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How David Hume Helped Me Solve My Midlife Crisis - The Atlantic - 0 views

  • October 2015 IssueExplore
  • here’s Hume’s really great idea: Ultimately, the metaphysical foundations don’t matter. Experience is enough all by itself
  • What do you lose when you give up God or “reality” or even “I”? The moon is still just as bright; you can still predict that a falling glass will break, and you can still act to catch it; you can still feel compassion for the suffering of others. Science and work and morality remain intact.
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  • What turned the neurotic Presbyterian teenager into the great founder of the European Enlightenment?
  • your life might actually get better. Give up the prospect of life after death, and you will finally really appreciate life before it. Give up metaphysics, and you can concentrate on physics. Give up the idea of your precious, unique, irreplaceable self, and you might actually be more sympathetic to other people.
  • Go back to your backgammon game after your skeptical crisis, Hume wrote, and it will be exactly the same game.
  • Desideri retreated to an even more remote monastery. He worked on his Christian tracts and mastered the basic texts of Buddhism. He also translated the work of the great Buddhist philosopher Tsongkhapa into Italian.
  • That sure sounded like Buddhist philosophy to me—except, of course, that Hume couldn’t have known anything about Buddhist philosophy.
  • He spent the next five years in the Buddhist monasteries tucked away in the mountains around Lhasa. The monasteries were among the largest academic institutions in the world at the time. Desideri embarked on their 12-year-long curriculum in theology and philosophy. He composed a series of Christian tracts in Tibetan verse, which he presented to the king. They were beautifully written on the scrolls used by the great Tibetan libraries, with elegant lettering and carved wooden cases.
  • Desideri describes Tibetan Buddhism in great and accurate detail, especially in one volume titled “Of the False and Peculiar Religion Observed in Tibet.” He explains emptiness, karma, reincarnation, and meditation, and he talks about the Buddhist denial of the self.
  • The drive to convert and conquer the “false and peculiar” in the name of some metaphysical absolute was certainly there, in the West and in the East. It still is
  • For a long time, the conventional wisdom was that the Jesuits were retrograde enforcers of orthodoxy. But Feingold taught me that in the 17th century, the Jesuits were actually on the cutting edge of intellectual and scientific life. They were devoted to Catholic theology, of course, and the Catholic authorities strictly controlled which ideas were permitted and which were forbidden. But the Jesuit fathers at the Royal College knew a great deal about mathematics and science and contemporary philosophy—even heretical philosophy.
  • La Flèche was also startlingly global. In the 1700s, alumni and teachers from the Royal College could be found in Paraguay, Martinique, the Dominican Republic, and Canada, and they were ubiquitous in India and China. In fact, the sleepy little town in France was one of the very few places in Europe where there were scholars who knew about both contemporary philosophy and Asian religion.
  • Twelve Jesuit fathers had been at La Flèche when Desideri visited and were still there when Hume arrived. So Hume had lots of opportunities to learn about Desideri.One name stood out: P. Charles François Dolu, a missionary in the Indies. This had to be the Père Tolu I had been looking for; the “Tolu” in Petech’s book was a transcription error. Dolu not only had been particularly interested in Desideri; he was also there for all of Hume’s stay. And he had spent time in the East. Could he be the missing link?
  • in the 1730s not one but two Europeans had experienced Buddhism firsthand, and both of them had been at the Royal College. Desideri was the first, and the second was Dolu. He had been part of another fascinating voyage to the East: the French embassy to Buddhist Siam.
  • Dolu was an evangelical Catholic, and Hume was a skeptical Protestant, but they had a lot in common—endless curiosity, a love of science and conversation, and, most of all, a sense of humor. Dolu was intelligent, knowledgeable, gregarious, and witty, and certainly “of some parts and learning.” He was just the sort of man Hume would have liked.
  • Of course, it’s impossible to know for sure what Hume learned at the Royal College, or whether any of it influenced the Treatise. Philosophers like Descartes, Malebranche, and Bayle had already put Hume on the skeptical path. But simply hearing about the Buddhist argument against the self could have nudged him further in that direction. Buddhist ideas might have percolated in his mind and influenced his thoughts, even if he didn’t track their source
  • my quirky personal project reflected a much broader trend. Historians have begun to think about the Enlightenment in a newly global way. Those creaky wooden ships carried ideas across the boundaries of continents, languages, and religions just as the Internet does now (although they were a lot slower and perhaps even more perilous). As part of this new global intellectual history, new bibliographies and biographies and translations of Desideri have started to appear, and new links between Eastern and Western philosophy keep emerging.
  • It’s easy to think of the Enlightenment as the exclusive invention of a few iconoclastic European philosophers. But in a broader sense, the spirit of the Enlightenment, the spirit that both Hume and the Buddha articulated, pervades the story I’ve been telling.
  • as I read Buddhist philosophy, I began to notice something that others had noticed before me. Some of the ideas in Buddhist philosophy sounded a lot like what I had read in Hume’s Treatise. But this was crazy. Surely in the 1730s, few people in Europe knew about Buddhist philosophy
  • But the characters in this story were even more strongly driven by the simple desire to know, and the simple thirst for experience. They wanted to know what had happened before and what would happen next, what was on the other shore of the ocean, the other side of the mountain, the other face of the religious or philosophical—or even sexual—divide.
  • Like Dolu and Desideri, the gender-bending abbé and the Siamese astronomer-king, and, most of all, like Hume himself, I had found my salvation in the sheer endless curiosity of the human mind—and the sheer endless variety of human experience.
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Opinion | I was a Republican Partisan. It Altered the Way I Saw the World. - The New Yo... - 0 views

  • I remember when supporters of Operation Iraqi Freedom constantly hyped good news from the battlefield and minimized bad news — right until the bad news became so overwhelming
  • Before Bush changed tactics and reinforced American troops during the surge in 2007 and 2008, it sometimes felt disloyal in Republican circles to criticize the course of the war.
