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They were offering nearly unlimited cheap debt to keep the wheels of finance turning, and when that didn’t help, the Fed began purchasing massive quantities of government debt outright.

Investors dumped whatever they could, including ostensibly “risk-free” U.S. Treasury securities. As a global dash for dollars unfolded, Treasurys were no longer serving as the market’s traditional shock absorbers, amplifying extreme turmoil on Wall Street.

By week’s end, the Dow had plunged more than 10,000 points since mid-February as investors struggled to get their arms around what a halt to global commerce would mean for businesses that would soon have no revenue.

“It was sheer, unadulterated panic, of a magnitude that was far worse than in 2008 and 2009. Far worse,”

The idea of shutting down markets was especially discouraging: “It was a profoundly un-American thing to contemplate, to just shut everything down, and almost fatalistic—that we’re not going to get out of this.”

nearly two years later, most agree that the Fed’s actions helped to save the economy from going into a pandemic-induced tailspin.

“My thought was—I remember this very clearly—‘O.K. We have a four-or-five-day chance to really get our act together and get ahead of this. We’re gonna try to get ahead of this,’” Mr. Powell recalled later. “And we were going to do that by just announcing a ton of stuff on Monday morning.”

It worked. The Fed’s pledges to backstop an array of lending, announced on Monday, March 23, would unleash a torrent of private borrowing based on the mere promise of central bank action—together with a massive assist by Congress, which authorized hundreds of billions of dollars that would cover any losses.

If the hardest-hit companies like Carnival, with its fleet of 104 ships docked indefinitely, could raise money in capital markets, who couldn’t?

on April 9, where he shed an earlier reluctance to express an opinion about government spending policies, which are set by elected officials and not the Fed. He spoke in unusually moral terms. “All of us are affected,” he said. “But the burdens are falling most heavily on those least able to carry them…. They didn’t cause this. Their business isn’t closed because of anything they did wrong. This is what the great fiscal power of the United States is for—to protect these people as best we can from the hardships they are facing.”

They were extraordinary words from a Fed chair who during earlier, hot-button policy debates said the central bank needed to “stay in its lane” and avoid providing specific advice.

To avoid a widening rift between the market haves (who had been given access to Fed backstops) and the market have-nots (who had been left out because their debt was deemed too risky), Mr. Powell had supported a decision to extend the Fed’s lending to include companies that were being downgraded to “junk” status in the days after it agreed to backstop their bonds.

Most controversially, Mr. Powell recommended that the Fed purchase investment vehicles known as exchange-traded funds, or ETFs, that invest in junk debt. He and his colleagues feared that these “high-yield” bonds might buckle, creating a wave of bankruptcies that would cause long-term scarring in the economy.

Mr. Powell decided that it was better to err on the side of doing too much than not doing enough.

, Paul Singer, who runs the hedge-fund firm Elliott Management, warned that the Fed was sowing the seeds of a bigger crisis by absolving markets of any discipline. “Sadly, when people (including those who should know better) do something stupid and reckless and are not punished,” he wrote, “it is human nature that, far from thinking that they were lucky to have gotten away with something, they are encouraged to keep doing the stupid thing.”

The breathtaking speed with which the Fed moved and with which Wall Street rallied after the Fed’s announcements infuriated Dennis Kelleher, a former corporate lawyer and high-ranking Senate aide who runs Better Markets, an advocacy group lobbying for tighter financial regulations.

This is a ridiculous discussion no matter how heartfelt Powell is about ‘we can’t pick winners and losers’—to which my answer is, ‘So instead you just make them all winners?’”

“Literally, not only has no one in finance lost money, but they’ve all made more money than they could have dreamed,” said Mr. Kelleher. “It just can’t be the case that the only thing the Fed can do is open the fire hydrants wide for everybody

Mr. Powell later defended his decision to purchase ETFs that had invested in junk debt. “We wanted to find a surgical way to get in and support that market because it’s a huge market, and it’s a lot of people’s jobs… What were we supposed to do? Just let them die and lose all those jobs?” he said. “If that’s the biggest mistake we made, stipulating it as a mistake, I’m fine with that. It wasn’t time to be making finely crafted judgments,” Mr. Powell said. He hesitated for a moment before concluding. “Do I regret it? I don’t—not really.”

“We didn’t know there was a vaccine coming. The pandemic is just raging. And we don’t have a plan,” said Mr. Powell. “Nobody in the world has a plan. And in hindsight, the worry was, ‘What if we can’t really fully open the economy for a long time because the pandemic is just out there killing people?’”

Mr. Powell never saw this as a particularly likely outcome, “but it was around the edges of the conversation, and we were very eager to do everything we could to avoid that outcome,”

The Fed’s initial response in 2020 received mostly high marks—a notable contrast with the populist ire that greeted Wall Street bailouts following the 2008 financial crisis. North Carolina Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, gave Mr. Powell an “A-plus for 2020,” he said. “On a one-to-10 scale? It was an 11. He gets the highest, highest marks, and deserves them. The Fed as an institution deserves them.”

The pandemic was the most severe disruption of the U.S. economy since the Great Depression. Economists, financial-market professionals and historians are only beginning to wrestle with the implications of the aggressive response by fiscal and monetary policy makers.

Altogether, Congress approved nearly $5.9 trillion in spending in 2020 and 2021. Adjusted for inflation, that compares with approximately $1.8 trillion in 2008 and 2009.

By late 2021, it was clear that many private-sector forecasters and economists at the Fed had misjudged both the speed of the recovery and the ways in which the crisis had upset the economy’s equilibrium. Washington soon faced a different problem. Disoriented supply chains and strong demand—boosted by government stimulus—had produced inflation running above 7%.

because the pandemic shock was akin to a natural disaster, it allowed Mr. Powell and the Fed to sidestep concerns about moral hazard—that is, the possibility that their policies would encourage people to take greater risks knowing that they were protected against larger losses. If a future crisis is caused instead by greed or carelessness, the Fed would have to take such concerns more seriously.

The high inflation that followed in 2021 might have been worse if the U.S. had seen more widespread bankruptcies or permanent job losses in the early months of the pandemic.

an additional burst of stimulus spending in 2021, as vaccines hastened the reopening of the economy, raised the risk that monetary and fiscal policy together would flood the economy with money and further fuel inflation.

The surge in federal borrowing since 2020 creates other risks. It is manageable for now but could become very expensive if the Fed has to lift interest rates aggressively to cool the economy and reduce high inflation.

The Congressional Budget Office forecast in December 2020 that if rates rose by just 0.1 percentage point more than projected in each year of the decade, debt-service costs in 2030 would rise by $235 billion—more than the Pentagon had requested to spend in 2022 on the Navy.

its low-rate policies have coincided with—and critics say it has contributed to—a longer-running widening of wealth inequality.

In 2008, household wealth fell by $8 trillion. It rose by $13.5 trillion in 2020, and in the process, spotlighted the unequal distribution of wealth-building assets such as houses and stocks.

Without heavy spending from Washington, focused on the needs of the least well-off, these disparities might have attracted more negative scrutiny.

Finally, the Fed is a technocratic body that can move quickly because it operates under few political constraints. Turning to it as the first line of defense in this and future crises could compromise its institutional independence.

Step one, he said, was to get in the fight and try to win. Figuring out how to exit would be a better problem to have, because it would mean they had succeeded.

“We have a recovery that looks completely unlike other recoveries that we’ve had because we’ve put so much support behind the recovery,” Mr. Powell said last month. “Was it too much? I’m going to leave that to the historians.”

