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Except Mitt Romney was not a businessman; he was a master financial speculator who bought, sold, flipped, and stripped businesses. He did not build enterprises the old-fashioned way—out of inspiration, perspiration, and a long slog in the free market fostering a new product, service, or process of production. Instead, he spent his 15 years raising debt in prodigious amounts on Wall Street so that Bain could purchase the pots and pans and castoffs of corporate America, leverage them to the hilt, gussy them up as reborn “roll-ups,” and then deliver them back to Wall Street for resale—the faster the better.

That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system—a regime of crony capitalism—where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.

So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. Occasionally, we did invest in genuine growth companies, but without cheap debt and deep tax subsidies, most deals would not make economic sense.

In truth, LBOs are capitalism’s natural undertakers—vulture investors who feed on failing businesses. Due to bad policy, however, they have now become monsters of the financial midway that strip-mine cash from healthy businesses and recycle it mostly to the top 1 percent.

Accordingly, Bain’s returns on the overwhelming bulk of the deals—67 out of 77—were actually lower than what a passive S&P 500 indexer would have earned even without the risk of leverage or paying all the private-equity fees. Investor profits amounted to a prosaic 0.7X the original investment on these deals and, based on its average five-year holding period, the annual return would have computed to about 12 percent—well below the 17 percent average return on the S&P in this period.

having a trader’s facility for knowing when to hold ’em and when to fold ’em has virtually nothing to do with rectifying the massive fiscal hemorrhage and debt-burdened private economy that are the real issues before the American electorate

Indeed, the next president’s overriding task is restoring national solvency—an undertaking that will involve immense societywide pain, sacrifice, and denial and that will therefore require “fairness” as a defining principle. And that’s why heralding Romney’s record at Bain is so completely perverse. The record is actually all about the utter unfairness of windfall riches obtained under our anti-free market regime of bubble finance.

When Romney opened the doors to Bain Capital in 1984, the S&P 500 stood at 160. By the time he answered the call to duty in Salt Lake City in early 1999, it had gone parabolic and reached 1270. This meant that had a modern Rip Van Winkle bought the S&P 500 index and held it through the 15 years in question, the annual return (with dividends) would have been a spectacular 17 percent. Bain did considerably better, of course, but the reason wasn’t business acumen.

The credentials that Romney proffers as evidence of his business acumen, in fact, mainly show that he hung around the basket during the greatest bull market in recorded history.

The Wall Street Journal examined 77 significant deals completed during that period based on fundraising documents from Bain, and the results are a perfect illustration of bull-market asymmetry. Overall, Bain generated an impressive $2.5 billion in investor gains on $1.1 billion in investments. But 10 of Bain’s deals accounted for 75 percent of the investor profits.

The secret was leverage, luck, inside baseball, and the peculiar asymmetrical dynamics of the leveraged gambling carried on by private-equity shops. LBO funds are invested as equity at the bottom of a company’s capital structure, which means that the lenders who provide 80 to 90 percent of the capital have no recourse to the private-equity sponsor if deals go bust. Accordingly, LBO funds can lose 1X (one times) their money on failed deals, but make 10X or even 50X on the occasional “home run.” During a period of rising markets, expanding valuation multiples, and abundant credit, the opportunity to “average up” the home runs with the 1X losses is considerable; it can generate a spectacular portfolio outcome.

By contrast, the 10 home runs generated profits of $1.8 billion on investments of only $250 million, yielding a spectacular return of 7X investment. Yet it is this handful of home runs that both make the Romney investment legend and also seal the indictment: they show that Bain Capital was a vehicle for leveraged speculation that was gifted immeasurably by the Greenspan bubble. It was a fortunate place where leverage got lucky, not a higher form of capitalist endeavor or training school for presidential aspirants.

The startling fact is that four of the 10 Bain Capital home runs ended up in bankruptcy, and for an obvious reason: Bain got its money out at the top of the Greenspan boom in the late 1990s and then these companies hit the wall during the 2000-02 downturn, weighed down by the massive load of debt Bain had bequeathed them. In fact, nearly $600 million, or one third of the profits earned by the home-run companies, had been extracted from the hide of these four eventual debt zombies.

The bankruptcy forced the closure of about 250—or 40 percent—of the company’s stores and the loss of about 5,000 jobs. Yet the moral of the Stage Stores saga is not simply that in this instance Bain Capital was a jobs destroyer, not a jobs creator. The larger point is that it is actually a tale of Wall Street speculators toying with Main Street properties in defiance of sound finance—an anti-Schumpeterian project that used state-subsidized debt to milk cash from stores that would not have otherwise survived on the free market.

Ironically, the businesses and jobs that Staples eliminated were the office-supply counterparts of the cracker-box stores selling shoes, shirts, and dresses that Bain kept on artificial life-support at Stage Stores Inc. At length, Wal-Mart eliminated these jobs and replaced them with back-of–the-store automation and front-end part-timers, as did Staples, which now has 40,000 part-time employees out of its approximate 90,000 total head count. The pointless exercise of counting jobs won and lost owing to these epochal shifts on the free market is obviously irrelevant to the job of being president, but the fact that Bain made $15 million from the winner and $175 million from the loser is evidence that it did not make a fortune all on its own. It had considerable help from the Easy Button at the Fed.

The lesson is that LBOs are just another legal (and risky) way for speculators to make money, but they are dangerous because when they fail, they leave needless economic disruption and job losses in their wake. That’s why LBOs would be rare in an honest free market—it’s only cheap debt, interest deductions, and ludicrously low capital-gains taxes that artifically fuel them.

The larger point is that Romney’s personal experience in the nation’s financial casinos is no mark against his character or competence. I’ve made money and lost it and know what it is like to be judged. But that experience doesn’t translate into answers on the great public issues before the nation, either. The Romney campaign’s feckless narrative that private equity generates real economic efficiency and societal wealth is dead wrong.

The Bain Capital investments here reviewed accounted for $1.4 billion or 60 percent of the fund’s profits over 15 years, by my calculations. Four of them ended in bankruptcy; one was an inside job and fast flip; one was essentially a massive M&A brokerage fee; and the seventh and largest gain—the Italian Job—amounted to a veritable freak of financial nature.

In short, this is a record about a dangerous form of leveraged gambling that has been enabled by the failed central banking and taxing policies of the state. That it should be offered as evidence that Mitt Romney is a deeply experienced capitalist entrepreneur and job creator is surely a testament to the financial deformations of our times.

