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starting in the mid-2010s, those beloved blue skies began to disappear. First, the smoke came in occasional bursts, from wildfires in Canada or California or Siberia, and blew away when the wind changed direction. Within a few summers, though, it was coming in thicker, from more directions at once, and lasting longer.

Sometimes there were weeks when you were advised not to open your windows or exercise outside. Sometimes there were long stretches where you weren’t supposed to breathe the outside air at all.

Now lots of Bryant’s clients wanted to talk about climate change. They wanted to talk about how strange and disorienting and scary this new reality felt, about what the future might be like and how they might face it, about how to deal with all the strong feelings — helplessness, rage, depression, guilt — being stirred up inside them.

As a therapist, Bryant found himself unsure how to respond

while his clinical education offered lots of training in, say, substance abuse or family therapy, there was nothing about environmental crisis, or how to treat patients whose mental health was affected by it

Bryant immersed himself in the subject, joining and founding associations of climate-concerned therapists

eventually started a website, Climate & Mind, to serve as a sort of clearing house for other therapists searching for resources. Instead, the site became an unexpected window into the experience of would-be patients: Bryant found himself receiving messages from people around the world who stumbled across it while looking for help.

Over and over, he read the same story, of potential patients who’d gone looking for someone to talk to about climate change and other environmental crises, only to be told that they were overreacting — that their concern, and not the climate, was what was out of whack and in need of treatment.

“You come in and talk about how anxious you are that fossil-fuel companies continue to pump CO2 into the air, and your therapist says, ‘So, tell me about your mother.’”

In many of the messages, people asked Bryant for referrals to climate-focused therapists in Houston or Canada or Taiwan, wherever it was the writer lived.

his practice had shifted to reflect a new reality of climate psychology. His clients didn’t just bring up the changing climate incidentally, or during disconcerting local reminders; rather, many were activists or scientists or people who specifically sought out Bryant because of their concerns about the climate crisis.

could now turn to resources like the list maintained by the Climate Psychology Alliance North America, which contains more than 100 psychotherapists around the country who are what the organization calls “climate aware.”

But treating those fears also stirred up lots of complicated questions that no one was quite sure how to answer. The traditional focus of his field, Bryant said, could be oversimplified as “fixing the individual”: treating patients as separate entities working on their personal growth

It had been a challenging few years, Bryant told me when I first called to talk about his work. There were some ways in which climate fears were a natural fit in the therapy room, and he believed the field had coalesced around some answers that felt clear and useful

Climate change, by contrast, was a species-wide problem, a profound and constant reminder of how deeply intertwined we all are in complex systems — atmospheric, biospheric, economic — that are much bigger than us. It sometimes felt like a direct challenge to old therapeutic paradigms — and perhaps a chance to replace them with something better.

In one of climate psychology’s founding papers, published in 2011, Susan Clayton and Thomas J. Doherty posited that climate change would have “significant negative effects on mental health and well-being.” They described three broad types of possible impacts: the acute trauma of living through climate disasters; the corroding fear of a collapsing future; and the psychosocial decay that could damage the fabric of communities dealing with disruptive changes

All of these, they wrote, would make the climate crisis “as much a psychological and social phenomenon as a matter of biodiversity and geophysics.”

Many of these predictions have since been borne out

Studies have found rates of PTSD spiking in the wake of disasters, and in 2017 the American Psychological Association defined “ecoanxiety” as “a chronic fear of environmental doom.”

Climate-driven migration is on the rise, and so are stories of xenophobia and community mistrust.

According to a 2022 survey by Yale and George Mason University, a majority of Americans report that they spend time worrying about climate change.

Many say it has led to symptoms of depression or anxiety; more than a quarter make an active effort not to think about it.

There was little or no attention to the fact that living through, or helping to cause, a collapse of nature can also be mentally harmful.

In June, the Yale Journal of Biology and Medicine published a paper cautioning that the world at large was facing “a psychological condition of ‘systemic uncertainty,’” in which “difficult emotions arise not only from experiencing the ecological loss itself,” but also from the fact that our lives are inescapably embedded in systems that keep on making those losses worse.

Climate change, in other words, surrounds us with constant reminders of “ethical dilemmas and deep social criticism of modern society. In its essence, climate crisis questions the relationship of humans with nature and the meaning of being human in the Anthropocene.”

This is not an easy way to live.

Living within a context that is obviously unhealthful, he wrote, is painful: “a dimly intuited ‘fall’ from which we spend our lives trying to recover, a guilt we can never quite grasp or expiate” — a feeling of loss or dislocation whose true origins we look for, but often fail to see. This confusion leaves us feeling even worse.

When Barbara Easterlin first started studying environmental psychology 30 years ago, she told me, the focus of study was on ways in which cultivating a relationship with nature can be good for mental health

A poll by the American Psychiatric Association in the same year found that nearly half of Americans think climate change is already harming the nation’s mental health.

the field is still so new that it does not yet have evidence-tested treatments or standards of practice. Therapists sometimes feel as if they are finding the path as they go.