  • Could we have changed our military tactics sooner if we had been able to see the battlefield more clearly? Did paradigm blindness — the unwillingness or inability to accept challenges to our core ways of making sense of the world — inhibit our ability to see obvious truths?
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  • the red-blue divide is perhaps less illuminating than the gap between engaged and disengaged Americans, in which an exhausted majority encounters the highly polarized activist wings of both parties and shrinks back from the fray
  • The wings aren’t changing each other’s minds — hard-core Democrats aren’t going to persuade hard-core Republicans — but they’re also not reaching sufficient numbers of persuadable voters to break America’s partisan deadlock.
  • In 2020, when I was doing research for my book about the growing danger of partisan division, I began to learn more about what extreme partisanship does not only to our hearts but also to our minds.
  • It can deeply and profoundly distort the way we view the world. We become so emotionally and spiritually invested in the outcome of a political contest that we can inadvertently become disconnected from reality.
  • Our heart connects with our mind in such a way that the heart demands that the mind conform to its deepest desires
  • When a partisan encounters negative information, it can often trigger the emotional equivalent of a fight-or-flight response. This applies not just to negative arguments but also to negative facts. To deal with the emotional response, we seek different arguments and alternative facts.
  • If you are a true partisan, you essentially become an unpaid lawyer for your side. Every “good” fact that bolsters your argument is magnified. Every “bad” fact is minimized or rationalized.
  • When partisanship reaches its worst point, every positive claim about your side is automatically believed, and every negative allegation is automatically disbelieved.
  • allegations of wrongdoing directed at your side are treated as acts of aggression — proof that “they” are trying to destroy “us.”
  • You see this reality most plainly in the daily Republican theatrics surrounding Trump’s criminal indictments. Rather than wrestle seriously with the profoundly troubling claims against him, they treat the criminal cases as proof of Democratic perfidy. They believe every claim against Hunter and Joe Biden and not a single claim against Trump.
  • ask why people are checking out, and one reason is that partisans make it so very difficult to engage.
  • The problem is most pronounced (and often overtly threatening) on the MAGA right, but it’s endemic to our partisan wings
  • as partisanship deepens, partisan subcultures can get increasingly weird. They become so convinced of the us-versus-them dynamic that they’ll eventually believe virtually anything, as long as it’s a claim against the other side.
  • If decades of partisanship have persuaded you that your opponents are evil, have no morals and want to destroy the country, then why wouldn’t they hack voting machines or recruit a pop star as a government asset?
  • I have some rules to help temper my worst partisan impulses.
  • Expose yourself to the best of the other side’s point of view — including the best essays, podcasts and books.
  • when you encounter a new idea, learn about it from its proponents before you read its opponents.
  • when you encounter bad news about a cause that you hold dear — whether it’s a presidential campaign, an international conflict or even a claim against a person you admire, take a close and careful look at the evidence
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Dave Ramsey Tells Millions What to Do With Their Money. People Under 40 Say He's Wrong.... - 0 views

  • Ramsey, the well-known and intensely followed 63-year-old conservative Christian radio host, has 4.4 million Instagram followers, 1.9 million TikTok followers and legions more who listen to his radio shows and podcasts.
  • His message is brutal and direct: Avoid debt at all costs. Pay for everything in cash. Embrace frugality.
  • Plenty of 20- and 30-year-olds are pushing back, largely on TikTok. The hashtag #daveramseywouldntapprove, for instance, has 66.8 million views. Many say they don’t want to eat rice and beans every night—a popular Ramsey trope—or hold down multiple jobs to pay off loans. They also say Ramsey is out of touch with their reality.
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  • Rising inflation has led to surging prices for groceries, cars and many essentials. The cost of a college education has skyrocketed in two decades, with the average student debt for federal loans at $37,000, according to the Education Department. Overall debts for Americans in their 30s jumped 27% from late 2019 to early 2023—steeper than for any other age group.
  • home prices have risen considerably, while wages haven’t kept pace.
  • “What Dave Ramsey really misses is any kind of social context,” says Morgan Sanner, a
  • She began paying off $48,000 in student loans (a Ramsey do) and also took out a loan to buy a 2016 Honda (a Ramsey don’t). Her rationale was that it was safer to pay extra for a more reliable car than a junker she could buy with cash. S
  • he feels these sorts of real-life decisions don’t factor into his advice.
  • When she saw a comment from Ramsey online about how people receiving pandemic stimulus payments were “pretty much screwed already,” Israel felt it came across as shaming people. The pandemic shutdowns ended a decadelong economic expansion for Black Americans, a disproportionate number of whom lost their jobs and relied on those checks.
  • “Moralizing financial decisions is very damaging to marginalized groups,” says Israel, who is Black.
  • Many young adults scratch their heads over his advice that people should let their credit scores dwindle and die.
  • People need a good credit score, says Mandy Phillips, a 39-year-old residential mortgage loan originator in Redding, Calif. She uses TikTok and other social media to educate millennials and Gen Z about home buying. Scores are vital when applying for mortgages and rentals.
  • She also takes issue with Ramsey’s advice to only obtain a home loan if you can take out a 15-year fixed-rate mortgage with a down payment of at least 10%. Few younger buyers can pay the large monthly bills of shorter-term mortgages.
  • “That may have worked years ago in the ’80s and ’90s, but that’s not something that is achievable for the average American,” Phillips says.
  • Housing is a particularly hot-button topic. He advises people to only buy a house with their lawfully wedded spouse. Yet many young adults are pooling their finances with partners, friends or roommates to buy their first homes. 
  • Ramsey is perhaps best known for advocating a “debt snowball method”: People with multiple loans pay off the smallest balances first, regardless of interest rate. As you knock out each loan, he says, the money you have to put toward larger debt snowballs. Seeing small wins motivates people to keep going, he says.Conventional economic theory would be to pay off the highest-interest loans first, says James Choi, a finance professor at the Yale School of Management, who has studied the advice of popular finance gurus.
  • Ramsey’s save-not-spend message sounds logical, young adults say. It’s his all-or-nothing approach that doesn’t work for them.
