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But the legal wrangling to just get the courts to treat crypto as a set of speculative instruments regulated under securities law made the law moot

In May of 2022, a year after Gensler began trying to do something about Terra/Luna, Kwon’s scheme blew up. In a comically-too-late-to-matter gesture, an appeals court then said that the SEC had the right to compel information from Kwon’s now-bankrupt scheme. It is absolute lunacy that well-settled law, like the ability for the SEC to investigate those in the securities business, is now being re-litigated.

many crypto ‘enthusiasts’ watching Gensler discuss regulation with his predecessor “called for their incarceration or worse.”

it wasn’t just the courts who were an impediment. Gensler wasn’t the only cop on the beat. Other regulators, like those at the Commodities Futures Trading Commission, the Federal Reserve, or the Office of Comptroller of the Currency, not only refused to take action, but actively defended their regulatory turf against an attempt from the SEC to stop the scams.

Behind this was the fist of political power. Everyone saw the incentives the Senate laid down when every single Republican, plus a smattering of Democrats, defeated the nomination of crypto-skeptic Saule Omarova in becoming the powerful bank regulator at the Comptroller of the Currency

Instead of strong figures like Omarova, we had a weakling acting Comptroller Michael Hsu at the OCC, put there by the excessively cautious Treasury Secretary Janet Yellen. Hsu refused to stop bank interactions with crypto or fintech because, as he told Congress in 2021, “These trends cannot be stopped.”

It’s not just these regulators; everyone wanted a piece of the bureaucratic pie. In March of 2022, before it all unraveled, the Biden administration issued an executive order on crypto. In it, Biden said that virtually every single government agency would have a hand in the space.

That’s… insane. If everyone’s in charge, no one is.

And behind all of these fights was the money and political prestige of some most powerful people in Silicon Valley, who were funding a large political fight to write the rules for crypto, with everyone from former Treasury Secretary Larry Summers to former SEC Chair Mary Jo White on the payroll.

(Even now, even after it was all revealed as a Ponzi scheme, Congress is still trying to write rules favorable to the industry. It’s like, guys, stop it. There’s no more bribe money!)

Moreover, the institution Gensler took over was deeply weakened. Since the Reagan administration, wave after wave of political leader at the SEC has gutted the place and dumbed down the enforcers. Courts have tied up the commission in knots, and Congress has defanged it

Under Trump crypto exploded, because his SEC chair Jay Clayton had no real policy on crypto (and then immediately went into the industry after leaving.) The SEC was so dormant that when Gensler came into office, some senior lawyers actually revolted over his attempt to make them do work.

In other words, the regulators were tied up in the courts, they were against an immensely powerful set of venture capitalists who have poured money into Congress and D.C., they had feeble legal levers, and they had to deal with ‘crypto enthusiasts' who thought they should be jailed or harmed for trying to impose basic rules around market manipulation.

The bottom line is, Gensler is just one regulator, up against a lot of massed power, money, and bad institutional habits. And we as a society simply made the choice through our elected leaders to have little meaningful law enforcement in financial markets, which first became blindingly obvious in 2008 during the financial crisis, and then became comical ten years later when a sector whose only real use cases were money laundering

, Ponzi scheming or buying drugs on the internet, managed to rack up enough political power to bring Tony Blair and Bill Clinton to a conference held in a tax haven billed as ‘the future.’

It took a few years, but New Dealers finally implemented a workable set of securities rules, with the courts agreeing on basic definitions of what was a security. By the 1950s, SEC investigators could raise an eyebrow and change market behavior, and the amount of cheating in finance had dropped dramatically.

By 1935, the New Dealers had set up a new agency, the Securities and Exchange Commission, and cleaned out the FTC. Yet there was still immense concern that Roosevelt had not been able to tame Wall Street. The Supreme Court didn’t really ratify the SEC as a constitutional body until 1938, and nearly struck it down in 1935 when a conservative Supreme Court made it harder for the SEC to investigate cases.

Institutional change, in other words, takes time.

It’s a lesson to remember as we watch the crypto space melt down, with ex-billionaire Sam Bankman-Fried

It’s not like perfidy in crypto was some hidden secret. At the top of the market, back in December 2021, I wrote a piece very explicitly saying that crypto was a set of Ponzi schemes. It went viral, and I got a huge amount of hate mail from crypto types

one of the more bizarre aspects of the crypto meltdown is the deep anger not just at those who perpetrated it, but at those who were trying to stop the scam from going on. For instance, here’s crypto exchange Coinbase CEO Brian Armstrong, who just a year ago was fighting regulators vehemently, blaming the cops for allowing gambling in the casino he helps run.

FTX.com was an offshore exchange not regulated by the SEC. The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors (and 95% of trading activity) went offshore. Punishing US companies for this makes no sense.

But is the gender phantasm as crucial to the global far right as Butler claims?

Butler has little to say about the appeal of nationalism and community, insistence on ethnic purity, opposition to immigration, anxiety over economic and social stresses, fear of middle-class-status loss, hatred of “elites.”

why Hungarian Prime Minister Viktor Orbán is so popular, it would be less his invocation of the gender phantasm and more his ruthless determination to keep immigrants out, especially Muslim ones, along with his delivery of massive social services to families in an attempt to raise the birth rate

The chapter of Who’s Afraid of Gender? that is most relevant for American and British readers is probably the one about the women, many of them British, whom opponents call “TERFs” (trans-exclusionary radical feminists), but who call themselves “gender-critical feminists.”