The fact that it fell on Thursday before getting out of the starting gate, though, underscored how little the two men understood about each other, or how their words and maximalist demands were resonating in Washington and Pyongyang.

“He will be safe, he will be happy, his country will be rich,” Mr. Trump said of the North Korean leader

Mr. Kim needs money, investment and technology, for sure. But more than that, he needs to convince North Korea’s elites that he has not traded away the only form of security in his sole control — the nuclear patrimony of his father and his grandfather.

Problems of success are harder, not easier, to deal with, of course – you wouldn’t want to reverse the conditions that got us here

The path of incentives is easy to trace: an addicted customer is a reliable customer – and why settle for mere consumption of your product when you could get overconsumption instead?

David Courtwright calls this “limbic capitalism”: named for the part of the brain responsible for emotional processing. Global industries, he says, are starting to aim right at it.

In this country, we are at last regulating away some of the older vices, such as nicotine and alcohol.

many new vices are popping up in their stead. Food companies mine and refine their products for addictive properties: ultra-processed food, thought to encourage compulsive eating, now makes up two-thirds of the calorie intake of adolescent Britons

Gaming addiction is soaring. We hear less about workaholics than we used to, but perhaps only because the condition is so common – instead, we hear about burnout, the end result.

Then of course there are smartphones, teaching us to crave for the next ping of a message, or the bright notification of a retweet

These in turn link us to the thousands of addictive products being pumped out by the largest tech companies on the planet. There are gambling apps, gaming apps and one-click shopping apps – even addiction to fitness-tracker apps is on the rise. Then of course there is social media, to which almost half of British teens now feel addicted.

For a few, it is possible to buy your way out, back into old-fashioned reality

a new kind of luxury is emerging: freedom from cravings.

The ultimate example might be the rapid growth of semaglutide drugs

they also seem to reduce cravings for alcohol, nicotine and opioids, and perhaps even compulsive gambling and online shopping.

semaglutides such as Wegovy and Ozempic reduce the release of dopamine in the brain’s striatum, the region that motivates you to take another bite of something delicious but also to take another puff of your cigarette. They appear to act not on the digestive system, but on craving itself.

It’s hard to imagine – having a smartphone without needing to check it, putting down a tube of Pringles halfway through. For this is the major struggle of modern life: self-control in the face of addictive products. It’s becoming harder and harder to do

most cannot afford to anyway

Ozempic is mostly known as a “Hollywood phenomenon”, available only to the rich.

The income divide is there, too, when it comes to resisting online addictions. As time away from screens becomes a scarce commodity, some companies are monetising it in the form of off-grid digital detox weekends or curiously expensive dumbphones.

This summer, Eton announced it would ban smartphones – giving new pupils Nokia “bricks” instead. Meanwhile, children from lower-income backgrounds spend on average two more hours a day on their phones than their peers.

money shelters you from many of the conditions that encourage addiction in the first place. Junk food appeals most when you do not have the time, money or the emotional energy to access healthy alternatives: chasing their likely customers, fast food joints spring up in deprived areas. As do betting shops.

We sometimes pretend that resisting gambling, social media, sweet treats and retail therapy is mostly a matter of willpower – as if the economy weren’t built on pushing us these things. Instead, it’s becoming a privilege few can afford.

If it just means that Americans have believed their country is special, then (as a British skeptic writes) there is “nothing exceptional about this exceptionalism. All great nations cherish national myths.”[1] If it means that the U.S.A. was exceptionally virtuous given its precocious dedication to civil and religious liberty, equality, justice, prosperity, social mobility, and peace and harmony with all nations, then ipso facto the U.S.A. is exceptionally vicious for falling so short of those ideals. If the term means rather that Americans are somehow exempted from the laws of entropy governing other nations—that (as Bismarck reportedly quipped) “God has a special providence for fools, drunks, and the United States of America”—then such exceptionalism can only be proven sub specie aeternitatis. Indeed, the very illusion that a nation is under divine dispensation may perversely inspire the pride that goeth before a fall (“thou shalt not tempt the Lord thy God”) or the many bad ends to which reckless adolescents are prone. Finally, if American Exceptionalism means that its power, values, and “indispensable” status render the United States exempt from the rules of behavior it makes and enforces on other nations, then enemies, neutrals, and allies alike are sure to push back.

he concluded that “these distortions should not blind us to the valid elements in the theory of exceptionalism.... America represents, as I have stressed above, the naked embodiment of the most dynamic elements of modern Western history

it was probably just a matter of time before somebody turned the Stalinist term of derision into a patriotic badge of honor and ait stamped it over all of American history. As it happened, that somebody was Max Lerner, a former editor of The Nation turned Cold War liberal and author of the one-thousand page America as a Civilization (1957).

Exceptionalism dovetailed perfectly with a new orthodoxy among political scientists that extolled what Harvard professor Louis Hartz called America’s Liberal Tradition.

the idea of an America set apart by Providence and endowed with a special mission to reform (not to say redeem) the whole human race dovetailed perfectly with the political rhetoric needed to rally Americans to lead the Free World in what amounted to a “holy war” against “godless Communism.”

Those were the years when the “Judaeo-Christian tradition” became a civilizational motto

how come computerized word-searches show that references to American Exceptionalism exploded—literally from hundreds to tens of thousands—only after the Cold War was over?

Those were the years when presidential rhetoric became steeped in what sociologist Robert Bellah called “God-Talk,”

the Cold War was over, globalization and multiculturalism were the new trends, and American identity got contested as never before. What made exceptionalist rhetoric ubiquitous was the fact it was now contested

the myth of American Exceptionalism, ironically inspired by Roman Catholics and Marxists, entered our lexicon as historical gloss for the campaign to persuade a skeptical, war-weary people that global commitments such as the UN, Truman Doctrine, and NATO were not really a break with tradition, but a fulfillment of the nation’s hoariest, holiest calling.

