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China’s drop was much much bigger; the Japan of the 80s was never the export machine people believed it to be. Both countries turned to investment in real estate and infrastructure as a replacement growth driver — although again, China did this much more than Japan did. Essentially, China did all the the things we typically think of Japan as having done 25 years earlier, but much more than Japan actually did them.

Yes, for those who were wondering, this does look a little bit like what happened to Japan in the 1990s

Already the country is not growing much faster than the G7, and as the ongoing real estate bust weighs on the economy, even that small difference may now be gone. The country’s surging auto industry is a bright spot, but won’t be big enough to rescue the economy from the evaporation of its primary growth driver.

Even if it manages to climb up to 40%, that’s still a fairly disappointing result — South Korea is at 71% and Japan at 65%

a re-acceleration would require a massive burst of productivity growth, which just seems unlikely.

That means China’s catch-up growth only took it to 30% of U.S. per capita GDP (PPP)

There’s one main argument that people make for a quick Chinese decline: rapid aging. But while I don’t want to wave this away, I don’t think it’s going to be as big a deal as many believe

This is another example of China’s peak being both awe-inspiring and strangely disappointing at the same time.

Now that China has hit its peak, will it decline? And if so, how much and how fast?

it seems likely that China’s growth will now slow to developed-country levels, or slightly higher, without much prospect for a sustained re-acceleration

when people contemplate Chinese decline, they’re not asking whether its economy will shrink; they’re asking whether its relative economic dominance and geopolitical importance will decrease.

If we just casually pattern-match on history, the answer would probably be “not for a long time”. Most powerful countries seem to peak and then plateau. Britain ruled the waves for a century.

U.S. relative power and economic dominance peaked in the 1950s, but it didn’t really start declining until the 2000s

Japan and Germany had their military power smashed in WW2, but remained economic heavyweights for many decades afterwards.

When the Roman Empire declined, it got a lot poorer. But in the modern economy, countries that decline in relative terms, and in geopolitical power, often get richer

he total fertility rate has been low since even before the one-child policy was implemented, but recently it has taken a nose-dive. Two years ago, the UN put it at 1.16, which is 40% lower than the U.S. and 22% lower than Europe

The country’s total population only started shrinking this year, but its young population started falling sharply 20 years ago, due to the echo of low fertility in the 80s. The most common age for a Chinese person is now about 50 years old, with another peak at 35:

The first reason is that power is relative, and China’s rivals have demographic issues of their own. The U.S., Europe, India and Japan all have higher fertility than China, but still below replacement level

demographics aren’t actually going to force Chinese power or wealth into rapid decline over the next few decades.

third of all, evidence suggests that population aging is really more of a persistent drag than a crisis or disaster.

Second, demographics won’t take away China’s biggest economic advantage, which is clustering and agglomeration effects. Asia is the world’s electronics manufacturing hub. It’s also by far the most populous region in the world, giving it the biggest potential market size

China will act as a key hub for that region, in terms of trade, supply chains, investment, and so on. China is shrinking, but Asia is not

As a result, there are suddenly many fewer Chinese people able to bear children, which is why the actual number of births in China has fallen by almost half since 2016:

we’d find that every percentage point of the senior population share that China gains relative to other countries might reduce its relative economic performance by about 1.15%. That’s not a huge number.

Now, if we look at the research, we find some estimates that are much larger than this — for example, Ozimek et al. (2018) look at specific industries and specific U.S. states, and find an effect on productivity that’s three times as large as the total effect on growth that I just eyeballed above. Maestas et al. (2022) look at U.S. states, and also find a larger effect. But Acemoglu and Restrepo (2017) look across countries and find no effect at all.

On top of that, there are plenty of things a country can do to mitigate the effects of aging. One is automation. China is automating at breakneck speed,

A second is having old people work longer; China, which now has higher life expectancy than the U.S., is well-positioned to do this.

Finally, aging will prompt China to do something it really needs to do anyway: build a world class health care system

this would help rectify the internal imbalances that Michael Pettis always talks about, shifting output from low-productivity real estate investment toward consumption.

if not aging, the only other big dangers to China are war and climate change.

To realize its full potential, Altasia will need integration — it will need some way to get Japanese and Korean and Taiwanese investment and technology to the vast labor forces of India, Indonesia, and the rest

the most likely outcome is that China sits at or near its current peak of wealth, power and importance through the middle of this century at least.

Altasia has more people and arguably more technical expertise than China. And it’s the only alternative location for the Asian electronics supercluster.

War was the big mistake that Germany made a century ago, so let’s hope China doesn’t follow in its footsteps.

The story of whether and how that complex web of investment, tech transfer, and trade develops will be the next great story of globalization.

But I think the very complexity of Altasia will lead to its own sort of adventure and excitement.

for Western companies looking for new markets, Altasia will potentially be more exciting than China ever was. The Chinese market delivered riches to some, but the government banned some products (especially internet services) and stole the technology used to make others. Ultimately, China’s billion consumers turned out to be a mirage for many. The economies and societies of Altasia, in comparison, are much more open to foreign products.

A second expert agreed broadly. Dr. Arnold Monto, a professor of epidemiology at the University of Michigan School of Public Health, said by email: "I agree that by 3 weeks, we will have a better idea of what is going to happen going forward. The outbreaks seem to be hitting different communities at different times and at different intensities, so it is hard to generalize However, I agree in general. And that is why action now in terms of social distancing is so important."

He said he was more skeptical about the United States being able to lift restrictions on only part of the population. "Asking a subset to remain sheltered in place, to remain in home, that's more difficult to do," he said by phone.

Dr. William Schaffner, an infectious disease specialist at Vanderbilt University, said the peak might take three more weeks.

One disease modeler said it was "impossible to predict" when the peak would hit. Dr. Stefan Flasche, a disease modeler at The London School of Hygiene & Tropical Medicine, told CNN by email the peak was influenced by the efficiency of lockdown measures, and "may be anywhere between some time very soon and not for another few months."