But is obsession with “gender” really the primary motive behind current right-wing movements? And why is it so hard to trust that the noise around “gender” might actually be indicative of people’s real feelings, and not just the demagogue-fomented distraction Butler asser

Instead of proving that “gender” is a crucial part of what motivates popular support for right-wing authoritarianism, Butler simply asserts that it is, and then ties it all up with a bow called “fascism.”

ascism is a word that Butler admits is not perfect but then goes on to use repeatedly. I’m sure I’ve used it myself as a shorthand when I’m writing quickly, but it’s a bit manipulative. As used by Butler and much of the left, it covers way too many different issues and suggests that if you aren’t on board with the Butlerian worldview on every single one of them, a brown shirt must surely be hanging in your closet.

As they define it—“fascist passions or political trends are those which seek to strip people of the basic rights they require to live”—most societies for most of history have been fascist, including, for long stretches, our own

Instead of facing up to the problems of, for example, war, declining living standards, environmental damage, and climate change, right-wing leaders whip up hysteria about threats to patriarchy, traditional families, and heterosexuality.

They discuss only two authors at any length, the philosopher Kathleen Stock and J. K. Rowling. Butler does not engage with their writing in any detail—they do not quote even one sentence from Stock’s Material Girls: Why Reality Matters for Feminism, a serious book that has been much discussed, or indeed from any other gender-crit work, except for some writing from Rowling, including her essay in which she describes domestic violence at the hands of her first husband, an accusation he admits to in part.

They dismiss, with that invocation of a “phantasm,” apprehension about the presence of trans women in women’s single-sex spaces, (as well as, gender-crits would add, biological men falsely claiming to be trans in order to gain access to same), concerns for biologically female athletes who feel cheated out of scholarships and trophies, and the slight a biological woman might experience by being referred to as a “menstruator.”

Butler wants to dismiss gender-crits as fascist-adjacent: Indeed, in an interview, they compare Stock and Rowling to Putin and the pope.

It does seem odd that Butler, for whom everything about the body is socially produced, would be so uninterested in exploring the ways that trans identity is itself socially produced, at least in part—by, for example, homophobia and misogyny and the hypersexualization of young girls, by social media and online life, by the increasing popularity of cosmetic surgery, by the libertarian-individualist presumption that you can be whatever you want.

what is authenticity

In every other context, Butler works to demolish the idea of the eternal human—everything is contingent—except for when it comes to being transgender. There, the individual, and only the individual, knows themself.

I can't tell you how many left and liberal people I know who keep quiet about their doubts because they fear being ostracized professionally or socially. Nobody wants to be accused of putting trans people's lives in danger, and, after all, don't we all want, as the slogan goes, to “Be Kind”?

The trouble is that, in the long run, the demand for self-suppression fuels reaction. Polls show declining support for various trans demands for acceptance . People don’t like being forced by social pressure to deny what they think of as the reality of sex and gender.

They cite the civil-rights activist and singer Bernice Johnson Reagon’s call for “difficult coalitions” but forget that coalitions necessarily involve compromise and choosing your battles, not just accusing people of sharing the views of fascists

What if instead of trying to suppress the questioning of skeptics, we admit we don’t have many answers? What if, instead, we had a conversation? After all, isn’t that what philosophy is all about?

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

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

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

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

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

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

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

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

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

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

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

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

“The evolution of cooperation required out-group hatred. Which is really sad,” said Nicholas Christakis, a Yale sociologist and author of “Blueprint: The Evolutionary Origins of a Good Society.”

No researcher argues that human nature is the sole, or even the primary, cause of today’s polarization. But savvy political operatives can exploit, leverage and encourage it. And those operatives are learning from their triumphs in divide-and-conquer politics.

“We wouldn’t have civilizations if we didn’t create groups. We are designed to form groups, and the only way to define a group is there has to be someone who’s not in it,” Mason said.

Experiments have revealed that “children as young as two will prefer other children randomly assigned to the same T-shirt color,”

enmity and derision can arise independently of any rational reason for it.

Mason and Christakis point to a famous-among-academics experiment from 1954. Social psychologist Muzafer Sherif took 22 Boy Scouts and separated them into two groups camping at Robbers Cave State Park in Oklahoma. Only after a week did they learn that there was another group at the far end of the campground.

What they did next fascinated the research team. Each group developed irrational contempt for the other. The boys in the other group were seen not just as rivals, but as fundamentally flawed human beings. Only when the two groups were asked to work together to solve a common problem did they warm up to one another.

And because many more districts are now deeply red or blue, rather than a mix of constituencies, House members have fewer reasons to adopt moderate positions.

“Homo sapiens is a social species; group affiliation is essential to our sense of self. Individuals instinctively think of themselves as representing broad socioeconomic and cultural categories rather than as distinctive packages of traits,”

Here’s where psychology gives way to political science. The American political system may cultivate “out-group” hatred, as academics put it. One of the scarce resources in this country is political power at the highest levels of government. The country has no parliamentary system in which multiple parties form governing coalitions.