Rebecca Weston, a licensed clinical social worker practicing in New York and a co-president of the CPA-NA, told me that when she treats anxiety disorders, her goal is often to help the patient understand how much of their fear is internally produced — out of proportion to the reality they’re facing

climate anxiety is a different challenge, because people worried about climate change and environmental breakdown are often having the opposite experience: Their worries are rational and evidence-based, but they feel isolated and frustrated because they’re living in a society that tends to dismiss them.

One of the emerging tenets of climate psychology is that counselors should validate their clients’ climate-related emotions as reasonable, not pathological

it does mean validating that feelings like grief and fear and shame aren’t a form of sickness, but, as Weston put it, “are actually rational responses to a world that’s very scary and very uncertain and very dangerous for people

In the words of a handbook on climate psychology, “Paying heed to what is happening in our communities and across the globe is a healthier response than turning away in denial or disavowal.”

But this, too, raises difficult questions. “How much do we normalize people to the system we’re in?” Weston asked. “And is that the definition of health?

Or is the definition of health resisting the things that are making us so unhappy? That’s the profound tension within our field.”

“It seems to shift all the time, the sort of content and material that people are bringing in,” Alexandra Woollacott, a psychotherapist in Seattle, told the group. Sometimes it was a pervasive anxiety about the future, or trauma responses to fires or smoke or heat; other times, clients, especially young ones, wanted to vent their “sort of righteous anger and sense of betrayal” at the various powers that had built and maintained a society that was so destructive.

“I’m so glad that we have each other to process this,” she said, “because we’re humans living through this, too. I have my own trauma responses to it, I have my own grief process around it, I have my own fury at government and oil companies, and I think I don’t want to burden my clients with my own emotional response to it.”

In a field that has long emphasized boundaries, discouraging therapists from bringing their own issues or experiences into the therapy room, climate therapy offers a particular challenge: Separation can be harder when the problems at hand affect therapist and client alike

Some therapists I spoke to were worried about navigating the breakdown of barriers, while others had embraced it. “There is no place on the planet that won’t eventually be impacted, where client and therapist won’t be in it together,” a family therapist wrote in a CPA-NA newsletter. “Most therapists I know have become more vulnerable and self-disclosing in their practice.”

“If you look at or consider typical theoretical framings of something like post-traumatic growth, which is the understanding of this idea that people can sort of grow and become stronger and better after a traumatic event,” she said, then the climate crisis poses a dilemma because “there is no afterwards, right? There is no resolution anytime in our lifetimes to this crisis that we nonetheless have to build the capacities to face and to endure and to hopefully engage.”

many of her patients are also disconnected from the natural world, which means that they struggle to process or even recognize the grief and alienation that comes from living in a society that treats nature as other, a resource to be used and discarded.

“How,” she asked, “do you think about resilience apart from resolution?”

she believed this framing reflected and reinforced a bias inherent in a field that has long been most accessible to, and practiced by, the privileged. It was hardly new in the world, after all, to face the collapse of your entire way of life and still find ways to keep going.

Torres said that she sometimes takes her therapy sessions outside or asks patients to remember their earliest and deepest connections with animals or plants or places. She believes it will help if they learn to think of themselves “as rooted beings that aren’t just simply living in the human overlay on the environment.” It was valuable to recognize, she said, that “we are part of the land” and suffer when it suffers.

Torres described introducing her clients to methods — mindfulness, distress tolerance, emotion regulation — to help them manage acute feelings of stress or panic and to avoid the brittleness of burnout.

She also encourages them to narrativize the problem, including themselves as agents of change inside stories about how they came to be in this situation, and how they might make it different.

then she encourages them to find a community of other people who care about the same problems, with whom they could connect outside the therapy room. As Woollacott said earlier: “People who share your values. People who are committed to not looking away.”

Dwyer told the group that she had been thinking more about psychological adaptation as a form of climate mitigation

Therapy, she said, could be a way to steward human energy and creative capacities at a time when they’re most needed.

It was hard, Bryant told me when we first spoke, to do this sort of work without finding yourself asking bigger questions — namely, what was therapy actually about?

Many of the therapists I talked to spoke of their role not as “fixing” a patient’s problem or responding to a pathology, but simply giving their patients the tools to name and explore their most difficult emotions, to sit with painful feelings without instantly running away from them

many of the methods in their traditional tool kits continue to be useful in climate psychology. Anxiety and hopelessness and anger are all familiar territory, after all, with long histories of well-studied treatments.

They focused on trying to help patients develop coping skills and find meaning amid destabilization, to still see themselves as having agency and choice.

Weston, the therapist in New York, has had patients who struggle to be in a world that surrounds them with waste and trash, who experience panic because they can never find a place free of reminders of their society’s destruction

eston said, that she has trouble with the repeated refrain that therapist and patient experiencing the same losses and dreads at the same time constituted a major departure from traditional therapeutic practice

“I’m so excited by what you’re bringing in,” Woollacott replied. “I’m doing psychoanalytic training at the moment, and we study attachment theory” — how the stability of early emotional bonds affects future relationships and feelings of well-being. “But nowhere in the literature does it talk about our attachment to the land.”