The final verdict on the 2020 crisis response may turn on whether Mr. Powell is able to bring inflation under control without a painful recession—either as sharp price increases from 2021 reverse on their own accord, as officials initially anticipated, or because the Fed cools down the economy by raising interest rates.

Attorneys for Trump and the attorney general have been engaged in a back and forth over whether Trump has scoured file cabinets, storage rooms and electronic filings to produce records called for by the subpoena.

Stripping the region of its special status had long been a goal of India’s Hindu nationalists.

Kashmir has been disputed between India and Pakistan since the end of British rule in 1947. In the late 1980s, a Kashmiri separatist movement, which received support and training in Pakistan, intensified the targeting of the region’s Hindus, known as Pandits. A mass migration of tens of thousands of Hindu families — perhaps 300,000 people in all — followed.

At the Vessu camp in the same district, where Mr. Raina and his family live, one-third of the 900 families have fled their modest two-bedroom houses.

The organization said that there had been more than a dozen targeted attacks, some fatal, recorded against Hindus since 2020. The Indian news media said a total of 18 Hindus had been killed since the 2019 change in the region’s status. Many Muslims seen as supporting the government have also been killed.

“Don’t force Kashmiri Pandits to pelt you with stone,” Mr. Jotshi is seen in a video telling the police, referring to an act that young local Kashmiri Muslim sometimes resort to against the region’s heavy security forces.

“We want to leave, at any cost,” Mr. Jotshi said. “We do not want to die here.”

The resulting address was heartfelt. It was eloquent. Yet it helped sink his presidency.

“For the first time in the history of our country a majority of our people believe that the next five years will be worse than the past five years,”

By 1979, this country had experienced a recent string of traumatic political assassinations, urban riots that dwarfed the summer riots of 2020 in scale and intensity, campus unrest that makes the current controversies over “wokeness” look civil and quaint, the defeat in Vietnam, and the deep political corruption of Richard Nixon. At the same time, inflation rates dwarfed what we experience today.

Carter took a step back. With his trademark understated warmth, he described his own period of reflection. He’d taken the time to listen to others, he shared what he heard, and then he spoke words that resonate today. “The symptoms of this crisis of the American spirit are all around us,” he said, and he described symptoms that mirror our current reality.

Read the speech now, and you’ll see its truth and its depth. But, ironically, it’s an address better suited to our time than to its own. Jimmy Carter’s greatest speech was delivered four decades too soon.

There was more. “As you know,” he told viewers, “there is a growing disrespect for government and for churches and for schools, the news media, and other institutions.”

We were sure that ours was a nation of the ballot, not the bullet, until the murders of John Kennedy and Robert Kennedy and Martin Luther King Jr. We were taught that our armies were always invincible and our causes were always just, only to suffer the agony of Vietnam. We respected the presidency as a place of honor until the shock of Watergate.

Carter’s central insight was that even if the country’s political branches could deliver peace and prosperity, they could not deliver community and belonging. Our nation depends on pre-political commitments to each other, and in the absence of those pre-political commitments, the American experiment is ultimately in jeopardy.

we’re not familiar with speeches that ask the American people to reflect on their own role in a national crisis. Carter called for his audience to look in the mirror:

In a nation that was proud of hard work, strong families, close-knit communities, and our faith in God, too many of us now tend to worship self-indulgence and consumption. Human identity is no longer defined by what one does, but by what one owns.

Carter correctly described a country of mutual, interlocking responsibilities between the government and the people. Yet he was ultimately unable to deliver the results that matched his pastoral message.

the speech was successful, at first. His approval rating shot up a remarkable 11 points. Then came chaos — some of it Carter’s fault, some of it not. Days after the speech, he demanded the resignation of his entire cabinet. (He ultimately fired five.) It was a move that communicated confusion more than conviction.

The failed rescue was a hinge moment in history. It’s hard to imagine the morale boost had it succeeded, and we know the crushing disappointment when it failed. Had the Army’s Delta Force paraded down New York’s “Canyon of Heroes” with the liberated hostages, it would have probably transformed the public’s perception of the president. But just as presidents own military victories, they also own defeats.

The story of the next 10 years, moreover, cast Carter’s address in a different light. The nation went from defeat to victory: Inflation broke, the economy roared, and in 1991 the same military that was humiliated in the sands of Iran triumphed

The history was written. Carter was wrong. There wasn’t a crisis of confidence. There was no malaise. There was instead a failure of leadership. Better, or at least luckier, leaders revived a broken nation.

Yet with every passing year, the deeper truths of Carter’s speech become more apparent. His insights become more salient. A speech that couldn’t precisely diagnose the maladies of 1979 more accurately describes the challenges of 2023. The trends he saw emerging two generations ago now bear their poisonous fruit in our body politic.

last year a record 58 percent of Americans told NBC News pollsters that our nation’s best years are behind it.)

In 1979, Carter spoke of our civil liberties as secure. They’re more secure now.

We’re free, prosperous and strong to a degree we couldn’t imagine then. Yet we’re tearing each other apart now.

We are at a turning point in our history. There are two paths to choose. One is a path I’ve warned about tonight, the path that leads to fragmentation and self-interest. Down that road lies a mistaken idea of freedom, the right to grasp for ourselves some advantage over others. That path would be one of constant conflict between narrow interests ending in chaos and immobility.

With these words, Carter raised the question, what is our freedom for, exactly? While we want to better ourselves and our families, we cannot become self-regarding. We have obligations to each other. We have obligations to our community. The best exercise of freedom is in service to others.

Yet one of the stories of our time is the abuse of liberty, including the use of our freedoms — whether it’s to boycott, condemn or shame — to try to narrow the marketplace of ideas, to deprive dissenters of their reputations and their livelihoods.

as Carter noted, our huge wealth cannot heal the holes in our hearts, because “consuming things does not satisfy our longing for meaning. We’ve learned that piling up material goods cannot fill the emptiness of lives which have no confidence or purpose.”

there’s another word: prophetic. His words were not the clarion call necessary for his time, but they are words for this time. As Jimmy Carter spends his last days on this earth, we should remember his call for community, and thank a very good man for living his values, serving his neighbors, and reminding us of the true source of strength for the nation he loved.

On July 15, 1979, President Jimmy Carter emerged from days of isolation to deliver the most important and memorable address of his life

The speech was among the most unusual in presidential history. The word that has clung to it, “malaise,” was a word that didn’t even appear in the text.

He also said the domestic cannabis industry had the potential to create 130,000 jobs and increase export revenues.

The whistleblower added that no one in the government knew the true figure of the dead because “we have lost contact with major divisions”.

FSB officers had been ordered to assess the effects of western sanctions, they said, but were told that it was a hypothetical box-ticking exercise. “You have to write the analysis in a way that makes Russia the victor . . . otherwise you get questioned for not doing good work,” they wrote. “Suddenly it happens and everything comes down to your completely groundless analysis.

“[We are] acting intuitively, on emotion . . . our stakes will have to be raised ever higher with the hope that suddenly something might come through for us.

“By and large, though, Russia has no way out. There are no options for a possible victory, only defeat.”

The letter said that Ramzan Kadyrov, the Chechen leader and an ally of Putin, was on the verge of outright conflict with the Russians after his “hit squad”, sent to kill President Zelensky, was destroyed by Ukrainian forces.

Even if Zelensky were killed, the report said, Russia would have no hope of occupying Ukraine. “Even with minimum resistance from the Ukrainians we’d need over 500,000 people, not including supply and logistics workers.”

The analyst said that the SVR, Russia’s foreign intelligence service, was trying to “dig up dirt” to claim that Ukraine had built nuclear weapons, a pretext for a pre-emptive strike.