As early as 1630, Massachusetts Governor John Winthrop implored his people ‘to Consider that wee shall be as a Citty upon a Hill, the eies of all people are uppon us.’”[12] I took for granted that my teachers and textbooks were right when they traced our national identity back to the Puritans beginning with Winthrop’s Model of Christian Charity. Composed on board the ship Arbella bound for the New World, it seemed the elegant spiritual companion to the Pilgrims’ Mayflower Compact.

he borrowed a New Testament image when he imagined New England as a city on a hill called to inspire the whole human race by its example.

the dogged literary excavations of historian Richard Gamble have now exposed it as myth. It turns out that Winthrop’s manuscript, far from serving as keynote address of the American pageant, was either unknown or forgotten until it turned up in the family archives in 1809. Donated to the New York Historical Society, it slept for another three decades before publication in a Massachusetts collection of colonial documents in 1838

The famous “City on a Hill” passage appears in the Sermon on the Mount as one in a list of metaphors Jesus uses to describe his disciples. He speaks of them as the salt of the earth, the light of the world, a city on a hill, and a lamp not hidden under a bushel. The passage served as text for many a sermon preached by colonial divines, not least Jonathan Edwards. But those pastors were quoting the Bible to make theological points to Christian audiences; none was quoting Winthrop to make political points to American audiences. What has been lost “in the fierce crossfire of the battle to define the American identity,” Gamble writes, is “the story not of how the metaphor helped make America what it is today but the story of how America helped make the metaphor what it never was.”

not even the Puritans were “impelled by a unique or exceptional American impulse. On the contrary, they were products of European education, European culture, European piety, and they were engaged in a great European quarrel.

Americans have always been tempted to think that because they live in God’s Country they must be God’s Elect. Such faith has its uses, for instance to motivate a free and disparate people to rally and sacrifice in times of crisis. But it verges on idolatry from the standpoint of Biblical religion and—if exploited for partisan purposes—verges on heresy from the standpoint of civil religion.

Among the imprints that survive, the tendency is to homogenize and focus on a few general field

He rejected claims by former Conservative leader Iain Duncan Smith, one of six Cabinet ministers campaigning for the UK to leave the EU, that the UK's membership actually exposed it to greater security risks, pointing out that the EU had taken the lead in confronting Russia over its annexation of Crimea and Iran over its nuclear programme.

"It is through the EU that you exchange criminal records and passenger records and work together on counter-terrorism...We need the collective weight of the EU when you are dealing with Russian aggression or terrorism. You need to be part of these big partnerships."

It is less than 48 hours since the referendum date was announced, but already the campaigning is in full swing. The leave campaign has been given a major boost by Boris Johnson, who says the only way to change the EU is to vote to go.

Leaving his home in north London, Mr Johnson said his immediate focus was his remaining time in City Hall and there would be plenty of time to discuss the issue of Europe, and the UK's "great future" outside it, over the next four months.

"There is only one way to get the change we need - and that is to vote to go; because all EU history shows that they only really listen to a population when it says no," he wrote.

Several other senior Tories - including Justice Secretary Michael Gove - have already said they will join the Out campaign.

In a 2,000-word column for the Daily Telegraph, Mr Johnson said staying inside the union would lead to "an erosion of democracy".

The prime minister, who argues EU membership offers more power to the UK, will take his case to the Commons this afternoon.

However, his father, Stanley Johnson, told BBC Radio 5 live he disagreed with his son's argument.He denied Mr Johnson's decision had been a "career move", saying he had "completely thrown away" any chance of a post inside Mr Cameron's cabinet by aligning himself against the prime minister.

The prime minister announced the date of the in/out referendum outside Number 10 on Saturday, having returned from agreeing a deal in Brussels that he argued gave the UK a "special status" within the EU.

It is rather: Do not trust appealing strangers. (See: Ahmed Chalabi.) Do not try to be too clever. Lower your expectations. And adopt, as Mr. Doran writes in closing, “a tragic perspective.”

Mr Cowen's view of dispassionate progress in macroeconomics is just not how things usually work. In the 1970s it was not the case, for example, that rival macroeconomic camps settled their differences, then alerted the world of the new consensus so it could be acted upon. Instead you had bitterly divided academics; you had a political ideology which saw some things it liked in one of the camps, which made those things a part of a successful political programme, and which took a policy gamble; and that gamble created new evidence which informed (though by no means settled) the debate over how inflation and monetary policy and expectations all work. The same thing happened in the 1930s. And in the 1980s, when the original voodoo economics had its day in the sun.

Economists might not like it, but this is how the world will find its way out of the current mess. Not by the calm resolution of disagreements between Larry Summers and John Cochrane, but by the increasing politicisation of a set of radical economic ideas, of one sort or another, which eventually find their way into the practical political programme of a party with a mandate to govern.

And then they'll do what they do and we will learn something about who was right and who was wrong, and a few economists will change their minds, but most will find a way to tweak their old models so that the new evidence looks like an affirmation of what they believed all along.

So what does that tell us about how macroeconomists ought to behave? Well, as scientists, they have an obligation to state their hypotheses as clearly as possible, to make testable predictions whenever possible, and to be rigorous and transparent in gathering evidence to support or falsify those predictions

But macroeconomics is also inherently political, and the practitioners who seek to "politicise" their ideas and make them a political reality play as vital a role in the advancement of the field as the scrupulously apolitical academics

Politicians, scientists and commentators greeted the prime minister’s U-turn on Monday night, when he ordered a UK-wide lockdown, as a belated but welcome decision to join the rest of Europe, and much of the world, in a necessary strategy.

The mystery is why it took so long

Last week Ireland, which shares a land border with the UK, struggled to understand Downing Street’s hesitation. “Boris Johnson is gambling with the health of his citizens,” said the Irish Times.

“The Brits were doing their own thing and it looked like we were going to have to live with it. They got there in the end.”

It was a variation of an observation attributed to Winston Churchill about America doing the right thing after exhausting all other options.

Foreign observers had become accustomed to Johnson’s breezy pronouncements on Britain steering its own course during Brexit showdowns last year but they winced at hearing the same tone in the context of a global health emergency.

Giorgio Gori, the mayor of Bergamo, the city hardest hit by Italy’s coronavirus outbreak, flew his two daughters out of the UK, deeming them safer at home.

“When I saw what the English government was thinking about this problem, I decided to bring them back, because I think that even if we are at the centre of the epidemic, probably they are more secure here than in England, because I don’t understand why the government didn’t decide in time to protect their citizens,” he told Sky News.

It’s almost impossible to decipher which path the UK government has chosen.

Without these measures in place, the past seven weeks of lockdown will have been completely pointless. As quarantine measures are lifted, the virus will continue to spread, the number of daily cases will rise and a second peak will become inevitable

this debate misses a more fundamental point: containment (the first path) is the best strategy for public health, the economy and society. The decision in early March to shift from containing to mitigating the virus was disastrous on all three of these fronts

Now, the key challenge facing the government is to replace this lockdown with a package of public health interventions involving mass testing, surveillance and real-time data to identify clusters of the virus and quarantine those who are infected.