President Donald Trump has said his desire to lift measures as quickly as possible is motivated by a desire to get the American economy moving again. He has expressed a belief that the economy could experience a "v" shaped, ultra-fast recovery. Yet one economist expressed doubt recovery could be that fast-paced and warned that snapping back in and out of restrictions could cause greater damage.

Erin Strumpf, a professor of economics at McGill University, told CNN: "Nothing suggests that we could just 'snap back' to life as it was before. We're taking concrete actions to lower the probability of an uncertain outcome."

income growth since the fall of the Berlin Wall has been a “twin peaks” story. Incomes have, of course, soared at the top, as the world’s elite becomes ever richer. But there have also been huge gains for what we might call the global middle — largely consisting of the rising middle classes of China and India.

the bad news: Between these twin peaks — the ever-richer global elite and the rising Chinese middle class — lies what we might call the valley of despond: Incomes have grown slowly, if at all, for people around the 20th percentile of the world income distribution. Who are these people? Basically, the advanced-country working classes.

the travails of workers in rich countries are, in important ways, the flip side of the gains above and below them.

Competition from emerging-economy exports has surely been a factor depressing wages in wealthier nations, although probably not the dominant force.

More important, soaring incomes at the top were achieved, in large part, by squeezing those below: by cutting wages, slashing benefits, crushing unions, and diverting a rising share of national resources to financial wheeling and dealing.

more important still, the wealthy exert a vastly disproportionate effect on policy. And elite priorities — obsessive concern with budget deficits, with the supposed need to slash social programs — have done a lot to deepen the valley of despond.

The problem with these conventional leaders, I’d argue, is that they’re afraid to challenge elite priorities, in particular the obsession with budget deficits, for fear of being considered irresponsible

who speaks for those left behind in this twin-peaked world? You might have expected conventional parties of the left to take a populist stance on behalf of their domestic working classes. But mostly what you get instead — from leaders ranging from François Hollande of France to Ed Milliband of Britain to, yes, President Obama — is awkward mumbling.

All of this suggests some uncomfortable historical analogies. Remember, this is the second time we’ve had a global financial crisis followed by a prolonged worldwide slump. Then, as now, any effective response to the crisis was blocked by elite demands for balanced budgets and stable currencies. And the eventual result was to deliver power into the hands of people who were, shall we say, not very nice.

political and opinion leaders need to face up to the reality that our current global setup isn’t working for everyone. It’s great for the elite and has done a lot of good for emerging nations, but that valley of despond is very real. And bad things will happen if we don’t do something about it.

But survivors, funeral directors and scientists say the real numbers of infections and deaths in India may be many times more than the reported figures. The sheer number of patients has all but collapsed the health system in a country that invests less on public health — just above 1% of its gross domestic product — than most of its peers. (Brazil spends more than 9% of its GDP on health; in the U.S., the figure is nearly 18%.)

Each day, he goes to every crematorium and burial ground in his district of the capital, tallying deaths from COVID-19. Of his 11 staff members, five currently have COVID-19, he said.

Fewer positive results mean fewer confirmed infections and fewer deaths attributed to the coronavirus. India's total pandemic deaths this week crossed the 200,000 mark. But that's still lower than the overall death tolls in the United States, Brazil and Mexico, according to data compiled by Johns Hopkins University.

He attributed this disparity to administrative chaos.

There is another reason why India's coronavirus numbers may be skewed: hubris. In early March, India's health minister declared that the country was in the "endgame of the COVID-19 pandemic." Daily cases had hit record lows of about 8,000 a day in early February, down from a peak of nearly 100,000 cases a day in September.

But over the winter, as cases began creeping up, some politicians didn't pay attention — or perhaps didn't believe the coronavirus could return.

There have also been allegations that some politicians tried to suppress inconvenient news about rising case numbers.

Last year, at the height of the pandemic's first wave in India, Sirohi said he was counting about 220 COVID-19 deaths a day. When NPR spoke to him Wednesday, he counted 702 for that day. He passes those numbers up the chain of command. But the death figures the government ultimately publishes for his region have been at least 20% lower than what he's seeing on the ground, he said.

There are reasons why fewer Indians might die from COVID-19. India is a very young country. Only 6% of Indians are older than 65. More than half the population is under 25. They're more likely to survive the disease.

By analyzing total excess deaths – i.e., the difference between total deaths in Mumbai one year, compared with the year before — he estimates that the number of deaths attributed to COVID-19 would have to have been undercounted by at least two-thirds to account for the higher 2020 death tally.

Those calculations are based on data from Mumbai, India's richest major city, where access to health care is better than elsewhere. So the number of undercounted deaths could be even higher in less well-off parts of the country — such as in Santosh Pandey's village.

Scientists said recorded infections are even more of an underestimate. But they have a better idea of how much infections have been undercounted because they have serological data from random antibody tests that authorities conducted across large swaths of the country.

Results of a third national serological survey conducted in December and January showed that roughly a fifth of India's population had been exposed to the virus. That meant for every recorded coronavirus case, almost 30 went undetected.

She's a biostatistician at the University of Michigan who's designed models that show India's reported infections will peak in late May. She predicts India could be confirming as many as 1 million new cases a day and 4,500 daily deaths by then.

The institute's director, Chris Murray, told NPR that India may be detecting only 3% or 4% of its daily infections.

India's deaths in this latest wave would peak around the third week of May, according to the institute's model.

That could mean more shortages, fewer hospital beds and more tragedy on top of what India has already endured in recent weeks.

“Based on our research, I can’t see evidence that we can reach 1.9C,” he said. “But whether we are now on course for 1.9C or 2.7C, the main point is that we should focus on concrete action.”

China has released five documents detailing plans to achieve its dual goals of peaking carbon emissions in 2030 and reaching net zero by 2060. “If you read those reports you can find all of our actions, but nobody reads everything,”

As an example, he said the working guidance document on carbon peaking and neutrality outlined a strict control on the increase of coal consumption during the 14th five-year period and then a gradual reduction during the following five years. “That means China will peak coal consumption around 2025, though that is not a line you will see in the document. You need to interpret it and nobody [outside China] can do that.”