The 2,000-word document was published by Vladimir Osechkin, a Russian human rights activist who runs the anti-corruption website Gulagu.net.

Christo Grozev, an expert on the Russian security services, said he had shown the letter to two FSB officers, both of whom had had “no doubt it was written by a colleague”.

The war, the writer said, had been given a “provisional deadline” of June because by then the Russian economy will have collapsed. “I have hardly slept at all recently, working all hours, in a brain-fog,” they wrote. “Maybe it’s from overwork, but I feel like I am in a surreal world. Pandora’s Box has been opened.”

The author said they could not rule out international conflict and that they were expecting “some f***ing adviser to convince the leadership” to send an ultimatum to the West threatening war if sanctions were not lifted.

“What if the West refuses?” they wrote. “In that instance I won’t exclude that we will be pulled into a real international conflict, just like Hitler in 1939.” Elsewhere in the letter they said: “Our position is like Germany in 1943-44 — but that’s our starting position.”

One 12th-grade student in Kabul said the decision had stamped out her last bit of hope that she could achieve her dream of becoming a lawyer.

“Education was the only way to give us some hope in these times of despair, and it was the only right we hoped for, and it has been taken away,” the student, Zahra Rohani, 15, said.

On Monday, the Ministry of Education had announced that all schools, including girls’ high schools, would reopen on Wednesday at the start of the spring semester. The following day, a Ministry of Education spokesman released a video congratulating all students on the return to class.

Mehrin Ekhtiari, a 15-year-old student in 10th grade, said she and her classmates were shocked when a teacher announced the news to the classroom on Wednesday morning.

“My hope was revived after eight months of waiting,” she said, adding later that the announcement had “dashed all my dreams.”

In recent months, the Taliban had also come under mounting pressure to permit girls to attend high school from international donors, aid from which has helped keep Afghanistan from plunging further into a humanitarian catastrophe set off by the collapse of the former government and Western sanctions that crippled the country’s banking system.

. He attributed the decision to a lack of a religious uniform for girls and the lack of female teachers for girls, among other issues.

Many principals and teachers said they only received the new instructions from the ministry after students had already arrived for classes Wednesday.

The move came a little more than a week before a pledging conference where the United Nations had hoped donor countries would commit millions of dollars in badly needed aid, as Afghanistan grapples with an economic collapse that has left over half of the population without sufficient food to eat. It is unclear whether donors will be willing to contribute following the Taliban’s abrupt reversal on the key commitment of girl’s education.

The Taliban on Wednesday abruptly reversed their decision to allow girls’ high schools to reopen this week, saying that they would remain closed until officials draw up a plan for them to reopen in accordance with Islamic law.

When schools reopened in September for grades seven through 12, Taliban officials told only male students to report for their studies, saying that girls would be allowed to return after security improved and enough female teachers could be found to keep classes fully segregated by sex.

Later, Taliban officials insisted that Afghan girls and women would be able to go back to school in March, and many Western officials seized on that promise as a deadline that would have repercussions for the Taliban’s efforts to eventually secure international recognition and the lifting of at least some sanctions.

“I’m deeply troubled by multiple reports that the Taliban are not allowing girls above grade 6 to return to school,” tweeted Ian McCary, the chief of mission for U.S. Embassy Kabul, currently operating out of Doha, Qatar. “This is very disappointing & contradicts many Taliban assurances & statements.”

At one girls’ private high school in Kabul, more female students had arrived for classes Wednesday morning compared to previous years, the school’s principal said in an interview.

“They came to my office, crying,” said the principal,

The decision “doesn’t make sense at all, and it has no logic,” the principal added, noting that the new government has had over seven months to design a new uniform and address the teacher shortage.

Since seizing power, the Taliban have been reckoning with the need for consistent policies while struggling to tread a delicate line that satisfies their more moderate members, their hard-line base and the international community.

The sudden reversal on the girls’ secondary schools seemed to validate existing concerns among Western donors that, despite assurances, they are dealing with much the same Taliban as the 1990s.

“The Taliban have been solidifying their position and becoming hard-line on a lot of issues,” Mr. Bahiss said.

In recent months, the new government has issued restrictions on local media and cracked down on peaceful protests. Taliban officials have also issued new restrictions on women, including a ban on traveling farther than 45 miles in a taxi unless they are accompanied by a male chaperone.

“You can’t exercise your other rights if you can’t leave your house to attend your job or attend education classes,” Ms. Barr said. “It’s a really alarming sign of what may be to come, it’s likely to herald further crackdowns on women.”

The Federal Emergency Management Agency wants people in storm-affected areas to remember that generators can cause carbon monoxide poisoning or fires.Generators should never be operated inside or adjacent to a building, enclosed area or open windows.According to the Consumer Product Safety Commission: "One generator produces as much CO as hundreds of cars. It can incapacitate and kill consumers within minutes."Six people in Louisiana died of carbon monoxide poisoning from generators in the days following Hurricane Ida in August, according to the state health department.

Girl in Wheelchair Rescued From 'Wizard of Oz' HouseOne of the seven people reported injured in Arabi, a community adjacent to New Orleans, was a girl in a wheelchair who was rescued from a house that the tornado lifted off its foundation and dropped in the middle of the road, nola.com reported.

How to Help Victims in LouisianaThe United Way of Southeast Louisiana is taking public donations for its Tornado Relief Fund, with all proceeds earmarked for immediate relief efforts and long-term rebuilding.“Nearly two thirds of households in the affected areas of St. Bernard and Orleans parishes don’t earn enough to save for disasters and many are still recovering from Hurricane Ida’s impacts,” Michael Williamson, UWSELA President and CEO, said in a news release. Cash donations as well as supplies including diapers, baby formula and toiletries are needed. Details on how to contribute can be found here.

Damage Reported in 12 Mississippi CountiesHomes were damaged in a dozen Mississippi counties as the storms moved through Tuesday, according to the state's emergency management agency. At least two people were injured – one in Holmes County, to the north of Jackson, and one to the south in Copiah County.The update said severe weather, tornadoes, hail, damaging winds and flash flooding all impacted parts of the state, with multiple reports of fallen trees across roads and power lines.

Power Outages Linger in Several AreasSome 14,000 homes and businesses are without power in Louisiana and Mississippi as of about 10:15 a.m. CDT, according to PowerOutage.us.Most of the Louisiana outages are in Orleans and St. Bernard parishes. In Mississippi, most of them are in the central part of the state. More than 19,000 outages are being reported in Texas.

If that continues, it will take five years, the length of a British parliament, for AI to become a thousand times more powerful

no one has yet determined how to solve the problem of “alignment” between AI and human values, or which human values those would be. Without that, says the leading US researcher Eliezer Yudkowsky, “the AI does not love you, nor does it hate you, and you are made of atoms it can use for something else”.

The rise of AI is almost certainly one of the two main events of our lifetimes, alongside the acceleration of climate change

open up a new age in which the most successful humans will merge their thinking intimately with that of machines

The stately world of making law and policy is about to be overtaken at great speed, as are many other aspects of life, work and what it means to be human when we are no longer the cleverest entity around.

what should we do about it in the UK? First, we have to ensure we, with allied nations, are among the leaders in this field. That will be a huge economic opportunity, but it is also a political and security imperative

Last week, ministers published five principles to inform responsible development of AI, and a light-touch regulatory regime to avoid the more prescriptive approach being adopted in the EU.

we will need much greater sovereign AI capabilities than currently envisaged. This should be done whatever the cost. Within a few years it will seem ridiculous that we are spending £100 billion on a railway line while being short of a few billion to be a world leader in supercomputing.