The confusion turns on an internal struggle between two opposing camps. The first seems to think the government should attempt to get over the worst of the pandemic by allowing the virus to spread through the population, albeit at a slower pace to ease the strain on the NHS, and by creating more hospital and mortuary capacity to cope with a spike in deaths. The second camp wants to drive down the number of coronavirus cases and reduce the rate of infection – or R – to as close to zero as possible. It recognises the uniquely dangerous nature of this virus, and the emerging evidence that it can cause long-term health complications in survivors and that immunity may only be temporary.

Everyone agrees that we need to get out of the lockdown as soon as possible, but doing so will require massive investment in public health infrastructure. Countries such as South Korea, Hong Kong, Taiwan, New Zealand and Australia have already built this capacity

why has the government made such little progress in building the public health infrastructure necessary to control the virus and ease the lockdown? You could be forgiven for thinking that the lockdown was simply a way to reassure the public that the government was “doing something”. We need to be asking: what measures has the government put in place to ensure we’re in a better position to release the lockdown and prevent a second wave?

Everyone wants to know when the lockdown will end and life will go back to “normal”. The better question to ask is how we ease lockdown measures in the coming months and years while preventing a second wave of infections and keeping R well below one

There are a number of endings to this story. First, an accessible and affordable vaccine could become available within the next 18 months; second, the government could embark on a resource-intensive and gruelling campaign to eliminate the virus, particularly if emerging data proves coronavirus is as dangerous as diseases such as smallpox and polio; or third, antiviral therapies could become available to treat Covid-19 that make it a mild illness, so the population would gradually and safely build up natural herd immunity.

on our current path we seem destined for a disastrous ending. Lifting lockdown without the public health infrastructure in place to contain the virus will allow Covid-19 to spread through the population unchecked. The result could be a Darwinian culling of the elderly and vulnerable, and an individual gamble for those exposed to the virus. This should be avoided at all costs.

Russia’s major successful military operations under Mr. Putin — the defeat of Georgia in 2008 and the annexation of Crimea in 2014 — happened when the West was looking the other way. In both cases, the world was caught unawares and Russia could complete its designs without the threat of armed international opposition.

there’s no major domestic unrest and elections are two years away. Mr. Putin doesn’t require an expansionist escapade to either shore up his rule or distract the population from its troubles. War is a big red button that can be pushed only once. Right now, there’s no need.

The Ukrainian Army is much improved, having upscaled its equipment and preparations for a ground invasion, and the Russian troops deployed near the border are most likely insufficient to conquer the country. Because of its sheer bulk, the Russian Army might be able to advance: Quantity has a quality of its own, as Stalin reportedly said. But it would surely come at the cost of catastrophic losses in human life.

why did Mr. Putin raise the stakes so high? The answer is simple: Afghanistan. The West’s disastrous withdrawal from the country in August signaled the United States’ waning appetite for entanglement abroad. Emboldened, Mr. Putin clearly decided it was a good time to press his case for a revision of the post-Cold War order.

he fell back on unpredictability. The more irrational his behavior, went the thinking, the more likely the United States would accept his demands.

The core request — that NATO deny membership to Ukraine — was silly in a different way. There was no chance of Ukraine becoming a member any time soon, ultimatum or not. But that was Mr. Putin’s point: By demanding something that was already happening, Mr. Putin aimed to claim a victory over the West.

instead of submitting, the United States went the other way and began arming Ukraine

There is, perhaps, one certainty to hold on to: Mr. Putin will never start a war he’s likely to lose. So the only way to ensure peace is to guarantee that in a military confrontation, Mr. Putin would never win.

Most of the 3.2m podcasters on Spotify are not like Mr Rogan, who sold his show to the company in 2020 for a reported $100m. The vast majority are amateurs,

The vaccines bust-up is their first taste of an argument that other social networks have grappled with for years and which is now coming to audio.

Apple, the next-biggest streamer, has content guidelines for podcasts but a rough style guide for music. Amazon, the third-largest, has published even less in the way of rules. And whereas Facebook and co release regular reports on what content they have taken down and why, the audio streamers are opaque.

The social networks are far from perfect, but rules that are open to public scrutiny can gradually be improved on.

that would be on par with what we experience with flu viruses, which scientists estimate hit us about every two to five years, less often in adulthood. It also matches up well with the documented cadence of the four other coronaviruses that seasonally trouble humans, and cause common colds.

For now, every infection, and every subsequent reinfection, remains a toss of the dice. “Really, it’s a gamble,” says Ziyad Al-Aly, a clinical epidemiologist and long-COVID researcher at Washington University in St. Louis. Vaccination and infection-induced immunity may load the dice against landing on severe disease, but that danger will never go away completely, and scientists don’t yet know what happens to people who contract “mild” COVID over and over again

Or maybe not. This virus seems capable of tangling into just about every tissue in the body, affecting organs such as the heart, brain, liver, kidneys, and gut; it has already claimed the lives of millions, while saddling countless others with symptoms that can linger for months or years.

considering our current baseline, “less dangerous” could still be terrible—and it’s not clear exactly where we’re headed. When it comes to reinfection, we “just don’t know enough,”

Perhaps, as several experts have posited since the pandemic’s early days, SARS-CoV-2 will just become the fifth cold-causing coronavirus.

A third or fourth bout might be more muted still; the burden of individual diseases may be headed toward an asymptote of mildness that holds for many years

Future versions of SARS-CoV-2 could continue to shape-shift out of existing antibodies’ reach, as coronaviruses often do. But the body is flush with other fighters that are much tougher to bamboozle—among them, B cells and T cells that can quash a growing infection before it spirals out of control

Those protections tend to build iteratively, as people see pathogens or vaccines more often. People vaccinated three times over, for instance, seem especially well equipped to duke it out with all sorts of SARS-CoV-2 variants, including Omicron and its offshoots.

promising patterns: Second infections and post-vaccination infections “are significantly less severe,” she told me, sometimes to the point where people don’t notice them at all

Bodies, wised up to the virus’s quirks, can now react more quickly, clobbering it with sharper and speedier strikes.

