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Even healthy and influential private companies can be ordered to undergo painful restructuring or curtail certain business operations

When nearly every renminbi borrowed is domestic — lent by a Chinese creditor to a Chinese borrower — it gives regulators a degree of control over debt problems that their Western counterparts can only dream of.

Even the makeup of China’s high debt levels has a silver lining for regulators. China’s aggregate ratio of debt to gross domestic product was almost 300 percent (or around $52 trillion) in September 2022, compared to 257 percent for the United States.

Ultimately, all of this serves the party’s absolute priority of maintaining social stability; there is zero tolerance for financial distress or major corporate failures that could trigger street demonstrations

But less than 5 percent of China’s debt is external, amounting to $2.5 trillion, one-tenth of the U.S. level.

instead of introducing reforms to establish a healthy market-based economy in which inefficient businesses are allowed to fail, China’s Evergrande-style fixes — while defusing short-term crises — reward irresponsible behavior and perpetuate the excessive borrowing and wasteful use of funding that leads to recurring financial distress.

Soft landings may become harder to achieve. China faces perhaps its greatest array of economic challenges since it began reopening to the outside world in the late 1970s: high debt, an ailing real estate sector, a long-term economic slowdown, rising unemployment, an aging and shrinking population and worsening trade and diplomatic relations with the United States.

There is a very real risk that China could suffer the same fate as Japan, which is still struggling to emerge from an extended period of economic stagnation that began in the 1990s. Japan’s troubles were caused, in part, by a burst real estate bubble and financial-sector problems similar to what China is now facing.

China’s regulatory troubleshooters have proven the financial doomsayers wrong again and again. But their biggest test may yet lie ahead.

So we know what greatness looks like. So we can recognize it when it’s within our environs. Because human greatness will never completely go away, even though you may look north, east, south and west and be unable to see it. You’re not sure it’s anywhere around. But it will be there.

The spirit of Barabbas — the desire to seize or retain power, through violence if necessary — has been at war with the spirit of Christ ever since. Two millenniums of church history demonstrate a terrible truth: There was nothing uniquely evil about that ancient crowd. Instead it held up a mirror to our own nature, one that is all too eager to wield the sword, to believe that our own power is a prerequisite to justice.

Easter weekend contains more than one example of the spirit of Barabbas. When Christ was arrested, the Apostle Peter — a man who had been by his side for much of his ministry — still could not see the truth. He drew his sword, struck the high priest’s servant, and cut off his ear.

Though he was in the midst of an unjust arrest that would prove prelude to an unjust execution, Christ rebuked Peter, saying, “Put your sword back in its place, because all who take up the sword will perish by the sword.” As he reminded Peter, Jesus had the power to call on “legions of angels” to stop the arrest, but he chose not to. His purpose was to go to the cross, and as Jesus told us, that’s our purpose as well.

There is a difference between the quest for power and the quest for justice. Believers are required to “act justly.” We should not stand idly by in the face of exploitation or oppression. We do not retreat from the public square. But Christian engagement must be distinctive. It cannot emulate the world’s methods or morality.

the example of Jesus dominated the minds of civil rights leaders. “We discussed and debated the teachings of the great teacher, and we would ask questions about what would Jesus do,” said Lewis. “In preparing for the sit-ins, we felt that the message was one of love — the message of love in action: Don’t hate. If someone hits you, don’t strike back. Just turn the other side. Be prepared to forgive.”

The spirit of Barabbas was alive and well in the men who trained their fire hoses on peaceful protesters, who loosed dogs on the Black children of Birmingham. They weren’t trying to seize power, but they were trying to maintain it, through violent, lawless means. Their will to power collided with the quest for justice. It is only through God’s grace and the unimaginable courage and persistence of peaceful protesters that justice prevailed, and Jim Crow laws were overturned.

The spirit of Barabbas tempts Christians even today. You see it when armed Christians idolize their guns, when angry Christians threaten and attempt to intimidate their political opponents, when fearful Christians adopt the tactics and ethos of Trumpism to preserve their power. The spirit of Barabbas most clearly captured the mob on Jan. 6, when praying Americans participated in an insurrection based on a lie.

