where manufacturing and industrial investment goes in the first place. And that’s where it’s been going for 20 years because of the set of business-friendly and local subsidies and right-to-work policies.

I think the administration would say, we want this to be a big union-led effort. We want it to go to the Great Lakes states that are our political firewall.

and it would go to red states, because that’s where private industry has been locating since the ’70s and ’80s, and it would go to the Southeast, right, and the Sunbelt, and that that wouldn’t be so bad because then you would get a dynamic where red-state senators, red-state representatives, red-state governors would want to support the transition further and would certainly not support the repeal of the I.R.A. provisions and the repeal of climate provisions, and that you’d get this kind of nice vortex of the investment goes to red states, red states feel less antagonistic toward climate policies, more investment goes to red states. Red-state governors might even begin to support environmental regulation because that basically locks in benefits and advantages to the companies located in their states already.

I think what you see is that Republicans are increasingly warming to EV investment, and it’s actually building out renewables and actually building out clean electricity generation, where you see them fighting harder.

The other way that permitting matters — and this gets into the broader reason why private investment was generally going to red states and generally going to the Sunbelt — is that the Sunbelt states — Georgia, Texas — it’s easier to be there as a company because housing costs are lower and because the cost of living is lower in those states.

it’s also partially because the Sunbelt and the Southeast, it was like the last part of the country to develop, frankly, and there’s just a ton more land around all the cities, and so you can get away with the sprawling suburban growth model in those citie

It’s just cheaper to keep building suburbs there.

EZRA KLEIN: So how are you seeing the fights over these rare-earth metals and the effort to build a safe and, if not domestic, kind of friend-shored supply chain there?

Are we going to be able to source some of these minerals from the U.S.? That process seems to be proceeding but going slowly. There are some minerals we’re not going to be able to get from the United States at all and are going to have to get from our allies and partners across the world.

The kind of open question there is what exactly is the bargain we’re going to strike with countries that have these critical minerals, and will it be fair to those countries?

it isn’t to say that I think the I.R.A. on net is going to be bad for other countries. I just think we haven’t really figured out what deal and even what mechanisms we can use across the government to strike deals with other countries to mine the minerals in those countries while being fair and just and creating the kind of economic arrangement that those countries want.

, let’s say we get the minerals. Let’s say we learn how to refine them. There is many parts of the battery and many parts of EVs and many, many subcomponents in these green systems that there’s not as strong incentive to produce in the U.S.

at the same time, there’s a ton of technology. One answer to that might be to say, OK, well, what the federal government should do is just make it illegal for any of these battery makers or any of these EV companies to work with Chinese companies, so then we’ll definitely establish this parallel supply chain. We’ll learn how to make cathodes and anodes. We’ll figure it out

The issue is that there’s technology on the frontier that only Chinese companies have, and U.S. automakers need to work with those companies in order to be able to compete with them eventually.

EZRA KLEIN: How much easier would it be to achieve the I.R.A.’s goals if America’s relationship with China was more like its relationship with Germany?

ROBINSON MEYER: It would be significantly easier, and I think we’d view this entire challenge very differently, because China, as you said, not only is a leader in renewable energy. It actually made a lot of the important technological gains over the past 15 years to reducing the cost of solar and wind. It really did play a huge role on the supply side of reducing the cost of these technologies.

If we could approach that, if China were like Germany, if China were like Japan, and we could say, “Oh, this is great. China’s just going to make all these things. Our friend, China, is just going to make all these technologies, and we’re going to import them.

So it refines 75 percent of the polysilicon that you need for solar, but the machines that do the refining, 99 percent of them are made in China. I think it would be reckless for the U.S. to kind of rely on a single country and for the world to rely on a single country to produce the technologies that we need for decarbonization and unwise, regardless of our relationship with that country.

We want to geographically diversify the supply chain more, but it would be significantly easier if we did not have to also factor into this the possibility that the US is going to need to have an entirely separate supply chain to make use of for EVs, solar panels, wind turbines, batteries potentially in the near-term future.