  • Kate Hindman, a 31-year-old administrative assistant in Pasadena, Calif., who has taken an anti-Ramsey stance on TikTok, ended up with $30,000 in credit-card debt after she and her husband faced income-reducing job changes. They’ve since turned it into a consolidation loan with an 8% interest rate and pay about $1,200 a month.
  • She wonders if the debt aversion is generational. Perhaps younger people are less willing to make huge sacrifices to be debt-free. Maybe carrying some amount of debt forever is a new normal.
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Trump Killed Not Just the Libertarian Party But Maybe the Libertarian Movement Too - 0 views

  • Though libertarianism as a political philosophy will continue, there is no longer anything resembling a coherent libertarian movement in American politics. That’s because the movement still bearing its name is no longer recognizably libertarian in any meaningful sense of the term. Nor can it still claim to be a political movement, which implies an association organized around not just a consistent set of ideas but a distinct political identity
  • For over a decade now, since Trump has dominated the national stage, longstanding disagreements have boiled over into a complete schism. There are those who have effectively become adjuncts of MAGA, and some who have gone firmly in the opposite direction, while others took a stance more akin to anti-anti-Trump voices who neither endorse nor firmly oppose the former president but train their ire toward those opposing Trump.
  • requires tracing internal libertarian disputes that began long before the rise of Trump. In some ways, they are a microcosm of similar developments in the American intellectual landscape writ large
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  • In his 2007 history of the movement, Radicals for Capitalism, Brian Doherty identifies five key figures who most shaped the nascent ideology and its organized advocacy: author Ayn Rand, and economists Ludwig von Mises, F. A. Hayek, Milton Friedman, and Murray Rothbard
  • With one exception, all paired radical free-market and smaller government views with liberal tolerance and cosmopolitanism on social issues. None were religious, and Rand and Mises were both avowedly irreligious. Friedman and Hayek both trended more moderate and pragmatic, and also achieved the highest degree of mainstream intellectual recognitio
  • It was in Rothbard that the divergence began which today has culminated in the Libertarian Party’s convention transforming into a literal Trump rally
  • He was in many ways the most radical—an avowed anarchist—and the most marginal
  • he was also the most involved in creating a self-consciously libertarian movement and many of its institutions. In this he was aided by his skills as a prolific polemicist.
  • From the start, Trump’s brand of illiberal populism had more than a passing resemblance to Rothbard’s paleo strategy—minus, as many classical liberal critics had long predicted, any meaningful moves to actually shrink government
  • By accommodating and embracing conservative culture warriors, even including avowed white supremacists, Rothbard believed he was forming the basis of a political coalition to demolish modern big government
  • it included an open embrace of police brutality, fuming about the need to “dispense instant punishment” to “bums,” while railing against efforts to undo America’s white supremacist past. Later, opposition to immigration became one of the paleo posture’s signature issues.
  • Across the loose constellation of libertarian think tanks, advocacy organizations, and electoral efforts in both the L.P. and the GOP, the embrace or rejection of Rothbard’s “paleo” idea was a source of perennial tension. Rothbard himself was involved for a time in both the Libertarian Party and the Cato Institute, co-founding the latter before being acrimoniously ejected after a few years.
  • the other end of the movement came to embrace the view of libertarianism as fundamentally an extension of the larger liberal tradition, continuous with a classical liberal political philosophy rather than a socially conservative one.
  • Free markets and limited government were still a big part of the picture, but in service to a vision of a dynamic and pluralistic free society.
  • As much as each held a dim view of the other, both continued to work under the “libertarian” label.
  • As he outlined in a 1992 essay, “Right Wing Populism: A Strategy for the Paleo Movement,” paleolibertarianism was an explicit alliance between small-government radicalism and the extremist far-right.
  • it still embodied the burn-it-all-down reactionary ethos that saw tearing down established institutions as a necessary first step, even if that required an unrestrained autocrat
  • After the deadly 2017 neo-Nazi rally in Charlottesville, the then party leadership denounced the “blood and soil” rhetoric. But to the Rothbardians, this smacked of unacceptable wokeness. Within a few days, the Mises Caucus—named more for the ideas exhibited by the think-tank than the actual economist—was founded. Over the next few years, this group began launching hostile takeovers of state parties and then the national party. As they did so, the party increasingly adopted rhetoric that sounded more like the tiki-torch brigade than one committed to individual liberty.
  • The two camps within the movement—the cosmopolitan and the paleo—already strained to nearly the breaking point, went through the inevitable rupture. A number of differences and disagreements fueled the split, but most central was the divide into MAGA-friendly and anti-Trump sympathies.
  • It is no longer possible to ignore the conflict of visions about what kind of society freedom was supposed to yield. One in which private bigotry and established hierarchies were allowed free rein? Or an open and all-embracing one where different people and lifestyles disapproved by the traditional order could flourish?
  • The only way the libertarian movement’s demise could bring down libertarianism as a political-philosophical framework is if one expected the ideas themselves to disappear. Happily, a robust conviction of the centrality of individual liberty—or of the need to fight a tyrannical state—is in no danger of fully fading away.
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The Influencer Is a Young Teenage Girl. The Audience Is 92% Adult Men. - WSJ - 0 views

  • Instagram makes it easy for strangers to find photos of children, and its algorithm is built to identify users’ interests and push similar content. Investigations by The Wall Street Journal and outside researchers have found that, upon recognizing that an account might be sexually interested in children, Instagram’s algorithm recommends child accounts for the user to follow, as well as sexual content related to both children and adults.
  • That algorithm has become the engine powering the growth of an insidious world in which young girls’ online popularity is perversely predicated on gaining large numbers of male followers. 
  • Instagram photos of young girls become a dark currency, swapped and discussed obsessively among men on encrypted messaging apps such as Telegram. The Journal reviewed dozens of conversations in which the men fetishized specific body parts and expressed pleasure in knowing that many parents of young influencers understand that hundreds, if not thousands, of pedophiles have found their children online.   
