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Javier E

Why has the '15-minute city' taken off in Paris but become a controversial idea in the ... - 0 views

  • he “15-minute city” has become a toxic phrase in the UK, so controversial that the city of Oxford has stopped using it and the transport minister has spread discredited conspiracy theories about the urban planning scheme.
  • while fake news spreads about officials enacting “climate lockdowns” to “imprison” people in their neighbourhoods, across the Channel, Parisians are enjoying their new 15-minute neighbourhoods. The French are stereotyped for their love of protest, so the lack of uproar around the redesign of their capital is in stark contrast to the frenzied response in Oxford.
  • Moreno has been working with the Paris mayor, Anne Hidalgo, to make its arrondissements more prosperous and pleasurable to live in. He says there are 50 15-minute cities up and running, with more to come.
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  • “We have an outstanding mayor, who is committed to tackling climate change. She said the 15-minute city will be the backbone for creating a new urban plan. The last time Paris had a new urban plan was in 2000, so this road map will be relevant for the next 10 or 15 years at least,”
  • “I said to Hidalgo, the 15-minute city is not an urban traffic plan. The 15-minute city is a radical change of our life.”
  • He also thinks office should generally be closer to homes, as well as cultural venues, doctors, shops and other amenities. Shared spaces such as parks help the people living in the areas to form communities.
  • They have also often been segmented into wealthier and poorer areas; in the less prosperous area to the north-east of Paris, Moreno says up to 40% of homes are social housing. In the wealthier west of Paris, this drops below 5%.
  • “My idea is to break this triple segregation,” he says.
  • Moreno thinks this segregation leads to a poorer quality of life, one designed around outdated “masculine desires”, so his proposal is to mix this up, creating housing developments with a mixture of social, affordable and more expensive housing so different social strata can intermingle
  • He also wants to bring schools and children’s areas closer to work and home, so caregivers can more easily travel around and participate in societ
  • When many modern cities were designed, they were for men to work in. Their wives and family stayed in the suburbs, while the workers drove in. So they have been designed around the car, and segmented into different districts: the financial district (think Canary Wharf), the cultural area (for example, the West End) and then the suburbs
  • The city has also been regenerating the Clichy-Batignolles district in the less prosperous north-west of Paris to have a green, village-like feel. About a quarter of it is taken up by green space and a new park.“As a 15-minute district, it is incredible,” says Moreno. “It is beautiful, it has proximity, social mixing, 50% of the inhabitants live in social housing, 25% in middle class and 25% own their homes.”
  • Many of his proposals are dear to the culture of the French. In a large, wealthy metropolis such as Paris, it is easy for small shops to be choked out by large chains. The city of Paris, in its new plan, has put measures in to stop this.
  • “We have a commercial subsidiary of the city of Paris which has put €200m into managing retail areas in the city with rates below the speculative real estate market. This is specifically to rent to small shops, artisans, bakeries, bookstores.
  • This is not only a good investment because it creates a good economic model, but it keeps the culture of the city of Paris,”
  • This is in keeping with the 15-minute city plan as it keeps local shops close to housing, so people can stroll down from their apartment to pick up a fresh baguette from an independent baker. “It creates a more vibrant neighbourhood,” he adds.
  • Hidalgo inevitably faced a large backlash from the motorist lobby. Stroll down the banks of the Seine today in the new protected parks and outdoor bars, and it is hard to imagine that it was recently a traffic-choked highway
  • “The drivers were radically very noisy, saying that we wanted to attack their individual rights, their freedom. The motorist lobby said she cannot be elected without our support, that they are very powerful in France,” Moreno says. But Hidalgo called their bluff: “She often says ‘I was elected two times, with the opposition of the automotive lobby’. In 2024, nobody requests to open again the highway on the Seine, no one wants the Seine urban park to be open for cars.”
  • Moreno talks about the concept of a “giant metronome of the city” which causes people to rush around. He wants to slow this down, to allow people to reclaim their “useful time” back from commuting and travelling to shops and cultural areas.
  • “I bet for the next year, for the next decade, we will have this new transformation of corporation real estate,” he says. “Businesses are choosing multi-use areas with housing, schools, shops for their office space now. The time of the skyscrapers in the masculine design is finished.”
Javier E

As Putin Threatens, Despair and Hedging in Europe - The New York Times - 0 views

  • As the leaders of the West gathered in Munich over the past three days, President Vladimir V. Putin had a message for them: Nothing they’ve done so far — sanctions, condemnation, attempted containment — would alter his intentions to disrupt the current world order.
  • In Munich, the mood was both anxious and unmoored, as leaders faced confrontations they had not anticipated. Warnings about Mr. Putin’s possible next moves were mixed with Europe’s growing worries that it could soon be abandoned by the United States, the one power that has been at the core of its defense strategy for 75 years.
  • Barely an hour went by at the Munich Security Conference in which the conversation did not turn to the question of whether Congress would fail to find a way to fund new arms for Ukraine, and if so, how long the Ukrainians could hold out. And while Donald Trump’s name was rarely mentioned, the prospect of whether he would make good on his threats to pull out of NATO and let Russia “do whatever the hell they want” with allies he judged insufficient hung over much of the dialogue.
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  • The dourness of the mood contrasted sharply with just a year ago, when many of the same participants — intelligence chiefs and diplomats, oligarchs and analysts — thought Russia might be on the verge of strategic defeat in Ukraine. There was talk of how many months it might take to drive the Russians back to the borders that existed before their invasion on Feb. 24, 2022. Now that optimism appeared premature at best, faintly delusional at worst.
  • Nikolai Denkov, the prime minister of Bulgaria, argued that Europeans should draw three lessons from the cascade of troubles. The war in Ukraine was not just about gray zones between Europe and Russia, he argued, but “whether the democratic world we value can be beaten, and this is now well understood in Europe.”
  • “European defense was a possibility before, but now it’s a necessity,” said Claudio Graziano, a retired general from Italy and former chairman of the European Union Military Committee. But saying the right words is not the same as doing what they demand.
  • third, they needed to separate Ukraine’s urgent needs for ammunition and air defense from longer-term strategic goals.
  • Some attendees found the commitments made by the leaders who showed up uninspiring, said Nathalie Tocci, director of Italy’s Institute of International Affairs. “Kamala Harris empty, Scholz mushy, Zelensky tired,
  • Second, European nations have realized that they must combine their forces in military, not just economic endeavors, to build up their own deterrence
  • “I feel underwhelmed and somewhat disappointed” by the debate here, said Steven E. Sokol, president of the American Council on Germany. “There was a lack of urgency and a lack of clarity about the path forward, and I did not see a strong show of European solidarity.
  • now two-thirds of the alliance members have met the goal of spending 2 percent of their gross domestic product on defense — up from just a handful of nations 10 years ago. But a few acknowledged that goal is now badly outdated, and they talked immediately about the political barriers to spending more.
  • the prospect of less American commitment to NATO, as the United States turned to other challenges from China or in the Middle East, was concentrating minds.
  • the fundamental disconnect was still on display: When Europeans thought Russia would integrate into European institutions, they stopped planning and spending for the possibility they might be wrong. And when Russia’s attitude changed, they underreacted.
  • “This is 30 years of underinvestment coming home,” said François Heisbourg, a French defense analyst, who called them “les trente paresseuses” — the 30 lazy years of post Cold-War peace dividends, in contrast to the 30 glorious years that followed World War II.
  • What was important for Europeans to remember was that this hot war in Ukraine was close and could spread quickly, Ms. Kallas said. “So if you think that you are far away, you’re not far away. It can go very, very fast.”
  • Dmytro Kuleba, the foreign minister of embattled Ukraine, was blunter. “I think our friends and partners were too late in waking up their own defense industries,” he said. “And we will pay with our lives throughout 2024 to give your defense industries time to ramp up production.”
Javier E