Similarly, he said the government 1+N policy system provided a roadmap of 37 tasks that the country needed to take until 2060 on areas ranging from legislation and policy to technology and finance

There will be another 30 documents published in the coming year that break down actions needed in key sectors, such as building and transport, as well as major industries including steel and chemicals. “No country has issued so many documents to support its targets,” he said. “It’s a holistic solution, but nobody knows.”

China’s two different targets pose very different challenges, he said. “The peaking issue is easy. More difficult is how to achieve neutrality … We are in transition. Our concern in the future is not that China is too slow, but that it is too fast.”

“Our coal-fired plants have a life of 10 to 12 years. If we shut them down, who will pay for the stranded assets? Who will employ the laid-off workers?”

By the end of this decade, the government plans to reach 1200GW of wind and solar power, which would exceed the entire installed electricity capacity of the US, he said.

As at previous Cops, China will also push wealthy nations to make greater financial contributions to developing countries, which have done least to cause the climate crisis but suffer most from its consequences.

“China would like more effort on supporting developing countries,” he said. “If we are going to aim for 1.5C instead of 2C, then there has to be an increase in the funds available to make that happen.”

“1.5C is possible, but it would carry a cost, social and economic. If we cannot solve these problems equally, especially for developing countries, then it is not a real target.”

“We are all in the same boat, but different cabins,” he said. “Some live in a big space and eat too much. We need balance.”

The 1950s was a remarkable decade for blue-collar male workers. Union membership in the private sector peaked at 35 percent. The male labor-participation rate peaked in 1951. The next year, unemployment fell under 3 percent for the only period on record. Factories that once made shrapnel turned out lawn mowers and washing machines that supplied a happy migration to the suburbs. All this occurred within an economy that was uniquely closed, as the economist Robert Gordon wrote in his book The Rise and Fall of American Growth:

The high tariff wall allowed American manufacturing to introduce all available innovations into U.S.-based factories without the outsourcing that has become common in the last several decades. The lack of competition from immigrants and imports boosted the wages of workers at the bottom and contributed to the remarkable “great compression” of the income distribution during the 1940s, 1950s, and 1960s. Thus the closing of the American economy through restrictive immigration legislation and high tariffs may indirectly have contributed to the rise of real wages … and the general reduction of inequality from the 1920s to the 1950s.

What happened? The road from there to Trump is long and punctuated with many markers. But here are three significant turns: the 1968 election; the 1979 peak in manufacturing employment, and the 2008 election of Barack Obama.

In a shockingly frank 1981 interview looking back at the 1968 election, the Republican strategist Lee Atwater explained how Nixon disguised his appeal to anti-black voters in the language of economic angst. “By 1968 you can’t say ‘nigger’—that hurts you, backfires. So you say stuff like, uh, forced busing, states’ rights, and all that stuff, and you’re getting so abstract. Now, you’re talking about cutting taxes, and all these things you’re talking about are totally economic things and a byproduct of them is, blacks get hurt worse than whites.”

Was the white south’s shift to the Republican column really all about civil rights? In a 2015 study, Yale University researchers drawing from Gallup surveys dating back to 1958 concluded that although southern white Democrats held racist views before the 1960s, the correlation between “conservative racial views” and “Democratic identification” disappeared after Kennedy proposed the Civil Rights Act in 1963.

Essentially, almost all of those voters became Republicans. “Defection among racially conservative whites explains all of the decline in relative white Southern Democratic identification between 1958 and 1980” and three-quarters of the decline until 2000, they concluded.

The most important American industry for most of the 20th century had been manufacturing. Once employing more than a third of the private workforce, and mostly men without a college education, manufacturing employment peaked in the summer of 1979 at almost 20 million workers.

But by the end of the early 1980s recession, the sector had lost almost 3 million jobs. Today, there are about 12 million people working in manufacturing, altogether. In the cities where these jobs were concentrated, the fallout was particularly brutal.

Since 1980, the share of men between 25 and 54 who are neither working nor looking for work has increased with each passing decade. Since 1980, this figure, called the "inactivity rate," has more than doubled

Meanwhile, work has shifted toward service-sector jobs where less-educated women have fared better than men. Women without a college degree are earning more than they were 20 years ago, but since 1990, median real earnings for men without a college degree have fallen 13 percent.

nly one age-and-ethnic group is dying at higher rates than they were 15 years ago: middle-aged American whites without a college education.

. In 2004, white Republicans and white Democrats were similarly likely to say that "too much" money was spent to improve conditions for black people. Eight years later, Republicans were three times more likely to agree.

although the expression of racism by all whites toward blacks has decreased over time, "they’ve failed to decrease under Obama” among Republicans.

The reemergence of racial antagonism is concentrated among Trump supporters. Six out of ten of them think Obama is a Muslim, and only 21 percent acknowledge that the president was born in the United States.

economic anxiety can amplify racial threat effects by leading the majority to fear losing scarce resources to the rising minority. According to "group position theory,” or “group threat,” people in an ethnic majority identify with each other and feel threatened when their position in the cultural hierarchy is tenuous

Berkeley, applied group position theory to the rise of the Tea Party, arguing that racial resentment was the motor of the movement. They concluded that “the election of the first nonwhite president [and] the rising minority population have been perceived as threatening the relative standing of whites in the U.S.”

In short, scarcity triggers tribalism. Despite the long decline in racism among most American voters, prejudice is blooming where voters are most pessimistic and afraid.

As long as life continues as it has — with people choosing smaller family sizes, as is now common in most of the world — then in the 22nd or 23rd century, our decline could be just as steep as our rise.

there is no consensus on exactly how quickly populations will fall after that. Over the past 100 years, the global population quadrupled, from two billion to eight billion.