Lately, Bryant told me, he’s been most excited about the work that happens outside the therapy room: places where groups of people gather to talk about their feelings and the future they’re facing

It was at such a meeting — a community event where people were brainstorming ways to adapt to climate chaos — that Weston, realizing she had concrete skills to offer, was inspired to rework her practice to focus on the challenge. She remembers finding the gathering empowering and energizing in a way she hadn’t experienced before. In such settings, it was automatic that people would feel embraced instead of isolated, natural that the conversation would start moving away from the individual and toward collective experiences and ideas.

There was no fully separate space, to be mended on its own. There was only a shared and broken world, and a community united in loving it.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Clinton's 55-36 margin among those ages 18 to 29 is also significantly worse than late polls suggested it would be.

the race was really decided in a handful of close states — Florida, Michigan, Pennsylvania and Wisconsin, in particular. And sure enough, Clinton did even worse among young people in those states, according to exit polls.

if Clinton had come anywhere close to Obama's share of the youth vote, she would have held on to Wisconsin.

The story is similar in Pennsylvania. Clinton won those under 30 years old 52 to 43 after Obama won them 63 to 35, and in Florida, where Clinton won them 54 to 46 versus Obama's 66 to 32. It was closer in Michigan, where Clinton won the 57 to 34 versus Obama's 63 to 35

So if you accept the exit polls, it's clear Clinton did significantly worse among young people, and it was more than enough to make the difference in the states that mattered.

it's also worth noting here just how much young people hated Trump. Harvard showed just 22 percent of young likely voters had a favorable opinion of Trump, while 76 percent had an unfavorable one. Basically every poll showed something similar.

it seemed their distaste for Trump was leading them to coalesce around the lesser of two evils. In the end, it just doesn't appear to have happened as much as Clinton needed it to. In short: Robby Mook was right.

For instance, Wells Fargo (WFC) is sitting on more than $17 billion in loans to the oil and gas sector. The bank is setting aside $1.2 billion in reserves to cover losses because of the "continued deterioration within the energy sector."

JPMorgan Chase (JPM) is setting aside an extra $124 million to cover potential losses in its oil and gas loans.

"The biggest area of stress" is the oil and gas space, Marianne Lake, JPMorgan's chief financial officer, told analysts during a call on Thursday. "As the outlook for oil has weakened, we would expect to see some additional reserve build in 2016."

If oil stays around $30 a barrel, Citi is bracing for about $600 million of energy credit losses in the first half of 2016.

More oil companies will die

Are banks ready?

"We're not worried about the big oil companies. These are mostly the smaller ones that you're talking," Dimon said.

Business as usual is robbing people of hope, white-anting the promise of change

The message implicit in our governments’ refusal to act is that we should all just suck it up – as in “climate change is bullshit, and even if it’s not there’s nothing you can do about it”

It’s a licence for nihilism, a ticket to hell in a handbasket

the cohort responsible for this mixture of denial and fatalism is far removed from the daily experience of the ordinary citizen, especially the youngest and poorest of us. They have become a threat to our shared future and we must hold them to account, immediately and without reservation.

I’ve noticed a bruised attitude of beleaguerment in individuals and within groups that’s increasingly hard to ignore, a mounting grimness in the faces and language of people barely holding on in the face of steady, cumulative and unrelenting losses

some are clinging to the last tendrils of hope, others are falling into despair. And that worries me.

It’s expressed as grief, and the most palpable, widespread and immediate expression of it is now brewing over climate change. Beneath that grief there’s rage.

I worry that this widely-shared grief and unfocussed rage may become the signal human disposition of our time, that the Anthropocene will be marked by fury and hopelessness

Younger people in particular have begun to feel abandoned by their leaders and elders. They suspect they’ll be left without food or ammunition to stage a fighting retreat in which every battle is a defeat foreseen and every bit of territory was surrendered in advance by politicians and CEOs who deserted them long ago to hide in their privileged bunkers and silos

the reason humanity survived the cold war is because world leaders paid attention. They took emergent crises seriously. And in each instance of utmost danger, arguments of ideology and nationalism eventually fell away before the sacred importance of life itself

the four great capacities of humanity to solve a crisis – ingenuity, discipline, courage and sacrifice – these seem to be reserved for more important enterprises

Our governments and corporations are ensnared in a feedback loop of “common sense” and mutual self-preservation that’s little more than a bespoke form of nihilism. Ideology, prestige, assets and territory are now tacitly understood to be worth more than all life, human or otherwise

We can no longer wait patiently for our leaders to catch up. We cannot allow ourselves to be trained to accept hopelessness. Not by business, nor by governments. Both have subjected us to a steady diet of loss and depletion. It’s sapped us and left us mourning a future we can see fading before it even arrives

There’s no good reason to submit to this. No sane purpose in putting up with it. Because grief will paralyse us, and despair renders doom inevitable. We can afford neither.

we’ll need to get our house in order – and fast. That means calling bullshit on what’s been happening in our name for the past 15 years.