Add to this fact the redistricting that ensures there are fewer truly competitive congressional races. The two parties have inexorably moved further apart ideologically, and leaders are more likely to be punished — “primaried” — if they reach across the aisle.

Shanto Iyengar, a Stanford political psychologist who coined the term “affective polarization,” explained in a 2018 paper why people typically identify with a group.

Human nature hasn’t changed, but technology has. The fragmentation of the media has made it easier to gather information in an echo chamber, Iyengar said. He calls this “sorting.” Not only do people cluster around specific beliefs or ideas, they physically cluster, moving to neighborhoods where residents are likely to look like them and think like them.

Partisan clustering has increased even within households. In 1965, Iyengar said, only about 60 percent of married couples had the same party registration. Today, the figure is greater than 85 percent

Asked in the summer of 2022 if they agree or disagree that members of the other party “lack the traits to be considered fully human — they behave like animals,” about 30 percent in both parties agreed, Mason’s research shows.

Research shows that affective polarization is intensifying across the political spectrum. Recent survey data revealed that more than half of Republicans and Democrats view the other party as “a threat,” and nearly as many agree with the description of the other party as “evil,” Mason said.

A recent paper published in the journal Science argued that the three core ingredients of political sectarianism are “othering, aversion, and moralization.” Trump has mastered that recipe. He activates emotional responses in his followers by telling them that they are threatened.

I’ve seen arguments that it goes back to the 1978 Bakke decision, when the Supreme Court effectively greenlit affirmative action in the name of diversity.

the problem with Bakke isn’t that it allowed diversity to be a consideration in admissions decisions. It’s that university administrators turned an allowance into a requirement, so a kind of racial gerrymander now permeates nearly every aspect of academic life, from admissions decisions to faculty appointments to the racial makeup of contributors to essay collections

If affirmative action had been administered with a lighter hand — more nudge than mandate — it might have survived the court’s scrutiny last year. Instead, it became a pervasive regime that frequently got in the way of the universities’ higher goals, particularly the open exchange of ideas.

skin color was the first thing The Harvard Crimson noted in its story about her taking office, and her missteps and questions about her academic work gave ammunition to detractors who claimed she owed her position solely to her race.

This is the poisoned pool in which Harvard now swims. Whenever it elevates someone like Gay, there’s an assumption by admirers and detractors alike that she’s a political symbol whose performance represents more than who she is as a person

dehumanization is the price any institution pays when considerations of social engineering supplant those of individual achievement.

It may take a generation after the end of affirmative action before someone like Gay can have the opportunity to be judged on her own merits, irrespective of her color.

the damage that the social-justice model has done to higher education will take longer to repair. In 2015, 57 percent of Americans expressed high confidence in higher education, according to a Gallup survey. Last year, the number had fallen to 36 percent, and that was before the wave of antisemitic campus outbursts. At Harvard, early admission applications fell by 17 percent last fall.

Harvard also sets the tone for the rest of American higher ed — and for public attitudes toward it. One of the secrets of America’s postwar success wasn’t simply the caliber of U.S. universities. It was the respect they engendered among ordinary people who aspired to send their children to them.

That respect is now being eroded to the point of being erased. For good reason

People admire, and will strive for, excellence — both for its own sake and for the status it confers. But status without excellence is a rapidly wasting asset, especially when it comes with an exorbitant price. That’s the position of much of American academia today. Two hundred thousand dollars or more is a lot to pay for lessons in how to be an anti-racist.

the intellectual rot is pervasive and won’t stop spreading until universities return to the idea that their central purpose is to identify and nurture and liberate the best minds, not to engineer social utopias.

there’s little reason to enserf or enslave a worker (not quite the same thing, but let’s leave that aside) if labor is abundant and land is scarce, so that the amount that worker could earn if he ran away barely exceeds the cost of subsistence.

But if land becomes abundant and labor scarce, the ruling class will want to pin workers in place, so they can forcibly extract the difference between the value of what workers can produce — strictly speaking, their marginal product — and the cost of keeping them alive.

Yet serfdom wasn’t reimposed, for reasons that aren’t entirely clear. One thought, however, is that holding people captive in order to steal the fruits of their labor isn’t easy.

In fact, the real historical puzzle is why high wages didn’t always lead to widespread slavery or serfdom

serfdom in the West had more or less withered away by around 1300, because Western Europe was overpopulated given the technologies of the time, which in turn meant that landowners didn’t need to worry that their tenants and workers would leave in search of lower rents or higher wages.

But the Black Death caused populations to crash and wages to soar. In fact, for a while, real wages in Britain reached a level they wouldn’t regain until around 1870:

Labor was scarce in pre-Civil War America, so free workers earned high wages by European standards. Here are some estimates of real wages in several countries as a percentage of U.S. levels on the eve of the Civil War:

Indeed, slaveholders and their defenders lashed out at anyone who even suggested that slavery was a bad thing. As Abraham Lincoln said in his Cooper Union address, the slave interest in effect demanded that Northerners “cease to call slavery wrong, and join them in calling it right.”

Notice that Australia — another land-abundant, labor-scarce nation — more or less matched America; elsewhere, workers earned much less.