, what are three other books they should read?

The first book is called “The End of the World” by Peter Brannen. It’s a book that’s a history of mass extinctions, the Earth’s five mass extinctions, and, actually, why he doesn’t think we’re currently in a mass extinction or why, at least, things would need to go just as bad as they are right now for thousands and thousands of years for us to be in basically the sixth extinction.

The book’s amazing for two reasons. The first is that it is the first that really got me to understand deep time.

he explains how one kind of triggered the next one. It is also an amazing book for understanding the centrality of carbon to Earth’s geological history going as far back as, basically, we can track.

“Climate Shock” by Gernot Wagner and Marty Weitzman. It’s about the economics of climate change

Marty Weitzman, who I think, until recently, was kind of the also-ran important economist of climate change. Nordhaus was the famous economist. He was the one who got all attention. He’s the one who won the Nobel.

He focuses on risk and that climate change is specifically bad because it will damage the environment, because it will make our lives worse, but it’s really specifically bad because we don’t know how bad it will be

it imposes all these huge, high end-tail risks and that blocking those tail risks is actually the main thing we want to do with climate policy.

That is I think, in some ways, what has become the U.S. approach to climate change and, to some degree, to the underlying economic thinking that drives even the I.R.A., where we want to just cut off these high-end mega warming scenarios. And this is a fantastic explanation of that particular way of thinking and of how to apply that way of thinking to climate change and also to geoengineerin

The third book, a little controversial, is called “Shorting the Grid” by Meredith Angwin

her argument is basically that electricity markets are not the right structure to organize our electricity system, and because we have chosen markets as a structured, organized electricity system in many states, we’re giving preferential treatment to natural gas and renewables, two fuels that I think climate activists may feel very different ways about, instead of coal, which she does think we should phase out, and, really, nuclear

By making it easier for renewables and natural gas to kind of accept these side payments, we made them much more profitable and therefore encouraged people to build more of them and therefore underinvested in the forms of generation, such as nuclear, that actually make most of their money by selling electrons to the grid, where they go to people’s homes.

"When considering whether to exercise the authority granted by this section, the Secretary of Transportation shall take into consideration the air transportation needs of small and remote communities and the need to maintain well-functioning health care and pharmaceutical supply chains, including for medical devices and supplies," the draft bill says.

Lawmakers also want to make sure they understand future vulnerabilities in the supply chain. As part of the National Academies study, the bill asks researchers to examine whether the US is vulnerable to critical drug and device shortages because so many materials are manufactured outside of the United States. And the bill gives waivers for the use of certain kinds of respirators during a health crisis.

The report argues that the pandemic exposed the huge power imbalance at the heart of the fashion industry, which demands that suppliers in some of the poorest countries in the world bear all the upfront production costs while buyers pay nothing until weeks or months after factories ship the goods.

Despite leaving suppliers and workers facing ruin, some retailers have paid out millions in dividends to shareholders. In March, Kohl’s, one of the US’s largest clothing retailers, paid out $109m in dividends just weeks after cancelling large orders from factories in Bangladesh, Korea and elsewhere

In an open letter published in April, the Garment Manufacturers Association in Cambodia appealed to buyers to honour their contracts to protect the 750,000 workers who rely on the Cambodian garment industry.

“All parties in the global apparel supply chain are feeling the extreme burden caused by Covid-19,” the letter said. “However, manufacturers [factories] operate on razor-thin margins and have much less ability to shoulder such a burden as compared to our customers [buyers]. The consequential burden faced by our workers who still need to put food on the table is enormous and extreme.”

In Bangladesh, more than a million garment workers have been fired or furloughed as a result of cancelled orders and buyers’ refusal to pay, according to the CGWR. Despite a government package of more than $500m to factories to help mitigate job losses, Bangladeshi workers have reported not being paid for two months or more.