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  • One man, speaking about one of his favorite young influencers in a Telegram exchange captured by a child-safety activist, said that her mother knew “damn well” that many of her daughter’s followers were “pervy adult men.”
  • Meta looms over everything young influencers do on Instagram. It connects their accounts with strangers, and it can upend their star turns when it chooses. The company periodically shuts down accounts if it determines they have violated policies against child sexual exploitation or abuse. Some parents say their accounts have been shut down without such violations. 
  • Over the course of reporting this story, during which time the Journal inquired about the account the mom managed for her daughter, Meta shut down the account twice. The mom said she believed she hadn’t violated Meta’s policies. 
  • Meta’s guidance for content creators stresses the importance of engaging with followers to keep them and attract new ones. The hundreds of comments on any given post included some from other young fashion influencers, but also a large number of men leaving comments like “Gorgeous!” The mom generally liked or thanked them all, save for any that were expressly inappropriate. 
  • Meta spokesman Andy Stone said the company enables parents who run accounts for their children to control who is able to message them on Instagram or comment on their accounts. Meta’s guidance for creators also offers tips for building a safe online community, and the company has publicized a range of tools to help teens and parents achieve this.
  • Like many young girls, the daughter envied fashion influencers who made a living posting glamour content. When the mother agreed to help her daughter build her following and become an influencer, she set some rules. Her daughter wouldn’t be allowed to access the account or interact with anyone who sent messages. And they couldn’t post anything indicating exactly where they live. 
  • The mom stopped blocking so many users. Within a year of launching, the account had more than 100,000 followers. The daughter’s popularity earned her invitations to modeling events in big coastal cities where she met other young influencers. 
  • Social-media platforms have helped level the playing field for parents seeking an audience for their children’s talents. Instagram, in particular, is visually driven and easily navigable, which also makes it appealing for child-focused brands.
  • While Meta bans children under the age of 13 from independently opening social-media accounts, the company allows what it calls adult-run minor accounts, managed by parents. Often those accounts are pursuing influencer status, part of a burgeoning global influencer industry expected to be worth $480 billion by 2027, according to a recent Goldman Sachs report. 
  • Young influencers, reachable through direct messages, routinely solicit their followers for patronage, posting links to payment accounts and Amazon gift registries in their bios.
  • The Midwestern mom debated whether to charge for access to extra photos and videos via Instagram’s subscription feature. She said she has always rejected private offers to buy photos of her daughter, but she decided that offering subscriptions was different because it didn’t involve a one-on-one transaction.
  • The Journal asked Meta why it had at some points removed photos from the account. Weeks later, Meta disabled the account’s subscription feature, and then shut down the account without saying why. 
  • “There’s no personal connection,” she said. “You’re just finding a way to monetize from this fame that’s impersonal.”
  • The mom allowed the men to purchase subscriptions so long as they kept their distance and weren’t overtly inappropriate in messages and comments. “In hindsight, they’re probably the scariest ones of all,” she said. 
  • Stone, the Meta spokesman, said that the company will no longer allow accounts that primarily post child-focused content to offer subscriptions or receive gifts, and that the company is developing tools to enforce that.
  • he mom saw her daughter, though young, as capable of choosing to make money as an influencer and deciding when she felt uncomfortable. The mom saw her own role as providing the support needed for her daughter to do that.
  • The mom also discussed safety concerns with her now ex-husband, who has generally supported the influencer pursuit. In an interview, he characterized the untoward interest in his daughter as “the seedy underbelly” of the industry, and said he felt comfortable with her online presence so long as her mom posted appropriate content and remained vigilant about protecting her physical safety.
  • an anonymous person professing to be a child-safety activist sent her an email that contained screenshots and videos showing her daughter’s photos being traded on Telegram. Some of the users were painfully explicit about their sexual interest. Many of the photos were bikini or leotard photos from when the account first started.
  • Still, the mom realized she couldn’t stop men from trading the photos, which will likely continue to circulate even after her daughter becomes an adult. “Every little influencer with a thousand or more followers is on Telegram,” she said. “They just don’t know it.”
  • Early last year, Meta safety staffers began investigating the risks associated with adult-run accounts for children offering subscriptions, according to internal documents. The staffers reviewed a sample of subscribers to such accounts and determined that nearly all the subscribers demonstrated malicious behavior toward children.
  • The staffers found that the subscribers mostly liked or saved photos of children, child-sexualizing material and, in some cases, illicit underage-sex content. The users searched the platform using hashtags such as #sexualizegirls and #tweenmodel. 
  • The staffers found that some accounts with large numbers of followers sold additional content to subscribers who offered extra money on Instagram or other platforms, and that some engaged with subscribers in sexual discussions about their children. In every case, they concluded that the parents running those accounts knew that their subscribers were motivated by sexual gratification.
  • In the following months, the Journal began its own review of parent-run modeling accounts and found numerous instances where Meta wasn’t enforcing its own child-safety policies and community guidelines. 
  • The Journal asked Meta about several accounts that appeared to have violated platform rules in how they promoted photos of their children. The company deleted some of those accounts, as well as others, as it worked to address safety issues.
  • In 2022, Instagram started letting certain content creators offer paid-subscription services. At the time, the company allowed accounts featuring children to offer subscriptions if they were run or co-managed by parents.
  • The removal of the account made for a despondent week for the mom and daughter. The mother was incensed at Meta’s lack of explanation and the prospect that users had falsely reported inappropriate activity on the account. She was torn about what to do. When it was shut down, the account had roughly 80% male followers.
  • The account soon had more than 100,000 followers, about 92% of whom were male, according to the dashboard. Within months, Meta shut down that account as well. The company said the account had violated its policies related to child exploitation, but it didn’t specify how. 
  • Meta’s Stone said it doesn’t allow accounts it has previously shut down to resume the same activity on backup accounts. 