What would happen as a consequence? Over the past 200 years, humanity’s population growth has gone hand in hand with profound advances in living standards and health: longer lives, healthier children, better education, shorter workweeks and many more improvements

In this short period, humanity has been large and growing. Economists who study growth and progress don’t think this is a coincidence. Innovations and discoveries are made by people. In a world with fewer people in it, the loss of so much human potential may threaten humanity’s continued path toward better lives.

It would be tempting to welcome depopulation as a boon to the environment. But the pace of depopulation will be too slow for our most pressing problems. It will not replace the need for urgent action on climate, land use, biodiversity, pollution and other environmental challenges

If the population hits around 10 billion people in the 2080s and then begins to decline, it might still exceed today’s eight billion after 2100

Population decline would come quickly, measured in generations, and yet arrive far too slowly to be more than a sideshow in the effort to save the planet. Work to decarbonize our economies and reform our land use and food systems must accelerate in this decade and the next, not start in the next century.

This isn’t a call to immediately remake our societies and economies in the service of birthrates. It’s a call to start conversations now, so that our response to low birthrates is a decision that is made with the best ideas from all of u

If we wait, the less inclusive, less compassionate, less calm elements within our society and many societies worldwide may someday call depopulation a crisis and exploit it to suit their agendas — of inequality, nationalism, exclusion or control

Births won’t automatically rebound just because it would be convenient for advancing living standards or sharing the burden of care work

We know that fertility rates can stay below replacement because they have. They’ve been below that level in Brazil and Chile for about 20 years; in Thailand for about 30 years; and in Canada, Germany and Japan for about 50.

In fact, in none of the countries where lifelong fertility rates have fallen well below two have they ever returned above it. Depopulation could continue, generation after generation, as long as people look around and decide that small families work best for them, some having no children, some having three or four and many having one or two.

Nor can humanity count on any one region or subgroup to buoy us all over the long run. Birthrates are falling in sub-Saharan Africa, the region with the current highest average rates, as education and economic opportunities continue to improve

The main reason that birthrates are low is simple: People today want smaller families than people did in the past. That’s true in different cultures and economies around the world. It’s what both women and men report in surveys.

Humanity is building a better, freer world with more opportunities for everyone, especially for women

That progress also means that, for many of us, the desire to build a family can clash with other important goals, including having a career, pursuing projects and maintaining relationships

In a world of sustained low birthrates and declining populations, there may be threats of backsliding on reproductive freedom — by limiting abortion rights, for example

Nobody yet knows what to do about global depopulation. But it wasn’t long ago that nobody knew what to do about climate change. These shared challenges have much in common,

As with climate change, our individual decisions on family size add up to an outcome that we all share.

Six decades from now is when the U.N. projects the size of the world population will peak. There won’t be any quick fixes: Even if it’s too early today to know exactly how to build an abundant future that offers good lives to a stable, large and flourishing future population, we should already be working toward that goal.

China’s annual births, the official said, could hit 20 million soon, resulting in a population of 1.45 billion in 2030

The new two-child policy, which among other things obliges parents to seek permission for a second child and does not allow single women to bear children

It is the particular genius of the American system to balance ambition with ambition through a divided government (executive, legislative and judicial)

Conservatives believe that finite and fallen creatures are often wrong. We know that many of our attitudes and beliefs are the brain’s justification for pre-rational tendencies and desires

All of us have things to learn, even from our political opponents. The truth is out there, but it is generally broken into pieces and scattered across the human experience. We only reassemble it through listening and civil communication.

And conservatives believe that a just society depends on the moral striving of finite and fallen creatures who treat each other with a respect and decency that laws can encourage but not enforce.

no serious constitutional recourse seems to remain. While open to other options, I see none. It will now fall to citizens and institutions to (1) defend the legislature and judiciary from any encroachment, (2) defend every group of people from organized oppression, including Muslims and refugees, (3) expand and defend the institutions — from think tanks to civil liberty organizations — that make the case for a politics that honors human dignity. And pray for the grass to grow.

this type of conservatism — a conservatism of intellectual humility and moral aspiration — also has the advantage of being organic. It grows with tenacity in hidden places, eventually breaking down the cement and asphalt of our modern life.

This is not the political force that has recently taken over the Republican Party

That has been the result of extreme polarization, not a turn toward enduring values. The movement is authoritarian in theory, apocalyptic in mood, prone to conspiracy theories and personal abuse, and dismissive of ethical standards. The president-elect seems to offer equal chances of constitutional crisis and utter, debilitating incompetence.

The plausible case that Russian espionage materially contributed to the election of an American president has been an additional invitation to anger. Now, not only the quality but also the legitimacy of our democracy is at stake.

But what is the proper conservative response? It is to live within the boundaries of law and reality

In the midst of all our justified skepticism, we can never be skeptical of this: that the reason for politics is to honor the equal value of every life, beginning with the weakest and most vulnerable. No bad goal — say, racial purity or communist ideology — outweighs this commitment. And no good goal — the efficiency of markets or the pursuit of greater equality — does either.

The GOP is at its peak, but conservatism has hit rock bottom

Michael Gerson Opinion

most economists see global trade as a win-win proposition, but resource limitation turns it into a win-lose, zero-sum contest. “The faster China grows, the higher grain prices go, the more people in China or India who upgrade to meat, the higher the tendency for Africa to starve,” he said.

Grantham argues that the late-18th-century doomsayer Thomas Malthus pretty much got it right but just had the bad timing to make his predictions about unsustainable population growth on the eve of the hydrocarbon-fueled Industrial Revolution, which “partially removed the barriers to rapid population growth, wealth and scientific progress.” That put off the inevitable for a couple of centuries, but now, ready or not, the age of cheap hydrocarbons is ending. Grantham’s July letter concludes: “We humans have the brains and the means to reach real planetary sustainability. The problem is with us and our focus on short-term growth and profits, which is likely to cause suffering on a vast scale. With foresight and thoughtful planning, this suffering is completely avoidable.”