“There are still very good reasons” to keep exposures few and far between, Landon, of the University of Chicago, told me. Putting off reinfection creates fewer opportunities for harm: The dice are less likely to land on severe disease (or chronic illness) when they’re rolled less often overall. It also buys us time to enhance our understanding of the virus, and improve our tools to fight it.

Immunity, though, is neither binary nor permanent. Even if SARS-CoV-2’s assaults are blunted over time, there are no guarantees about the degree to which that happens, or how long it lasts.

A slew of factors could end up weighting the dice toward severe disease—among them, a person’s genetics, age, underlying medical conditions, health-care access, and frequency or magnitude of exposure to the virus.

for everyone else, no amount of viral dampening can totally eliminate the chance, however small it may be, of getting very sick.

Long COVID, too, might remain a possibility with every discrete bout of illness. Or maybe the effects of a slow-but-steady trickle of minor, fast-resolving infections would sum together, and bring about the condition.

Every time the body’s defenses are engaged, it “takes a lot of energy, and causes tissue damage,” Thomas told me. Should that become a near-constant barrage, “that’s probably not great for you.”

Bodies are resilient, especially when they’re offered time to rest, and she doubts that reinfection with a typically ephemeral virus such as SARS-CoV-2 would cause mounting damage. “The cumulative effect is more likely to be protective than detrimental,” she said, because of the immunity that’s laid down each time.

people who have caught the virus twice or thrice may be more likely to become long-haulers than those who have had it just once.

Some other microbes, when they reinvade us, can fire up the immune system in unhelpful ways, driving bad bouts of inflammation that burn through the body, or duping certain defensive molecules into aiding, rather than blocking, the virus’s siege. Researchers don’t think SARS-CoV-2 will do the same. But this pathogen is “much more formidable than even someone working on coronaviruses would have expected,

Seasonal encounters with pathogens other than SARS-CoV-2 don’t often worry us—but perhaps that’s because we’re still working to understand their toll. “Have we been underestimating long-term consequences from other repeat infections?” Thomas said. “The answer is probably, almost certainly, yes.”

the rhythm of reinfection isn’t just about the durability of immunity or the pace of viral evolution. It’s also about our actions and policies, and whether they allow the pathogen to transmit and evolve. Strategies to avoid infection—to make it as infrequent as possible, for as many people as possible—remain options, in the form of vaccination, masking, ventilation, paid sick leave, and more.

Gordon and Swartz are both hopeful that the slow accumulation of immunity will also slash people’s chances of developing long COVID.

The outlooks of the experts I spoke with spanned the range from optimism to pessimism, though all agreed that uncertainty loomed. Until we know more, none were keen to gamble with the virus—or with their own health. Any reinfection will likely still pose a threat, “even if it’s not the worst-case scenario,” Abdool Karim told me. “I wouldn’t want to put myself in that position.”

Ukrainians are aware of their new superiority in conventional arms and want to press their advantage to the maximum.

In Moscow, the environment is quite the opposite. Putin, his propagandists and top military no longer say “nuclear war must not be waged”. Instead, they seem to be stoking fears of nuclear conflict. The story of Khrushchev’s gamble and retreat is rarely discussed, and its details have not been digested by the current cohort of decision-makers. Many crucial files still remain secret and forgotten, gathering dust in archives

Nuclear escalation seems to be a joker that Putin wants to keep in play. What will he do if more retreat and humiliation come his way? The discussion tends to go in circles, focusing on Putin’s megalomania and his habit of surprising people. All of which leaves a room for a disconcerting level of uncertainty. Clearly, Putin intends to keep it that way. So far, the Russian ruler links the preservation of Russia’s “sovereignty” not to successful diplomacy but to nuclear deterrence and, if need be, brinkmanship.

The Ukrainian offensive, backed by US weapons and intelligence, has become part of a precarious web of international security. Will the Ukrainians push to regain all their lost territory or stop at the border of Crimea? Will they start shelling Sevastopol with US-provided missile launchers? If they do, the pressure on Putin to escalate would increase enormously

Imagine what Kennedy would have done in October 1962 had the Cubans been given the opportunity to shell cities in Florida. If the Kremlin has no more conventional ways to escalate, the temptation to use a tactical nuclear device will grow.

As his delusional gamble in Ukraine produces one military retreat after another, Putin has to find an exit. We simply have no means of knowing what kind of an exit he will choose, and whether it will come with a bang.

Parents need to know that when children go online, they are entering a world of influencers, many of whom are hoping to make money by pushing dangerous products. It’s a world that’s invisible to us

when we log on to our social media, we don’t see what they see. Thanks to algorithms and ad targeting, I see videos about the best lawn fertilizer and wrinkle laser masks, while Ian is being fed reviews of flavored vape pens and beautiful women livestreaming themselves gambling crypto and urging him to gamble, too.

Smartphones are taking our kids to a different world

We worry about bad actors bullying, luring or indoctrinating them online

all of this is, unfortunately, only part of what makes social media dangerous.

The tobacco conglomerate Philip Morris International acquired the Zyn maker Swedish Match in 2022 as part of a strategic push into smokeless products, a category it projects could help drive an expected $2 billion in U.S. revenue in 2024.

P.M.I. is also a company that has long denied it markets tobacco products to minors despite decades of research accusing it of just that. One 2022 study alone found its brands advertising near schools and playgrounds around the globe.

the ’90s, when magazines ran full-page Absolut Vodka ads in different colors, which my friends and I collected and taped up on our walls next to pictures of a young Leonardo DiCaprio — until our parents tore them down. This was advertising that appealed to me as a teenager but was also visible to my parents, and — crucially — to regulators, who could point to billboards near schools or flavored vodka ads in fashion magazines and say, this is wrong.

Even the most committed parent today doesn’t have the same visibility into what her children are seeing online, so it is worth explaining how products like Zyn end up in social feeds

influencers. They aren’t traditional pitch people. Think of them more like the coolest kids on the block. They establish a following thanks to their personality, experience or expertise. They share how they’re feeling, they share what they’re thinking about, they share stuff they l

With ruthless efficiency, social media can deliver unlimited amounts of the content that influencers create or inspire. That makes the combination of influencers and social-media algorithms perhaps the most powerful form of advertising ever invented.