“While their economic position at the top of supply chains gives them the power to renege on what they owe suppliers during a crisis, they have a moral obligation to protect the most vulnerable … and that begins with protecting the wellbeing of the workers at the bottom of supply chains.”

Topshop owner Arcadia Group, Walmart, Urban Outfitters and Mothercare are listed among those which have made no commitment to pay in full for orders completed and in production.

n contrast, said WRC’s Nova, a substantial number of big brands and retailers are now fulfilling their financial obligations to suppliers. H&M and Zara made a commitment to pay after Anner first revealed the scale of the cancellations in a CGWR/WRC report published at the end of March. Gap is among others that have since followed suit.

arl Albrecht, who was famously secretive, only spoke publicly about Aldi’s business model on one occasion – in 1953. Its fundamental principles, he said, were “narrow product range and low price, [which] cannot be separated

Lacking capital, they stocked only a tight range of staples, such as pasta and soap, planning to widen the offering later. But they soon realised that offering a limited selection of cheap, fast-selling goods kept their costs down and the cash flowing, which they could use to invest in new stores. As the former Aldi executive Dieter Brandes and his son Nils wrote in “Bare Essentials”, their book about the company: “Basically, a completely new business model was created along the lines of a discovery in the natural sciences: by accident.”

in 1961, when they had 300 stores, they chose to split Aldi, short for Albrecht Discount, into two parts. The “Aldi equator” ran through Essen, with Theo taking the part of Germany to the north, and Karl the south. Aldi North and Aldi South shared all information, except profits, and conducted some supplier negotiations jointly, but were otherwise run separately, with their stores carrying different product ranges and featuring differently coloured floors – one yellow and one grey.

Theo continued to put in long hours at the office, managing even the smallest details in his quest to save money. He wore pencils down to the nubs and turned off the light when entering an office if he judged that his staff could see well enough without it. He once told his board to look at the thickness of the paper used for photocopies. Outside consultants and media interviews were banned, considered unnecessary expenditures or distractions. Asceticism was a virtue in life and business, he believed. “People live more on what they do not eat,” he once said. He wanted Aldi to be a place where “people who don’t hate their money can safely go shopping”

In their book “Bare Essentials”, Dieter and Nils Brandes argued that Aldi’s embrace of kaizen, its lean management structure and just-in-time approach to inventory – taking delivery of stock only when needed, to cut holding costs – made it the “most Japanese” company in Germany.

1976, Aldi South, Karl’s company, opened the first Aldi store on the east coast of the US. Three years later, in 1979, Theo’s Aldi North purchased Trader Joe’s, a California chain that sells cheap gourmet foods and enjoys a cult-like following. (The US is still the only foreign market where both Aldis operate.)

Second, the main chains – the big four as well as the leading “soft” discounter Kwik Save (which stocked a larger range than Aldi) – were listed on the stock exchange. The best way to fight Aldi early on is to slash prices, but few bosses of public companies are happy to accept lower profits, and thus lower bonuses, by pursuing long-term strategies

Fourth, and most importantly, the UK is, by global standards, a high-wage economy. This means that labour costs make up a big part of a supermarket’s operating expenses. Here, discounters have a major competitive advantage, because their business model – stocking a small range of products, eschewing delicatessens and promotions, and so on – allows them to operate with fewer, more productive, staff. (The most important performance measure in any Aldi branch is revenue divided by employee hours.)

Paying well obviously helps attract and retain staff, who might otherwise go to chains where the pace of work is slower. But it also serves to drive up wages across the industry, which, because of Aldi’s lower overall employee costs, hurts its competitors more.

As a private company, with no shareholders other than Karl Albrecht’s family to answer to, it could afford to be patient. “Aldi is very attuned to going into a country, making the investment, and building slowly and steadily,” said Richard Hyman, the retail expert. “Most other companies don’t have a 30-year view – or even a five-year view.”