“E.D.F. is educating people that dealing with climate change will be good for the economy and job creation. One of Jeremy’s insights is that we can make headway on the market side because higher commodity prices will enforce greater efficiency.”

When he reminds us that modern capitalism isn’t equipped to handle long-range problems or tragedies of the commons (situations like overfishing or global warming, in which acting rationally in your own self-interest only deepens the harm to all), when he urges us to outgrow our touching faith in the efficiency of markets and boundless human ingenuity, and especially when he says that a wise investor can prosper in the coming hard times, his bad news and its silver lining come with a built-in answer to the skeptical question that Americans traditionally pose to egghead Cassandras: If you’re so smart, how come you’re not rich?

Grantham believes that the best approach may be to recast global warming, which depresses crop yields and worsens soil erosion, as a factor contributing to resource depletion. “People are naturally much more responsive to finite resources than they are to climate change,” he said. “Global warming is bad news. Finite resources is investment advice.”

“Americans are just about the worst at dealing with long-term problems, down there with Uzbekistan,” he said, “but they respond to a market signal better than almost anyone. They roll the dice bigger and quicker than most.”

Grantham, the public face of a company that manages more than $100 billion in assets, the very embodiment of a high-finance insider in blue blazer and yellow tie, has serious doubts about capitalism’s ability to address the biggest problems facing humanity.

Grantham says that corporations respond well to this message because they are “persuaded by data,” but American public opinion is harder to move, and contemporary American political culture is practically dataproof. “The politicians are the worst,” he said. “An Indian economist once said to me, ‘We have 28 political parties, and they all think climate change is important.’ ” Whatever the precise number of parties in India, and it depends on how you count, his point was that the U.S. has just two that matter, one that dismisses global warming as a hoax and one that now avoids the subject.

Grantham, who says that “this time it’s different are the four most dangerous words in the English language,” has become a connoisseur of bubbles. His historical study of more than 300 of them shows the same pattern occurring again and again. A bump in sales or some other impressive development causes people to get excited. When they do, the price of that asset class — South Sea company shares, dot-coms — goes up, and human nature and the financial industry conspire to push it higher. People want to hear good news; they tend to be bad with numbers and uncertainty, and to assume that present conditions will persist. In the financial industry, the imperative to minimize career risk produces herd behavior.

So it’s news when Grantham, who has built his career on the conviction that peaks and troughs will even out as prices inevitably revert to their historical mean, says that this time it really is different, and not in a good way. In his April letter, “Time to Wake Up: Days of Abundant Resources and Falling Prices Are Over Forever,” he argued that “we are in the midst of one of the giant inflection points in economic history.” The market is “sending us the Mother of all price signals,” warning us that “if we maintain our desperate focus on growth, we will run out of everything and crash.”

here’s the short version: “The prices of all important commodities except oil declined for 100 years until 2002, by an average of 70 percent. From 2002 until now, this entire decline was erased by a bigger price surge than occurred during World War II. Statistically, most commodities are now so far away from their former downward trend that it makes it very probable that the old trend has changed — that there is in fact a Paradigm Shift — perhaps the most important economic event since the Industrial Revolution.”

When prices go up and stay up, it’s not a bubble. Prices may always revert to the mean, but the mean can change; that’s a paradigm shift. As Grantham tells it, oil went first. For a century it steadily returned to about $16 a barrel in today’s currency, then in 1974 the mean shifted to about $35, and Grantham believes it has recently doubled again. Metals and nearly everything else — coal, corn, palm oil, soybeans, sugar, cotton — appear to be following suit. “From now on, price pressure and shortages of resources will be a permanent feature of our lives,” he argues. “The world is using up its natural resources at an alarming rate, and this has caused a permanent shift in their value. We all need to adjust our behavior to this new environment. It would help if we did it quickly.”

Grantham is taking the Malthusian side in an ongoing debate about growth and commodity prices­. The argument often circles back to the bet made in 1980 between the biologist Paul Ehrlich, who foretold catastrophic scarcity caused by overpopulation, and the economist Julian Simon, who argued that any short-term increase in resource prices caused by population growth will stimulate inventors and entrepreneurs to find new ways to exploit those resources, lowering prices in the long run. The two men picked five commodities and wagered on whether their prices, taken as an indicator of scarcity, would be higher or lower in 1990. Simon won, 5-0, even though the world’s population grew by 800 million during that decade. Malthusians have been trying to live down that defeat ever since, but, as Grantham points out in his July letter, if we extend the original bet past its arbitrary 10-year limit to the present day, Ehrlich wins the five-commodity bet 4-1, and he wins big if the bet is further extended to all important commodities.

He’s an impassioned environmentalist not only for the usual reasons but also because he believes humanity’s vexed relationship with the planet is the great economic story of our time. “This commodities thing may turn out to be the most interesting call of my career,” he told me. “I have no doubt we’re going to have a bad hundred years. We have the resources to gracefully handle the transition, but we won’t. We apparently can’t.”

“Whether the stable population will be 1.5 billion or 5 billion,” he said to me, “the question is: How do we get there?”

Asked Thursday during an appearance on CNBC whether he thought it was possible that the country could be open for business next month, Treasury Secretary Steven Mnuchin, said, “I do.

The White House cannot unilaterally reopen the country. Though the Centers for Disease Control and Prevention has issued federal guidance advising people to avoid social gatherings, work from home and use pickup and delivery options for food, it is state officials who have put the force of law behind those suggestions.

The CDC guidance is set to expire April 30, but the states are free to choose their own paths. Already, the state directives have varied in timing and in severity, and that is certain to continue as they are rolled back.

Among those pushing to reopen the economy, according to senior administration officials, is Marc Short, the vice president’s chief of staff and a top adviser to Trump. Short has argued there will be fewer deaths than the models show and that the country has already overreacted, according to people with knowledge of his comments.

Health experts say that ending the shutdown prematurely would be disastrous because the restrictions have barely had time to work, and because U.S. leaders have not built up the capacity for alternatives to stay-at-home orders — such as the mass testing, large-scale contact tracing and targeted quarantines that have been used in other countries to suppress the virus.