Christ did not reject earthly rule so that his flawed followers could seize the world’s thrones. His ethos was clear: “You know that the rulers of the gentiles lord it over them, and those in high positions act as tyrants over them. It must not be like that among you. On the contrary, whoever wants to become great among you must be your servant.”

The Musk messages also reveal how some of the richest and most powerful men in the world treat actual billions of dollars with a level of care more appropriate for a 3-year-old tossing around Monopoly cash.

Oracle’s founder, Larry Ellison, essentially writes Musk a blank check over text, pledging, “A billion … or whatever you recommend.” The venture capitalist Marc Andreessen unsolicitedly offers Musk “$250M with no additional work required.” And Michael Grimes, a top investment banker at Morgan Stanley, proposes a meeting with Bankman-Fried as a way to “get us $5bn equity in an hour.”

The blitheness is the point. It is a total power move to talk about getting “$5bn in equity in an hour” the same way we mere mortals talk about Venmo-ing a friend $15 for lunch. The texts make it clear that these men are fundamentally alienated from the rest of the world by their wealth.

“These are absolutely not normal people with a normal understanding of the world.”

The men in Musk’s phone also appear wildly confident in their own abilities and those of their peers. Mathias Döpfner, the CEO of the media conglomerate Axel Springer, infamously texted Musk his bullet-pointed plan for Twitter, which began with the line item “1.),, Solve Free Speech.”

They teach us what happens when a small group of people with too much money come to view that money not just as a reward for success, but as its own form of merit—a specious achievement that totally alienates them from reality.

Ultimately, Exhibit H documents the loneliness and isolation of being the world’s richest man. As told via the texts, the seed of Musk’s Twitter purchase was planted by sycophants deferential to the billionaire who will never give him hard, truthful advice, because they wish to stay close to him.

the one time he receives actual, honest feedback from Agrawal, Musk behaves aggressively and impulsively, sealing his fate.

During the 20th century, the list got much longer. In came existential crises, midlife crises, energy crises and environmental crises. When Koselleck was writing about the subject in the 1970s, he counted up more than 200 kinds of crisis we could then face

Waking up each morning to hear about the latest crisis is dispiriting for some, but throughout history it has been a bracing experience for others. In 1857, Friedrich Engels wrote in a letter that “the crisis will make me feel as good as a swim in the ocean”. A hundred years later, John F Kennedy (wrongly) pointed out that in the Chinese language, the word “crisis” is composed of two characters, “one representing danger, and the other, opportunity”. More recently, Elon Musk has argued “if things are not failing, you are not innovating enough”.

Victor H Mair, a professor of Chinese literature at the University of Pennsylvania, points out that in fact the Chinese word for crisis, wēijī, refers to a perilous situation in which you should be particularly cautious

“Those who purvey the doctrine that the Chinese word for ‘crisis’ is composed of elements meaning ‘danger’ and ‘opportunity’ are engaging in a type of muddled thinking that is a danger to society,” he writes. “It lulls people into welcoming crises as unstable situations from which they can benefit.” Revolutionaries, billionaires and politicians may relish the chance to profit from a crisis, but most people world prefer not to have a crisis at all.

A 2019 study which involved observing participants using bricks, found that those who had been threatened before the task tended to come up with more harmful uses of the bricks (such as using them as weapons) than people who did not feel threatened

The first world war sparked the growth of modernism in painting and literature. The second fuelled innovations in science and technology. The economic crises of the 1970s and 80s are supposed to have inspired the spread of punk and the creation of hip-hop

psychologists have also found that when we are threatened by a crisis, we become more rigid and locked into our beliefs. The creativity researcher Dean Simonton has spent his career looking at breakthroughs in music, philosophy, science and literature. He has found that during periods of crisis, we actually tend to become less creative.

When he looked at 5,000 creative individuals over 127 generations in European history, he found that significant creative breakthroughs were less likely during periods of political crisis and instability.

psychologists have found that it is what they call “malevolent creativity” that flourishes when we feel threatened by crisis.

These are innovations that tend to be harmful – such as new weapons, torture devices and ingenious scams.

A common folk theory is that times of great crisis also lead to great bursts of creativity.