Videos like his operate like a meme: It’s unintelligible to the uninitiated, it’s a hilarious inside joke to those who know, and it encourages the audience to spread the message

Enter Tucker Carlson. Mr. Carlson, the former Fox News megastar who recently started his own subscription streaming service, has become a big Zyn influencer. He’s mentioned his love of Zyn in enough podcasts and interviews to earn the nickname Tucker CarlZyn.

was Max VanderAarde. You can glimpse him in a video from the event wearing a Santa hat and toasting Mr. Carlson as they each pop Zyns in their mouths. “You can call me king of Zynbabwe, or Tucker CarlZyn’s cousin,” he says in a recent TikTok. “Probably, what, moved 30 mil cans last year?”

Freezer Tarps, Mr. VanderAarde’s TikTok account, appears to have been removed after I asked the company about it. Left up are the large number of TikToks by the likes of @lifeofaZyn, @Zynfluencer1 and @Zyntakeover; those hashtagged to #Zynbabwe, one of Freezer Tarps’s favorite terms, have amassed more than 67 million views. So it’s worth breaking down Mr. VanderAarde’s videos.

All of these videos would just be jokes (in poor taste) if they were seen by adults only. They aren’t. But we can’t know for sure how many children follow the Nelk Boys or Freezer Tarps — social-media companies generally don’t release granular age-related data to the public. Mr. VanderAarde, who responded to a few of my questions via LinkedIn, said that nearly 95 percent of his followers are over the age of 18.

I turned to Influencity, a software program that estimates the ages of social media users by analyzing profile photos and selfies in recent posts. Influencity estimated that roughly 10 percent of the Nelk Boys’ followers on YouTube are ages 13 to 17. That’s more than 800,000 children.

The helicopter video has already been viewed more than one million times on YouTube, and iterations of it have circulated widely on TikTok.

YouTube said it eventually determined that four versions of the Carlson Zyn videos were not appropriate for viewers under age 18 under its community guidelines and restricted access to them by age

Mr. Carlson declined to comment on the record beyond his two-word statement. The Nelk Boys didn’t respond to requests for comment. Meta declined to comment on the record. TikTok said it does not allow content that promotes tobacco or its alternatives. The company said that it has over 40,000 trust and safety experts who work to keep the platform safe and that it prevented teenagers’ accounts from viewing over two million videos globally that show the consumption of tobacco products by adults. TikTok added that in the third quarter of 2023 it proactively removed 97 percent of videos that violated its alcohol, tobacco and drugs policy.

Greyson Imm, the high school student in Prairie Village, Kan., points to Mr. VanderAarde as having brought Zyn “more into the mainstream.” Mr. Imm believes his interest in independent comedy on TikTok perhaps made him a target for Mr. VanderAarde’s videos. “He would create all these funny phrases or things that would make it funny and joke about it and make it relevant to us.”

It wasn’t long before Mr. Imm noticed Zyn blowing up among his classmates — so much so that the student, now a senior at Shawnee Mission East High School, decided to write a piece in his school newspaper about it. He conducted an Instagram poll from the newspaper’s account and found that 23 percent of the students who responded used oral nicotine pouches during school.

“Upper-decky lip cushions, ferda!” Mr. VanderAarde coos in what was one of his popular TikTok videos, which had been liked more than 40,000 times. The singsong audio sounds like gibberish to most people, but it’s actually a call to action. “Lip cushion” is a nickname for a nicotine pouch, and “ferda” is slang for “the guys.”

“I have fun posting silly content that makes fun of pop culture,” Mr. VanderAarde said to me in our LinkedIn exchange.

They’re incentivized to increase their following and, in turn, often their bank accounts. Young people are particularly susceptible to this kind of promotion because their relationship with influencers is akin to the intimacy of a close friend.

I’ve spent the past three years studying media manipulation and memes, and what I see in Freezer Tarps’s silly content is strategy. The use of Zyn slang seems like a way to turn interest in Zyn into a meme that can be monetized through merchandise and other business opportunities.

Such as? Freezer Tarps sells his own pouch product, Upperdeckys, which delivers caffeine instead of nicotine and is available in flavors including cotton candy and orange creamsicle. In addition to jockeying for sponsorship, Mr. Carlson may also be trying to establish himself with a younger, more male, more online audience as his new media company begins building its subscriber base

This is the kind of viral word-of-mouth marketing that looks like entertainment, functions like culture and can increase sales

What’s particularly galling about all of this is that we as a society already agreed that peddling nicotine to kids is not OK. It is illegal to sell nicotine products to anyone under the age of 21 in all 50 states

numerous studies have shown that the younger people are when they try nicotine for the first time, the more likely they will become addicted to it. Nearly 90 percent of adults who smoke daily started smoking before they turned 18.

Decades later — even after Juul showed the power of influencers to help addict yet another generation of children — the courts, tech companies and regulators still haven’t adequately grappled with the complexities of the influencer economy.

Facebook, Instagram and TikTok all have guidelines that prohibit tobacco ads and sponsored, endorsed or partnership-based content that promotes tobacco products. Holding them accountable for maintaining those standards is a bigger question.

We need a new definition of advertising that takes into account how the internet actually works. I’d go so far as to propose that the courts broaden the definition of advertising to include all influencer promotion. For a product as dangerous as nicotine, I’d put the bar to be considered an influencer as low as 1,000 followers on a social-media account, and maybe if a video from someone with less of a following goes viral under certain legal definitions, it would become influencer promotion.

Laws should require tech companies to share data on what young people are seeing on social media and to prevent any content promoting age-gated products from reaching children’s feeds

hose efforts must go hand in hand with social media companies putting real teeth behind their efforts to verify the ages of their users. Government agencies should enforce the rules already on the books to protect children from exposure to addictive products,

I refuse to believe there aren’t ways to write laws and regulations that can address these difficult questions over tech company liability and free speech, that there aren’t ways to hold platforms more accountable for advertising that might endanger kids. Let’s stop treating the internet like a monster we can’t control. We built it. We foisted it upon our children. We had better try to protect them from its potential harms as best we can.

We are also producing ever more powerful weapons of mass destruction, from thermonuclear bombs to doomsday viruses. Our leaders don’t lack information about these dangers, yet instead of collaborating to find solutions, they are edging closer to a global war.

Despite – or perhaps because of – our hoard of data, we are continuing to spew greenhouse gases into the atmosphere, pollute rivers and oceans, cut down forests, destroy entire habitats, drive countless species to extinction, and jeopardise the ecological foundations of our own species

For most of our networks have been built and maintained by spreading fictions, fantasies and mass delusions – ranging from enchanted broomsticks to financial systems. Our problem, then, is a network problem. Specifically, it is an information problem. For information is the glue that holds networks together, and when people are fed bad information they are likely to make bad decisions, no matter how wise and kind they personally are.