Universities Are Making Us Dumber - Tablet Magazine - 0 views

  • the Democratic/Republican ratio varies across fields from around 5.5 and 6.3 to 1 in professional schools and the hard sciences to 31.9 to 1 in humanities and 108 to 1 in communications departments and what are called interdisciplinary studies (such as gender studies, American studies, etc.).
  • An effective reform movement could make the case to the public that these interventionist DEI policies generate bad results, such as insidious new forms of discrimination, the abrupt decline in patriotism among the young, a lack of trust in our main institutions, and the weakening of U.S. competitiveness in the sciences
  • While Rufo clearly states that “the challenge must be met not solely in the realm of policy debate but on the deepest political and philosophical grounds,” he is less specific in how this might be done. Yet nothing seems more urgent.
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  • Conservatives, who have a visceral understanding of the inherent conflict among the basic human aspirations for freedom, justice, and equality, personal security, self-expression, spirituality, and the rights of the individual versus societal cohesion, are in the difficult position of having to find the right balance among them, which in turn requires uninspiring compromises.
  • The progressive left, meanwhile, vehemently insists that this or that form of inequality or injury is unacceptable, and never bothers to explain how its vision of greater equality would be compatible with freedom, or how extensive individual freedoms for some do not interfere with the freedom or personal safety of others.
Javier E

For the Love of Justice - by Damon Linker - 0 views

  • Thanks to social media, gaining widespread public attention for oneself and one’s favored causes has never been easier.
  • This has incentivized a lot of performative outrage that sometimes manifests itself in acts of protest, from environmental activists throwing soup on paintings in European museums to pro-Palestinian demonstrators halting traffic in major cities by sitting down en masse in the middle of roadways.
  • I don’t think they do much to advance the aims of the activists. In fact, I think they often backfire, generating ill-will among ordinary citizens inconvenienced by the protest. (As for the activists hoping to fight climate change by destroying works of art, I don’t even grasp what they think they’re doing with their lives.)
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  • there’s a deeper reason for my harsh judgment, which is that I’m fully committed to the liberal project of domesticating and taming the most intense political passions, ultimately channeling them into representative political institutions, where they are forced to reach accommodation and compromise with contrary views held by other members of the polity.
  • The love of justice can be noble, but it can also be incredibly destructive.
  • (This is hard to see if you conveniently associate such love exclusively with positions staked out by your ideological or partisan allies. In reality, the political ambitions of one’s opponents are often fueled by their own contrary convictions about justice and its demands.
  • My liberal commitments therefore make me maximally suspicious of most examples of “street politics,” especially forms of it in which the activists risk very little and primarily appear to be engaging in a spiritually fulfilling form of socializing with likeminded peers.
  • But Bushnell’s act of self-immolation belongs in a different category altogether—one distinct from just about every other form of protest,
  • Bushnell could have written an op-ed. He could have joined, organized, or led a march and delivered a speech. He could have built up a loud social-media presence and used it to accuse the United States of complicity in genocide and publicize the accusation. He could have leveraged his position in the Air Force to draw added attention to his dissent from Biden administration policy in the Middle East. He could even have embraced terrorism and sought to gain entry to the Israeli embassy with a weapon or explosive
  • But Bushnell didn’t do any of these things. Instead, a few hours before his act of protest, he posted the following message on Facebook:
  • Many of us like to ask ourselves, “What would I do if I was alive during slavery? Or the Jim Crow South? Or apartheid? What would I do if my country was committing genocide?”The answer is, you’re doing it. Right now.
  • I will no longer be complicit in genocide…. I am about to engage in an extreme act of protest. But compared to what people have been experiencing in Palestine at the hands of their colonizers, it’s not extreme at all. This is what our ruling class has decided will be normal.
  • And then, like a small number of other intensely committed individuals down through the decades, he doused himself in a flammable liquid and set himself ablaze, opting to sacrifice his own life in a public act of excruciating self-torture, without doing anything at all to harm anyone but himself, in order to draw attention to what he considered an ongoing, intolerable injustice.
Javier E

How We Can Control AI - WSJ - 0 views

  • What’s still difficult is to encode human values
  • That currently requires an extra step known as Reinforcement Learning from Human Feedback, in which programmers use their own responses to train the model to be helpful and accurate. Meanwhile, so-called “red teams” provoke the program in order to uncover any possible harmful outputs
  • This combination of human adjustments and guardrails is designed to ensure alignment of AI with human values and overall safety. So far, this seems to have worked reasonably well.
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  • At some point they will be able to, for example, suggest recipes for novel cyberattacks or biological attacks—all based on publicly available knowledge.
  • But as models become more sophisticated, this approach may prove insufficient. Some models are beginning to exhibit polymathic behavior: They appear to know more than just what is in their training data and can link concepts across fields, languages, and geographies.
  • We need to adopt new approaches to AI safety that track the complexity and innovation speed of the core models themselves.
  • What’s much harder to test for is what’s known as “capability overhang”—meaning not just the model’s current knowledge, but the derived knowledge it could potentially generate on its own.
  • Red teams have so far shown some promise in predicting models’ capabilities, but upcoming technologies could break our current approach to safety in AI. For one, “recursive self-improvement” is a feature that allows AI systems to collect data and get feedback on their own and incorporate it to update their own parameters, thus enabling the models to train themselves
  • This could result in, say, an AI that can build complex system applications (e.g., a simple search engine or a new game) from scratch. But, the full scope of the potential new capabilities that could be enabled by recursive self-improvement is not known.
  • Another example would be “multi-agent systems,” where multiple independent AI systems are able to coordinate with each other to build something new.
  • This so-called “combinatorial innovation,” where systems are merged to build something new, will be a threat simply because the number of combinations will quickly exceed the capacity of human oversight.
  • Short of pulling the plug on the computers doing this work, it will likely be very difficult to monitor such technologies once these breakthroughs occur
  • Current regulatory approaches are based on individual model size and training effort, and are based on passing increasingly rigorous tests, but these techniques will break down as the systems become orders of magnitude more powerful and potentially elusive
  • AI regulatory approaches will need to evolve to identify and govern the new emergent capabilities and the scaling of those capabilities.
  • But the AI Act has already fallen behind the frontier of innovation, as open-source AI models—which are largely exempt from the legislation—expand in scope and number
  • Europe has so far attempted the most ambitious regulatory regime with its AI Act,
  • both Biden’s order and Europe’s AI Act lack intrinsic mechanisms to rapidly adapt to an AI landscape that will continue to change quickly and often.
  • a gathering in Palo Alto organized by the Rand Corp. and the Carnegie Endowment for International Peace, where key technical leaders in AI converged on an idea: The best way to solve these problems is to create a new set of testing companies that will be incentivized to out-innovate each other—in short, a robust economy of testing
  • To check the most powerful AI systems, their testers will also themselves have to be powerful AI systems, precisely trained and refined to excel at the single task of identifying safety concerns and problem areas in the world’s most advanced models.
  • To be trustworthy and yet agile, these testing companies should be checked and certified by government regulators but developed and funded in the private market, with possible support by philanthropy organizations
  • The field is moving too quickly and the stakes are too high for exclusive reliance on typical government processes and timeframes.
  • One way this can unfold is for government regulators to require AI models exceeding a certain level of capability to be evaluated by government-certified private testing companies (from startups to university labs to nonprofit research organizations), with model builders paying for this testing and certification so as to meet safety requirements.
  • As AI models proliferate, growing demand for testing would create a big enough market. Testing companies could specialize in certifying submitted models across different safety regimes, such as the ability to self-proliferate, create new bio or cyber weapons, or manipulate or deceive their human creators
  • Much ink has been spilled over presumed threats of AI. Advanced AI systems could end up misaligned with human values and interests, able to cause chaos and catastrophe either deliberately or (often) despite efforts to make them safe. And as they advance, the threats we face today will only expand as new systems learn to self-improve, collaborate and potentially resist human oversight.
  • If we can bring about an ecosystem of nimble, sophisticated, independent testing companies who continuously develop and improve their skill evaluating AI testing, we can help bring about a future in which society benefits from the incredible power of AI tools while maintaining meaningful safeguards against destructive outcomes.
Javier E

Opinion | Is Trump's MAGA 'Superpower' Actually His 'Kryptonite'? - The New York Times - 0 views