Students presented with information about a threatening situation tended to become increasingly wary of outsiders, and even begin to adopt positions such as an unwillingness to support LGBT people afterwards.

during moments of crisis – when change is really needed – we tend to become less able to change.

When we suffer significant traumatic events, we tend to have worse wellbeing and life outcomes.

, other studies have shown that in moderate doses, crises can help to build our sense of resilience.

we tend to be more resilient if a crisis is shared with others. As Bruce Daisley, the ex-Twitter vice-president, notes: “True resilience lies in a feeling of togetherness, that we’re united with those around us in a shared endeavour.”

Crises are like many things in life – only good in moderation, and best shared with others

The challenge our leaders face during times of overwhelming crisis is to avoid letting us plunge into the bracing ocean of change alone, to see if we sink or swim. Nor should they tell us things are fine, encouraging us to hide our heads in the san

during moments of significant crisis, the best leaders are able to create some sense of certainty and a shared fate amid the seas of change.

This means people won’t feel an overwhelming sense of threat. It also means people do not feel alone. When we feel some certainty and common identity, we are more likely to be able to summon the creativity, ingenuity and energy needed to change things.

he trickiest question may be how to prevent abuse. AI generators have technological boundaries, but not morals, and it’s relatively easy for users to trick them into creating content that depicts violence, rape, sex with children or a celebrity — or even a crush from work who never consented to appear

In some cases, the engines themselves are trained on porn images whose subjects didn’t explicitly agree to the new use. Currently, no federal laws protect the victims of nonconsensual deepfakes.

Adult entertainment is a giant industry accounting for a substantial chunk of all internet traffic: Major porn sites get more monthly visitors and page views than Amazon, Netflix, TikTok or Zoom

The industry is a habitual early adopter of new technology, from VHS to DVD to dot com. In the mid-2000s, porn companies set up massive sites where users upload and watch free videos, and ad sales foot the bills.

At last year’s AVN conference, Steven Jones said his peers looked at him “like he was crazy” when he talked about AI opportunities: “Nobody was interested.” This year, Jones said, he’s been “the belle of the ball.”

He called up his old business partner, and the two immediately spent about $550,000 securing the web domains for porn dot ai, deepfake dot com and deepfakes dot com, Jones said. “Lightspeed” was back.

One major model, Stable Diffusion, shares its code publicly, and some technologists have figured out how to edit the code to allow for sexual images

What keeps Jones up at night is people trying to use his company’s tools to generate images of abuse, he said. The models have some technological guardrails that make it difficult for users to render children, celebrities or acts of violence. But people are constantly looking for workarounds.

So with help from an angel investor he will not name, Jones hired five employees and a handful of offshore contractors and started building an image engine trained on bundles of freely available pornographic images, as well as thousands of nude photos from Jones’s own collection

Users create what Jones calls a “dream girl,” prompting the AI with descriptions of the character’s appearance, pose and setting. The nudes don’t portray real people, he said. Rather, the goal is to re-create a fantasy from the user’s imagination.

The AI-generated images got better, their computerized sheen growing steadily less noticeable. Jones grew his user base to 500,000 people, many of whom pay to generate more images than the five per day allotted to free accounts, he said. The site’s “power users” generate AI porn for 10 hours a day, he said.

Jones described the site as an “artists’ community” where people can explore their sexualities and fantasies in a safe space. Unlike some corners of the traditional adult industry, no performers are being pressured, underpaid or placed in harm’s way

And critically, consumers don’t have to wait for their favorite OnlyFans performer to come online or trawl through Pornhub to find the content they like.

Next comes AI-generated video — “porn’s holy grail,” Jones said. Eventually, he sees the technology becoming interactive, with users giving instructions to lifelike automated “performers.” Within two years, he said, there will be “fully AI cam girls,” a reference to creators who make solo sex content.

It costs $12 per day to rent a server from Amazon Web Services, he said, and generating a single picture requires users to have access to a corresponding server. His users have so far generated more than 1.6 million images.

Copyright holders including newspapers, photographers and artists have filed a slew of lawsuits against AI companies, claiming the companies trained their models on copyrighted content. If plaintiffs win, it could cut off the free-for-all that benefits entrepreneurs such as Jones.