Landowners, of course, didn’t want to pay high wages. In the early days of colonial settlement, many Europeans came as indentured servants — in effect, temporary serfs

landowners quickly turned to African slaves, who offered two advantages to their exploiters: Because they looked different from white settlers, they found it hard to escape, and they received less sympathy from poor whites who might otherwise have realized that they had many interests in common. Of course, white southerners also saw slaves as property, not people, and so the value of slaves factored into the balance sheet of this greed-driven system.

again, the dynamic was one in which greedy slaveholders used and perpetuated racism to sustain their reign of exploitation and terror.

Because U.S. slavery was race-based, however, there was a limited supply of slaves, and it turned out that slaves made more for their masters in Southern agriculture than in other occupations or places

Black people in the North were sold down the river to Southern planters who were willing to pay more for them, so slavery became an institution peculiar to one part of the country.

As such, slaves became a hugely important financial asset to their owners. Estimates of the market value of slaves before the Civil War vary widely, but they were clearly worth much more than the land they cultivated, and may well have accounted for the majority of Southern wealth.

Inevitably, slaveholders became staunch defenders of the system underlying their wealth

Hence the rise of serfdom as Russia expanded east, and the rise of slavery as Europe colonized the New World.

But Northerners wouldn’t do that. There were relatively few Americans pushing for national abolition, but Northern states, one by one, abolished slavery in their own territories

This wasn’t as noble an act as it might have been if they had been confiscating slaveholders’ property, rather than in effect waiting until the slaves had been sold. Still, it’s to voters’ credit that they did find slavery repugnant.

And this posed a problem for the South

Anyone who believes or pretends to believe that the Civil War was about states’ rights should read Ulysses S. Grant’s memoirs, which point out that the truth was almost the opposite. In his conclusion, Grant noted that maintaining slavery was difficult when much of the nation consisted of free states, so the slave states in effect demanded control over free-state policies.

This should sound familiar. Since the Supreme Court overturned Roe v. Wade, states that have banned abortion have grown increasingly frantic over the ability of women to travel to states where abortion rights remain; it’s obvious that the right will eventually impose a national abortion ban if it can.

For a long time, the South actually did manage to exercise that kind of national control. But industrialization gradually shifted the balance of power within the United States away from the South to the North:

So did immigration, with very few immigrants moving to slave states.And the war happened because the increasingly empowered people of the North, as Grant wrote, “were not willing to play the role of police for the South” in protecting slavery.

So yes, the Civil War was about slavery — an institution that existed solely to enrich some men by depriving others of their freedom

And there’s no excuse for anyone who pretends that there was anything noble or even defensible about the South’s cause: The Civil War was fought to defend an utterly vile institution.

Anecdotally, it seems like everybody knows someone who has dropped out of the mainstream, vowing to vote for the AfD or talking about emigrating

What has started to dawn on us in recent months, and what the meeting in Potsdam laid bare, is that the far right is not about having horrific ideas — it is about enacting horrific ideas.

Germany’s far-right adherents really mean it. With funding, support and a very real chance of winning federal states this year, they are closer to power than they have ever been in the nearly 75-year history of post-Nazi Germany.

In his recent book “Triggerpunkte,” or “Trigger Points,” Steffen Mau, a sociologist at Humboldt University in Berlin, rejects the notion that German society is polarized neatly in two. In Germany, he argues, divisions instead run through several areas such as climate, migration and social justice. You can be moved by some issues, indifferent to others

In recent months, those motivated by their opposition to migration or climate policies were the most vocal and visible. Now those who care about democracy, minority rights and the rule of law have reached their trigger point, too.

The result is that less energy is being produced overall, and Germany is loath to buy it from France—where power is much cleaner, because it’s mostly nuclear.

So who absorbed the adjustment? Easy: industry, the old backbone of the German manufacturing state, which has been closing production facilities in significant numbers.

This does not, of course, reduce the overall atmospheric pollution generated in the world, as the old clients of German firms turn to alternatives in other locations that are, almost always, fueled with high carbon sources. The Indonesian, Brazilian, Indian and Chinese companies that will now manufacture the products that German workers used to make are largely run on fossil fuels.

Part of the problem is that there are inherent technical limitations to how high a country can drive wind and solar in its energy mix. State of the art lithium-ion batteries can only store energy in the range of megawatts, up to the low gigawatts. In order to store electricity to survive a German winter with next to no sunlight and long low-wind periods, the country would need to increase its storage capacity by orders of magnitude.

There are only three presently known energy sources that can be used at scale to balance a natural grid: hydroelectricity, nuclear and fossil fuels

hey decided to simply make do with less power: economic degrowth in action. Of course, people depended on those power sources for jobs: good, well-paid, stable union jobs that guys without university degrees could get. The government closed down the factories—can they really be surprised some of these people now want to vote for the far right?

Germany didn’t adopt degrowth by choice, but through a series of blunders. The comic edge of its misfortunes is that so many of them occurred because of miscalculation or just sheer bloody-mindedness on the part of the Greens and Social Democrats. First, a few months before becoming a Russian energy lobbyist in 2005, then-Chancellor Gerhard Schröder insisted on putting Russian natural gas at the core of Germany’s energy grid, continuing a Social Democratic tradition of entwining Germany’s future with Russia’s. Then, a Green Party with its roots in 1970s anti-nuclear weapons activism carried this atavistic policy into the 21st century when it entered government, insisting that Germany decommission the backbone of its zero-emission energy matrix. Then the war in Ukraine happened, and the pipelines were cut. Oooops. Guess who’s digging for coal now?