Life. It’s worth the fight. But, by God, after decades of appeasement, defeatism and denialism, it’s going to take a fight. Time’s short. So, let’s give our grief and fury some shape and purpose and reclaim our future together. Enough cowardice. Enough bullshit. Time for action.

Asia accounted for about $1tn of the decline in the total wealth of the world’s super-rich, with China accounting for more than a quarter of the fall in total HNWI wealth against a backdrop of plunging Chinese stock markets.

HNWI wealth declined across nearly all other regions: Latin America declined by 4%, Europe by 3% and North America by 1%, while wealth rose by 4% in the Middle East. The total wealth of the US super-rich declined by 1%, despite US GDP rising and the rate of unemployment dropping to the lowest level since the 1960s

In the worst annual performance since the financial crisis, the widespread turmoil dragged the FTSE All-World index down 11.5%. More than £240bn was erased from the value of London-listed shares, while the Shanghai composite index crashed by 25%, leaving investors suffering heavy losses.

The 18 million HNWI individuals have at least $3m each, on average, while the total wealth pile of $68.1tn is almost worth as much as the total output of the world economy each year

Oxfam warned earlier this year that the rising concentration of the world’s wealth meant 26 billionaires own as many assets as the 3.8 billion people who make up the poorest half of the planet’s population.

nearly half of all global pay is scooped up by the top 10% of workers, while the lowest-paid 50% receive only 6.4%.

Climate change will make those threats even worse, as floods, drought, storms and other types of extreme weather threaten to disrupt, and over time shrink, the global food supply

food shortages could lead to an increase in cross-border migration.

A particular danger is that food crises could develop on several continents at once

“The potential risk of multi-breadbasket failure is increasing,” she said. “All of these things are happening at the same time.”

The report also offered a measure of hope, laying out pathways to addressing the looming food crisis, though they would require a major re-evaluation of land use and agriculture worldwide as well as consumer behavior

Proposals include increasing the productivity of land, wasting less food and persuading more people to shift their diets away from cattle and other types of meat.

“One of the important findings of our work is that there are a lot of actions that we can take now. They’re available to us,” Dr. Rosenzweig said. “But what some of these solutions do require is attention, financial support, enabling environments.”

activities such as draining wetlands — as has happened in Indonesia and Malaysia to create palm oil plantations, for example — is particularly damaging. When drained, peatlands, which store between 530 and 694 billion tons of carbon dioxide globally, release that carbon dioxide back into the atmosphere.

Between 2010 and 2015 the number of migrants from El Salvador, Guatemala and Honduras showing up at the United States’ border with Mexico increased fivefold, coinciding with a dry period that left many with not enough food and was so unusual that scientists suggested it bears the signal of climate change

As a warming atmosphere intensifies the world’s droughts, flooding, heat waves, wildfires and other weather patterns, it is speeding up the rate of soil loss and land degradation, the report concludes.

Higher concentrations of carbon dioxide in the atmosphere

will also reduce food’s nutritional quality, even as rising temperatures cut crop yields and harm livestock

In some cases, the report says, a changing climate is boosting food production because, for example, warmer temperatures will mean greater yields of some crops at higher latitudes. But on the whole, the report finds that climate change is already hurting the availability of food because of decreased yields and lost land from erosion, desertification and rising seas

Overall if emissions of greenhouse gases continue to rise, so will food costs, according to the report, affecting people around the world.

“You’re sort of reaching a breaking point with land itself and its ability to grow food and sustain us,”

agriculture itself is also exacerbating climate change.

the window to address the threat is closing rapidly

Every 2.5 acres of peatlands release the carbon dioxide equivalent of burning 6,000 gallons of gasoline

And the emissions of carbon dioxide continues long after the peatlands are drained. Of the five gigatons of greenhouse gas emissions that are released each year from deforestation and other land-use changes, “One gigaton comes from the ongoing degradation of peatlands that are already drained,”

(By comparison, the fossil fuel industry emitted about 37 gigatons of carbon dioxide last year, according to the institute.)

cattle are significant producers of methane, another powerful greenhouse gas, and an increase in global demand for beef and other meats has fueled their numbers and increased deforestation in critical forest systems like the Amazon

each year, the amount of forested land that is cleared — much of that propelled by demand for pasture land for cattle — releases the emissions equivalent of driving 600 million cars

The authors urge changes in how food is produced and distributed, including better soil management, crop diversification and fewer restrictions on trade

They also call for shifts in consumer behavior, noting that at least one-quarter of all food worldwide is wasted

But protecting the food supply and cutting greenhouse emissions can also come into conflict with each other, forcing hard choices. For instance, the widespread use of strategies such as bioenergy — like growing corn to produce ethanol — could lead to the creation of new deserts or other land degradation

The report also calls for institutional changes, including better access to credit for farmers in developing countries and stronger property rights

The same is true for planting large numbers of trees (something often cited as a powerful strategy to pull carbon dioxide out of the atmosphere), which can push crops and livestock onto less productive land

But it would also increase food prices as much as 80 percent by 2050.