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Dilemma on Wall Street: Short-Term Gain or Climate Benefit? - The New York Times - 0 views

  • team of economists recently analyzed 20 years of peer-reviewed research on the social cost of carbon, an estimate of the damage from climate change. They concluded that the average cost, adjusted for improved methods, is substantially higher than even the U.S. government’s most up-to-date figure.
  • That means greenhouse gas emissions, over time, will take a larger toll than regulators are accounting for. As tools for measuring the links between weather patterns and economic output evolve — and the interactions between weather and the economy magnify the costs in unpredictable ways — the damage estimates have only risen.
  • It’s the kind of data that one might expect to set off alarm bells across the financial industry, which closely tracks economic developments that might affect portfolios of stocks and loans. But it was hard to detect even a ripple.
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  • In fact, the news from Wall Street lately has mostly been about retreat from climate goals, rather than recommitment. Banks and asset managers are withdrawing from international climate alliances and chafing at their rules. Regional banks are stepping up lending to fossil fuel producers. Sustainable investment funds have sustained crippling outflows, and many have collapsed.
  • In some cases, it’s a classic prisoner’s dilemma: If firms collectively shift to cleaner energy, a cooler climate benefits everyone more in the future
  • in the short term, each firm has an individual incentive to cash in on fossil fuels, making the transition much harder to achieve.
  • when it comes to avoiding climate damage to their own operations, the financial industry is genuinely struggling to comprehend what a warming future will mean.
  • A global compact of financial institutions made commitments worth $130 trillion to try to bring down emissions, confident that governments would create a regulatory and financial infrastructure to make those investments profitable. And in 2022, the Inflation Reduction Act passed.
  • What about the risk that climate change poses to the financial industry’s own investments, through more powerful hurricanes, heat waves that knock out power grids, wildfires that wipe out towns?
  • “If we think about what is going to be the best way to tilt your portfolios in the direction to benefit, it’s really difficult to do,”
  • “These will probably be great investments over 20 years, but when we’re judged over one to three years, it’s a little more challenging for us.”
  • Some firms cater to institutional clients, like public employee pension funds, that want combating climate change to be part of their investment strategy and are willing to take a short-term hit. But they aren’t a majority
  • And over the past couple of years, many banks and asset managers have shrunk from anything with a climate label for fear of losing business from states that frown on such concerns.
  • On top of that, the war in Ukraine scrambled the financial case for backing a rapid energy transition. Artificial intelligence and the movement toward greater electrification are adding demand for power, and renewables haven’t kept up
  • All of that is about the relative appeal of investments that would slow climate change
  • If you bought some of the largest solar-energy exchange-traded funds in early 2023, you would have lost about 20 percent of your money, while the rest of the stock market soared.
  • There is evidence that banks and investors price in some physical risk, but also that much of it still lurks, unheeded.
  • “I’m very, very worried about this, because insurance markets are this opaque weak link,” Dr. Sastry said. “There are parallels to some of the complex linkages that happened in 2008, where there is a weak and unregulated market that spills over to the banking system.”
  • Regulators worry that failing to understand those ripple effects could not just put a single bank in trouble but even become a contagion that would undermine the financial system.
  • But while the European Central Bank has made climate risk a consideration in its policy and oversight, the Federal Reserve has resisted taking a more active role, despite indications that extreme weather is feeding inflation and that high interest rates are slowing the transition to clean energy.
  • “The argument has been, ‘Unless we can convincingly show it’s part of our mandate, Congress should deal with it, it’s none of our business,’”
  • a much nearer-term uncertainty looms: the outcome of the U.S. election, which could determine whether further action is taken to address climate concerns or existing efforts are rolled back. An aggressive climate strategy might not fare as well during a second Trump administration, so it may seem wise to wait and see how it shakes out.
  • big companies are hesitating on climate-sensitive investments as November approaches, but says that “two things are misguided and quite dangerous about that hypothesis.”
  • One: States like California are establishing stricter rules for carbon-related financial disclosures and may step it up further if Republicans win
  • And two: Europe is phasing in a “carbon border adjustment mechanism,” which will punish polluting companies that want to do business there.
  • at the moment, even European financial institutions feel pressure from the United States, which — while providing some of the most generous subsidies so far for renewable-energy investment — has not imposed a price on carbon.
  • The global insurance company Allianz has set out a plan to align its investments in a way that would prevent warming above 1.5 degrees Celsius by the end of the century, if everyone else did the same. But it’s difficult to steer a portfolio to climate-friendly assets while other funds take on polluting companies and reap short-term profits for impatient clients.
  • “This is the main challenge for an asset manager, to really bring the customer along,” said Markus Zimmer, an Allianz economist. Asset managers don’t have sufficient tools on their own to move money out of polluting investments and into clean ones, if they want to stay in business,
  • “Of course it helps if the financial industry is somehow ambitious, but you cannot really substitute the lack of actions by policymakers,”
  • According to new research, the benefit is greater when decarbonization occurs faster, because the risks of extreme damage mount as time goes on. But without a uniform set of rules, someone is bound to scoop up the immediate profits, disadvantaging those that don’t — and the longer-term outcome is adverse for all.
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Europe Has a New Economic Engine: American Tourists - WSJ - 0 views

  • the Mediterranean rush is turning Europe’s recent economic history on its head. In the 2010s, Germany and other manufacturing-heavy economies helped drag the continent out of its debt crisis thanks to strong exports of cars and capital goods, especially to China.
  • Today, Italy, Spain, Greece and Portugal contribute between a quarter and half of the bloc’s annual growth. 
  • While Germany’s economy is flatlining, Spain is Europe’s fastest-growing big economy. Nearly three-quarters of the country’s recent growth and one in four new jobs are linked to tourism
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  • In Greece, an unlikely economic star since the pandemic, as many as 44% of all jobs are connected to tourism. 
  • Can Europe’s emerging “museum economy” support sustained wealth creation and the expansive welfare systems Europeans have become accustomed to since the end of World War II? And what happens if the dollar falls and the tourists leave?