Traditionally, the term “AI” has been used as an acronym for artificial intelligence. But it is perhaps better to think of it as an acronym for alien intelligence

AI is an unprecedented threat to humanity because it is the first technology in history that can make decisions and create new ideas by itself. All previous human inventions have empowered humans, because no matter how powerful the new tool was, the decisions about its usage remained in our hands

Nuclear bombs do not themselves decide whom to kill, nor can they improve themselves or invent even more powerful bombs. In contrast, autonomous drones can decide by themselves who to kill, and AIs can create novel bomb designs, unprecedented military strategies and better AIs.

AI isn’t a tool – it’s an agent. The biggest threat of AI is that we are summoning to Earth countless new powerful agents that are potentially more intelligent and imaginative than us, and that we don’t fully understand or control.

repreneurs such as Yoshua Bengio, Geoffrey Hinton, Sam Altman, Elon Musk and Mustafa Suleyman have warned that AI could destroy our civilisation. In a 2023 survey of 2,778 AI researchers, more than a third gave at least a 10% chance of advanced AI leading to outcomes as bad as human extinction.

As AI evolves, it becomes less artificial (in the sense of depending on human designs) and more alien

AI isn’t progressing towards human-level intelligence. It is evolving an alien type of intelligence.

generative AIs like GPT-4 already create new poems, stories and images. This trend will only increase and accelerate, making it more difficult to understand our own lives. Can we trust computer algorithms to make wise decisions and create a better world? That’s a much bigger gamble than trusting an enchanted broom to fetch water

it is more than just human lives we are gambling on. AI is already capable of producing art and making scientific discoveries by itself. In the next few decades, it will be likely to gain the ability even to create new life forms, either by writing genetic code or by inventing an inorganic code animating inorganic entities. AI could therefore alter the course not just of our species’ history but of the evolution of all life forms.

“Then … came move number 37,” writes Suleyman. “It made no sense. AlphaGo had apparently blown it, blindly following an apparently losing strategy no professional player would ever pursue. The live match commentators, both professionals of the highest ranking, said it was a ‘very strange move’ and thought it was ‘a mistake’.

as the endgame approached, that ‘mistaken’ move proved pivotal. AlphaGo won again. Go strategy was being rewritten before our eyes. Our AI had uncovered ideas that hadn’t occurred to the most brilliant players in thousands of years.”

“In AI, the neural networks moving toward autonomy are, at present, not explainable. You can’t walk someone through the decision-making process to explain precisely why an algorithm produced a specific prediction. Engineers can’t peer beneath the hood and easily explain in granular detail what caused something to happen. GPT‑4, AlphaGo and the rest are black boxes, their outputs and decisions based on opaque and impossibly intricate chains of minute signals.”

Yet during all those millennia, human minds have explored only certain areas in the landscape of Go. Other areas were left untouched, because human minds just didn’t think to venture there. AI, being free from the limitations of human minds, discovered and explored these previously hidden areas.

Second, move 37 demonstrated the unfathomability of AI. Even after AlphaGo played it to achieve victory, Suleyman and his team couldn’t explain how AlphaGo decided to play it.

Move 37 is an emblem of the AI revolution for two reasons. First, it demonstrated the alien nature of AI. In east Asia, Go is considered much more than a game: it is a treasured cultural tradition. For more than 2,500 years, tens of millions of people have played Go, and entire schools of thought have developed around the game, espousing different strategies and philosophies

The rise of unfathomable alien intelligence poses a threat to all humans, and poses a particular threat to democracy. If more and more decisions about people’s lives are made in a black box, so voters cannot understand and challenge them, democracy ceases to functio

Human voters may keep choosing a human president, but wouldn’t this be just an empty ceremony? Even today, only a small fraction of humanity truly understands the financial system

As the 2007‑8 financial crisis indicated, some complex financial devices and principles were intelligible to only a few financial wizards. What happens to democracy when AIs create even more complex financial devices and when the number of humans who understand the financial system drops to zero?

Translating Goethe’s cautionary fable into the language of modern finance, imagine the following scenario: a Wall Street apprentice fed up with the drudgery of the financial workshop creates an AI called Broomstick, provides it with a million dollars in seed money, and orders it to make more money.

n pursuit of more dollars, Broomstick not only devises new investment strategies, but comes up with entirely new financial devices that no human being has ever thought about.

many financial areas were left untouched, because human minds just didn’t think to venture there. Broomstick, being free from the limitations of human minds, discovers and explores these previously hidden areas, making financial moves that are the equivalent of AlphaGo’s move 37.

For a couple of years, as Broomstick leads humanity into financial virgin territory, everything looks wonderful. The markets are soaring, the money is flooding in effortlessly, and everyone is happy. Then comes a crash bigger even than 1929 or 2008. But no human being – either president, banker or citizen – knows what caused it and what could be done about it

AI, too, is a global problem. Accordingly, to understand the new computer politics, it is not enough to examine how discrete societies might react to AI. We also need to consider how AI might change relations between societies on a global level.

As long as humanity stands united, we can build institutions that will regulate AI, whether in the field of finance or war. Unfortunately, humanity has never been united. We have always been plagued by bad actors, as well as by disagreements between good actors. The rise of AI poses an existential danger to humankind, not because of the malevolence of computers, but because of our own shortcomings.

errorists might use AI to instigate a global pandemic. The terrorists themselves may have little knowledge of epidemiology, but the AI could synthesise for them a new pathogen, order it from commercial laboratories or print it in biological 3D printers, and devise the best strategy to spread it around the world, via airports or food supply chain

desperate governments request help from the only entity capable of understanding what is happening – Broomstick. The AI makes several policy recommendations, far more audacious than quantitative easing – and far more opaque, too. Broomstick promises that these policies will save the day, but human politicians – unable to understand the logic behind Broomstick’s recommendations – fear they might completely unravel the financial and even social fabric of the world. Should they listen to the AI?

Human civilisation could also be devastated by weapons of social mass destruction, such as stories that undermine our social bonds. An AI developed in one country could be used to unleash a deluge of fake news, fake money and fake humans so that people in numerous other countries lose the ability to trust anything or anyone.