By the time the supermarkets awoke to the structural shift that had occurred in the industry, the damage was done. “The big four bosses were not just sleeping at the wheel,” said Black. “They were comatose.”

“Ten years ago we had 900 lines, now we have 1,800,” said Neale. “That’s not because we are trying to become a big-four retailer, it’s because consumer tastes have evolved. We are managing the equilibrium between what customers want and costs.”

As the large supermarkets have realised, it is very hard to make money from internet sales because the profit margin on groceries is small and the delivery costs are so high – but now they can’t reverse course without losing customers. Andy Clarke, the former boss of Asda, told the Sunday Times last year that if the big four supermarkets had their time again “they wouldn’t have offered home deliveries, full stop”. “Online groceries are a cost drain,” Neale said. “Why should 90% of customers subsidise the 10% who get free home delivery?”

All supermarkets have their own private labels: made not by them, but for them, by manufacturers who agree to put their merchandise in a bag or box with the grocer’s logo on it. But Aldi takes this to extremes: more than 90% of the products it sells, from shaving cream to dark chocolate and frozen pizza, are private labels

Stocking mostly own-label goods allows the company to order huge quantities of a single item, to its own specifications, at a low unit cost.

Aldi’s entire ketchup order comes from one manufacturer that can operate the same, unchanging product run, all the time, and has no marketing costs to build into the price. “For many SKUs we are the biggest buyer by a country mile,” Neale said.

Among UK suppliers, who have often been treated badly by the big supermarkets, with their pressure for back margin fees and slow payment terms, Aldi has a good reputation

in 2010, following the death of Theo, which it said brought to an end “the story of the most eccentric, secretive and mysterious pair of siblings in Germany’s post-war economic history”. Karl died four years later, the richest man in Germany with a net worth of $25bn. (Second on the list was Dieter Schwarz, the Lidl owner, followed by Theo’s heirs.)

In 2017, Aldi South’s revenues reached €52bn, with about 20% of that from the UK and Ireland. In Ireland, Aldi has 12% of the market, and in Australia 13%, behind Woolworths and Coles. Its share in the US is only 2% – but Aldi plans to raise its number of outlets from 1,800 to 2,500 by 2022, which would make it the third-biggest chain in the US by store count, after Walmart and Kroger

In the UK there is still plenty of room to grow. Aldi hopes to have 1,000 shops in three years, up from just over 800 today. Dave McCarthy, a retail analyst at HSBC, said that given Aldi and Lidl’s expansion plans, their share of the market could peak at more than 20%.

“Half of all meals are now eaten in restaurants, half of those as fast food, and half of those are just 10 companies. Chick-fil-A is now one of them,” Allen says.

This more diminutive antibody can access tinier pockets and crevices on spike proteins — the proteins that allow viruses like the novel coronavirus to break into host cells and infect us — that human antibodies cannot. That can make it more effective in neutralizing viruses.

The llama’s antibody still forms a Y, but its arms are much shorter because it doesn’t have any light-chain proteins.

Humans produce only one kind of antibody, made of two types of protein chains — heavy and light — that together form a Y shape. Heavy-chain proteins span the entire Y, while light-chain proteins touch only the Y’s arms. Llamas, on the other hand, produce two types of antibodies

They can be linked or fused with other antibodies, including human antibodies, and remain stable despite those manipulations.

Llamas’ antibodies are also easily manipulated

researchers looked to llamas — and, specifically, Winter — to find a smaller llama antibody “that could broadly neutralize many different types of coronavirus,” Dr. McLellan said.

They injected Winter with spike proteins from the virus that caused the 2002-03 SARS epidemic as well as MERS, then tested a sample of her blood. And while they couldn’t isolate a single llama antibody that worked against both viruses, they found two potent antibodies that each fought separately against MERS and SARS.

They immediately realized that the smaller llama antibodies “that could neutralize SARS would very likely also recognize the Covid-19 virus,” Dr. Saelens said.

It did, the researchers found, effectively inhibiting the coronavirus in cell cultures.