Before AI turns into AGI (artificial general intelligence) the UK has a second responsibility: to take the lead on seeking global agreements on the safe and responsible development of AI

even China should agree never to let AI come near the control of nuclear weapons or the creation of dangerous pathogens. The letter from the experts will not stop the AI race, but it should lead to more work on future safety and in parti

Last week, ministers said we should not fear AI. In reality, there is a lot to fear. But like an astronaut on a launch-pad, we should feel fear and excitement at the same time. This rocket is lifting off, it will accelerate, and we all need to prepare now.

In theory, a robot could be trained on data drawn from computer-simulated movements, but there, too, you must make trade-offs

Jang compared computation to a tidal wave lifting technologies up with it: AI is surfing atop the crest; robotics is still standing at the water’s edge.

Whatever its causes, the lag in robotics could become a problem for AI. The two are deeply intertwined

But the biggest obstacle for roboticists—the factor at the core of Moravec’s paradox—is that the physical world is extremely complicated, far more so than languag

Some researchers are skeptical that a model trained on language alone, or even language and images, could ever achieve humanlike intelligence. “There’s too much that’s left implicit in language,” Ernest Davis, a computer scientist at NYU, told me. “There’s too much basic understanding of the world that is not specified.” The solution, he thinks, is having AI interact directly with the world via robotic bodies. But unless robotics makes some serious progress, that is unlikely to be possible anytime soon.

For years already, engineers have used AI to help build robots. In a more extreme, far-off vision, super-intelligent AIs could simply design their own robotic body. But for now, Finn told me, embodied AI is still a ways off. No android assassins. No humanoid helpers.

Set in the context of our current technological abilities, HAL’s murderous exchange with Dave from 2001: A Space Odyssey would read very differently. The machine does not refuse to help its human master. It simply isn’t capable of doing so.“Open the pod bay doors, HAL.”“I’m sorry, Dave. I’m afraid I can’t do that.”

It certainly informed his libertarianism, which inclined in the direction of an Ayn Rand-inspired valorization of entrepreneurial superman-geniuses whose great acts of capitalistic creativity benefit all of mankind. Thiel also tended to follow Rand in viewing the masses as moochers who empower Big Government to crush these superman-geniuses.

Thiel became something of an opportunistic populist inclined to view liberal elites and institutions as posing the greatest obstacle to building an economy and culture of dynamistic creativity—and eager to mobilize the anger and resentment of “the people” as a wrecking ball to knock them down. 

the failure of the Trump administration to break more decisively from the political status quo left Thiel uninterested in playing a big role in the 2020 election cycle.

Does Thiel personally believe that the 2020 election was stolen from Trump? I doubt it. It’s far more likely he supports the disruptive potential of encouraging election-denying candidates to run and helping them to win.

Thiel is moved to indignation by the fact that since 1958 no commercial aircraft (besides the long-decommissioned Concorde) has been developed that can fly faster than 977 kilometers per hou

Thiel is, first and foremost, a dynamist—someone who cares above all about fostering innovation, exploration, growth, and discovery.

the present looks and feels pretty much the same as 1969, only “with faster computers and uglier cars.” 

Thiel’s approach to the problem is distinctive in that he sees the shortfall as evidence of a deeper and more profound moral, aesthetic, and even theological failure. Human beings are capable of great creativity and invention, and we once aspired to achieve it in every realm. But now that aspiration has been smothered by layer upon layer of regulation and risk-aversion. “Legal sclerosis,” Thiel claimed in that same book review, “is likely a bigger obstacle to the adoption of flying cars than any engineering problem.”

Progress in science and technology isn’t innate to human beings, Thiel believes. It’s an expression of a specific cultural or civilizational impulse that has its roots in Christianity and reached a high point during the Victorian era of Western imperialism

Thiel aims to undermine the progressive liberalism that dominates the mainstream media, the federal bureaucracy, the Justice Department, and the commanding heights of culture (in universities, think tanks, and other nonprofits).

In Thiel’s view, recapturing civilizational greatness through scientific and technological achievement requires fostering a revival of a kind of Christian Prometheanism (a monotheistic variation on the rebellious creativity and innovation pursued by the demigod Prometheus in ancient Greek mythology)

Against those who portray modern scientific and technological progress as a rebellion against medieval Christianity, Thiel insists it is Christianity that encourages a metaphysical optimism about transforming and perfecting the world, with the ultimate goal of turning it into “a place where no accidents can happen” and the achievement of “personal immortality” becomes possible

All that’s required to reach this transhuman end is that we “remain open to an eschatological frame in which God works through us in building the kingdom of heaven today, here on Earth—in which the kingdom of heaven is both a future reality and something partially achievable in the present.” 

As Thiel put it last summer in a wide-ranging interview with the British website UnHerd, the Christian world “felt very expansive, both in terms of the literal empire and also in terms of the progress of knowledge, of science, of technology, and somehow that was naturally consonant with a certain Christian eschatology—a Christian vision of history.”

JD Vance is quoted on the subject of what this political disruption might look like during a Trump presidential restoration in 2025. Vance suggests that Trump should “fire every single midlevel bureaucrat, every civil servant in the administrative state, replace them with our people. And when the courts stop [him], stand before the country, and say, ‘the chief justice has made his ruling. Now let him enforce it.’”

Another Thiel friend and confidante discussed at length in Vanity Fair, neo-reactionary Curtis Yarvin, takes the idea of disrupting the liberal order even further, suggesting various ways a future right-wing president (Trump or someone else) could shake things up, shredding the smothering blanket of liberal moralism, conformity, rules, and regulations, thereby encouraging the creation of something approaching a scientific-technological wild west, where innovation and experimentation rule the day. Yarvin’s preferred path to tearing down what he calls the liberal “Cathedral,” laid out in detail on a two-hour Claremont Institute podcast from May 2021, involves a Trump-like figure seizing dictatorial power in part by using a specially designed phone app to direct throngs of staunch supporters (Jan. 6-style) to overpower law enforcement at key locations around the nation’s capital.  

this isn’t just an example of guilt-by-association. These are members of Thiel’s inner circle, speaking publicly about ways of achieving shared goals. Thiel funded Vance’s Senate campaign to the tune of at least $15 million. Is it likely the candidate veered into right-wing radicalism with a Vanity Fair reporter in defiance of his campaign’s most crucial donor?

As for Yarvin, Thiel continued to back his tech start up (Urbit) after it became widely known he was the pseudonymous author behind the far-right blog “Unqualified Reservations,” and as others have shown, the political thinking of the two men has long overlapped in numerous other ways. 

He’s deploying his considerable resources to empower as many people and groups as he can, first, to win elections by leveraging popular disgust at corrupt institutions—and second, to use the power they acquire to dismantle or even topple those institutions, hopefully allowing a revived culture of Christian scientific-technological dynamism to arise from out of the ruins.  

Far more than most big political donors, Thiel appears to care only about the extra-political goal of his spending. How we get to a world of greater dynamism—whether it will merely require selective acts of troublemaking disruption, or whether, instead, it will ultimately involve smashing the political order of the United States to bits—doesn’t really concern him. Democratic politics itself—the effort of people with competing interests and clashing outlooks to share rule for the sake of stability and common flourishing—almost seems like an irritant and an afterthought to Peter Thiel.