Researchers call this effect “the liar’s dividend,” and politicians have already tried to cast off unfavorable clips as AI-generated: Last month, Donald Trump falsely claimed that an attack ad had used AI to make him look bad.

“Deepfake” could become the “fake news” of 2024, an infrequent but genuine phenomenon that gets co-opted as a means of discrediting the truth

Steve Bannon’s infamous assertion that the way to discredit the media is to “flood the zone with shit.”

AI is less likely to create new dynamics than to amplify existing ones. Presidential campaigns, with their bottomless coffers and sprawling staff, have long had the ability to target specific groups of voters with tailored messaging

They might have thousands of data points about who you are, obtained by gathering information from public records, social-media profiles, and commercial brokers

“It is now so cheap to engage in this mass personalization,” Laura Edelson, a computer-science professor at Northeastern University who studies misinformation and disinformation, told me. “It’s going to make this content easier to create, cheaper to create, and put more communities within the reach of it.”

That sheer ease could overwhelm democracies’ already-vulnerable election infrastructure. Local- and state-election workers have been under attack since 2020, and AI could make things worse.

Those officials have also expressed the worry, he said, that generative AI will turbocharge the harassment they face, by making the act of writing and sending hate mail virtually effortless. (The consequences may be particularly severe for women.)

past attacks—most notably the Russian hack of John Podesta’s email, in 2016—have wrought utter havoc. But now pretty much anyone—whatever language they speak and whatever their writing ability—can send out hundreds of phishing emails in fluent English prose. “The cybersecurity implications of AI for elections and electoral integrity probably aren’t getting nearly the focus that they should,”

Just last week, AI-generated audio surfaced of one Harlem politician criticizing another. New York City has perhaps the most robust local-news ecosystem of any city in America, but elsewhere, in communities without the media scrutiny and fact-checking apparatuses that exist at the national level, audio like this could cause greater chaos.

In countries that speak languages with less online text for LLMs to gobble up, AI tools may be less sophisticated. But those same countries are likely the ones where tech platforms will pay the least attention to the spread of deepfakes and other disinformation, Edelson told me. India, Russia, the U.S., the EU—this is where platforms will focus. “Everything else”—Namibia, Uzbekistan, Uruguay—“is going to be an afterthought,”

Most of us tend to fret about the potential fake video that deceives half of the nation, not about the flood of FOIA requests already burying election officials. If there is a cost to that way of thinking, the world may pay it this year at the polls.

Among the right, a new kind of reactionary self-help is ascendant. Its mainstream version is legible in the manosphere misogyny of Jordan Peterson, Joe Rogan, and Andrew Tate, while more eldritch currents lurk just beneath the surface. The Nietzscheanism of internet personalities like Bronze Age Pervert—who combines ethnonationalist chauvinism in politics and personal life with a Greco-Roman obsession with physical fitness—is only one of many examples of the trend the social critic Maya Vinokour has called “lifestyle fascism.”

We might call this turbocharged version of authenticity culture “therapeutic libertarianism”: the belief that self-improvement is the ultimate goal of life, and that no formal or informal constraints—whether imposed by states, faith systems, or other people—should impede each of us from achieving personal growth

This attitude is therapeutic because it is invariably couched in self-help babble. And it is libertarian not only because it makes a cult out of personal freedom, but because it applies market logic to human beings. We are all our own start-ups. We must all adopt a pro-growth mindset for our personhood and deregulate our desires.

We must all assess and reassess our own “fulfillment,” a kind of psychological Gross Domestic Product, on a near-constant basis. And like the GDP, our fulfillment must always increase.

On the left, what gets termed “wokeness” is indissociable from self-help. How should we understand superficial, performative expressions of “anti-racism” or preening social-media politics if not as a way for self-described good-hearted liberals to make grand public displays of pruning their moral shrubbery?

Stewart’s response to the UTIs is not concern for his wife but irritation: “This guy is breaking all my toys,” he grumbles. When she gets upset that her husband keeps calling her a “cunt” and a “whore” during sex—something he professes not being able to help—Stewart does not change this habit. Instead they strike a preposterous bargain: “He will try his best not to scream cunt during sex, and I will do my best to ignore him if he does.”

What the author is trying to find in her open relationship is not sex, but self-understanding—what it means, how we get it, whether sex can provide it. And although the answers Molly arrives at are not cheaply won, they are cheap all the same.

Near the end of the memoir, the author’s mother provides the empty epiphany toward which the text careens. “Everything that happens in life,” her mom offers, “is an opportunity to learn about yourself. Marriage. Motherhood. Relationships. Even anger and illness. Nothing that happens is good or bad in and of itself. It’s all just an opportunity to learn and grow.” With this maternal revelation, Molly’s “skin starts to tingle.” She relates that the advice “feels almost holy.”

though Molly may tell herself and her readers that she is on a journey of learning and growth, the ugly truth is that More feels like a 290-page cry for help. Molly does not come off as a woman boldly finding herself, but rather as someone who is vulnerable to psychological manipulation and does not enjoy her open marriage.

if it seems like Molly Roden Winter does not want to be in an open marriage, it is because she often lets us know that she doesn’t want to be in an open marriage.