“We cannot plant trees to get ourselves out of the problem that we’re in,

“The trade-offs that would keep us below 1.5 degrees, we’re not talking about them. We’re not ready to confront them yet.”

Preventing global temperatures from rising more than 1.5 degrees Celsius is likely to require both the widespread planting of trees as well as “substantial” bioenergy to help reduce the use of fossil fuels

“Above 2 degrees of global warming there could be an increase of 100 million or more of the population at risk of hunger,” Edouard Davin, a researcher at ETH Zurich and an author of the report, said by email. “We need to act quickly

Planting as many trees as possible would reduce the amount of greenhouse gases in the atmosphere by about nine gigatons each year

“Agricultural practices that include indigenous and local knowledge can contribute to overcoming the combined challenges of climate change, food security, biodiversity conservation, and combating desertification and land degradation,”

an average of three people were killed per week defending their land in 2018, with more than half of them killed in Latin America.

the longer policymakers wait, the harder it will be to prevent a global crisis. “Acting now may avert or reduce risks and losses, and generate benefits to society,” the authors wrote. Waiting to cut emissions, on the other hand, risks “irreversible loss in land ecosystem functions and services required for food, health, habitable settlements and production.”

Indigenous peoples are more threatened than ever. Residents joust constantly with nature in unpredictable ways, leaving them feeling baffled, unsettled, helpless, depressed and irritated

“Everything is changing, people are trying to figure out how to adapt,” said Afanasiy V. Kudrin, 63, a farmer in Nalimsk, a village of 525 people above the Arctic Circle. “We need the cold to come back, but it just gets warmer and warmer and warmer.”

Climate change is a global phenomenon, but the shifts are especially pronounced in Russia, where permafrost covers some two-thirds of the country at depths ranging up to almost a mile.

“People don’t comprehend the scale of this change, and our government is not even thinking about it,

In a regionwide pattern, the average annual temperature in Yakutsk has risen more than four degrees, to 18.5 F from 14 F, over several decades, said Mr. Fedorov of the permafrost institute.

Warmer winters and longer summers are steadily thawing the frozen earth that covers 90 percent of Yakutia. The top layer that thaws in summer and freezes in winter can extend down as far as 10 feet where three feet used to be the maximum.

Nalimsk hunters once stored their fish and game in a 22-foot deep cave dug out of the permafrost, a kind of natural freezer. Now its thawing walls drip water, and the meat rots.

Even state-run institutions like the permafrost institute lack the means for the complicated field work needed to assess the full extent of permafrost loss. Nor can they gauge other fallout, like how much methane that microbes in the newly thawed ground produce, adding to global warming.

The loss of permafrost also afflicts the capital, Yakutsk. Subsiding ground has damaged about 1,000 buildings, said the mayor, Sardana Avksentieva, while roads and sidewalks require constant repair.

Many scientists have been warning us for years, citing a pace of extinctions far beyond the historical "background" rate. Yet critics have argued that's based on inadequate data, preserving doubt about the scope of modern wildlife declines. To see if such doubt is justified, the 2015 study compared a conservatively low estimate of current extinctions with an estimated background rate twice as high as those used in previous studies. Despite the extra caution, it still found species are disappearing up to 114 times more quickly than they normally do in between mass extinctions

six important things to know about life in the sixth mass extinction:

1. This isn't normal.

"Even under our assumptions, which would tend to minimize evidence of an incipient mass extinction, the average rate of vertebrate species loss over the last century is up to 114 times higher than the background rate," the study's authors write. "Under the 2 E/MSY background rate, the number of species that have gone extinct in the last century would have taken, depending on the vertebrate taxon, between 800 and 10,000 years to disappear.

ndicating that a sixth mass extinction is already under way."

2. Space is at a premium.

The No. 1 cause of modern wildlife declines is habitat loss and fragmentation, representing the primary threat for 85 percent of all species on the IUCN Red List. That includes deforestation for farming, logging and settlement, but also the less obvious threat of fragmentation by roads and other infrastructure.

3. Vertebrates are vanishing.

The number of vertebrate species that have definitely gone extinct since 1500 is at least 338,

Even under the most conservative estimates, the extinction rates for mammals, birds, amphibians and fish have all been at least 20 times their expected rates since 1900, the researchers note (the rate for reptiles ranges from 8 to 24 times above expected). Earth's entire vertebrate population has reportedly fallen 52 percent in the last 45 years alone

he threat of extinction still looms for many — including an estimated 41 percent of all amphibian species and 26 percent of mammals.