  • Unless the media and other trusted nonpartisan civil society institutions are forthright in affirming that the 2024 election is not a contest between two politicians, Donald Trump and Joe Biden, but a virtual constitutional referendum, Trump could win.
  • “If Trump wins in November, it will be because of third parties getting a significant number of people,” Trippi argued. “No one who is a MAGA Trump supporter is going to vote for a third party. Most of it comes off Joe Biden.”
  • Voters said Trump would do a better job than Biden on immigration and border security (57-22); on the economy (55-33); on crime and violence (50-29); on competence and efficacy (48-38); and on possessing the required mental and physical stamina for the presidency (46-23). Note the 23-point gap on that last one.
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  • A glimmer of hope for Biden emerged toward the end of the survey: “If Donald Trump is found guilty and convicted this year of a felony — with Donald Trump as the Republican candidate and Joe Biden as the Democratic candidate — for whom would you vote?”In this hypothetical circumstance, Biden pulls ahead of Trump, 45-43.
  • when asked, “How willing would you be to vote for Donald Trump if he is convicted of a crime?” 53 percent of registered voters surveyed said they would be “unwilling” to do so; 46 percent said “very unwilling”; and 7 percent said “somewhat unwilling.”
  • Bloomberg-Morning Consult asked respondents whether they would be unwilling to vote for Trump if he were “sentenced to prison”: 55 percent said unwilling, 48 percent very unwilling and 7 percent said somewhat unwilling.
  • YouGov found that 45 percent of respondents were either unaware of or uncertain that Trump had “been charged with falsifying business records to conceal hush money payments to Stormy Daniels, a porn star” and that Trump “had been found liable for sexually assaulting and defaming writer E. Jean Carroll.”
  • The most recent NBC News poll, conducted at the end of January, has Trump favored over Biden by a substantial 47 percent to 42 percent.
  • In the RealClearPolitics compilation of polls that add Robert Kennedy Jr., Cornel West and Jill Stein to the mix, Trump’s lead over Biden more than doubles, to 4.8 points, 41.6 to 36.8 percent. Kennedy gets 13 percent, and West and Stein each get 2.1 percent.
  • Along with the threat posed by third-party candidates, two major crises — immigration and the Israeli assault on Hamas in Gaza — have become significant liabilities for the Biden campaign.
  • The Dec. 10-14 New York Times/Siena poll found that young voters, aged 18 to 29, favored Trump over Biden 49-43. These voters said they trusted Trump over Biden “to do a better job on the Israeli-Palestinian conflict” 49-30. In the 2020 election, Biden beat Trump among 18-to-29-year-old voters by 24 points, 60-36, according to exit polls, by far his biggest margin in all age groups.
  • “To win in 2024, Biden will need to convince voters that he is still the proud moderate they voted for in 2020,” Cowan wrote by email. “He has a lot of evidence on his side, but he still has a lot of convincing to do.”
  • Biden’s showing “middle- and working-class voters that he understands their values and takes seriously their concerns around crime, immigration and the economy — which, as polling makes clear, are often dramatically different and far more mainstream and centrist than those of college-educated elites who staff much of Washington — is the only way to win.”
  • While bitterly criticized by many liberals, the Supreme Court decision last year to ban affirmative action in public and private colleges will in fact reduce the salience of an issue that has historically worked to build support for Republicans.
Javier E

Jake Sullivan's Revolution - POLITICO - 0 views

  • Sullivan first had to dismantle establishment orthodoxies within himself — the same orthodoxies he now sought to undo at Brookings: That globalization and free trade were an unalloyed good, growing economies and improving people’s lives in the process. What was good for the stock market, in effect, was great for everybody. Given enough time, swelling wallets would produce a steady middle class, one that demands its political and human rights from its government. Even the most repressive regimes, the thinking went, would eventually crumble under the weight of inflowing capital. Consistent pressure via greenbacks did the most good for the most people.
  • “Those were the heady days when the mainstream foreign policy consensus was that globalization was a force for good,” Sullivan recalled in a 2017 interview. There was, of course, reason to think this. Capitalism helped keep the Soviet Union at bay, China still wasn’t a major power and building the economies of enemies turned them into friends. Globalization, per its champions, had the benefit of making many people rich while making the world safer in general and U.S. foreign policy less costly.
  • “After the Second World War, the United States led a fragmented world to build a new international economic order. It lifted hundreds of millions of people out of poverty. It sustained thrilling technological revolutions. And it helped the United States and many other nations around the world achieve new levels of prosperity. But the last few decades revealed cracks in those foundations,”
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  • In other words, the Marshall Plan and the tech boom during the 1990s were products of their time and place. They wouldn’t necessarily have the desired effects in a modern context.
  • “A shifting global economy left many working Americans and their communities behind. A financial crisis shook the middle class. A pandemic exposed the fragility of our supply chains. A changing climate threatened lives and livelihoods. Russia’s invasion of Ukraine underscored the risks of overdependence.”
  • What was the solution? Instead of rampant globalization, Sullivan’s pitch was that a reenergized American economy made the country stronger. It was time to remake the Rust Belt into a Cobalt Corridor, to establish industries that led not only to blue-collar work but to azure-collared careers. If that was done right, a strengthened America could act more capably around the globe.
  • “This moment demands that we forge a new consensus. That’s why the United States, under President Biden, is pursuing a modern industrial and innovation strategy — both at home and with partners around the world,
  • Implicitly, Sullivan said the main assumptions undergirding America’s foreign and economic policy had been wrong for decades. China, and the Washington belief that liberalized markets would eventually lead to democracy within the halls of power in Beijing, was the most glaring example.
  • “By the time President Biden came into office, we had to contend with the reality that a large non-market economy had been integrated into the international economic order in a way that posed considerable challenges,” he said, citing China’s large-scale subsidization of multiple sectors that crushed America’s competitiveness across industries. Making matters worse, Sullivan continued, “economic integration didn’t stop China from expanding its military ambitions.” It also didn’t stop countries like Russia from invading their neighbors.
  • Standing in front of the esteemed audience, Sullivan was telling them he didn’t want to be caught flat-footed as the global economy reshaped around them. The U.S. government would be proactive, prepared and proud in search of an industrial strategy to undergird American power. Without saying the words, he was offering a plan to make America great again.
  • A self-proclaimed “A-Team” came together to move beyond the Trump era, but in some ways they embraced elements of it. Not the nativist demagoguery, but the need to return to fundamentals: a healthy middle class powered by a humming industrial base, a humility about what the U.S. military alone can accomplish, a solid cadre of allies, attention to the most existential threats and a refresh of the tenets that sustain American democracy.
  • “This strategy will take resolve — it will take a dedicated commitment to overcoming the barriers that have kept this country and our partners from building rapidly, efficiently, and fairly as we were able to do in the past,”
Javier E

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.
Javier E

There Is Literally Nothing Trump Can Say That Will Stop Republicans from Voting for Him... - 0 views

  • These days, you’re more likely to find Trump’s words in one of Biden’s campaign ads than in anything put out by his many G.O.P. cheerleaders. Trump’s crazy quotes generate support for Democrats; Republicans like Haley just cringe and change the subject.
  • It was, of course, exactly because of this phenomenon that far too many failed to take seriously Trump’s reckless incitements after he refused to accept the results of the 2020 election.
  • If anything, he’s getting even more of a pass in this election. Little that he has said or done seems to have made any appreciable impact on an increasingly amnesiac electorate, even as the things he says or does get ever more unbelievable.
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  • As a result, Trump’s threats of revenge and retribution have become the background noise of the election year—it’s just more blah-blah-blah from a master of it
  • CREW, a good-government group in Washington, D.C., which reviewed more than thirteen thousand of Trump’s Truth Social posts for a report released this week.
  • They found that Trump had threatened to unleash the powers of the federal government on Biden twenty-five times in the past two years. Other targets against whom Trump called for vengeance included senators, judges, and members of Biden’s family. “IF YOU GO AFTER ME, I’M COMING AFTER YOU!”—a blunt Trump social-media post from last year cited in the report
  • yet Congress, even when it was under full Democratic control in the first two years of Biden’s Presidency, has failed to pass measures that might insulate the Justice Department and other parts of the executive branch from efforts to politicize it during a second Trump term, such as reforming the Insurrection Act to make it harder to deploy the military on U.S. soil or passing legislation to make it more difficult for the White House to interfere in federal law-enforcement investigations.
Javier E