Even one of the most optimistic models, which has been used by the White House and governors, predicts a death toll of 60,400, but only if current drastic restrictions are kept in place until the end of May.

There have been nascent signs that the aggressive social-distancing measures imposed by state and city governments have slowed the spread of the infection, which has killed more than 16,000 Americans. Federal officials have noted that Washington state and California were among the first states to see cases of the virus but have not experienced the high levels of infection and death that others, such as New York and New Jersey, are enduring.

the growing recognition in the administration that the steps meant to stem the spread of coronavirus have inflicted economic pain that is likely to last for many months.

On Thursday — as the Labor Department tallied another 6.6 million Americans applying for unemployment benefits last week — Federal Reserve Chair Jerome H. Powell said the U.S. economy was deteriorating “with alarming speed” and called for a national discussion about what will be required to reopen it.

Trump is preparing to announce this week the creation of a second, smaller coronavirus task force aimed specifically at combating the economic ramifications of the virus, according to people familiar with the plans.

The task force is expected to be led by Mark Meadows, the White House chief of staff, and include Larry Kudlow, the president’s chief economic adviser, and Mnuchin, the treasury secretary, along with outside business leaders. Others expected to play a role are Kevin Hassett, who has been advising Trump on economic models in recent weeks, and the president’s son-in-law, Jared Kushner, administration officials say.

A 2007 study funded by the CDC examined the fate of several U.S. cities when they eased restrictions too soon during the 1918 flu pandemic. Those cities believed they were on the other side of the peak, and, like the United States today, had residents agitating about the economy and for relaxing restrictions.

Once they lifted the restrictions, however, the trajectory of those cities soon turned into a double-humped curve with two peaks instead of one. Two peaks means overwhelmed hospitals and many deaths, without the flattening benefit authorities were trying to achieve with arduous restrictions.

Powell, the Federal Reserve chair, notably did not advocate a May reopening, saying such steps were more likely after July. And even some close to Trump seemed wary of supporting an early date.

Sen. Lindsey O. Graham (R-S.C.), a Trump ally, said an early reopening was “an aspirational goal.”“The real fear is that you do it too quickly and you create a spike in the disease, which is likely to come back in the fall,” Graham said. “It has to be a science-based assessment, and I don’t see a mass reopening of the economy coming anytime soon.”

“If restoring the economy means restoring transit systems back to full-throttle schedules, before covid-19 is defeated, it’s just going to expose more transit workers to harm’s way, and it’s something we would not be in favor of,” said John Samuelsen, the international president of the Transport Workers Union

an early look at Ohio’s preparations and decision-making shows they reflect textbook recommendations for the way to handle an outbreak. Identify it early. Plan for the worst, hope for the best. Move swiftly because disease expansion will be exponential, not linear. In the absence of testing, assume the virus is spreading through the community. Communicate with the public clearly, and keep the message consistent.

Ohio has a well-established emergency medical response system. The state is divided into three regions, each clustered around major population centers in Columbus, Cleveland and Cincinnati. Planners call these zones the “three C’s.”

As news of the outbreak in China began to spread in early January, epidemiologists and infectious disease experts at the three major medical centers in those regions began to track the spread. Soon, they were modeling the potential impact in Ohio and meeting more regularly to prepare.

Their CEOs met and agreed to drop their historical competition for shares of the market and collaborate on just about everything, said Richard P. Lofgren, president and CEO of the University of Cincinnati’s health system.

In retrospect, the sports festival forced planners to confront the pandemic days, and in some cases more than a week, before other communities. DeWine would go on to close schools and businesses, and order residents to stay home, earlier than most other states. His March 12 school order was one of the first in the nation. Ohio State University, with 68,000 students on multiple campuses, went to online classes March 9 and extended it to the rest of the semester March 12.

Cincinnati’s peak is now forecast to be 291 cases — about 10 percent of the original prediction — on April 28, according to modeling Alessandrini received Tuesday. The number is so low she is hesitant to trust it yet. The peak is also later than originally predicted, and patients should arrive in a manageable order, not the crush that New York City experienced

Experts expect flare-ups as the pandemic fades — a saw-toothed curve rather than a smooth downward slope.

Persuading cooped-up residents to accept a very gradual return to something like their previous lives will require great discipline,

The longer cycle is "the one which we understand much better, and it is a universal feature of all complex societies," Turchin told Life's Little Mysteries. From the Roman Empire to medieval France to ancient China, scholars have noted that societies swing between 100-150 years of relative peace and 100-150 years of conflict, and then back again

The data indicates that a cycle of violence repeats itself every 50 years in America, like a wave that peaks in every other generation. This short-term cycle is superimposed over another, longer-term oscillation that repeats every 200 to 300 years. The slower waves in violence can either augment or suppress the 50-year peaks, depending on how the two cycles overlap.

Turchin, who reported his results in the July issue of the Journal of Peace Research, compiled historical data about violent incidents in U.S. history between 1780 and 2010, including riots, terrorism, assassinations and rampages

"The database is too short: the entire study covers the period 1780-2010, a mere 230 years," he wrote in an email. "You can fit at most four 50-year peaks and two [long-term] ones. I just don't see how one could reasonably exclude that the observed pattern is random. But of course we would have to wait a lot longer to collect new data and find out."

Pigliucci said, but most historians would say these fluctuations are chaotic.

Daniel Szechi, professor of early modern history at the University of Manchester in England, agrees that not enough time has passed for patterns to have emerged. However, he believes "cliodynamics" could eventually work, once humanity racks up a few more centuries of good record-keeping. "Maybe 500 years from now we will have sufficient data and sufficient number crunching power to really make use of the data we will have generated and stored in vast quantities since about 1900,"

But in terms of how the U.S. has responded, in terms of how the CDC has responded ... are you able to defend the Trump administration's record on this as anything other than a catastrophic failure?Well, I'm actually very proud of the response that CDC has done. I think if I have one criticism that I do believe is significant is the importance of consistency and unity of message.