  • Rent and other living expenses are rising in hot spots, making it harder for many locals to make ends meet. A heightened focus on tourism, which turns a quick profit but remains a low-productivity activity, tethers these economies to a highly cyclical industry
  • It also risks keeping workers and capital from more profitable areas, like tech and high-end manufacturing. 
  • some economists, residents and politicians are concerned about the boom’s long-term implications.
  • “It is literally, for Americans right now, the place to go,”
  • The strong dollar—and a powerful post-Covid recovery—has empowered millions of Americans who would have vacationed in the U.S. before the pandemic. They are now finding they can afford a lavish European holiday.
  • One reason is the brutal sovereign debt crisis that hit the continent’s south especially hard just over a decade ago. Unable to stimulate demand with public spending or to energize exports by devaluing their currency—the euro, which is shared by 20 states—those countries could only boost their competitiveness by lowering wages.
  • “Your dollar goes a lot further,” Cross said over coffee in the lobby of her five-star hotel. “You don’t feel you’re scrounging as much.”
  • Tourism now generates one-fifth of economic output in Lisbon and supports one in four jobs. That boom has reverberated far beyond the capital.
  • Portugal’s gross domestic product grew nearly 8% between 2019 and 2024, compared with less than 1% for Germany,
  • The government recorded a rare 1.2% of GDP budget surplus last year, and its debt-to-GDP ratio is expected to fall to 95% this year, the lowest since 2009
  • Portugal’s population is growing again after years of decline, thanks in part to an influx of migrant workers and to various tax incentives and investor visas that have attracted high-income workers. 
  • Moedas, Lisbon’s mayor, says there’s room for further growth. For a city that doubles in size to around one million every day, including commuters, only around 35,000 are tourists, he said. “We are very far from a situation of so-called overtourism.”
  • The trend is part of a global readjustment following the Covid-19 lockdowns. Spending on travel and hospitality worldwide grew roughly seven times faster than the global economy over the past two years, according to Oxford Economics. That pattern is expected to continue for the next decade, though to a lesser degree.
  • Europe, especially southern Europe, has benefited more than many other regions. Though it is home to just 5% of the world’s population, the European Union received around one-third of all international tourist dollars—more than half a trillion dollars—last year. This is up roughly threefold over two decades, and compares with about $150 billion for the U.S., where tourism has been slower to rebound.
  • In Portugal, a country of 10 million that juts out into the North Atlantic from Spain, Americans recently surpassed Spaniards as the biggest group of foreign tourists. 
  • This and a real estate collapse that left hundreds of thousands of workers suddenly available made the region’s tourist industry ultracompetitive, much cheaper than Caribbean beach destinations and on a par with Latin American destinations like Mexico. 
  • Once an owner of TAP, Neeleman increased the number of direct flights to the U.S. eightfold between 2015 and 2020, adding major hubs such as JFK and Boston Logan, betting that would open up an untapped market. As bookings soared, other U.S. airlines followed. 
  • “It was actually comical, because I went from knowing no one who had been to Portugal to everyone telling me they were going to Portugal,”
  • For Gonçalo Hall, a 36-year-old tech worker, the influx of foreign cash that has transformed Lisbon has been overwhelmingly beneficial for the city. When he lived in the capital 15 years ago, he wouldn’t walk in the historic downtown after 8 p.m. It was “full of homeless people, not safe. Lots of empty and abandoned buildings,” he said. 
  • “The quality of life in Lisbon doesn’t match the prices. Even expats are leaving,” said Hall, who moved to the Atlantic island of Madeira during the pandemic and continues to work remotely.  
  • The average Portuguese employee earns around €1,000 a month after tax, or around $1,100 a month, and only 2% earn more than €2,000. A one-bedroom apartment in Lisbon can easily cost more than €500,000 to buy, or over €1,200 a month to rent. Rents in nearby cities are also climbing as people leave the capital, squeezed out as lucrative short-term rentals transform the housing market. 
  • Jessica Ribeiro, a 35-year-old sociologist, pays around €490 a month for an apartment that she shares with her ex-husband in a town close to Lisbon. Neither can afford to leave. Both make a little more than the minimum wage of €820 a month, and soaring rents mean it is impossible to find an apartment in the neighborhood for less than €700, Ribeiro said. 
  • “The harm that tourism has brought is infinitely bigger than the benefits,” Ribeiro said. “It sends people away from their place of work, making their lives much harder.” 
  • A frequent complaint from residents and housing advocates is that some of the boom’s biggest winners are American companies, from Airbnb to Uber, which often pay little tax in the places where they do most of their business.
  • Lisbon is cracking down on Airbnbs and increasing taxes on tourists, doubling the nightly city tax from €2 to €4, which should raise €80 million a year. Airbnb has paid Lisbon and Porto, Portugal’s two biggest cities, more than €63 million after entering into voluntary tax collection agreements with local officials. Moedas said he is considering “a bit more regulation” of the city’s many Ubers, whose drivers he said don’t always respect traffic rules. 
  • Around nine in 10 Airbnb hosts in Portugal rent their family home and almost half say the extra income helps them afford to stay in their homes, according to a spokesperson for the company. “Guests using our platform account for just 10% of total nights booked in Portugal, and we follow the rules and only allow listings that are registered with local authorities,”
  • Higher rents are forcing many businesses and cultural and social spaces catering to locals to close, according to Silva. “This is not an economy that is serving the needs of the majority of people,” she said.
  • Signs of discontent are bubbling up across the region. Tens of thousands of local residents marched in Spain’s Balearic and Canary islands in recent months to protest mass tourism and overcrowding. On Mallorca, activists have put up fake signs at some popular beaches warning in English of the risk of falling rocks or dangerous jellyfish to deter tourists, according to social-media posts.
  • Serving foreigners is difficult to scale up and is more exposed to economic headwinds. Like the discovery of oil, southern Europe’s new focus on tourism can crowd out higher-value activities by hogging capital and workers, a phenomenon some economists have dubbed the “beach disease.”