4. It's probably still worse than we think.

The 2015 study was intentionally conservative, so the actual rate of extinctions is almost certainly more extreme than it suggests

The study also focuses on vertebrates, which are typically easier to count than smaller or subtler wildlife like mollusks, insects and plants. As another recent study pointed out, this leaves much of the crisis unexamined. "Mammals and birds provide the most robust data, because the status of almost all has been assessed," the authors of that study write. "Invertebrates constitute over 99 percent of species diversity, but the status of only a tiny fraction has been assessed, thereby dramatically underestimating overall levels of extinction.

we may already have lost 7 percent of [contemporary] species on Earth

5. No species is safe.

"If it is allowed to continue, life would take many millions of years to recover, and our species itself would likely disappear early on," says Gerardo Ceballos of the Universidad Autónoma de México, lead author of the 2015 study. "We are sawing off the limb that we are sitting on,"

6. Unlike an asteroid, we can be reasoned with.

The analysis of satellite data has revealed the astounding loss of ice in just a few months of abnormally high temperatures around the northern pole. Last year was the hottest on record for the Arctic, with the annual minimum extent of sea ice in the region its second-lowest on record.

More recent research has found that Antarctica, the largest ice sheet on Earth, is also losing mass at a galloping rate, although the latest University of California and Nasa works reveals a nuanced picture.

“It is easy for us to be distracted by fluctuations, so the highly reliable long data sets from Grace and other sensors are important in clarifying what is really going on, showing us both the big signal and the wiggles that help us understand the processes that contribute to the big signal.”

He saved himself from larger losses by selling a big chunk of his Amazon shares in February, before the worldwide scale of the coronavirus crisis was fully acknowledged and before the stock market collapse

Bezos sold $3.4bn worth of Amazon shares in the first week of February, just before the stock price peaked.

his timing was near-perfect. The share sales, which represented about 3% of his total holding, were much greater than Bezos had made in previous months. The stock sold was as much as he had sold in the previous 12 months, according to analysis by the Wall Street Journal.

Other US executives that have been either lucky or smart by selling large chunks of their shareholdings in February include Larry Fink, the chief executive of fund manager BlackRock, who saved potential losses of $9m, and Lance Uggla, CEO of data firm IHS Markit, who sold $47m of shares on 19 February that would have dropped to $19m if he had held on to them.

In total US executives sold about $9.2bn in shares of the companies they run in the five weeks before the start of the stock market rout. Selling before the 30% collapse in the market saved them from paper loses of $1.9bn.

Since we’re nowhere close to that point — in particular, testing is still far behind what’s needed — we’re months away from a safe end of the lockdown. This is causing severe hardship for workers, businesses, hospitals and — last but not least — state and local governments, which unlike the federal government must balance their budgets.

Yet at the moment further relief legislation is stalled. And let’s be clear: Republicans are responsible for the impasse.

But the special loan program for small businesses has already been exhausted. State and city governments are reporting drastic losses in revenue and soaring expenses. And the Postal Service is on the edge of bankruptcy.

So we need another large relief package, targeted at these gaps. Where would the money come from? Just borrow it. Right now, the economy is awash in excess savings with nowhere to go. The interest rate on inflation-protected federal bonds is minus 0.56 percent; in effect, investors are willing to pay our government to make use of their money

What policy can and should do is mitigate that hardship. And the last relief package did, in fact, do a lot of the right things. But it didn’t do enough of them.

It’s true that Senate Republicans are trying to push through an extra $250 billion in small-business lending — and Democrats are willing to go along. But the Democrats also insist that the package include substantial aid for hospitals and for state and local governments. And Mitch McConnell, the Senate majority leader, is refusing to include this aid.

Everyone, and I mean everyone, knows what is really happening: McConnell is trying to get more money for businesses while continuing to shortchange state and local governments. After all, “starve the beast” — forcing governments to cut services by depriving them of resources — has been Republican strategy for decades

At a basic level, then, anti-government ideologues are preventing us from responding adequately to the worst economic disaster since the Great Depression.

Their obstructionism will cause vast suffering, as crucial public services are curtailed. It will also compound the economic damage.

In the near future, we’ll see millions of unnecessary job losses as impoverished families cut back spending, as local governments lay off teachers and firefighters, as the post office, if it survives at all, becomes a shadow of its former self.

And many of these job losses will probably persist even after the pandemic subsides.

If there’s a silver lining to all this, it is that the people sabotaging our response to Covid-19 economics may also be sabotaging their own political future. Trump is, after all, counting on rapid economic recovery to erase public memories of his disastrous handling of the pandemic itself. Yet he and his allies in the Senate are making such a recovery much less likely.

The cost: The participating counties and municipalities are contributing to a $4bn statewide spend, including Miami Beach’s $400m Forever Bond, a $1bn stormwater plan and $250m of improvements to Broward county’s sewage systems to protect against flooding and seawater seepage. In the Keys, many consider the estimated $60m a mile cost of raising roads too expensive.