What we do have is the opportunity to enlighten ourselves about what these would-be Masters of the Universe hope to accomplish—and to organize politically to prevent them from making a complete mess of things in the process.

the mid-2010s saw the beginnings of a turnaround that has continued ever since. By 2019, households headed by Millennials were making considerably more money than those headed by the Silent Generation, Baby Boomers, and Generation X at the same age, after adjusting for inflation.

That year, according to the Current Population Survey, administered by the U.S. Census Bureau, income for the median Millennial household was about $9,000 higher than that of the median Gen X household at the same age, and about $10,000 more than the median Boomer household, in 2019 dollars.

Booms and recessions push incomes up and down, but although many media stories have tended to associate Millennials almost exclusively with the latter, they’ve now experienced both, and in a big way: Increases in income since 2014 have been steep.

ed since Millennials became adults. The Affordable Care Act extended health-care coverage, and federal-government support during the pandemic actually caused poverty to fall in 2020 and 2021

since 2014. By my analysis, Black and Latino Americans ages 25 to 44 in 2021 were making more money than Black and Latino Silents, Boomers, and Gen Xers at the same age. The U.S. is not without economic inequities, many of them racial. But Black and Latino Millennials are not falling behind previous generations when it comes to their income. Instead, most are getting ahead

Millennial men, on average, have not seen the income increases that Millennial women have (more on that later)—a divergence at least partly explained by the growing gap in educational attainment between men and women

the median income of Americans with a four-year college degree has steadily risen while the income of those with only a high-school degree has fallen. This trend is not new, though it is troubling.

The Great Recession was no doubt a more harrowing experience for young adults than the recession Gen X faced, but the income stagnation that followed it nonetheless lasted only a few years. Over the past half century, the longest period of falling or stagnant wages was from the ’70s to the mid-’90s, when Boomers were young workers.

poverty is not any more common among Millennials today than it was among previous generations.

The ordinary fixes—the kind that draw on people’s will, and require eating less and moving more—rarely have a large or lasting effect. Indeed, America itself has suffered through a long, maddening history of failed attempts to change its habits on a national scale: a yo-yo diet of well-intentioned treatments, policies, and other social interventions that only ever lead us back to where we started

Through it all, obesity rates keep going up; the diabetes epidemic keeps worsening.

The most recent miracle, for Barb as well as for the nation, has come in the form of injectable drugs. In early 2021, the Danish pharmaceutical company Novo Nordisk published a clinical trial showing remarkable results for semaglutide, now sold under the trade names Wegovy and Ozempic.

Patients in the study who’d had injections of the drug lost, on average, close to 15 percent of their body weight—more than had ever been achieved with any other drug in a study of that size. Wadden knew immediately that this would be “an incredible revolution in the treatment of obesity.”

Many more drugs are now racing through development: survodutide, pemvidutide, retatrutide. (Among specialists, that last one has produced the most excitement: An early trial found an average weight loss of 24 percent in one group of participants.

In the United States, an estimated 189 million adults are classified as having obesity or being overweight

The drugs don’t work for everyone. Their major side effects—nausea, vomiting, and diarrhea—can be too intense for many patients. Others don’t end up losing any weight

For the time being, just 25 percent of private insurers offer the relevant coverage, and the cost of treatment—about $1,000 a month—has been prohibitive for many Americans.

The drugs have already been approved not just for people with diabetes or obesity, but for anyone who has a BMI of more than 27 and an associated health condition, such as high blood pressure or cholesterol. By those criteria, more than 140 million American adults already qualify

if this story goes the way it’s gone for other “risk factor” drugs such as statins and antihypertensives, then the threshold for prescriptions will be lowered over time, inching further toward the weight range we now describe as “normal.”

How you view that prospect will depend on your attitudes about obesity, and your tolerance for risk

The first GLP-1 drug to receive FDA approval, exenatide, has been used as a diabetes treatment for more than 20 years. No long-term harms have been identified—but then again, that drug’s long-term effects have been studied carefully only across a span of seven years

the data so far look very good. “These are now being used, literally, in hundreds of thousands of people across the world,” she told me, and although some studies have suggested that GLP-1 drugs may cause inflammation of the pancreas, or even tumor growth, these concerns have not borne out.

adolescents are injecting newer versions of these drugs, and may continue to do so every week for 50 years or more. What might happen over all that time?

“All of us, in the back of our minds, always wonder, Will something show up?  ” Although no serious problems have yet emerged, she said, “you wonder, and you worry.”

in light of what we’ve been through, it’s hard to see what other choices still remain. For 40 years, we’ve tried to curb the spread of obesity and its related ailments, and for 40 years, we’ve failed. We don’t know how to fix the problem. We don’t even understand what’s really causing it. Now, again, we have a new approach. This time around, the fix had better work.

The fen-phen revolution arrived at a crucial turning point for Wadden’s field, and indeed for his career. By then he’d spent almost 15 years at the leading edge of research into dietary interventions, seeing how much weight a person might lose through careful cutting of their calories.

But that sort of diet science—and the diet culture that it helped support—had lately come into a state of ruin. Americans were fatter than they’d ever been, and they were giving up on losing weight. According to one industry group, the total number of dieters in the country declined by more than 25 percent from 1986 to 1991.

Rejecting diet culture became something of a feminist cause. “A growing number of women are joining in an anti-diet movement,” The New York Times reported in 1992. “They are forming support groups and ceasing to diet with a resolve similar to that of secretaries who 20 years ago stopped getting coffee for their bosses.

Now Wadden and other obesity researchers were reaching a consensus that behavioral interventions might produce in the very best scenario an average lasting weight loss of just 5 to 10 percent

National surveys completed in 1994 showed that the adult obesity rate had surged by more than half since 1980, while the proportion of children classified as overweight had doubled. The need for weight control in America had never seemed so great, even as the chances of achieving it were never perceived to be so small.

Wadden wasn’t terribly concerned, because no one in his study had reported any heart symptoms. But ultrasounds revealed that nearly one-third of them had some degree of leakage in their heart valves. His “cure for obesity” was in fact a source of harm.

In December 1994, the Times ran an editorial on what was understood to be a pivotal discovery: A genetic basis for obesity had finally been found. Researchers at Rockefeller University were investigating a molecule, later named leptin, that gets secreted from fat cells and travels to the brain, and that causes feelings of satiety. Lab mice with mutations in the leptin gene—importantly, a gene also found in humans—overeat until they’re three times the size of other mice. “The finding holds out the dazzling hope,”

In April 1996, the doctors recommended yes: Dexfenfluramine was approved—and became an instant blockbuster. Patients received prescriptions by the hundreds of thousands every month. Sketchy wellness clinics—call toll-free, 1-888-4FEN-FEN—helped meet demand. Then, as now, experts voiced concerns about access. Then, as now, they worried that people who didn’t really need the drugs were lining up to take them. By the end of the year, sales of “fen” alone had surpassed $300 million.

It was nothing less than an awakening, for doctors and their patients alike. Now a patient could be treated for excess weight in the same way they might be treated for diabetes or hypertension—with a drug they’d have to take for the rest of their life.

the article heralded a “new understanding of obesity as a chronic disease rather than a failure of willpower.”

News had just come out that, at the Mayo Clinic in Minnesota, two dozen women taking fen-phen—including six who were, like Barb, in their 30s—had developed cardiac conditions. A few had needed surgery, and on the operating table, doctors discovered that their heart valves were covered with a waxy plaque.

Americans had been prescribed regular fenfluramine since 1973, and the newer drug, dexfenfluramine, had been available in France since 1985. Experts took comfort in this history. Using language that is familiar from today’s assurances regarding semaglutide and other GLP-1 drugs, they pointed out that millions were already on the medication. “It is highly unlikely that there is anything significant in toxicity to the drug that hasn’t been picked up with this kind of experience,” an FDA official named James Bilstad would later say in a Time cover story headlined “The Hot New Diet Pill.