The Authoritarian Grip on Working-Class Men - 0 views

  • as Rachel Kleinfeld of the Carnegie Endowment  points out, working-class American men “are much more likely to be politically apathetic” than they are to be active authoritarians. “They look for belonging, purpose, and advice, and find a mix of grifters, political hacks and violent extremists who lead them down an ugly road.” That’s the manhood problem.
  • Donald Trump has a special genius for intuiting the dark, unspoken things that people want and need
  • He understands that the era when American men looked to Gary Cooper or Jimmy Stewart–men who protected, sacrificed, stood tall in the saddle–is over
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  • ask, as both Kleinfeld and Reeves do, how we can reduce the demand for illiberalism and violence by helping working-class men find a place in an increasingly feminized society.
  • We often wonder whether the cause of our illiberal tilt is economic or cultural--a loss of financial security and hope for the future, or a wrenching change in identity, demography and values. The problem of manhood lies at the intersection of these two domains, for working-class men have lost both economic standing and social status.
  • Identity is not simply a dependent variable of economic standing. Men went to matter–as men. If that need is not satisfied by work, it has to be satisfied elsewhere. There must be alternatives to the manosphere. 
  • Everyone, of course, needs virtuous purpose in order to lead a full life, but American working-class men have lost so many traditional sources of selfless action that they have become especially vulnerable to the call of the selfish jerk. Where, then, do you find virtuous purpose? In volunteer work, for example, or in programs of national service. Organizations like Big Brothers can do every bit as much for the big brother as for the little one. 
  • Volunteerism no doubt sounds like a naive prescription in a world hellbent on self-aggrandizement. But the idea of “service,” and its emotional satisfaction, pervaded American life so long as the mainline Protestant churches flourished, which is to say until a generation or two ago.
  • People need to feel needed; and helping those who need you is a source of great joy. Is it really impossible to restore the idea that a man is not only a strong, stoical creature who can throw a football through a tire but one who seeks opportunities to serve others?
Javier E

Opinion | Jan. 6, America's Rupture and the Strange, Forgotten Power of Oblivion - The ... - 0 views

  • This is not the first time our nation has survived a profound internal rupture, but it may be the first time in which the political ringleaders of the revolt may very well escape much accountability while hundreds of their followers serve jail time.
  • In previous times of national crisis, the same spirit of mercy that Mr. Biden conjured generally applied to lower-level offenders, while those who had committed the worst crimes were the first to be arrested and tried for their treasonous acts.
  • As a legal mechanism, oblivion promised the return to a past that still had a future, in which the battles of old would not predetermine those still to come. It did not always achieve its lofty aspirations, nor was it appropriate for all conflicts. But the ideals it grasped for had an enduring appeal.
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  • After the Civil War, a series of amnesties were passed, eventually encompassing almost all Confederate soldiers.
  • The complicit were so great in number that identifying and trying every one of them would come at significant cost, but more important, no law could sufficiently condemn what they had done, and no criminal procedure could adequately consecrate the memory of their wrongs.
  • the “act of oblivion,” an ancient, imperfect legal and moral mechanism for bringing an end to episodes of political violence. These acts were invoked when forgiveness was impossible, yet when pragmatism demanded a certain strain of forgetting — a forgetting that instead of erasing unforgivable transgressions, paradoxically memorialized them in the minds of all who had survived their assault
  • Rather than relying upon the courts to deliver impossible and unattainable forms of reckoning, oblivion provided opportunities for the extralegal recognition of political and moral wrongs, and reminded its subjects of the desire for, and necessity of, coexistence.
  • For centuries, legislative “acts of oblivion” were declared in times when betrayal, war and tyranny had usurped and undermined the very foundations of law; when a household or nation had been torn apart, its citizens pitted against one another; when identifying, investigating, trying and sentencing every single guilty party threatened to redouble the harm
  • Under the oblivions of old, the ringleaders of riots, insurrections and tyrannical reigns were prosecuted for their crimes and in many cases were forced out of the cities and states they had once claimed to rule. Treasonous leaders were prohibited from holding public office
  • I wondered what it would mean to revive the old idea of oblivion in our age of seemingly unending memory.
  • Oblivion demanded accountability for those who bore primary responsibility for political rupture and often required material compensation and restitution for the harms don
  • consecrating the facts of what had occurred while refusing to allow the misfortunes of the past to dictate the future.
  • over the course of the 20th century, as the cultural tide gradually turned toward an embrace of remembrance and recrimination, oblivion fell out of favor, and out of collective memory.
  • The oldest act of oblivion is usually dated to 403 B.C., when the Athenians, having survived the bloody reign of the Thirty Tyrants, swore to never remember the wrongs of a war within the family, a civil war that had divided Athens.
  • The 1648 Treaty of Westphalia, the supposed origin point of our world of sovereign states, promised that all the violence, hostility, damage and expenses that had been incurred “on the one side, and the other … shall be bury’d in eternal Oblivion.”
  • In 1660, the Indemnity and Oblivion Act restored the British monarchy after the English Civil War
  • To remember the power of oblivion is not to naïvely wish away the wrongs of the recent past, but rather quite the opposite: By marking certain transgressions as unforgivable and unforgettable, it recognizes the depth of the loss while also opening a path toward political pragmatism
  • the Continental Congress passed a resolution recommending that states treat loyalists with leniency, “to receive such returning penitents with compassion and mercy, and to forgive and bury in oblivion their past failings and transgressions.” Punishments for loyalists were, according to the scholar Mugambi Jouet, “particularly mild” for the era.
  • Over the past several decades, our society has become oversaturated with memory. In our legal system, a single, low-level crime can ruin an individual’s life forever, people are forced to serve sentences for acts that are no longer illegal, and even a sealed conviction or an arrest with no charge can jeopardize job, housing and volunteer opportunities.
  • This virtual culture of incessant, uncompromising remembrance and recrimination has seeped from our screens, affecting the kinds of conversations we are willing to have in public, and with whom.
  • Every day, we depend on our devices to store every photograph, every video, every file. We store all these things because we have learned a bit too well that it is important to remember, to archive, to keep receipts and screenshots. To create a faithful, digitized log not only of our own lives but also of those around us
  • we have been very good students of memory. So good that we have, I think, forgotten what all our memory is for — that it can guide us to choose justice over vengeance
  • Revisiting the forgotten idea of oblivion would give us permission to reconsider our unthinking overdependence on memory and perhaps to begin to let go of all the data, digital and otherwise, that we do not need
  • our personal and political memories, which, left to fester for too long, can corrode and transform, causing us to lose sight of their original force and feeling.
  • Gripped too tightly, memory can become a vengeful and violent force.
  • The unique power of oblivion is that it does not forgive the crimes committed on one side or the other, but rather consecrates and memorializes the profound gravity of the wrongs. It demands accountability and refuses absolution, yet it rejects the project of perpetual punishment.
  • Historically, appeals to oblivion offered political communities the prospect of rethinking the present, presenting a rare opportunity to re-evaluate and confront societal divisions.
Javier E

Opinion | The GOP has a lock on some states, Democrats others. It's not healthy. - The ... - 0 views