While the treatment’s protection would be immediate, its effects wouldn’t be permanent, lasting only a month or two without additional injections.

This proactive approach is at least several months away, but the researchers are moving toward clinical trials. Additional studies may also be needed to verify the safety of injecting a llama’s antibodies into human patients.

more than half of all mall-based department stores would close by the end of 2021.

Many small mall retailers have clauses in their leases — so-called co-tenancy clauses — that allow them to pay reduced rent or even break the lease if two or more anchor stores leave a location.

Mr. Tibone said he was pessimistic about the ability of most malls to fill vacant spaces, especially during the pandemic. Entertainment options like Dave & Buster’s are off the table, for instance.

Macy’s, which also owns Bloomingdale’s, said in February that it would close 125 stores in “lower-tier malls” during the next three years, and Nordstrom just recently said it would close 16 of its 116 full-line department stores. While Neiman Marcus, which filed for bankruptcy in May, said it plans to reopen all its stores, landlords are watching warily.

Already this year, Victoria’s Secret said it would close 250 stores in North America, while the Gap brand is closing at least 170 stores globally. Financial troubles are plaguing mall chain companies like Ascena Retail, which owns Ann Taylor and Loft, and the owner of New York & Company. And bankruptcies since early 2019 have included mall staples like Forever 21, Things Remembered, Payless ShoeSource and GNC. Lucky Brand Dungarees filed for bankruptcy on Friday.

the roughly 90 million Americans who are formally considered obese — that’s about 30 percent of the population — aren’t just in imperfect health. They’re downright ill, and we need to heal them.

Brian Elbel, a population-health expert at New York University’s school of medicine, examined fast-food receipts from four chains in New York both before the city law went into effect and after, to see if customers were altering their orders to reduce the calories they consumed per visit to the restaurants. He found no meaningful difference, and his subsequent research in Philadelphia, which in 2010 implemented a mandate like New York’s, echoes and bolsters that conclusion. “It’s becoming increasingly clear that nothing big is happening for a large group of people,”

New York City commissioned a broader survey than Elbel’s, looking at thousands of receipts from 11 chains. At three of them — Au Bon Pain, KFC and McDonald’s — there was proof of calorie reductions after the law. But at seven there wasn’t, and at Subway, which was promoting footlong sandwiches for $5 during the post-law survey period, calorie consumption per visit actually increased.

the principal reasons for the remarkable decrease in smoking in New York City and elsewhere over the last few decades weren’t ominous commercials and warning labels. They were taxes and the bans on indoor smoking. People kicked the habit when it became onerous, in cost and convenience, not to

. “The people who tend to be most responsive to information may be those we least aim to target.”

Starbucks customers ordering sugary, creamy coffee beverages kept on doing so, seemingly because they had already figured that the drinks were fattening and had made a flabby peace with that. But customers indeed adjusted their food orders upon realizing that a pastry could easily exceed 400 calories. They hadn’t bargained on, or planned for, that. “What really matters is what your prior beliefs are,”

education and information could be effective in influencing a discrete, relatively easy behavior, like persuading someone to get vaccinated. “But when it’s habitual and even addictive behavior, you’re in a whole new ballgame,

“Calorie reductions were highest in high-income, high-education neighborhoods (where we believe obesity rates to be lower),

that — not any itch to play nanny — is why he and Mayor Michael Bloomberg support such measures as new taxes on sodas, which may never happen, and a ban on sugary drinks over 16 ounces

We’re not as plump as we are because we’ve never had our eyes opened to the wages of a Whopper. We’re this way because it’s all too easy, in a pang of hunger and collapse of resolve, to turn a blind eye to the toll

“There’s been resistance even from our own party on helping him out, and they don’t want to elect somebody in this district that’s going to be a hindrance.”

Stovall said in an interview that he is unique in squarely backing Trump even before he won the Republican nomination in 2016 — bucking, among others, the state’s dominant figure in national GOP politics, Sen. Ted Cruz.