But Jones’s plan to create consumer-friendly AI porn engines faced significant obstacles. The companies behind major image-generation models used technical boundaries to block “not safe for work” content and, without racy images to learn from, the models weren’t good at re-creating nude bodies or scenes.

Jones said his team takes down images that other users flag as abusive. Their list of blocked prompts currently contains 1,000 terms including “high school.”

“I see certain things people type in, and I just hope to God they’re trying to test the model, like we are. I hope they don’t actually want to see the things they’re typing in.

Peter Acworth, the owner of kink dot com, is trying to teach an AI porn generator to understand even subtler concepts, such as the difference between torture and consensual sexual bondage. For decades Acworth has pushed for spaces — in the real world and online — for consenting adults to explore nonconventional sexual interests. In 2006, he bought the San Francisco Armory, a castle-like building in the city’s Mission neighborhood, and turned it into a studio where his company filmed fetish porn until shuttering in 2017.

Now, Acworth is working with engineers to train an image-generation model on pictures of BDSM, an acronym for bondage and discipline, dominance and submission, sadism and masochism.

Others alluded to a porn apocalypse, with AI wiping out existing models of adult entertainment.“Look around,” said Christian Burke, head of engineering at the adult-industry payment app Melon, gesturing at performers huddled, laughing and hugging across the show floor. “This could look entirely different in a few years.”

But the age of AI brings few guarantees for the people, largely women, who appear in porn. Many have signed broad contracts granting companies the rights to reproduce their likeness in any medium for the rest of time

Not only could performers lose income, Walters said, they could find themselves in offensive or abusive scenes they never consented to.

Lana Smalls, a 23-year-old performer whose videos have been viewed 20 million times on Pornhub, said she’s had colleagues show up to shoots with major studios only to be surprised by sweeping AI clauses in their contracts.

“This industry is too fragmented for collective bargaining,” Spiegler said. “Plus, this industry doesn’t like rules.”

Freudian psychoanalysis offers yet another account. As Mr. Chopra’s summary has it: “Anxiety is a signal to us that we harbor repressed emotions, desires, and sexuality.”

Finally, there is the idea of “materialist alienation,” advocated by both Karl Marx and Herbert Marcuse. This theory identifies the sources of anxiety in the material and economic conditions of society rather than in the individual psyche:

Although Mr. Chopra, a philosophy professor emeritus at Brooklyn College, notes many overlaps and commonalities in the four approaches, their differences make them inconsistent as a set. It isn’t clear that they are centrally concerned with anxiety at all.

ukkha in Buddhism isn’t usually understood to refer to anxiety but rather to a state of discontent.

Mr. Chopra acknowledges that one of his key existentialist figures, Nietzsche, never uses the term. Alluding to Marx’s alienated labor, Mr. Chopra asks: “What does such alienation feel like?” His answer: “Like anxiety, for it is anxiety.

Mr. Chopra interprets everything through the lens of anxiety and as a result either magnifies its significance or sees it where it is not. He says, for example, that from his own experience he has concluded that being “indecisive, distracted, insecure, or anxious . . . amounted to the same thing.” But for many people those conditions are very different.

Mr. Chopra is a serial user of the “presumptive we”: using the first-person plural to speak for all of us when he is really speaking for some or sometimes only himself.

At times Mr. Chopra writes of anxiety as though it were a key to self-definition, saying, at one point “thus does anxiety inform me of who I am.” Tell me your anxieties and I’ll tell you who you are may sound profound, but replace “anxieties” with “dreams,” “loves,” “hopes” or “values” and it is just as true.

Even philosophy in Mr. Chopra’s view springs not from wonder, as Aristotle and Plato claimed, but from anxiety. However, neither those giants of thought nor others who followed them for centuries had much to say about it

That “anxiety is a basic human affect and signature of human consciousness” is made somewhat problematic, he concedes, by the fact that it only emerged as “an explicitly named and identified problem in the nineteenth century.”

Still, Mr. Chopra is right to want to normalize the anxiety that people really do feel, saying that it is wrong to think that mental health consists in being anxiety-free. His basic therapeutic advice—not to push anxiety away but “to see what it ‘points to’ ”—is also spot-on

his book is a good primer on the major philosophers of anxiety, or at least its close relations.