Last September, you testified before a Senate panel that masks were an effective tool to combat spread. Also, that a vaccine would not be widely available to the general public until summer or fall of this year, 2021. And a few hours later, the president came out, gave a press conference and contradicted you on both points. He said you were confused. Were you confused?No. I stand by my comments that masks are extremely effective and what I was trying to point out — if you had a vaccine, it was 50% effective and you were the half that it didn't work in, your mask is your best shot.

The gold standard for the nation's public health — has been tarnished." How would you respond to that?That's just not true. The men and women at CDC are highly respected across this nation and around the world. Clearly, there's no doubt that the lack of reinforcement and support from some individuals in the administration of the public health message had impact.

So when the president came out and contradicted you and said, "[Redfield is] confused," do you have an obligation then to stand up and say, no, sir?What I did was just repeat the position that I took, I didn't change the position, I just repeated the position as I did for you just now.

When you say the CDC has done everything it could to get the right guidance out there, to get good public messaging out there, why did the CDC stop giving press conferences for critical months in the middle of the pandemic?Yes, you know, I'm very disappointed in that. Again, the reality is --But you're in charge of it. So why, when we went back and looked at the numbers. In January, you did 10 media telebriefings. In February, you did eight, and then it fell off a cliff. There were two in March, zero in April, zero in May. Why?I would say, you know, that ultimately the ability to do those briefings had to be cleared by the secretary of health's office for us to be able to do those. That's the system that's in place under the current relationship between CDC and the secretary of health.

I interviewed you in April of last year, and I asked you what your sense was of where we were in the arc of this. And here's what you said: "We're nearing the peak of the outbreak, the pandemic, in our country right now. ..." What goes through your mind when you hear those words now?Well, as you know, we were looking at that at the time of what we call the first peak, the spring surge, and obviously that was at a time when we still didn't understand to the fullest degree asymptomatic, silent epidemic. What I say right now is, we're about to be in the worst of it.

When will we get to the point where the vaccine is going to be available to the general public — everybody can get one?Well, you know, that would be speculative, but as I said even earlier in my testimony in Congress, I didn't see that day coming until end of the second quarter, beginning third quarter of 2021.

The corpse of this monster, which had annihilated tens of millions of its own citizens and thrown its country back 70 years into the past, was propped up in a corner: it’ll rot on its own, they thought. But it turned out not to be dead.

Our medieval pyramid has stood tall for all that time, its surface changing, but never its fundamental form. And it’s always been a single Russian ruler sitting at its peak: Pyotr I, Nicholas II, Stalin, Brezhnev, Andropov… Today, Putin has been sitting at its peak for more than 20 years.

The Pyramid of Power poisons the ruler with absolute authority. It shoots archaic, medieval vibrations into the ruler and his retinue, seeming to say: “you are the masters of a country whose integrity can only be maintained by violence and cruelty; be as opaque as I am, as cruel and unpredictable, everything is allowed to you, you must call forth shock and awe in your population, the people must not understand you, but they must fear you.”

Judging by recent events, the idea of restoring the Russian Empire has entirely taken possession of Putin.

Yeltsin and the other creators of Perestroika surrounding him not only didn’t destroy the vicious Pyramid of Power, they didn’t bury their Soviet past either – unlike the post-war Germans who buried the corpse of their nazism in the 1950s

Putin didn’t manage to outgrow the KGB officer inside of him, the officer who’d been taught that the USSR was the greatest hope for the progress of mankind and that the west was an enemy capable only of corruption. Launching his time machine into the past, it was as if he were returning to his Soviet youth, during which he’d been so comfortable. He gradually forced all of his subjects to return there as well.

After the war with Georgia and the seizure of its territories, the “peacemaker” Obama offered Putin … a reset of their relations! Which is to say, c’mon, Vladimir, let’s forget all of that and start from scratch. The result of that “reset” was the annexation of Crimea and the war in Eastern Ukraine.

The ideology of Putinism is quite eclectic; in it, respect for the Soviet lies side by side with feudal ethics, Lenin sharing a bed with Tsarist Russian and Russian Orthodox Christianity.

Putin’s favorite philosopher is Ivan Ilyin – a monarchist, Russian nationalist, anti-Semite, and ideologist of the White movement, who was expelled by Lenin from Soviet Russia in 1922 and ended his life in exile

In his articles, Ilyin hoped that, after the fall of Bolshevism, Russia would have its own great führer, who would bring the country up from its knees. Indeed, “Russia rising from its knees” is the preferred slogan of Putin and of his Putinists.

“Under Putin, Russia has gotten up from its knees!” his supporters often chant. Someone once joked: the country got up from its knees, but quickly got down onto all fours: corruption, authoritarianism, bureaucratic arbitrariness, and poverty. Now we might add another: war.

A lot has happened in the last 20 years. The president of the Russian Federation’s face has turned into an impenetrable mask, radiating cruelty, anger, and discontent

Merkel admitted that, in her opinion, Putin lives in his own fantasy land. If that’s so, what’s the point of seriously engaging with such a ruler?

For 16 years, Merkel, who grew up in the GDR and should therefore understand Putin’s true nature, “has established a dialogue”. The results of that dialogue: the seizure of certain territories in Georgia, the annexation of Crimea, the capture of the DPR and LPR, and now: a full-scale war with Ukraine.

Paradoxically, the principle of Russian power hasn’t even remotely changed in the last five centuries.

It was also cultivated by the approval of irresponsible western politicians, cynical businessmen, and corrupt journalists and political scientists.

I met many admirers of Putin in Germany, from taxi drivers to businessmen and professors. One aged participant in the student revolution of ’68 confessed:

“I really like your Putin!”“And why exactly is that?”“He’s strong. Tells the truth. And he’s against America. Not like the slugs we’ve got here.”“And it doesn’t bother you that, in Russia, there’s monstrous corruption, there are practically no elections or independent courts, the opposition is being destroyed, the provinces are impoverished, Nemtsov was murdered, and TV’s become propaganda?”