Smith, who is retiring after 16 terms, has not made an endorsement in the race. “Half of them I’ve never heard of before,” he said in an interview, adding that Trump remains popular among his constituents: “They appreciate what the president has done. They appreciate the tax cut, and they appreciate the president’s efforts to enforce immigration laws.”

Having a unique message, he said, is less of a factor: “Of the real contenders, there just hasn’t been a lot of distance from Trump on any real issues.” Cruz’s shadow looms over the 21st district primary thanks to his aggressive backing of Chip Roy, a former top aide to Cruz and other high-profile Texas officials.

“Early indications are that demand for plant-based proteins will continue to grow,” said Tony Weisman, chief marketing officer with Dunkin’ US. He said the company intended to roll out its new Beyond Sausage sandwich nationally soon.

fast-food options including Beyond Meat and Impossible Foods are neither organic nor particularly healthy.

whether health-conscious young people will come out in droves for plant-based fast food remains to be seen.

The Impossible Whopper meal, which automatically comes with a medium fries and Coke, is a staggering 1,280 calories. There are 34 grams of fat and 1,080 grams of sodium in the sandwich alone.

“It’s difficult to say which one is healthier, because ultimately we know a burger is not a healthy choice,”

Similarly, Dunkin’s Beyond Sausage breakfast sandwich is a nutritional bomb at 470 calories, 24 grams of fat and 910 milligrams of sodium. If a person ate both in one day, they would have eaten 1,750 calories before dinner, leaving them with 250 calories for the day if they followed the recommended 2,000 calorie per day diet.

A future where Impossible Foods or Beyond Beef – or any other single-source supplier – might dominate the market also poses a problem for restaurants like Burger King. Impossible Burgers and Beyond Meat sausages are dependent on Silicon Valley intellectual property rights. It would be a huge economic risk for burger joints to shift their menus toward these products, because they would be held hostage by a single supplier with the magic ingredient.

Tim Lang, professor of food policy at City University, London, and a former government adviser, said ministers have worked on the assumption that feeding Britain can be left to the market and big retailers. While ministers have been in discussion with supermarket chief executives during the pandemic, Lang argues they are failing to grasp the structural weaknesses in the food system and the scale of food poverty.

Lang added: “Borders are closing, lorries are being slowed down and checked. We only produce 53% of our own food in the UK. It’s a failure of government to plan.”

“Some £1bn extra food and groceries were bought by households in the last two to three weeks. That’s like Christmas but worse because it’s gone on for three times as long,” said Andrew Opie, director of food at the British Retail Consortium, the supermarket trade association.

Supermarkets have built supply chains of immense complexity and sophistication over the last four decades, affording customers a choice of more than 40,000 lines from around the world – from dozens of different kinds of pasta to a permanent global summertime of fresh fruits and vegetables.

The consequences of a disrupted supply chain will be most acute for the millions in households whose incomes are so low that they have depended on food banks or free meals at school or in daycare centres, which have now closed.

She added: “We may need the army to oversee biosecurity as caterers, for example in school kitchens, supply hubs and to enforce social distancing as people collect food from them.”

The government has also been working on a scheme for parents of the 1.6 million children who had been on free school meals, with vouchers which can be redeemed in supermarkets. Campaigners, however, argue the vouchers should be usable for nutritionally-balanced meals from school kitchens, which could be kept open.

The industry can see other threats on the near horizon. The British food system is largely built on a cheap and highly flexible labour force, which can be turned on and off like a tap. Now that is drying up as Brexit, travel restrictions and fear of illness are keeping away the migrants who have typically done that work.

It is creating around eight new hubs from which children in low-income families and isolated adults can have food delivered to their doors. “We have the data to identify people who are likely to be struggling and have mobilised staff,” said its director of public health, Jason Strelitz, but the council was still waiting for government to commit money.