  • “Portugal isn’t an industrialized country. It’s just the playground of the EU,” said Priscila Valadão, a 43-year-old administrative assistant in Lisbon. She makes €905 a month and rents a room from a friend for €250 a month. “The type of jobs being offered…are restricted to a type of activity that really doesn’t enrich the country,”
  • For Europe’s policymakers, having people open hotels or restaurants is easier than incentivizing them to build up advanced manufacturing, which is capital intensive and takes a long time to pay off, said Marcos Carias, an economist with French insurer Coface. 
  • “Tourism is the easy way out,” Carias said. “What is the incentive to look for ingenuity and go through the pain of creating new economic value if tourism works as a short-term solution?”
  • Proponents say tourism attracts capital to poor regions, and can serve as a base to build a more diversified economy. Lisbon’s Moedas said he is trying to leverage the influx of foreign visitors to build up sectors such as culture and technology, including by developing conferences and cultural events. 
  • “Some extreme left parties basically say we need to reduce tourism,” Moedas said, but that is the wrong approach. “What we have to do is to increase other sectors like innovation, technology…. We should still invest in tourism, but we should go up the ladder.”
  • While Dias, the hotel owner, is diversifying into nightlife, he refuses to envisage a future where the sector would have to rely heavily on visitors from elsewhere.
  • More than one-third of highly qualified Portuguese students leave the country after graduating,
  • Even higher-paid technology workers have started decamping to cheaper places. 
  • Tiago Araújo, chief executive of tourism tech startup HiJiffy, has held on to his employees but says many of them have been moving out of Lisbon. The trend, which started during Covid, is now being primarily driven by the housing crisis.
  • In Athens, Mayor Haris Doukas says he is working on extending the tourist season, increasing the average length of stay and promoting specific types of tourism, such as organizing conferences and business meetings, to attract visitors with higher purchasing power. He’s also called for new taxes to help the city accommodate the millions of additional tourists thronging to the ancient capital.
  • If Americans stop coming to Lisbon, he said, “I don’t think we can charge this kind of [price] because we will have to go to Europeans, and the Europeans, they don’t have money.”
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The Rise and Fall of BNN Breaking, an AI-Generated News Outlet - The New York Times - 0 views

  • His is just one of many complaints against BNN, a site based in Hong Kong that published numerous falsehoods during its short time online as a result of what appeared to be generative A.I. errors.
  • During the two years that BNN was active, it had the veneer of a legitimate news service, claiming a worldwide roster of “seasoned” journalists and 10 million monthly visitors, surpassing the The Chicago Tribune’s self-reported audience. Prominent news organizations like The Washington Post, Politico and The Guardian linked to BNN’s stories
  • Google News often surfaced them, too
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  • A closer look, however, would have revealed that individual journalists at BNN published lengthy stories as often as multiple times a minute, writing in generic prose familiar to anyone who has tinkered with the A.I. chatbot ChatGPT.
  • How easily the site and its mistakes entered the ecosystem for legitimate news highlights a growing concern: A.I.-generated content is upending, and often poisoning, the online information supply.
  • The websites, which seem to operate with little to no human supervision, often have generic names — such as iBusiness Day and Ireland Top News — that are modeled after actual news outlets. They crank out material in more than a dozen languages, much of which is not clearly disclosed as being artificially generated, but could easily be mistaken as being created by human writers.
  • Now, experts say, A.I. could turbocharge the threat, easily ripping off the work of journalists and enabling error-ridden counterfeits to circulate even more widely — as has already happened with travel guidebooks, celebrity biographies and obituaries.
  • The result is a machine-powered ouroboros that could squeeze out sustainable, trustworthy journalism. Even though A.I.-generated stories are often poorly constructed, they can still outrank their source material on search engines and social platforms, which often use A.I. to help position content. The artificially elevated stories can then divert advertising spending, which is increasingly assigned by automated auctions without human oversight.
  • NewsGuard, a company that monitors online misinformation, identified more than 800 websites that use A.I. to produce unreliable news content.
  • Low-paid freelancers and algorithms have churned out much of the faux-news content, prizing speed and volume over accuracy.
  • Former employees said they thought they were joining a legitimate news operation; one had mistaken it for BNN Bloomberg, a Canadian business news channel. BNN’s website insisted that “accuracy is nonnegotiable” and that “every piece of information underwent rigorous checks, ensuring our news remains an undeniable source of truth.”
  • this was not a traditional journalism outlet. While the journalists could occasionally report and write original articles, they were asked to primarily use a generative A.I. tool to compose stories, said Ms. Chakraborty and Hemin Bakir, a journalist based in Iraq who worked for BNN for almost a year. They said they had uploaded articles from other news outlets to the generative A.I. tool to create paraphrased versions for BNN to publish.
  • Mr. Chahal’s evangelism carried weight with his employees because of his wealth and seemingly impressive track record, they said. Born in India and raised in Northern California, Mr. Chahal made millions in the online advertising business in the early 2000s and wrote a how-to book about his rags-to-riches story that landed him an interview with Oprah Winfrey.
  • Mr. Chahal told Mr. Bakir to focus on checking stories that had a significant number of readers, such as those republished by MSN.com.Employees did not want their bylines on stories generated purely by A.I., but Mr. Chahal insisted on this. Soon, the tool randomly assigned their names to stories.
  • This crossed a line for some BNN employees, according to screenshots of WhatsApp conversations reviewed by The Times, in which they told Mr. Chahal that they were receiving complaints about stories they didn’t realize had been published under their names.
  • According to three journalists who worked at BNN and screenshots of WhatsApp conversations reviewed by The Times, Mr. Chahal regularly directed profanities at employees and called them idiots and morons. When employees said purely A.I.-generated news, such as the Fanning story, should be published under the generic “BNN Newsroom” byline, Mr. Chahal was dismissive.“When I do this, I won’t have a need for any of you,” he wrote on WhatsApp.Mr. Bakir replied to Mr. Chahal that assigning journalists’ bylines to A.I.-generated stories was putting their integrity and careers in “jeopardy.”