“I know I can’t get any more,” she told Williams. “I have to use up what I have. And then I don’t know what I’m going to do after that. That’s the problem—and that is what scares me to death.” Telling people to lose weight the “natural way,” she told another guest, who was suggesting that people with obesity need only go on low-carb diets, is like “asking a person with a thyroid condition to just stop their medication.”

She’d gone off the fen-phen and had rapidly regained weight. “The voices returned and came back in a furor I’d never heard before,” Barb later wrote on her blog. “It was as if they were so angry at being silenced for so long, they were going to tell me 19 months’ worth of what they wanted me to hear. I was forced to listen. And I ate. And I ate. And ate.”

For Barb, rapid weight loss has brought on a different metaphysical confusion. When she looks in the mirror, she sometimes sees her shape as it was two years ago. In certain corners of the internet, this is known as “phantom fat syndrome,” but Barb dislikes that term. She thinks it should be called “body integration syndrome,” stemming from a disconnect between your “larger-body memory” and “smaller-body reality.

In 2003, the U.S. surgeon general declared obesity “the terror within, a threat that is every bit as real to America as the weapons of mass destruction”; a few months later, Eric Finkelstein, an economist who studies the social costs of obesity, put out an influential paper finding that excess weight was associated with up to $79 billion in health-care spending in 1998, of which roughly half was paid by Medicare and Medicaid. (Later he’d conclude that the number had nearly doubled in a decade.

In 2004, Finkelstein attended an Action on Obesity summit hosted by the Mayo Clinic, at which numerous social interventions were proposed, including calorie labeling in workplace cafeterias and mandatory gym class for children of all grades.

he message at their core, that soda was a form of poison like tobacco, spread. In San Francisco and New York, public-service campaigns showed images of soda bottles pouring out a stream of glistening, blood-streaked fat. Michelle Obama led an effort to depict water—plain old water—as something “cool” to drink.

Soon, the federal government took up many of the ideas that Brownell had helped popularize. Barack Obama had promised while campaigning for president that if America’s obesity trends could be reversed, the Medicare system alone would save “a trillion dollars.” By fighting fat, he implied, his ambitious plan for health-care reform would pay for itself. Once he was in office, his administration pulled every policy lever it could.

Michelle Obama helped guide these efforts, working with marketing experts to develop ways of nudging kids toward better diets and pledging to eliminate “food deserts,” or neighborhoods that lacked convenient access to healthy, affordable food. She was relentless in her public messaging; she planted an organic garden at the White House and promoted her signature “Let’s Move!” campaign around the country.

An all-out war on soda would come to stand in for these broad efforts. Nutrition studies found that half of all Americans were drinking sugar-sweetened beverages every day, and that consumption of these accounted for one-third of the added sugar in adults’ diets. Studies turned up links between people’s soft-drink consumption and their risks for type 2 diabetes and obesity. A new strand of research hinted that “liquid calories” in particular were dangerous to health.

when their field lost faith in low-calorie diets as a source of lasting weight loss, the two friends went in opposite directions. Wadden looked for ways to fix a person’s chemistry, so he turned to pharmaceuticals. Brownell had come to see obesity as a product of our toxic food environment: He meant to fix the world to which a person’s chemistry responded, so he started getting into policy.

The social engineering worked. Slowly but surely, Americans’ lamented lifestyle began to shift. From 2001 to 2018, added-sugar intake dropped by about one-fifth among children, teens, and young adults. From the late 1970s through the early 2000s, the obesity rate among American children had roughly tripled; then, suddenly, it flattened out.

although the obesity rate among adults was still increasing, its climb seemed slower than before. Americans’ long-standing tendency to eat ever-bigger portions also seemed to be abating.

sugary drinks—liquid candy, pretty much—were always going to be a soft target for the nanny state. Fixing the food environment in deeper ways proved much harder. “The tobacco playbook pretty much only works for soda, because that’s the closest analogy we have as a food item,

that tobacco playbook doesn’t work to increase consumption of fruits and vegetables, he said. It doesn’t work to increase consumption of beans. It doesn’t work to make people eat more nuts or seeds or extra-virgin olive oil.

Careful research in the past decade has shown that many of the Obama-era social fixes did little to alter behavior or improve our health. Putting calorie labels on menus seemed to prompt at most a small decline in the amount of food people ate. Employer-based wellness programs (which are still offered by 80 percent of large companies) were shown to have zero tangible effects. Health-care spending, in general, kept going up.

From the mid-1990s to the mid-2000s, the proportion of adults who said they’d experienced discrimination on account of their height or weight increased by two-thirds, going up to 12 percent. Puhl and others started citing evidence that this form of discrimination wasn’t merely a source of psychic harm, but also of obesity itself. Studies found that the experience of weight discrimination is associated with overeating, and with the risk of weight gain over time.

obesity rates resumed their ascent. Today, 20 percent of American children have obesity. For all the policy nudges and the sensible revisions to nutrition standards, food companies remain as unfettered as they were in the 1990s, Kelly Brownell told me. “Is there anything the industry can’t do now that it was doing then?” he asked. “The answer really is no. And so we have a very predictable set of outcomes.”

she started to rebound. The openings into her gastric pouch—the section of her stomach that wasn’t bypassed—stretched back to something like their former size. And Barb found ways to “eat around” the surgery, as doctors say, by taking food throughout the day in smaller portions

Bariatric surgeries can be highly effective for some people and nearly useless for others. Long-term studies have found that 30 percent of those who receive the same procedure Barb did regain at least one-quarter of what they lost within two years of reaching their weight nadir; more than half regain that much within five years.

if the effects of Barb’s surgery were quickly wearing off, its side effects were not: She now had iron, calcium, and B12 deficiencies resulting from the changes to her gut. She looked into getting a revision of the surgery—a redo, more or less—but insurance wouldn’t cover it

She found that every health concern she brought to doctors might be taken as a referendum, in some way, on her body size. “If I stubbed my toe or whatever, they’d just say ‘Lose weight.’ ” She began to notice all the times she’d be in a waiting room and find that every chair had arms. She realized that if she was having a surgical procedure, she’d need to buy herself a plus-size gown—or else submit to being covered with a bedsheet when the nurses realized that nothing else would fit.

Barb grew angrier and more direct about her needs—You’ll have to find me a different chair, she started saying to receptionists. Many others shared her rage. Activists had long decried the cruel treatment of people with obesity: The National Association to Advance Fat Acceptance had existed, for example, in one form or another, since 1969; the Council on Size & Weight Discrimination had been incorporated in 1991. But in the early 2000s, the ideas behind this movement began to wend their way deeper into academia, and they soon gained some purchase with the public.

“Our public-health efforts to address obesity have failed,” Eric Finkelstein, the economist, told me.

Others attacked the very premise of a “healthy weight”: People do not have any fundamental need, they argued, morally or medically, to strive for smaller bodies as an end in itself. They called for resistance to the ideology of anti-fatness, with its profit-making arms in health care and consumer goods. The Association for Size Diversity and Health formed in 2003; a year later, dozens of scholars working on weight-related topics joined together to create the academic field of fat studies.