Local farmers have also proven more reliable in a crisis than the industrial food supply chain. The longer the outbreak continues, the more likely consumers will have to reckon with diminishing agricultural supply, particularly for imported products and those processed in large plants with hundreds of on-the-floor workers who are unable to practice social distancing effectively.

The pandemic has emphasized how valuable robust local food systems are. Supporting yours right now can start with contacting your community’s CSA and placing an order.

A supply chain reliant on a relatively small number of large factories to process and package food is a fragile one. Decentralized and localized systems are more resilient in the face of disruption – meaning more small-scale farms producing more food could be just what we need to protect our communities against future crises.

Food waste in general has emerged as a major issue during the pandemic. At the same time that demand for groceries has surged, vast quantities of food produced by the service sector for now-closed restaurant chains, hotels and cafeterias are being discarded.

Fresh farm produce is healthy and delicious. Most of the time, that’s reason enough to sign up for a community-supported agriculture program (CSA), a system in which one pays to regularly receive goodie bags of whatever happens to be flourishing in nearby farmers’ fields, often along with optional local meat and dairy add-ons. Now, during the Covid-19 pandemic, bolstering local food systems is especially urgent – and there’s more at stake than just really good tomatoes.

"His insistence on narrowing this bill to one crime -- the crime of sexual assault -- you're going to basically break apart the criminal justice system within the military. You're going to create one set of justice for one set of plaintiffs and defendants and the rest for everybody else. It's not fair," she told Tapper.

In 2014, Gillibrand led the fight to remove the decision to prosecute military sexual assault cases from commanders. The effort didn't fall along party lines, as she gained Republican supporters like Sen. Ted Cruz of Texas to her effort. But the bill ultimately fell short and failed to get 60 votes, in part because of Democratic opposition

"To take biases out of the system across the board, you need a trained military prosecutor to make these decisions about whether it should go to trial. That takes it out of the chain of command. The chain of command has bias because they may know the perpetrator, the accused," she said.

"They may know the survivor and they may have a certain lens about which service member's better for fighting a war or better for good order and discipline within the ranks. That bias is inappropriate when it comes to serious felonies," the senator added.

In 2019 exports from the province totalled $17.6bn, about the same as in 2017 ($17.5bn), including more than $300m in goods that went to the American market in each of those years.

Until last year, governments and industry leaders around the world said little to directly challenge China over allegations of forced labour.

In March a bipartisan group of members of Congress introduced the Uyghur Forced Labour Prevention Act, which would establish a presumption that all goods from Xinjiang are made with forced labour, blocking them at the border unless companies can prove otherwise.

American customs officials have issued a series of orders blocking certain shipments from Xinjiang,

On December 23rd the Fair Labour Association, a consortium that counts Nike and Adidas among its affiliate members, declared that it was “prohibiting sourcing and production” from Xinjiang, including raw materials like cotton that might end up in finished goods elsewhere.

In December a bill similar to America’s was introduced in Australia’s parliament.

subject of intense lobbying from industry, including representatives of big clothing-makers, who have sought, among other changes, a delay of up to one year in enforcement.

it will take time for all of them to shift supply chains, and to encourage more cotton-growing elsewhere.

they expect the incoming Biden administration to continue the Trump administration’s enforcement actions against Xinjiang imports

they argue that it is difficult to penetrate deep into their supply chains to verify the origin of raw materials

Experts (as well as industry groups) argue that the efforts of Congress and the Trump administration will have a limited impact unless other governments follow suit.

In the European Union the issue of Uyghur forced labour hangs over an investment deal that has been negotiated with China

Not all businesses appear ready to decouple from Xinjiang entirely, or at least quickly

88% of China’s textiles and clothing are produced for domestic consumption. Large non-Chinese firms are among those who profit.