  • We have watched the national polarization that divides Americans in eerily equal numbers play out in vastly uneven ways, state to state. But talk of “red” and “blue” doesn’t capture either the full extent of the imbalance, or the knock-on consequences for the formation and pursuit of sound public policy.
  • It happened pretty quickly. In the early 2000s, three-fifths of the states saw reasonable political balance between the two major parties
  • Today, “trifecta” government, meaning one-party control of the governorship and both legislative bodies, has become the norm across the 50 states. In 40 states, containing 83 percent of the American population, one party enjoys trifecta dominance, and often by overwhelming margins.
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  • The roots of this phenomenon have been well studied. They include the cultural aggression of elite institutions and the predictable reaction to it, the nationalization of issues abetted by the collapse of local media and the pernicious effects of the antisocial media.
  • The gerrymandering that once exaggerated a dominant party’s political margin is no longer much of a factor; social clustering and these other factors have often done a more effective job than the political bosses ever did. In many jurisdictions today, one would have to reverse gerrymander, mixing geographies and crossing all kinds of legal boundary lines, to produce a truly competitive electorate.
  • Our campaign messages, as they had to, mostly centered on specific, new ideas: ethics reforms, access to health insurance, property tax caps, automatic tax refunds and many more, all couched in rhetoric stressing Indianans’ commonality as people, and the need for every part of the state to participate fully in its better future. Boy, is that passé.
  • Ideas fashioned not to stroke the erogenous zones of a riled-up minority of left or right, but to speak to the broader public in pursuit of a general election victory, evoke our common interest instead of our differences and antagonisms. But such campaigns rarely make sense these days.
  • Political campaigns need not necessarily be dispiriting, narrowcasting mudfests. They can be vehicles, in fact the best possible vehicles, for floating constructive ideas to an attentive public. Ideas proposed by a successful campaign have a higher likelihood of enactment after the election
  • Once in office, to make effective change, we had to engage with our Democratic counterparts, even in the years when we achieved full but narrow legislative control.
  • In 2024, 30 states feature not only trifecta government but 2-to-1 majorities in at least one house. In that setting, both campaigns and governance look totally different than they do in genuine two-party polities.
  • This year, our next governor ran a smart race and won his victory fair and square. The problem is that neither he, nor any of his competitors, had an incentive to offer their soon-to-be employers a sense of how Indiana could move forward.
  • What voters saw instead, besides attacks on each other, were political advertisements centered on “standing up to China,” taking on foreign drug cartels and closing the Mexican border. It became difficult to tell whether these folks were running for secretary of state or secretary of homeland security.
  • Wise policy and good government can and do emerge in lopsided states. But competition, always and everywhere, fosters innovation. In politics, it also compels a sensitivity and an outreach to the widest possible audiences.
  • The contours of the current system don’t conduce to those outcomes; until that changes, we have to hope for candidates who, elected by 5 percent of the state, somehow come to consider their duty of service to all the rest.
Javier E

Climate change just became solvable because of math - 0 views

  • For years, economists’ best estimates of the cost of climate inaction were giant but not quite big enough to stimulate immediate and adequate action. The cost of inaction was, in a sense, high enough to be terrifying but too low to be galvanizing
  • now a groundbreaking new study has raised the estimated cost of inaction by so much that it makes acting seem like a bargain, and even makes it makes sense for wealthy countries to act alone, regardless of what their peers are doing. It’s a rare academic paper that could change everything.
  • Until the new paper, the most commonly used economic models were predicting climate impacts on the world economy on the order of about $200 in losses per ton of carbon emitted, or around 2 percent of world GDP (the monetary value of everything people produce) per degree of warming
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  • But while those are huge numbers by any measure (world GDP is around $100 trillion), they aren’t big enough to motivate most leaders to justify mitigation, which will also cost a whole lot of money.
  • To put it in terms the authors use, the recently enacted Inflation Reduction Act will cost Americans roughly $80 per ton of carbon emissions avoided, and while each ton not pumped into the atmosphere would save the world $200 as a whole, it would only save Americans about $40 of that $200, making it feel to some altruistic but not self-evident in purely economic terms.
  • In their new paper, economists Adrien Bilal of Harvard and Diego Känzig of Northwestern take a fresh look at the data
  • They show that the social cost of carbon is likely far bigger — six times bigger — than previously estimated: losses of more than $1,000 per ton, or around 12 percent of world GDP per degree of warming.
  • — roughly equivalent to the economic drag on big economies if they were permanently at war.
  • Suddenly, that $80 Americans are spending on reducing one ton of carbon emissions is netting them $200 or so in U.S. economic activity.
  • Bilal and Känzig argue that it’s very much worth it for countries of means to spend the money now to avoid much greater costs down the line
  • the potential losses are so vast it makes sense for these countries to go ahead and act on their own to avoid climate change losses, even if other nations do nothing.
  • What’s different about your methodology and how did it lead you to the numbers you've come up with?
  • Adrien Bilal: So virtually all of the previous work that's been done on the subject has relied on comparisons of different countries that heat up or cool down at different points in time. The U.K. gets a little hotter in one year, and then Germany stays cool. And then you look at how GDP in the U.K. evolves following that change in temperature.
  • that generally gives you numbers in the vicinity of $150 per ton of carbon emitted and a 2 percent decline in GDP per degree Celsius in warming
  • we think that is quite different from what climate change is actually doing to the world. It's not only that the U.K. is going to heat up a little more than Germany, but the whole world is heating up because of climate change. And, in particular, oceans are also heating up. And when the whole planet warms, that has potentially really different implications for the climate system, increased frequency of extreme weather events that then have big local impacts. 
  • that's actually what geoscientists have been telling us for a long time, but it simply hadn't percolated into economics. And so we took that perspective very seriously and thought, "Well, what happens when we basically compare years where the world is very hot to years where the world is cooler?" And that gives you a much larger effect of climate change on the economy.
Javier E

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.
Javier E

The Purpose of Journalism Is to Get the Story - WSJ - 0 views

  • It is a dark night on a vast plain. There are wild sounds—the hiss of prehistoric cicadas, the scream of a hyena. A tribe of cavemen sit grunting around a fire. An antelope turns on a spit. Suddenly another caveman runs in, breathlessly, from the bush. “Something happened,” he says. They all turn. “The tribe two hills over was killed by a pack of dire wolves. Everyone torn to pieces.”
  • Clamor, questions. How do you know? Did you see it? (He did, from a tree.) Are you sure they were wolves? “Yes, with huge heads and muscled torsos.” What did it look like? “Bloody.”
  • As he reports he is given water and a favored slice of meat. Because he has run far and is hungry, but mostly because he has told them the news, and they are grateful.
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  • The purpose of journalism is to get the story and tell the story.
  • Now the cavemen turn to the tribal elder. “What should we do?” “Short term, climb a tree if you see a wolf,” she says. “They don’t like fire and noise, so we should keep lit torches and scream. In the longer term, wolf packs are seen in the west, so we should go east to high ground.” That is the authentic sound of commentary, of editorials and columns. Advice, exhortation—they’re part of the news too. People will always want it, question it, disagree.
  • It is as if journalism is no longer about Get the Story but about Meeting People Where They Are and helping them navigate through a confusing world. But do you really think current editors know where people are? Do you think they know how to navigate? It all feels presumptuous.
  • The great news for journalism is there will always be a huge market for this. The need for news is built into human nature. Tech platforms change, portals change, but the need is forever.
  • The past two decades, accelerating over the past four years, newsrooms have increasingly become distracted from their main mission, confused about their purpose. Really, they’ve grown detached from their mission
  • the journalistic product now being offered has become something vaguer than it was, more boring, less swashbuckling, more labored, as if it’s written by frightened people. There’s an emphasis on giving the story “context,” but the story doesn’t feel alive and the context seems skewed
  • But even cavemen who eat bugs and wear hides are not always grim. Man wants not only to be informed but to be amused, entertained. He wants humor, wit, mischief, a visual tour of the latest cave paintings. Cave man want cooking app. And word games and reporting on the richest tribes: “Most Expensive Cave Dwelling Sells in Malibu.”
  • More disturbing, major stories go unreported because, the reader senses, they don’t relate to the personal obsessions of the editors and reporters, or to their political priors.
  • Facebook and social media can’t get the story. They can amplify it, give an opinion, comment. But they don’t have the resources and expertise; they don’t have trained investigative journalists and first-class experienced editors and a publisher willing to take a chance and spend the money. Social media has opinions, emotions, propaganda.
  • And the great thing for newspapers is if you get the story—if you are known to get the story, like the Washington Post in the Watergate years—you will be read.
  • In early 2023, Len Downie and Andrew Heyward, formerly executive editor of the Washington Post and president of CBS News, respectively, wrote a paper about how modern journalists see standards within their professions, and it seemed to me not only confused but a kind of capitulation. There had been a “generational shift” in journalism, and the many editors and reporters they interviewed think objectivity is more or less “outmoded,” a false standard created by the white male patriarchy.
  • What was really striking was there was no mention, not one, of the thrill of the chase, of getting the story—of journalism itself. It was all about the guck and mess, not the mission, and made them look like news bureaucrats, joyless grinds, self-infatuated bores.
  • They were obsessed with who’s in the newsroom when their readers are obsessed with what comes out of the newsroom.
  • current ways of encouraging diversity seem to yield a great sameness in terms of class and viewpoint, and in any case diversity is a mission within a mission, it isn’t the mission itself, which is: Get the story, tell the story.
Javier E