As the size-diversity movement grew, its values were taken up—or co-opted—by Big Business. Dove had recently launched its “Campaign for Real Beauty,” which included plus-size women. (Ad Age later named it the best ad campaign of the 21st century.) People started talking about “fat shaming” as something to avoid

By 2001, Bacon, who uses they/them pronouns, had received their Ph.D. and finished a rough draft of a book, Health at Every Size, which drew inspiration from a broader movement by that name among health-care practitioners

But something shifted in the ensuing years. In 2007, Bacon got a different response, and the book was published. Health at Every Size became a point of entry for a generation of young activists and, for a time, helped shape Americans’ understanding of obesity.

Some experts were rethinking their advice on food and diet. At UC Davis, a physiologist named Lindo Bacon who had struggled to overcome an eating disorder had been studying the effects of “intuitive eating,” which aims to promote healthy, sustainable behavior without fixating on what you weigh or how you look

The heightened sensitivity started showing up in survey data, too. In 2010, fewer than half of U.S. adults expressed support for giving people with obesity the same legal protections from discrimination offered to people with disabilities. In 2015, that rate had risen to three-quarters.

In Bacon’s view, the 2000s and 2010s were glory years. “People came together and they realized that they’re not alone, and they can start to be critical of the ideas that they’ve been taught,” Bacon told me. “We were on this marvelous path of gaining more credibility for the whole Health at Every Size movement, and more awareness.”

that sense of unity proved short-lived; the movement soon began to splinter. Black women have the highest rates of obesity, and disproportionately high rates of associated health conditions. Yet according to Fatima Cody Stanford, an obesity-medicine physician at Harvard Medical School, Black patients with obesity get lower-quality care than white patients with obesity.

That system was exactly what Bacon and the Health at Every Size movement had set out to reform. The problem, as they saw it, was not so much that Black people lacked access to obesity medicine, but that, as Bacon and the Black sociologist Sabrina Strings argued in a 2020 article, Black women have been “specifically targeted” for weight loss, which Bacon and Strings saw as a form of racism

But members of the fat-acceptance movement pointed out that their own most visible leaders, including Bacon, were overwhelmingly white. “White female dietitians have helped steal and monetize the body positive movement,” Marquisele Mercedes, a Black activist and public-health Ph.D. student, wrote in September 2020. “And I’m sick of it.”

Tensions over who had the standing to speak, and on which topics, boiled over. In 2022, following allegations that Bacon had been exploitative and condescending toward Black colleagues, the Association for Size Diversity and Health expelled them from its ranks and barred them from attending its events.

As the movement succumbed to in-fighting, its momentum with the public stalled. If attitudes about fatness among the general public had changed during the 2000s and 2010s, it was only to a point. The idea that some people can indeed be “fit but fat,” though backed up by research, has always been a tough sell.

Although Americans had become less inclined to say they valued thinness, measures of their implicit attitudes seemed fairly stable. Outside of a few cities such as San Francisco and Madison, Wisconsin, new body-size-discrimination laws were never passed.

In the meantime, thinness was coming back into fashion

In the spring of 2022, Kim Kardashian—whose “curvy” physique has been a media and popular obsession—boasted about crash-dieting in advance of the Met Gala. A year later, the model and influencer Felicity Hayward warned Vogue Business that “plus-size representation has gone backwards.” In March of this year, the singer Lizzo, whose body pride has long been central to her public persona, told The New York Times that she’s been trying to lose weight. “I’m not going to lie and say I love my body every day,” she said.

Among the many other dramatic effects of the GLP-1 drugs, they may well have released a store of pent-up social pressure to lose weight.

If ever there was a time to debate that impulse, and to question its origins and effects, it would be now. But Puhl told me that no one can even agree on which words are inoffensive. The medical field still uses obesity, as a description of a diagnosable disease. But many activists despise that phrase—some spell it with an asterisk in place of the e—and propose instead to reclaim fat.

Everyone seems to agree on the most important, central fact: that we should be doing everything we can to limit weight stigma. But that hasn’t been enough to stop the arguing.

Things feel surreal these days to just about anyone who has spent years thinking about obesity. At 71, after more than four decades in the field, Thomas Wadden now works part-time, seeing patients just a few days a week. But the arrival of the GLP-1 drugs has kept him hanging on for a few more years, he said. “It’s too much of an exciting period to leave obesity research right now.”

When everyone is on semaglutide or tirzepatide, will the soft-drink companies—Brownell’s nemeses for so many years—feel as if a burden has been lifted? “My guess is the food industry is probably really happy to see these drugs come along,” he said. They’ll find a way to reach the people who are taking GLP‑1s, with foods and beverages in smaller portions, maybe. At the same time, the pressures to cut back on where and how they sell their products will abate.

the triumph in obesity treatment only highlights the abiding mystery of why Americans are still getting fatter, even now

Perhaps one can lay the blame on “ultraprocessed” foods, he said. Maybe it’s a related problem with our microbiomes. Or it could be that obesity, once it takes hold within a population, tends to reproduce itself through interactions between a mother and a fetus. Others have pointed to increasing screen time, how much sleep we get, which chemicals are in the products that we use, and which pills we happen to take for our many other maladies.

“The GLP-1s are just a perfect example of how poorly we understand obesity,” Mozaffarian told me. “Any explanation of why they cause weight loss is all post-hoc hand-waving now, because we have no idea. We have no idea why they really work and people are losing weight.”

The new drugs—and the “new understanding of obesity” that they have supposedly occasioned—could end up changing people’s attitudes toward body size. But in what ways

When the American Medical Association declared obesity a disease in 2013, Rebecca Puhl told me, some thought “it might reduce stigma, because it was putting more emphasis on the uncontrollable factors that contribute to obesity.” Others guessed that it would do the opposite, because no one likes to be “diseased.”

why wasn’t there another kind of nagging voice that wouldn’t stop—a sense of worry over what the future holds? And if she wasn’t worried for herself, then what about for Meghann or for Tristan, who are barely in their 40s? Wouldn’t they be on these drugs for another 40 years, or even longer? But Barb said she wasn’t worried—not at all. “The technology is so much better now.” If any problems come up, the scientists will find solutions.

With consumers buying so little, at least relative to the Chinese economy’s productive capacity, how can the nation generate enough demand to keep that capacity in use? The main answer, as Michael Pettis points out, has been to promote extremely high rates of investment, more than 40 percent of G.D.P. The trouble is that it’s hard to invest that much money without running into severely diminishing returns.

financial repression — paying low interest on savings and making cheap loans to favored borrowers — that holds down household income and diverts it to government-controlled investment, a weak social safety net that causes families to accumulate savings to deal with possible emergencies, and more.

Part of the answer is bad leadership. President Xi Jinping is starting to look like a poor economic manager, whose propensity for arbitrary interventions — which is something autocrats tend to do — has stifled private initiative.

But China’s working-age population peaked around 2010 and has been declining ever since. While China has shown impressive technological capacity in some areas, its overall productivity also appears to be stagnating.

very high rates of investment may be sustainable if, like China in the early 2000s, you have a rapidly growing work force and high productivity growth as you catch up with Western economies

This, in short, isn’t a nation that can productively invest 40 percent of G.D.P. Something has to give.

the government was able to mask the problem of inadequate consumer spending for a number of years by promoting a gigantic real estate bubble. In fact, China’s real estate sector became insanely large by international standards.

what China must do seems straightforward: end financial repression and allow more of the economy’s income to flow through to households, and strengthen the social safety net so that consumers don’t feel the need to hoard cash. And as it does this it can ramp down its unsustainable investment spending.

But there are powerful players, especially state-owned enterprises, that benefit from financial repression

And when it comes to strengthening the safety net, the leader of this supposedly communist regime sounds a bit like the governor of Mississippi, denouncing “welfarism” that creates “lazy people.”