Many societies – both democracies and dictatorships – may act responsibly to regulate such usages of AI, clamp down on bad actors and restrain the dangerous ambitions of their own rulers and fanatics. But if even a handful of societies fail to do so, this could be enough to endanger the whole of humankind

Thus, a paranoid dictator might hand unlimited power to a fallible AI, including even the power to launch nuclear strikes. If the AI then makes an error, or begins to pursue an unexpected goal, the result could be catastrophic, and not just for that country

magine a situation – in 20 years, say – when somebody in Beijing or San Francisco possesses the entire personal history of every politician, journalist, colonel and CEO in your country: every text they ever sent, every web search they ever made, every illness they suffered, every sexual encounter they enjoyed, every joke they told, every bribe they took. Would you still be living in an independent country, or would you now be living in a data colony?

What happens when your country finds itself utterly dependent on digital infrastructures and AI-powered systems over which it has no effective control?

In the economic realm, previous empires were based on material resources such as land, cotton and oil. This placed a limit on the empire’s ability to concentrate both economic wealth and political power in one place. Physics and geology don’t allow all the world’s land, cotton or oil to be moved to one country

t is different with the new information empires. Data can move at the speed of light, and algorithms don’t take up much space. Consequently, the world’s algorithmic power can be concentrated in a single hub. Engineers in a single country might write the code and control the keys for all the crucial algorithms that run the entire world.

AI and automation therefore pose a particular challenge to poorer developing countries. In an AI-driven global economy, the digital leaders claim the bulk of the gains and could use their wealth to retrain their workforce and profit even more

Meanwhile, the value of unskilled labourers in left-behind countries will decline, causing them to fall even further behind. The result might be lots of new jobs and immense wealth in San Francisco and Shanghai, while many other parts of the world face economic ruin.

AI is expected to add $15.7tn (£12.3tn) to the global economy by 2030. But if current trends continue, it is projected that China and North America – the two leading AI superpowers – will together take home 70% of that money.

uring the cold war, the iron curtain was in many places literally made of metal: barbed wire separated one country from another. Now the world is increasingly divided by the silicon curtain. The code on your smartphone determines on which side of the silicon curtain you live, which algorithms run your life, who controls your attention and where your data flows.

Cyberweapons can bring down a country’s electric grid, but they can also be used to destroy a secret research facility, jam an enemy sensor, inflame a political scandal, manipulate elections or hack a single smartphone. And they can do all that stealthily. They don’t announce their presence with a mushroom cloud and a storm of fire, nor do they leave a visible trail from launchpad to target

The two digital spheres may therefore drift further and further apart. For centuries, new information technologies fuelled the process of globalisation and brought people all over the world into closer contact. Paradoxically, information technology today is so powerful it can potentially split humanity by enclosing different people in separate information cocoons, ending the idea of a single shared human reality

For decades, the world’s master metaphor was the web. The master metaphor of the coming decades might be the cocoon.

Other countries or blocs, such as the EU, India, Brazil and Russia, may try to create their own digital cocoons,

Instead of being divided between two global empires, the world might be divided among a dozen empires.

The more the new empires compete against one another, the greater the danger of armed conflict.

The cold war between the US and the USSR never escalated into a direct military confrontation, largely thanks to the doctrine of mutually assured destruction. But the danger of escalation in the age of AI is bigger, because cyber warfare is inherently different from nuclear warfare.

US companies are now forbidden to export such chips to China. While in the short term this hampers China in the AI race, in the long term it pushes China to develop a completely separate digital sphere that will be distinct from the American digital sphere even in its smallest buildings.

The temptation to start a limited cyberwar is therefore big, and so is the temptation to escalate it.

A second crucial difference concerns predictability. The cold war was like a hyper-rational chess game, and the certainty of destruction in the event of nuclear conflict was so great that the desire to start a war was correspondingly small

Cyberwarfare lacks this certainty. Nobody knows for sure where each side has planted its logic bombs, Trojan horses and malware. Nobody can be certain whether their own weapons would actually work when called upon

Such uncertainty undermines the doctrine of mutually assured destruction. One side might convince itself – rightly or wrongly – that it can launch a successful first strike and avoid massive retaliation

Even if humanity avoids the worst-case scenario of global war, the rise of new digital empires could still endanger the freedom and prosperity of billions of people. The industrial empires of the 19th and 20th centuries exploited and repressed their colonies, and it would be foolhardy to expect new digital empires to behave much better

Moreover, if the world is divided into rival empires, humanity is unlikely to cooperate to overcome the ecological crisis or to regulate AI and other disruptive technologies such as bioengineering.

The division of the world into rival digital empires dovetails with the political vision of many leaders who believe that the world is a jungle, that the relative peace of recent decades has been an illusion, and that the only real choice is whether to play the part of predator or prey.

Given such a choice, most leaders would prefer to go down in history as predators and add their names to the grim list of conquerors that unfortunate pupils are condemned to memorise for their history exams.

These leaders should be reminded, however, that there is a new alpha predator in the jungle. If humanity doesn’t find a way to cooperate and protect our shared interests, we will all be easy prey to AI.

however, consultants to both campaigns said they had bought demographic data from companies that study details like voters’ shopping histories, gambling tendencies, interest in get-rich-quick schemes, dating preferences and financial problems. The campaigns themselves, according to campaign employees, have examined voters’ online exchanges and social networks to see what they care about and whom they know. They have also authorized tests to see if, say, a phone call from a distant cousin or a new friend would be more likely to prompt the urge to cast a ballot.

The campaigns have planted software known as cookies on voters’ computers to see if they frequent evangelical or erotic Web sites for clues to their moral perspectives. Voters who visit religious Web sites might be greeted with religion-friendly messages when they return to mittromney.com or barackobama.com. The campaigns’ consultants have run experiments to determine if embarrassing someone for not voting by sending letters to their neighbors or posting their voting histories online is effective.

“I’ve had half-a-dozen conversations with third parties who are wondering if this is the year to start shaming,” said one consultant who works closely with Democratic organizations. “Obama can’t do it. But the ‘super PACs’ are anonymous. They don’t have to put anything on the flier to let the voter know who to blame.”

Officials at both campaigns say the most insightful data remains the basics: a voter’s party affiliation, voting history, basic information like age and race, and preferences gleaned from one-on-one conversations with volunteers. But more subtle data mining has helped the Obama campaign learn that their supporters often eat at Red Lobster, shop at Burlington Coat Factory and listen to smooth jazz. Romney backers are more likely to drink Samuel Adams beer, eat at Olive Garden and watch college football.