  • This was a strategy that Mr. Chahal favored, according to former BNN employees. He used his news service to exercise grudges, publishing slanted stories about a politician from San Francisco he disliked, Wikipedia after it published a negative entry about BNN Breaking and Elon Musk after accounts belonging to Mr. Chahal, his wife and his companies were suspended o
  • The increasing popularity of programmatic advertising — which uses algorithms to automatically place ads across the internet — allows A.I.-powered news sites to generate revenue by mass-producing low-quality clickbait content
  • Experts are nervous about how A.I.-fueled news could overwhelm accurate reporting with a deluge of junk content distorted by machine-powered repetition. A particular worry is that A.I. aggregators could chip away even further at the viability of local journalism, siphoning away its revenue and damaging its credibility by contaminating the information ecosystem.
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Opinion | How We've Lost Our Moorings as a Society - The New York Times - 0 views

  • To my mind, one of the saddest things that has happened to America in my lifetime is how much we’ve lost so many of our mangroves. They are endangered everywhere today — but not just in nature.
  • Our society itself has lost so many of its social, normative and political mangroves as well — all those things that used to filter toxic behaviors, buffer political extremism and nurture healthy communities and trusted institutions for young people to grow up in and which hold our society together.
  • You see, shame used to be a mangrove
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  • That shame mangrove has been completely uprooted by Trump.
  • The reason people felt ashamed is that they felt fidelity to certain norms — so their cheeks would turn red when they knew they had fallen short
  • in the kind of normless world we have entered where societal, institutional and leadership norms are being eroded,” Seidman said to me, “no one has to feel shame anymore because no norm has been violated.”
  • People in high places doing shameful things is hardly new in American politics and business. What is new, Seidman argued, “is so many people doing it so conspicuously and with such impunity: ‘My words were perfect,’ ‘I’d do it again.’ That is what erodes norms — that and making everyone else feel like suckers for following them.”
  • Nothing is more corrosive to a vibrant democracy and healthy communities, added Seidman, than “when leaders with formal authority behave without moral authority.
  • Without leaders who, through their example and decisions, safeguard our norms and celebrate them and affirm them and reinforce them, the words on paper — the Bill of Rights, the Constitution or the Declaration of Independence — will never unite us.”
  • . Trump wants to destroy our social and legal mangroves and leave us in a broken ethical ecosystem, because he and people like him best thrive in a broken system.
  • He keeps pushing our system to its breaking point, flooding the zone with lies so that the people trust only him and the truth is only what he says it is. In nature, as in society, when you lose your mangroves, you get flooding with lots of mud.
  • Responsibility, especially among those who have taken oaths of office — another vital mangrove — has also experienced serious destruction.
  • It used to be that if you had the incredible privilege of serving as U.S. Supreme Court justice, in your wildest dreams you would never have an American flag hanging upside down
  • Your sense of responsibility to appear above partisan politics to uphold the integrity of the court’s rulings would not allow it.
  • Civil discourse and engaging with those with whom you disagree — instead of immediately calling for them to be fired — also used to be a mangrove.
  • when moral arousal manifests as moral outrage — and immediate demands for firings — “it can result in a vicious cycle of moral outrage being met with equal outrage, as opposed to a virtuous cycle of dialogue and the hard work of forging real understanding.”
  • In November 2022, the Heterodox Academy, a nonprofit advocacy group, surveyed 1,564 full-time college students ages 18 to 24. The group found that nearly three in five students (59 percent) hesitate to speak about controversial topics like religion, politics, race, sexual orientation and gender for fear of negative backlashes by classmates.
  • Locally owned small-town newspapers used to be a mangrove buffering the worst of our national politics. A healthy local newspaper is less likely to go too far to one extreme or another, because its owners and editors live in the community and they know that for their local ecosystem to thrive, they need to preserve and nurture healthy interdependencies
  • in 2023, the loss of local newspapers accelerated to an average of 2.5 per week, “leaving more than 200 counties as ‘news deserts’ and meaning that more than half of all U.S. counties now have limited access to reliable local news and information.”
  • As in nature, it leaves the local ecosystem with fewer healthy interdependencies, making it more vulnerable to invasive species and disease — or, in society, diseased ideas.
  • It’s not that the people in these communities have changed. It’s that if that’s what you are being fed, day in and day out, then you’re going to come to every conversation with a certain set of predispositions that are really hard to break through.”
  • we have gone from you’re not supposed to say “hell” on the radio to a nation that is now being permanently exposed to for-profit systems of political and psychological manipulation (and throw in Russia and China stoking the fires today as well), so people are not just divided, but being divided. Yes, keeping Americans morally outraged is big business at home now and war by other means by our geopolitical rivals.
  • More than ever, we are living in the “never-ending storm” that Seidman described to me back in 2016, in which moral distinctions, context and perspective — all the things that enable people and politicians to make good judgments — get blown away.
  • Blown away — that is exactly what happens to the plants, animals and people in an ecosystem that loses its mangroves.
  • a trend ailing America today: how much we’ve lost our moorings as a society.
  • Civil discourse and engaging with those with whom you disagree — instead of immediately calling for them to be fired — also used to be mangroves.
  • civility itself also used to be a mangrove.
  • “Why the hell not?” Drummond asks.“You’re not supposed to say ‘hell,’ either,” the announcer says.You are not supposed to say “hell,” either. What a quaint thought. That is a polite exclamation point in today’s social media.
  • Another vital mangrove is religious observance. It has been declining for decades:
  • So now the most partisan national voices on Fox News, or MSNBC — or any number of polarizing influencers like Tucker Carlson — go straight from their national studios direct to small-town America, unbuffered by a local paper’s or radio station’s impulse to maintain a community where people feel some degree of connection and mutual respect
  • In a 2021 interview with my colleague Ezra Klein, Barack Obama observed that when he started running for the presidency in 2007, “it was still possible for me to go into a small town, in a disproportionately white conservative town in rural America, and get a fair hearing because people just hadn’t heard of me. … They didn’t have any preconceptions about what I believed. They could just take me at face value.”
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