American laws, aided by forensic science, will help to combat forced labour in Xinjiang. But more countries and multinational companies will also have to forgo their immediate self-interest and take on China directly

Since the days of Deng, the mantra of Beijing’s top policy makers had been “reform and opening up,” which stressed integration with the global economy. Xi, however, wants to limit that integration, or at least engage with the wider world on different terms

Perhaps he thinks that a heftier role for the state could help firm his hold over party and government. “He wanted more control, and he thought having a big state sector was an element of achieving that,” Lardy explained.

Deng Xiaoping, one of Xi’s predecessors, who launched China’s now-famous pro-market reforms in the late 1970s, understood that the country was destitute because it was strangled by the Communist state and cut off from the world. Deng and his successors steadily lifted controls on private investment, trade, and foreign business. Unfettered by overbearing state planners, China’s entrepreneurial energies, mixed with imported capital and technology, unleashed an explosion of growth and wealth.

In other words, China will stay open for business—if that business helps protect its own interests.

“He is feeling under siege,” James McGregor, the chairman of the China arm of the consulting firm APCO Worldwide, told me. Chinese officials “are eliminating all vulnerabilities to the outside world, or reducing them as much as they can.”

an economist at the research firm Capital Economics, dubbed the self-sufficiency drive a “lose-lose” for China’s economy, because it diverts resources from more productive purposes and forces firms to choose suppliers for political, not economic, reasons

Xi wishes to reduce China’s reliance on other countries, especially potential adversaries such as the United States. From Beijing’s perspective, the Trump administration’s restrictions on technology sales to the telecom giant Huawei Technologies and other Chinese outfits exposed the dangers of counting on untrustworthy foreigners, and Xi intends to ensure that China’s advance can’t be upset by politicians in Washington or elsewhere.

To protect national security, China needs “independent, controllable, safe, and reliable” supply chains, Xi said in an April speech, with “at least one alternative source for key products and supply channels, to create a necessary industrial backup system.” Localizing technology has been a long-standing Chinese ambition, but China watchers think Xi has thrown that plan into hyperdrive

All of this adds up to a grand experiment in the kind of state-directed development unseen since the days of Mao Zedong.

Classically trained economists frown upon Xi’s program. He’s ticking just about every box of what not to do to propel incomes and innovation

et we shouldn’t immediately dismiss his plans as doomed to fail. As a gargantuan market of 1.4 billion people, China can develop local companies of size and scope without bothering much with the outside world. (Ma’s Ant is a prime example.) If the program works, economists may have to rewrite their textbooks.

et the undertaking is fraught with risks. By favoring the state sector, Xi is funneling valuable money and talent to notoriously bloated and inefficient government enterprises instead of far more nimble and creative private firms

This dovetails nicely with another of Xi’s goals, self-sufficiency. China, he believes, should produce homemade substitutes to key products now bought from overseas—especially microchips and other critical technologie

learly, Xi is preparing for protracted conflict between the world’s two largest economies by attempting to fireproof China from measures President-elect Joe Biden might use against him. Yet in doing so

if Xi succeeds in replacing more of what China purchases from the world, he will also undermine the economic rationale for continued engagement with a brutal authoritarian regime. Xi thinks he is shielding China against isolation. He could instead be causing it.

The cyberattackers “were working to get access to how the vaccine is shipped, stored, kept cold and delivered,” said Nick Rossmann, who heads IBM’s global threat intelligence team. “We think whoever is behind this wanted to be able to understand the entire cold chain process.”

If they are correct, the lead suspects would be hackers in Russia and North Korea, both of which have also been accused by the United States of conducting attacks to steal information about the process of manufacturing and distributing vaccines. Sometimes it is hard to tell the difference between official hacking operations for the Russian or North Korean governments and those run for private gain.

The attackers’ emails were addressed to companies that provide key components of the cold chain process. Those include ice-lined boxes for vaccines and the solar panels that can power refrigerated vaccine containers — an important feature in poor countries where electricity can be scarce.

There is no indication so far that the attackers were aiming at Pfizer or Moderna, whose vaccines are expected to be the first ones approved for emergency use in the United States.