The threat: Saltwater from sea level rise is seeping further inland through Florida’s porous limestone bedrock and contaminating underground freshwater supplies, notably in the Biscayne aquifer, the 4,000-sq mile shallow limestone basin that provides drinking water to millions in southern Florida. Years of over-pumping and toxic runoff from farming and the sugar industry in central Florida and the Everglades have worsened the situation. The Florida department of environmental protection warned in March that “existing sources of water will not adequately meet the reasonable beneficial needs for the next 20 years”. A rising water table, meanwhile, has exacerbated problems with south Florida’s ageing sewage systems. Since December, millions of gallons of toxic, raw sewage have spilled on to Fort Lauderdale’s streets from a series of pipe failures.

The cost: The Everglades restoration plan was originally priced at $7.8bn, rose to $10.5bn, and has since ballooned to $16.4bn. Donald Trump’s proposed 2021 federal budget includes $250m for Everglades restoration. The estimated $1.8bn cost of the reservoir will be split between federal and state budgets.

Possible solutions

The cost: With homeowners and businesses largely bearing their own costs, the specific amount spent on “hurricane-proofing” in Florida is impossible to know. A 2018 Pew research study documented $1.3bn in hazard mitigation grants from federal and state funding in 2017, along with a further $8bn in post-disaster grants. Florida is spending another $633m from the US Department of Housing and Urban Development on resiliency planning.

Wildlife and habitat loss The threat: Florida’s native flora and fauna are being devastated by climate change, with the Florida Natural Areas Inventory warning that a quarter of the 1,200 species it tracks is set to lose more than half their existing habitat, and the state’s beloved manatees and Key deer are at risk of extinction. Warmer and more acidic seas reduce other species’ food stocks and exacerbate the deadly red-tide algal blooms that have killed incalculable numbers of fish, turtles, dolphins and other marine life. Bleaching and stony coral tissue disease linked to the climate crisis threaten to hasten the demise of the Great Florida Reef, the only living coral reef in the continental US. Encroaching saltwater has turned Big Pine Key, a crucial deer habitat, into a ghost forest.

As for the Key deer, of which fewer than 1,000 remain, volunteers leave clean drinking water to replace salt-contaminated watering holes as herds retreat to higher ground. A longer-term debate is under way on the merits and ethics of relocating the species to other areas of Florida or the US.

Coastal erosion The threat: Tourist brochures showcase miles of golden, sandy beaches in South Florida, but the reality is somewhat different. The Florida department of environmental protection deems the entire coastline from Miami to Cape Canaveral “critically eroded”, the result of sea level rise, historically high tides and especially storm surges from a succession of powerful hurricanes. In south-eastern Florida’s Palm Beach, Broward, Miami-Dade and Monroe counties, authorities are waging a continuous war on sand loss, eager to maintain their picture-perfect image and protect two of their biggest sources of income, tourism dollars and lucrative property taxes from waterfront homes and businesses.

In the devastating hurricane season just one year before, major storms named Harvey, Maria and Irma combined to cause damage estimated at $265bn. Scientists have evidence the climate crisis is causing cyclones to be more powerful, and intensify more quickly, and Florida’s position at the end of the Atlantic Ocean’s “hurricane alley” makes it twice as vulnerable as any other state.

With the other option abandoning beaches to the elements, city and county commissions have little choice but costly replenishment projects with sand replacement and jetty construction. Federal law prohibits the importation of cheaper foreign sand, so the municipalities must source a more expensive alternative from US markets, often creating friction with residents who don’t want to part with their sand. Supplementary to sand replenishment, the Nature Conservancy is a partner in a number of nature-based coastal defense projects from West Palm Beach to Miami.

benefited from 61,000 cubic yards of new sand this year at a cost of $16m. Statewide, Florida spends an average $50m annually on beach erosion.

The threat: “Climate gentrification” is a buzzword around south Florida, a region barely 6ft above sea level where land has become increasingly valuable in elevated areas. Speculators and developers are eyeing historically black, working-class and poorer areas, pushing out long-term residents and replacing affordable housing with upscale developments and luxury accommodations that only the wealthy can afford.

No study has yet calculated the overall cost of affordable housing lost to the climate crisis. Private developers will bear the expense of mitigating the impact on the neighborhood – $31m in Magic City’s case over 15 years to the Little Haiti Revitalization Trust, largely for new “green” affordable housing. The University of Miami’s housing solutions lab has a $300,000 grant from JPMorgan to report on the impact of rising seas to South Florida’s affordable housing stocks and recommend modifications to prevent it from flooding and other climate events. A collaboration of not-for-profit groups is chasing $75m in corporate funding for affordable housing along the 70-mile south Florida rail trail from Miami to West Palm Beach, with the first stage, a $5m project under way to identify, build and renovate 300 units.

Florida has long been plagued by political leadership more in thrall to the interests of big industry than the environment. As governor from 2011 to 2019, Rick Scott, now a US senator, slashed $700m from Florida’s water management budget, rolled back environmental regulations and enforcement, gave a free ride to polluters, and flip-flopped over expanding offshore oil drilling. The politician who came to be known as “Red Tide Rick”, for his perceived inaction over 2018’s toxic algae bloom outbreaks, reportedly banned the words “climate change” and “global warming” from state documents.