Opinion | How Capitalism Went Off the Rails - The New York Times - 0 views

  • Last year the Edelman Trust Barometer found that only 20 percent of people in the G7 countries thought that they and their families would be better off in five years.
  • Another Edelman survey, from 2020, uncovered a broad distrust of capitalism in countries across the world, “driven by a growing sense of inequity and unfairness in the system.”
  • Why the broad dissatisfaction with an economic system that is supposed to offer unsurpassed prosperity?
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  • easy money. In an eye-opening new book, “What Went Wrong With Capitalism,” he makes a convincing case.
  • “When the price of borrowing money is zero,” Sharma told me this week, “the price of everything else goes bonkers.”
  • To take just one example: In 2010, as the era of ultralow and even negative interest rates was getting started, the median sale price for a house in the United States hovered around $220,000. By the start of this year, it was more than $420,000.
  • Nowhere has inflation (in the broad sense of the term) been more evident than in global financial markets. In 1980 they were worth a total of $12 trillion — equal to the size of the global economy at the time. After the pandemic, Sharma noted, those markets were worth $390 trillion, or around four times the world’s total gross domestic product.
  • But the worst hit is to capitalism itself: a pervasive and well-founded sense that the system is broken and rigged, particularly against the poor and the young. “A generation ago, it took the typical young family three years to save up to the down payment on a home,” Sharma observes in the book. “By 2019, thanks to no return on savings, it was taking 19 years.”
  • First, there was inflation in real and financial assets, followed by inflation in consumer prices, followed by higher financing costs as interest rates have risen to fight inflation
  • For wealthier Americans who own assets or had locked in low-interest mortgages, this hasn’t been a bad thing. But for Americans who rely heavily on credit, it’s been devastating.
  • Since investors “can’t make anything on government bonds when those yields are near zero,” he said, “they take bigger risks, buying assets that promise higher returns, from fine art to high-yield debt of zombie firms, which earn too little to make even interest payments and survive by taking on new debt.”
  • The hit to the overall economy comes in other forms, too: inefficient markets that no longer deploy money carefully to their most productive uses, large corporations swallowing smaller competitors and deploying lobbyists to bend government rules in their favor, the collapse of prudential economic practices.
  • “The most successful investment strategy of the 2010s,” Sharma writes, citing the podcaster Joshua Brown, “would have been to buy the most expensive tech stocks and then buy more as they rose in price and valuation.”
  • In theory, easy money should have broad benefits for regular people, from employees with 401(k)s to consumers taking out cheap mortgages. In practice, it has destroyed much of what used to make capitalism an engine of middle-class prosperity in favor of the old and very rich.
  • The social consequence of this is rage; the political consequence is populism.
  • “He promised to deconstruct the administrative state but ended up adding new rules at the same pace as his predecessor — 3,000 a year,” Sharma said of Trump. “His exercise of presidential authority to personal ends shattered historic precedents and did more to expand than restrict the scope of government. For all their policy differences, both leading U.S. candidates are committed and fearless statists, not friends of competitive capitalism.”
  • We are wandering in fog. And the precipice is closer than we think.
Javier E

Opinion | Bidenomics: The Queen Bee Is Jennifer Harris - The New York Times - 0 views

  • I was thrilled when the Biden administration came in with a plan for big federal investments in the American industrial base, tariffs, support for labor unions and actions against monopolies. No one knew what to call it — Post-neoliberalism? Democratic capitalism? Neopopulism? — but for the first time in generations a U.S. administration was saying that people should control the market, not the other way around.
  • But if it was the right path, why didn’t more voters trust President Biden on the economy?
  • To understand who Ms. Harris is, you have to know who she used to be.
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  • As a young State Department policy planner in the 2000s, she was a lonely voice in Washington raising the alarm about the rise of China. She pushed for tariffs and against trade agreements before it was cool, and was an author of a book called “War by Other Means” about how blind faith in free markets put the United States at a geopolitical disadvantage. For years, she felt like an oddball in Washington, where both parties were still in thrall to neoliberalism.
  • The Hewlett Foundation hired her as the head of an initiative that has given away $140 million so far to people who are devising a new economic philosophy. Then she served a stint in the White House. Today, she’s an intellectual leader of a growing, bipartisan consensus
  • She fell in love with economics and studied it at Wake Forest. After she joined a student delegation to a NATO summit in Prague in 2002, a faculty adviser on that trip offered her a job in Washington working at the National Intelligence Council. In those early years, she believed what everyone else in Washington believed about the economy — that governments ought not meddle with it.
  • if Mr. Trump correctly identified a problem — “China is eating our lunch” — he did not solve it, beyond putting tariffs on Chinese products. His tax cut for the rich hurt rather than helped matters.
  • It’s the Biden administration that came in with a plan to build an economy that was good for workers, not just shareholders, using some strategies Ms. Harris had been talking about for years.
  • The thinking behind it goes like this: Unquestioning belief in the free market created a globalism that funneled money to the 1 percent, which has used its wealth to amass political power at the expense of everyone else. It produced free trade agreements that sent too many U.S. factories to China and rescue plans after the 2008 financial crisis that bailed out Wall Street instead of Main Street.
  • It was her job to track China’s use of subsidies, industrial espionage and currency manipulation to fuel its rise as a manufacturing powerhouse. Ms. Harris argued that tariffs on China were a necessary defense. Nobody agreed. “I was kind of just banging my head against this wall,” she told me. “The wall was a foreign policy establishment that saw markets as sacrosanct.”
  • Barack Obama campaigned on a pledge to renegotiate NAFTA, but he struck up a new trade deal instead — the Trans-Pacific Partnership. Ms. Harris argued against it. “We didn’t have the foggiest idea” of what it would do to our economy, she told me. Nobody listened.
  • it sent Democrats back to the intellectual drawing board. Larry Kramer, then the president of the Hewlett Foundation, recruited her in 2018 to promote alternatives to ideas that had guided U.S. policy for decades. He hoped she could do for free-market skepticism what Milton Friedman and his allies had done for free-market fundamentalism, which became policy under the Reagan administration and eventually was embraced by both parties as truth.
  • She has since rejoined the Hewlett Foundation, where she funds people who are proposing new solutions to economic problems. One grantee, the conservative think tank American Compass, promotes the idea of a domestic development bank to fund infrastructure — an idea with bipartisan appeal.
  • But the work that Ms. Harris and others in the Biden administration have done is unfinished, and poorly understood. The terms “Bidenomics” and “Build Back Better” don’t seem to resonate
  • Ms. Harris acknowledges that these ideas haven’t yet taken hold in the broader electorate, and that high interest rates overshadow the progress that’s been made. It’s too early for voters to feel it, she told me: “The investments Biden has pushed through aren’t going to be felt in a month, a year, two years.”
  • she celebrates the fact that leaders across the political spectrum are embracing the idea that Americans need to “get back to building things in this country.” This election has no candidates blindly promoting the free market. The last one didn’t either. In the battle of ideas, she has already won.
Javier E

Israeli Military Says Hamas Can't Be Destroyed, Escalating Feud With Netanyahu - WSJ - 0 views