When a couples therapist asks the pair why they’re in counseling halfway through the book—prompted by a breakdown Molly experiences that stems from their marital arrangement—she explains: “We’re here because I don’t want to be in an open marriage anymore, but Stewart does.”

There are precious few sex scenes where Molly seems to be enjoying herself. When Molly is in the middle of a squirmy threesome she’s been dreading, she literally dissociates from her body, pretending that she is a director staging a scene in which her physical person is merely an actor. Molly describes how she performs her role with “a clinician’s detachment” and leaves the apartment rapidly so as not “to be pulled back into this scene.” After one of her dates repeatedly removes his condom without her consent—an act known as “stealthing,” which is considered a sex crime in a number of countries and the state of California—she contracts a series of urinary tract infections

his concept doesn’t quite capture the extent to which this relentless quest for self-optimizing authenticity has infused our social and even political sensibilities.

Winter is trapped in her therapeutic worldview, one imposed on her by an American culture that has made narcissism into not simply a virtue, but a quasi-religion that turns external obstacles into opportunities for internal self-improvement.

These obstacles include, in her case, profound gender inequality relating to Molly’s life as a parent to two sons, and a troubling family history. Molly’s mother joined a cult—and indoctrinated the author into it as a child—at the urging of a male partner in her own open marriage. The book makes tacit comparisons between Molly’s mother’s initiation into a cult at the behest of an extramarital partner, and Molly’s own initiation into an open marriage at the behest of her husband.

throughout More, the dominant emotion Molly reports is not lust but rage—primarily at the deeply unequal child-care burdens that are placed upon her. “I think about all the years I’ve spent my night alone with the kids—the dinners, the bedtimes, the dishes, the loneliness of doing it all by myself—because Stew had to work,” she laments at one point. That Stewart is now spending late nights not working (if he ever was) but rather schtupping his endless reserve of mistresses pushes Molly further to the brink: “I feel my jealousy mingle with the resentment I’ve kept at bay for years,”

Molly doubles down on her quest for self-actualization through the relentless pursuit of bitter novelty: new sexual experiences that she rarely seems to enjoy, new partners who rarely treat her kindly.

The only solution Molly can imagine is to persist in an open marriage, rather than push for an equal one. Inward sexual revolution plainly feels more possible than a revolution in who does the dishes.

The trouble is that, as I’ve seen again and again, in this era of entitlement people think saying “we can’t do this” necessarily means “I don’t want to.”

a 2022 Reuters investigation found that some American clinics were quite aggressive with treatment: None of the 18 U.S. clinics that Reuters looked at performed long assessments on their patients, and some prescribed puberty blockers on the first visit.

As Cass writes in her report, “The toxicity of the debate is exceptional.” She continues, “There are few other areas of health care where professionals are so afraid to openly discuss their views, where people are vilified on social media and where name-calling echoes the worst bullying behavior.”

The report’s greatest strength is its epistemic humility. Cass is continually asking, “What do we really know?” She is carefully examining the various studies — which are high quality, which are not. She is down in the academic weeds.

he notes that the quality of the research in this field is poor. The current treatments are “built on shaky foundations,” she writes in The BMJ. Practitioners have raced ahead with therapies when we don’t know what the effects will be. As Cass tells The BMJ, “I can’t think of another area of pediatric care where we give young people a potentially irreversible treatment and have no idea what happens to them in adulthood.”

Our natural human tendency is to be too confident in our knowledge, too quick to ignore contrary evidence. But these days it has become acceptable to luxuriate in those epistemic shortcomings, not to struggle against them. See, for example, the modern Republican Party.

In 1877 a British philosopher and mathematician named William Kingdon Clifford published an essay called “The Ethics of Belief.” In it he argued that if a shipowner ignored evidence that his craft had problems and sent the ship to sea having convinced himself it was safe, then of course we would blame him if the ship went down and all aboard were lost. To have a belief is to bear responsibility, and one thus has a moral responsibility to dig arduously into the evidence, avoid ideological thinking and take into account self-serving biases.

“It is wrong always, everywhere, and for anyone, to believe anything upon insufficient evidence,” Clifford wrote

A belief, he continued, is a public possession. If too many people believe things without evidence, “the danger to society is not merely that it should believe wrong things, though that is great enough; but that it should become credulous, and lose the habit of testing things and inquiring into them; for then it must sink back into savagery.”

Since the Trump years, this habit of not consulting the evidence has become the underlying crisis in so many realms. People segregate into intellectually cohesive teams, which are always dumber than intellectually diverse teams. Issues are settled by intimidation, not evidence

her core conclusion is this: “For most young people, a medical pathway will not be the best way to manage their gender-related distress.” She realizes that this conclusion will not please many of the young people she has come to know, but this is where the evidence has taken her.

She writes in her report, “The option to provide masculinizing/feminizing hormones from age 16 is available, but the review would recommend extreme caution.