Last month, state legislators approved the first dedicated climate bill. It appears a promising start for a new administration, but activists say more needs to be done. In January, the Sierra Club awarded DeSantis failing grades in an environmental report card, saying he failed to protect Florida’s springs and rivers and approved new roads that threatened protected wildlife.

The cost: Florida’s spending on the environment is increasing. The state budget passed last month included $650m for Everglades restoration and water management projects (an instalment of DeSantis’s $2.5bn four-year pledge) and $100m for Florida Forever. A $100m bridge project jointly funded by the state and federal governments will allow the free flow of water under the Tamiami Trail for the first time in decades.

Florida has woken up to the threat of climate change but it is not yet clear how effective the response will be. The challenges are innumerable, the costs immense and the political will to fix or minimize the issues remains questionable, despite recent progress. At stake is the very future of one of the largest and most diverse states in the nation, in terms of both its population and its environment. Action taken now will determine its survival.

Untreated mental health issues can lead to addiction, domestic violence, the disintegration of families and may even make adolescents susceptible to recruitment from gangs and terror groups, he added.

There are multiple factors that affect the development of brain function and mental health in children in Syria. There is extreme stress related to violence, the loss of family members and witnessing multiple episodes of destruction of your home and neighborhood.

My suspicion is that we will see widespread incidents of mental health problems developing in the areas where children witness bombings and violence. For children, this can have a lasting impact on their lives because, left untreated, mental health issues can affect how they interact with people: They can increase domestic violence, addiction, and job loss, and make these children fertile ground for recruitment to gangs and terrorist groups who exploit mental health conditions.

These terror groups indoctrinate them [in a way] that makes it easier to deal with mental health issues, such as the belief in ultimate victory or promises of an afterlife. 

If we don’t address the mental health crisis early, the scars will stay for a long time and it will be [more] difficult to treat, especially in children. It is very important that when there are bombings, violence, grief over the loss of immediate family members, that psychiatric aid and counseling are provided right away.

That increases demand, which increases the stock’s price. Which means the brokers have to buy more shares, which means … you get the idea.

This weird little bubble doesn’t just affect the bettors, though. If big investors on the losing side of these trades have to raise money to cover their losses, it could mean dumping enough shares to hurt the prices of otherwise solid stocks.

If the sell-off is big enough, it could have a cascading effect that leads to broader losses for investors who have never bought or sold a share of GameStop.

There are no obvious financial bubbles, and given the stock market expansion, consumers and investors appear confident about the long run.

The scope of tax losses could mean layoffs of teachers, firefighters and police across much of the nation.

The next round of Covid relief must accomplish two things. First, it must extend the supplemental pandemic unemployment insurance that has sustained more than 10 million families since March.

Failure to replace state and local government tax losses will have damaging effects, deepening the downturn and potentially adding years to a full recovery.

In fact, since January, approximately 1 million local government employees have already lost their jobs. But it also means significant reductions in public services next year.

Many investments could also reduce costs for local governments with more energy efficient buildings and lower transportation costs.

The House passed a version of pandemic relief with a $2.2 trillion estimated cost in the spring.

While GOP resistance to this size of relief has been characterized as a bailout to poorly run states, that rhetoric is simply wrong.

the economic distress facing states is caused by the fallout of Covid, not fiscal mismanagement.

But we face the pandemic with the government we have, not the government we wished we had. So, a new relief bill should provide a good working example of compromise for the next administration

Most large American cities face significant congestion problems, and few roads have the necessary technology to accommodate smart vehicles.

The Biden infrastructure plan calls for $2 trillion of spending. This is more than earlier transit plans, but not out of range of all federal infrastructure spending over a typical five to seven year spending plan.

Still, the short-term economic damage from the pandemic will likely persist for several more years. And the long-term damage, particularly to children and young adults, may last for decades. Because of this, Covid-19 relief should be the first economic policy priority of the Biden administration.

We still have rapidly rising health care spending, a counterproductive trade war that weakened US manufacturing and comprehensive immigration reform to contend with. We need longer term paths to constructive compromise.

Over the past few decades, the United States has moved away from federalism, where state and local government take a more active role in determining their own best course of action on many of our most divisive issues. This weakens our ability to craft compromises.

President-elect Biden faces an historically weakened economy and strengthening pandemic. He also steps into office in an age of deep political distrust. As he fights the economic fallout of Covid, he has a rare chance to resurrect the mechanisms of compromise that have served the United States well for 244 years.

The consistency of the partisan jobs gap contrasts with a shifting pattern of infections and deaths.

Furthermore, local economies are struggling in places where more people can work from home.

In other words, redder places had milder job losses, and the relationship is strong.

Other factors that are correlated with partisanship are also systematically related to job losses during the pandemic.

So that means more than two-thirds of the partisan gap can be explained by local job mix, size of the population, and cost of living.

The coronavirus recession is unusual in that services employment (like at restaurants) has declined more than goods-sector employment (like at factories). All other recent recessions have hit goods-related industries worse, which tend to be more concentrated in Republican-leaning places.