“No. Those are your internal affairs. If Russians accept all of that and don’t protest, that must mean they like Putin.”Ironclad logic. The experience of Germany in the ’30s didn’t seem to have taught such Europeans anything.

Now, one thing has become clear: with this war, Putin has crossed a line – a red line. The mask is off, the armor of the “enlightened autocrat” has cracked. Now, all westerners who sympathize with the “strong Russian tsar” have to shut up and realize that a full-scale war is being unleashed in 21st-century Europe.

The aggressor is Putin’s Russia. It will bring nothing but death and destruction to Europe. This war was unleashed by a man corrupted by absolute power, who, in his madness, has decided to redraw the map of our world.

If you listen to Putin’s speech announcing a “special operation”, America and Nato are mentioned more than Ukraine. Let us also recall his recent “ultimatum” to Nato. As such, his goal isn’t Ukraine, but western civilization, the hatred for which he lapped up in the black milk he drank from the KGB’s teat.

Who’s to blame? Us. Russians. And we’ll now have to bear this guilt until Putin’s regime collapses

People have finally understood this today. He attacked a free and democratic country precisely because it is a free and democratic country. But he’s the one who’s doomed because the world of freedom and democracy is far bigger than his dark and gloomy lair.

Economic gains have still left 30.9 percent of Latvia’s population “severely materially deprived,” according to 2011 data released in December by Eurostat, the European Union’s statistics agency, second only to Bulgaria. Unemployment has fallen from more than 20 percent in early 2010, but was still 14.2 percent in the third quarter of 2012

“I’m always asking people here, ‘How can you put up with this?’ ” said Juris Calitis, a Latvian-born Anglican chaplain whose family fled Soviet occupation in the 1940s and who returned when the Soviet empire crumbled. “It is really shocking,” added Mr. Calitis, who runs a soup kitchen at his church in Riga’s old town. Latvians, he said, “should be shouting in the streets,” but “there is an acceptance of hard knocks.”

In contrast to much of Europe, Latvia today has no tradition of labor activism. “What can you achieve in the street? It is cold and snowing,” said Peteris Krigers, president of the Free Trade Union Confederation of Latvia. Organizing strikes, he said, is nearly impossible. “It is seen as shameful for people who earn any salary, no matter how small, to go on strike.”

Also largely absent are the leftist political forces that have opposed austerity elsewhere in Europe, or the rigid labor laws that protect job security and wage levels. In the second half of 2010, after less than 18 months of painful austerity, Latvia’s economy began to grow again.

Since 2008, Latvia has lost more than 5 percent of its population, mostly young people, to emigration. The recent exodus peaked in 2010, when 42,263 people moved abroad, a huge number in a country of just two million now, according to Mihails Hazans, a professor at the University of Latvia.

Alf Vanags, director of the Baltic International Center for Economic Policy Studies here, is skeptical. “The idea of a Latvian ‘success story’ is ridiculous,” he said. “Latvia is not a model for anybody.”

A better and more equitable way out of Latvia’s troubles, he believes, would have been a devaluation of the currency, an option closed to Greece and 16 other countries that use the euro. Latvia kept its currency pegged to the euro, putting itself in much the same straitjacket as euro zone nations.

“You can only do this in a country that is willing to take serious pain for some time and has a dramatic flexibility in the labor market,” he said. “The lesson of what Latvia has done is that there is no lesson.”

Norbert Hofer of the Freedom Party of Austria (FPO) had ridden a populist wave to challenge for presidential power (albeit in a largely ceremonial role). The race had appeared close, but on Sunday Hofer conceded to left-wing independent Alexander Van der Bellen when early returns ran against him

Marine Le Pen, leader since 2011, has tried to "detoxify" the party founded by her father Jean-Marie of its reputation for racism and xenophobia -- and has seen its share of the vote rise to 27% in last year's regional elections

Formed in 2013, the anti-immigrant party Alternative for Germany (AfD) was initially galvanized into action by what it saw as Merkel's bungled handling of the eurozone crisis -- specifically the multiple Greek bailouts

The National Front leader has utilized similar tactics to the US President-elect by tapping into frustrations of the French electorate and focusing on a more nationalistic agenda to sway voters to her corner.

Farage was one of the chief architects of the Brexit campaign for Britain to leave the European Union

since the 2008 economic crisis unemployment has risen from 7.1% to around 10%, while almost a quarter of the nation's youth is now out of work.

Voters in the Netherlands are set to elect a new parliament in March 2017, when the anti-Muslim, anti-immigrant Party for Freedom (PVV) hopes to build on its strong showing in the past two elections

Wilders has run on a party manifesto focused on a so-called "de-Islamification" of the Netherlands

One cannot predict the future of a marketplace by trend analysis alone, because oligopolies do not compete the same way as do firms in free markets. 

industry consolidations have created gigantic bureaucracies. Hierarchical organizations have a very different logic than smaller firms. In less consolidated industries, success and failure are largely the result of the decisions you make, so intelligence about the reality of the marketplace is critical. Life is different in gigantic organizations, where success and failure are almost impossible to attribute to individual decisions.

In large, slow-moving bureaucracies, conventional thinking and risk avoidance become paramount

, the world's economy is today driven more by policy makers than at any time in recent history. At the behest of government officials, banks have been shielded from the consequences of their market decisions, and in many cases exempt from prosecution for their potential law-breaking. Nation-state policy-makers pick the winners in industries

How can you use classical competitive analysis to examine the future of markets when the relationships between firms and government agencies are so incestuous and the choices of consumers so severely limited by industrial consolidation?

Companies still need guidance, but if rational analysis is nearly impossible, is it any wonder that executives are asking for less of it? What they are asking for is something, well, less productive.

executives today do not do well when their analysts confront them with challenging, though often relatively benign, predictions. Confusion, anger, and psychological transference are common responses to unwelcome analysis.