  • A rift between Israeli Prime Minister Benjamin Netanyahu and the country’s military leadership is spilling increasingly into the open after the armed forces’ top spokesman said Netanyahu’s aim of destroying Hamas in Gaza is unachievable.“The idea that we can destroy Hamas or make Hamas disappear is misleading to the public,” military spokesman Daniel Hagari told Israeli television on Wednesday.
  • The exchange was an illustration of months of tensions between Netanyahu and the country’s military leadership, who argue that Hamas could only be defeated if Israel replaces it with another governing authority in Gaza. During more than eight months of war, the Israeli military has invaded swaths of the Gaza Strip, only to see Hamas reconstitute itself in areas when Israeli forces withdraw.“What we can do is grow something different, something to replace it,” Hagari said Wednesday. “The politicians will decide” who should replace Hamas, he said.
  • The friction between Netanyahu and the military establishment had burst into public view earlier in the war. In May, Defense Minister Yoav Gallant delivered a speech calling on the government to decide who should replace Hamas in Gaza. The lack of a decision, he said, left Israel with only two choices: Hamas rule or a complete Israeli military takeover of the strip.
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  • The Israeli military relies on reservist soldiers, some of whom have described growing exhaustion as Israel manages conflicts for months on end on multiple fronts, including the border with Lebanon and in the West Bank. An end to fighting in Gaza would give Israeli forces a respite that analysts say is needed, especially if fighting with Hezbollah escalates further.
  • Israel Ziv, a retired Israeli general and veteran of multiple wars, said tensions between the Israeli military and security establishment and Netanyahu are at a record high.“The IDF feels and the security echelon feels that we exhausted the purpose of the war. We reached the maximum tactical peak that we can achieve,” he said. “As long as Rafah was there, they could say finish the job. OK it’s finished now.”
  • Netanyahu has rejected a series of proposals for possible alternatives to Hamas, including an American plan to bring in the Palestinian Authority and Arab calls for a Palestinian unity government that would include Hamas. Some military analysts and former Israeli officials have questioned whether installing a new government in Gaza was ever possible, given that Hamas has managed to survive the Israeli military assault.
  • “We need to make a decision,” said Ziv. “Even a bad decision, that’s OK. Let’s say [we] occupy Gaza in the next few years because we need to clear up the last few terrorists. OK, it’s a bad decision, but it’s a decision. The military needs to know.”
  • The dispute between Netanyahu and the military centers in part on how officials define a defeat of Hamas. An Israeli military official said the army considers a battalion “dismantled” not when all its fighters are killed, but when its command structure and ability to carry out organized attacks are eliminated. 
  • Military analysts say that Hamas’s militia forces are likely to survive the Israeli military operation even in Rafah, in part because the Israeli army’s approach leaves many lower-ranking Hamas fighters in place. Hamas’s top leadership in the enclave, including its leader, Yahya Sinwar, have also eluded Israeli forces throughout the war.
  • “Hamas is preserving its forces in Rafah rather than engaging the Israel Defense Forces, likely because Hamas does not believe Israel’s Rafah operation will be decisive,” said an assessment this week from the Institute for the Study of War and the American Enterprise Institute’s Critical Threats Project.
Javier E

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.”
Javier E

Opinion | The Pandemic Probably Started in a Lab. These 5 Key Points Explain Why. - The... - 0 views