Japan ended up managing its downshifting well. It avoided mass unemployment, it never lost social and political cohesion, and real G.D.P. per working-age adult actually rose 50 percent over the next three decades, not far short of growth in the United States.

My great concern is that China may not respond nearly as well. How cohesive will China be in the face of economic trouble? Will it try to prop up its economy with an export surge that will run headlong into Western efforts to promote green technologies? Scariest of all, will it try to distract from domestic difficulties by engaging in military adventurism?

[Science fiction’s influence]…leaves us facing a future we were all warned about, courtesy of dystopian novels mistaken for instruction manuals…[T]he billionaires behind the steering wheel have mistaken cautionary tales and entertainments for a road map, and we’re trapped in the passenger seat.

t even then it would be hard to argue exogeneity, since censorship is a response to society’s values as well as a potential cause of them.

Stross is alleging that the billionaires are getting Gernsback and Campbell’s intentions exactly right. His problem is simply that Gernsback and Campbell were kind of right-wing, at least by modern standards, and he’s worried that their sci-fi acted as propaganda for right-wing ideas.

The question of whether literature has a political effect is an empirical one — and it’s a very difficult empirical one. It’s extremely hard to test the hypothesis that literature exerts a diffuse influence on the values and preconceptions of the citizenry

I think Stross really doesn’t come up with any credible examples of billionaires mistaking cautionary tales for road maps. Instead, most of his article focuses on a very different critique — the idea that sci-fi authors inculcate rich technologists with bad values and bad visions of what the future ought to look like:

I agree that the internet and cell phones have had an ambiguous overall impact on human welfare. If modern technology does have a Torment Nexus, it’s the mobile-social nexus that keeps us riveted to highly artificial, attenuated parasocial interactions for every waking hour of our day. But these technologies are still very young, and it remains to be seen whether the ways in which we use them will get better or worse over time.

There are very few technologies — if any — whose impact we can project into the far future at the moment of their inception. So unless you think our species should just refuse to create any new technology at all, you have to accept that each one is going to be a bit of a gamble.

As for weapons of war, those are clearly bad in terms of their direct effects on the people on the receiving end. But it’s possible that more powerful weapons — such as the atomic bomb — serve to deter more deaths than they cause

yes, AI is risky, but the need to manage and limit risk is a far cry from the litany of negative assumptions and extrapolations that often gets flung in the technology’s directio

I think the main problem with Harper’s argument is simply techno-pessimism. So far, technology’s effects on humanity have been mostly good, lifting us up from the muck of desperate poverty and enabling the creation of a healthier, more peaceful, more humane world. Any serious discussion of the effects of innovation on society must acknowledge that. We might have hit an inflection point where it all goes downhill from here, and future technologies become the Torment Nexuses that we’ve successfully avoided in the past. But it’s very premature to assume we’ve hit that point.

I understand that the 2020s are an exhausted age, in which we’re still reeling from the social ructions of the 2010s. I understand that in such a weary and fearful condition, it’s natural to want to slow the march of technological progress as a proxy for slowing the headlong rush of social progress

And I also understand how easy it is to get negatively polarized against billionaires, and any technologies that billionaires invent, and any literature that billionaires like to read.

But at a time when we’re creating vaccines against cancer and abundant clean energy and any number of other life-improving and productivity-boosting marvels, it’s a little strange to think that technology is ruining the world

The dystopian elements of modern life are mostly just prosaic, old things — political demagogues, sclerotic industries, social divisions, monopoly power, environmental damage, school bullies, crime, opiates, and so on

Research published in the weekly Der Spiegel shows that the AfD, a party started by nationally minded economists who advocated a return to the Deutsche mark as the national currency, now uses language nearly identical to that of the defunct National Democratic Party of Germany (NPD), a small, virulently xenophobic, and openly neo-Nazi party that ran in German elections for decades but never managed to win seats in the Bundestag.

“They have major ideological overlaps. The AfD measures up to the NPD [of 2012] in almost all areas, even if the AfD appears more moderate in its party program.”

Documents attributed to both parties employ reactionary terminology, some of it straight from Nazi Germany, such as Umvolkung (population replacement) and Volkstod (death of the German nation), as well as Stimmvieh (voting cattle) for voters of opposing parties and Passdeutschen (foreign nationals holding German passports). And like the NPD, Spiegel reported in another study, the AfD maintains close links with violent militants.

this radicalism, which in the past had turned Germans off, has now lifted the AfD to new heights: It is polling at 22 percent support nationwide, second only to the Christian Democrats, and well over 30 percent in several states, making it the number one political force there in advance of autumn elections.

The current outburst of popular indignation at the AfD, echoed by all of the other major political parties, comes on the heels of an investigative exposé that found that at a clandestine meeting in November, ranking AfD personalities met with known neo-Nazis and wealthy financiers to hammer out plans for the forced deportation of foreign nationals and even foreign-born German citizens.

The extremists congregated at a hotel near Potsdam to design what they called a “remigration master plan” to forcibly repatriate millions of people. Shocked observers drew parallels to the 1942 Wannsee Conference, held not far from Potsdam, at which the Nazis coordinated their plan to deport and murder the entire Jewish population of Europe.

While some AfD politicos have tried to distance the party from the Potsdam meeting, others endorsed its purpose. “Remigration is not a secret plan, but a promise. … and there’s no better way to put it,” announced Hans-Christoph Berndt, the AfD point person in the Brandenburg state parliament, on Jan. 17.

they confirm the diagnosis of many experts that the AfD, under the leadership of its most extreme figures—particularly Björn Höcke, a member of the Thuringia legislature—has outpaced other European far-right parties in its radicalism. “The current AfD wouldn’t find a place in the ranks of the Sweden Democrats and most of the other more moderate far-right parties among the European Conservatives and Reformists faction in the European Parliament,”

She explained that like the AfD, the Sweden Democrats, the Finns Party (formerly the True Finns), and the Danish People’s Party are opposed to immigration and favor law-and-order states. But the Nordic rightists’ experiences in office pushed them to adapt to mainstream norms and policy options. (The Sweden Democrats are currently an informal supporter of the Swedish ruling coalition; the Finns are a coalition member in Finland; and the DPP acted as a support party to a conservative Danish government between 2001 and 2011, as well as from 2015 to 2019.)

The radicalized AfD, Jungar said, in contrast to these parties, actively courts militants, trades in antisemitic tropes, and toys with the proposition of Germany exiting NATO and the European Union

Moreover, AfD politicians have stood against adoption rights for same-sex couples, the inclusion of disabled kids in schools, and the legality of abortion. “These positions simply wouldn’t stand a chance in Sweden,”

“The FPO under Kickl has moved further to the right. It is now indistinguishable from the right-wingers in the AfD,” he argued. “They want people who they think don’t belong here out of Austria. They don’t want to gas them yet, but they want to strip people of their citizenship. They want to cut people’s social benefits to such an extent that their livelihoods are destroyed. That is essentially the program of parties like the AfD and the FPO. They harbor fantasies ranging from populist to fascist.

“By stacking the courts and clamping down on opposition forces, these parties gradually undermined the democratic order,” Opratko said. “This is the AfD’s model. It’s what they want to do.”

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,”

As Douglass argued, “To suppress free speech is a double wrong. It violates the rights of the hearer as well as those of the speaker.”

Acts of intimidation are as grave a threat to free speech as restrictive government policies. Again, Douglass said it well: “There can be no right of speech where any man, however lifted up, or however humble, however young, or however old, is overawed by force, and compelled to suppress his honest sentiments.”