Ordinary people do not fret over the reality of tables or chairs or billiard balls. They do, however, wonder if ideas like freedom and justice are merely fantasies. Kant’s main goal was to show they are not.

In fact Kant was driven by a question that still plagues us: Are ideas like freedom and justice utopian daydreams, or are they more substantial? Their reality can’t be proven like that of material objects, for those ideas make entirely different claims on us — and some people are completely impervious to their claims.

Could philosophy show that acting morally, if not particularly common, is at least possible?

Kant always emphasized the limits of our knowledge, and none of us know if we would crumble when faced with death or torture. Most of us probably would. But all of us know what we should do in such a case, and we know that we could.

This experiment shows we are radically free. Not pleasure but justice can move human beings to deeds that overcome the deepest of animal desires, the love of life.

We want to determine the world, not only to be determined by it. We are born and we die as part of nature, but we feel most alive when we go beyond it: To be human is to refuse to accept the world we are given.

At the heart of Kant’s metaphysics stands the difference between the way the world is and the way the world ought to be.

But if we long, in our best moments, for the dignity of freedom and justice, Kant’s example has political consequences. It’s no surprise he thought the French Revolution confirmed our hopes for moral progress — unlike the followers of his predecessor David Hum

who thought it was dangerous to stray from tradition and habit.

This provides an answer to contemporary critics whose reading of Kant’s work focuses on the ways in which it violates our understanding of racism and sexism. Some of his remarks are undeniably offensive to 21st-century ears. But it’s fatal to forget that his work gave us the tools to fight racism and sexism, by providing the metaphysical basis of every claim to human rights.

Kant argued that each human being must be treated as an end and not as a means — which is why he called colonialism “evil” and congratulated the Chinese and Japanese for denying entry to European invaders. Contemporary dismissals of Enlightenment thinkers forget that those thinkers invented the concept of Eurocentrism, and urged their readers to consider the world from non-European perspectives

At a time when the advice to “be realistic” is best translated as the advice to decrease your expectations, Kant’s work asks deep questions about what reality is

He insisted that when we think morally, we should abstract from the cultural differences that divide us and recognize the potential human dignity in every human being.

This requires the use of our reason. Contrary to trendy views that see reason as an instrument of domination, Kant saw reason’s potential as a tool for liberation.

Should we discard Kant’s commitment to universalism because he did not fully realize it himself — or rather celebrate the fact that we can make moral progress, an idea which Kant would wholeheartedly applaud?

In Germany, it’s now common to hear that the Enlightenment was at very best ambivalent: While it may have been an age of reason, it was also an age of slavery and colonialism.

many contemporary intellectuals from formerly colonized countries reject those arguments. Thinkers like the Ghanaian Ato Sekyi-Otu, the Nigerian Olufemi Taiwo, the Chilean Carlos Peña, the Brazilian Francisco Bosco or the Indian Benjamin Zachariah are hardly inclined to renounce Enlightenment ideas as Eurocentric.

The problem with ideas like universal human rights is not that they come from Europe, but that they were not realized outside of it. Perhaps we should take a lesson from the Enlightenment and listen to non-Western standpoints?

I’m standing before them not as an ambassador of certainty or a font of unassailable verities but as an emissary of doubt. I want to give them intelligent questions, not final answers. I want to teach them how much they have to learn — and how much they will always have to learn.

each component of it was about the same quality: humility.

The grammar-and-spelling bit was about surrendering to an established and easily understood way of doing things that eschewed wild individualism in favor of a common mode of communication. It showed respect for tradition, which is a force that binds us, a folding of the self into a greater whole

The voices bit — well, that’s obvious. It’s a reminder that we share the stages of our communities, our countries, our worlds, with many other actors and should conduct ourselves in a manner that recognizes this fact. A

I’d also been delivering that spiel for more than two years before I realized that humility is the antidote to grievance.

We live in an era defined and overwhelmed by grievance — by too many Americans’ obsession with how they’ve been wronged and their insistence on wallowing in ire

This anger reflects a pessimism that previous generations didn’t feel

They promote a self-obsession at odds with community, civility, comity and compromise. It’s a problem of humility.

The Jan. 6 insurrectionists were delusional, frenzied, savage. But above all, they were unhumble. They decided that they held the truth, no matter all the evidence to the contrary.

They elevated how they viewed the world and what they wanted over tradition, institutional stability, law, order.

anti-Trumps will be our salvation, and I say that not along partisan or ideological lines. I’m talking about character and how a society holds itself together.

It does that with concern for the common good, with respect for the institutions and procedures that protect that and with political leaders who ideally embody those traits or at least promote them.

He was fond of quoting Philippians 2:3, which he invoked as a lodestar for his administration. “Do nothing out of selfish ambition or vain conceit,” it says. “Rather, in humility value others above yourself.”

Governing, as opposed to demagoguery, is about earning others’ trust and cooperation. Exhibiting a willingness to listen to and to hear them goes a long way toward that.

“Insight and knowledge come from curiosity and humility,” Mr. Baker wrote in a 2022 book, “Results,” coauthored with his chief of staff, Steve Kadish, a Democrat. “Snap judgments — about people or ideas — are fueled by arrogance and conceit. They create blind spots and missed opportunities. Good ideas and interesting ways to accomplish goals in public life exist all over the place if you have the will, the curiosity, and the humility to find them.”