  • a growing volume of evidence — gleaned from public records released under the Freedom of Information Act, digital sleuthing through online databases, scientific papers analyzing the virus and its spread, and leaks from within the U.S. government — suggests that the pandemic most likely occurred because a virus escaped from a research lab in Wuhan, China.
  • If so, it would be the most costly accident in the history of science.
  • The SARS-like virus that caused the pandemic emerged in Wuhan, the city where the world’s foremost research lab for SARS-like viruses is located.
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  • Dr. Shi’s group was fascinated by how coronaviruses jump from species to species. To find viruses, they took samples from bats and other animals, as well as from sick people living near animals carrying these viruses or associated with the wildlife trade. Much of this work was conducted in partnership with the EcoHealth Alliance, a U.S.-based scientific organization that, since 2002, has been awarded over $80 million in federal funding to research the risks of emerging infectious diseases.
  • Their research showed that the viruses most similar to SARS‑CoV‑2, the virus that caused the pandemic, circulate in bats that live roughly 1,000 miles away from Wuhan. Scientists from Dr. Shi’s team traveled repeatedly to Yunnan province to collect these viruses and had expanded their search to Southeast Asia. Bats in other parts of China have not been found to carry viruses that are as closely related to SARS-CoV-2.
  • When the Covid-19 outbreak was detected, Dr. Shi initially wondered if the novel coronavirus had come from her laboratory, saying she had never expected such an outbreak to occur in Wuhan.
  • The SARS‑CoV‑2 virus is exceptionally contagious and can jump from species to species like wildfire. Yet it left no known trace of infection at its source or anywhere along what would have been a thousand-mile journey before emerging in Wuhan.
  • The year before the outbreak, the Wuhan institute, working with U.S. partners, had proposed creating viruses with SARS‑CoV‑2’s defining feature
  • The laboratory pursued risky research that resulted in viruses becoming more infectious: Coronaviruses were grown from samples from infected animals and genetically reconstructed and recombined to create new viruses unknown in nature. These new viruses were passed through cells from bats, pigs, primates and humans and were used to infect civets and humanized mice (mice modified with human genes). In essence, this process forced these viruses to adapt to new host species, and the viruses with mutations that allowed them to thrive emerged as victors.
  • Worse still, as the pandemic raged, their American collaborators failed to publicly reveal the existence of the Defuse proposal. The president of EcoHealth, Peter Daszak, recently admitted to Congress that he doesn’t know about virus samples collected by the Wuhan institute after 2015 and never asked the lab’s scientists if they had started the work described in Defuse.
  • By 2019, Dr. Shi’s group had published a database describing more than 22,000 collected wildlife samples. But external access was shut off in the fall of 2019, and the database was not shared with American collaborators even after the pandemic started, when such a rich virus collection would have been most useful in tracking the origin of SARS‑CoV‑2. It remains unclear whether the Wuhan institute possessed a precursor of the pandemic virus.
  • In 2021, The Intercept published a leaked 2018 grant proposal for a research project named Defuse, which had been written as a collaboration between EcoHealth, the Wuhan institute and Ralph Baric at the University of North Carolina, who had been on the cutting edge of coronavirus research for years. The proposal described plans to create viruses strikingly similar to SARS‑CoV‑2.
  • Coronaviruses bear their name because their surface is studded with protein spikes, like a spiky crown, which they use to enter animal cells. The Defuse project proposed to search for and create SARS-like viruses carrying spikes with a unique feature: a furin cleavage site — the same feature that enhances SARS‑CoV‑2’s infectiousness in humans, making it capable of causing a pandemic. Defuse was never funded by the United States.
  • owever, in his testimony on Monday, Dr. Fauci explained that the Wuhan institute would not need to rely on U.S. funding to pursue research independently.
  • While it’s possible that the furin cleavage site could have evolved naturally (as seen in some distantly related coronaviruses), out of the hundreds of SARS-like viruses cataloged by scientists, SARS‑CoV‑2 is the only one known to possess a furin cleavage site in its spike. And the genetic data suggest that the virus had only recently gained the furin cleavage site before it started the pandemic.
  • Ultimately, a never-before-seen SARS-like virus with a newly introduced furin cleavage site, matching the description in the Wuhan institute’s Defuse proposal, caused an outbreak in Wuhan less than two years after the proposal was drafted.
  • When the Wuhan scientists published their seminal paper about Covid-19 as the pandemic roared to life in 2020, they did not mention the virus’s furin cleavage site — a feature they should have been on the lookout for, according to their own grant proposal, and a feature quickly recognized by other scientists.
  • At the Wuhan Institute of Virology, a team of scientists had been hunting for SARS-like viruses for over a decade, led by Shi Zhengl
  • In May, citing failures in EcoHealth’s monitoring of risky experiments conducted at the Wuhan lab, the Biden administration suspended all federal funding for the organization and Dr. Daszak, and initiated proceedings to bar them from receiving future grants. In his testimony on Monday, Dr. Fauci said that he supported the decision to suspend and bar EcoHealth.
  • Separately, Dr. Baric described the competitive dynamic between his research group and the institute when he told Congress that the Wuhan scientists would probably not have shared their most interesting newly discovered viruses with him. Documents and email correspondence between the institute and Dr. Baric are still being withheld from the public while their release is fiercely contested in litigation.
  • In the end, American partners very likely knew of only a fraction of the research done in Wuhan. According to U.S. intelligence sources, some of the institute’s virus research was classified or conducted with or on behalf of the Chinese military.
  • In the congressional hearing on Monday, Dr. Fauci repeatedly acknowledged the lack of visibility into experiments conducted at the Wuhan institute, saying, “None of us can know everything that’s going on in China, or in Wuhan, or what have you. And that’s the reason why — I say today, and I’ve said at the T.I.,” referring to his transcribed interview with the subcommittee, “I keep an open mind as to what the origin is.”
  • The Wuhan lab pursued this type of work under low biosafety conditions that could not have contained an airborne virus as infectious as SARS‑CoV‑2.
  • Labs working with live viruses generally operate at one of four biosafety levels (known in ascending order of stringency as BSL-1, 2, 3 and 4) that describe the work practices that are considered sufficiently safe depending on the characteristics of each pathogen. The Wuhan institute’s scientists worked with SARS-like viruses under inappropriately low biosafety conditions.
  • ​​Biosafety levels are not internationally standardized, and some countries use more permissive protocols than others.
  • In one experiment, Dr. Shi’s group genetically engineered an unexpectedly deadly SARS-like virus (not closely related to SARS‑CoV‑2) that exhibited a 10,000-fold increase in the quantity of virus in the lungs and brains of humanized mice. Wuhan institute scientists handled these live viruses at low biosafety levels, including BSL-2.
  • Even the much more stringent containment at BSL-3 cannot fully prevent SARS‑CoV‑2 from escaping. Two years into the pandemic, the virus infected a scientist in a BSL-3 laboratory in Taiwan, which was, at the time, a zero-Covid country. The scientist had been vaccinated and was tested only after losing the sense of smell. By then, more than 100 close contacts had been exposed. Human error is a source of exposure even at the highest biosafety levels, and the risks are much greater for scientists working with infectious pathogens at low biosafety.
  • An early draft of the Defuse proposal stated that the Wuhan lab would do their virus work at BSL-2 to make it “highly cost-effective.” Dr. Baric added a note to the draft highlighting the importance of using BSL-3 to contain SARS-like viruses that could infect human cells, writing that “U.S. researchers will likely freak out.”
  • Years later, after SARS‑CoV‑2 had killed millions, Dr. Baric wrote to Dr. Daszak: “I have no doubt that they followed state determined rules and did the work under BSL-2. Yes China has the right to set their own policy. You believe this was appropriate containment if you want but don’t expect me to believe it. Moreover, don’t insult my intelligence by trying to feed me this load of BS.”
  • SARS‑CoV‑2 is a stealthy virus that transmits effectively through the air, causes a range of symptoms similar to those of other common respiratory diseases and can be spread by infected people before symptoms even appear. If the virus had escaped from a BSL-2 laboratory in 2019, the leak most likely would have gone undetected until too late.
  • One alarming detail — leaked to The Wall Street Journal and confirmed by current and former U.S. government officials — is that scientists on Dr. Shi’s team fell ill with Covid-like symptoms in the fall of 2019. One of the scientists had been named in the Defuse proposal as the person in charge of virus discovery work. The scientists denied having been sick.
  • The hypothesis that Covid-19 came from an animal at the Huanan Seafood Market in Wuhan is not supported by strong evidence.
  • In December 2019, Chinese investigators assumed the outbreak had started at a centrally located market frequented by thousands of visitors daily. This bias in their search for early cases meant that cases unlinked to or located far away from the market would very likely have been missed
  • To make things worse, the Chinese authorities blocked the reporting of early cases not linked to the market and, claiming biosafety precautions, ordered the destruction of patient samples on January 3, 2020, making it nearly impossible to see the complete picture of the earliest Covid-19 cases. Information about dozens of early cases from November and December 2019 remains inaccessible.
  • A pair of papers published in Science in 2022 made the best case for SARS‑CoV‑2 having emerged naturally from human-animal contact at the Wuhan market by focusing on a map of the early cases and asserting that the virus had jumped from animals into humans twice at the market in 2019
  • More recently, the two papers have been countered by other virologists and scientists who convincingly demonstrate that the available market evidence does not distinguish between a human superspreader event and a natural spillover at the market.
  • Furthermore, the existing genetic and early case data show that all known Covid-19 cases probably stem from a single introduction of SARS‑CoV‑2 into people, and the outbreak at the Wuhan market probably happened after the virus had already been circulating in humans.
  • Not a single infected animal has ever been confirmed at the market or in its supply chain. Without good evidence that the pandemic started at the Huanan Seafood Market, the fact that the virus emerged in Wuhan points squarely at its unique SARS-like virus laboratory.
  • With today’s technology, scientists can detect how respiratory viruses — including SARS, MERS and the flu — circulate in animals while making repeated attempts to jump across species. Thankfully, these variants usually fail to transmit well after crossing over to a new species and tend to die off after a small number of infections
  • investigators have not reported finding any animals infected with SARS‑CoV‑2 that had not been infected by humans. Yet, infected animal sources and other connective pieces of evidence were found for the earlier SARS and MERS outbreaks as quickly as within a few days, despite the less advanced viral forensic technologies of two decades ago.
  • Even though Wuhan is the home base of virus hunters with world-leading expertise in tracking novel SARS-like viruses, investigators have either failed to collect or report key evidence that would be expected if Covid-19 emerged from the wildlife trade. For example, investigators have not determined that the earliest known cases had exposure to intermediate host animals before falling ill.
  • No antibody evidence shows that animal traders in Wuhan are regularly exposed to SARS-like viruses, as would be expected in such situations.
  • In previous outbreaks of coronaviruses, scientists were able to demonstrate natural origin by collecting multiple pieces of evidence linking infected humans to infected animals
  • In contrast, virologists and other scientists agree that SARS‑CoV‑2 required little to no adaptation to spread rapidly in humans and other animals. The virus appears to have succeeded in causing a pandemic upon its only detected jump into humans.
  • it was a SARS-like coronavirus with a unique furin cleavage site that emerged in Wuhan, less than two years after scientists, sometimes working under inadequate biosafety conditions, proposed collecting and creating viruses of that same design.
  • a laboratory accident is the most parsimonious explanation of how the pandemic began.
  • Given what we now know, investigators should follow their strongest leads and subpoena all exchanges between the Wuhan scientists and their international partners, including unpublished research proposals, manuscripts, data and commercial orders. In particular, exchanges from 2018 and 2019 — the critical two years before the emergence of Covid-19 — are very likely to be illuminating (and require no cooperation from the Chinese government to acquire), yet they remain beyond the public’s view more than four years after the pandemic began.
  • it is undeniable that U.S. federal funding helped to build an unprecedented collection of SARS-like viruses at the Wuhan institute, as well as contributing to research that enhanced them.
  • Advocates and funders of the institute’s research, including Dr. Fauci, should cooperate with the investigation to help identify and close the loopholes that allowed such dangerous work to occur. The world must not continue to bear the intolerable risks of research with the potential to cause pandemics.
  • A successful investigation of the pandemic’s root cause would have the power to break a decades-long scientific impasse on pathogen research safety, determining how governments will spend billions of dollars to prevent future pandemics. A credible investigation would also deter future acts of negligence and deceit by demonstrating that it is indeed possible to be held accountable for causing a viral pandemic
  • Last but not least, people of all nations need to see their leaders — and especially, their scientists — heading the charge to find out what caused this world-shaking event. Restoring public trust in science and government leadership requires it.
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