‘Yes, there’s demanding, but there’s also asking,’” he recalled. “And one is not the enemy of the other. People don’t like being accused, people don’t like being condemned, people don’t like being alienated. It’s a matter of conversation and persuasion.”

the message delivered by Loretta Ross, a longtime racial justice and human rights advocate, through her teaching, public speaking and writing. Troubled by the frequent targeting and pillorying of people on social media, she urged the practice of calling in rather than calling out those who’ve upset you. “Call-outs make people fearful of being targeted,” she wrote in a guest essay for Times Opinion. “People avoid meaningful conversations when hypervigilant perfectionists point out apparent mistakes, feeding the cannibalistic maw of the cancel culture.” Instead, she advised, engage them. If you believe they need enlightenment, try that route, “without the self-indulgence of drama,” she wrote.

She was also recognizing other people’s right to disagree — to live differently, to talk differently. Pluralism is as much about that as it is about a multiracial, multifaith, multigender splendor.

Tolerance shares DNA with respect. It recognizes that other people have rights and inherent value even when we disagree vehemently with them.

we mustn’t treat every wound, every obstacle, as some cosmic outrage or mortal danger. We mustn’t lose sight of the struggle, imperfection and randomness of life. We mustn’t overstate our vulnerability and exaggerate our due.

While grievance blows our concerns out of proportion, humility puts them in perspective. While grievance reduces the people with whom we disagree to caricature, humility acknowledges that they’re every bit as complex as we are — with as much of a stake in creating a more perfect union.

I’ve spoken to in-house editors and publicists who are more inundated than ever, unable to give each of their titles the attention they deserve. Their submissions and workloads have increased even as marketing and editorial resources for individual titles have tapered off.

In the corporate world, output seems to be becoming more and more of a percentage game. You throw a bunch of products against the wall, see what sticks, and write off the ones (a vast majority) that don’t.

What a remarkable change it would be if corporations would allow their employees to do the best job they can with each book that the company has chosen to buy, rather than allowing them to flail

I had always thought that “discoverability” was a unique problem for books because so much browsing happens online rather than in carefully curated physical stores, but the world of streaming TV and movies has begun to catch up

What do corporate publishing and streaming have in common? They’re very often run by people who don’t engage with the products they put out.

For the first time since the first World Happiness Report was published in 2012, the United States fell out of the Top 20 and dropped to 23rd, pushed down by cratering attitudes of Americans under 30.

Americans have long been an unhappy bunch. They have never ranked in the Top 10 of the World Happiness Report, which is based on how respondents in different countries rate their own happiness.

cited the disruptions to life brought about by the coronavirus pandemic as a chief cause of mental health challenges among younger Americans.

The happiest young people are in Lithuania, while the unhappiest are in Afghanistan.

“I have never seen such an extreme change,” John Helliwell, an economist and a co-author of the report, said in an interview, referring to the drop in happiness among younger people. “This has all happened in the last 10 years, and it’s mainly in the English-language countries. There isn’t this drop in the world as a whole.”

Respondents were asked — among other prompts — to think of their life as a ladder and to rate it on a scale of one to 10, with 10 being the best possible life.

this was the first time that the consortium separated results by age, finding disparities in the views of younger and older Americans. Among the 143 countries surveyed, the United States ranked 10th for people 60 and older, but 62nd for people under 30.

“It’s mostly because as an adult you suddenly become aware of all the world news and you pay attention more to what you can control, and you realize that there is so little you can control,” Ms. Song, who was not part of the study, said in an interview. “Even if you’re going to protests or paying your rent and bills all on time, it’s so difficult, especially now, to break free from how you’re living your life when you realize how little impact your actions actually have on a broader level.”

“Many of the things that would have normally taken place for people, particularly high school young adults, did not take place,” he added. “And that is still occurring.”

Jade Song, a 27-year-old novelist, counted herself among those who had become increasingly unhappy in recent years.

“The literature is clear in practice — the effect that this had on socialization, pro-social behavior, if you will, and the ability for people to feel connected and have a community,”

In 2022, a Harvard University study showed that well-being among young adults in the United States had declined in the previous 20 years. Young people — those between the ages of 18 and 25 — reported the lowest levels of happiness compared with other age groups, as well as the poorest mental and physical health, sense of purpose, character, virtue, close social relationships and financial stability

Similar findings have emerged in Britain and Canada.

“One factor, which we’re all thinking about, is social media,” said Dr. Robert Waldinger, the director of the Harvard Study of Adult Development

“Because there’s been some research that shows that depending on how we use social media, it lowers well-being, it increases rates of depression and anxiety, particularly among young girls and women, teenage girls.”

In addition, Dr. Waldinger said, the negative feedback loop from news consumption has become a contributing factor.

“There’s also a lot of anxiety about the state of the world,” he said. “About climate change. About all of the polarization that we’re seeing.”

in some other countries, such as Croatia, Switzerland and Austria, the World Happiness Report shows that young people are becoming happier.

“Part of the problem is that we have this huge expectation of happiness in America,” said Eric Weiner, the author of “The Geography of Bliss,” and so we suffer partly from the unhappiness of not being happy and the expectation that we should be happy. And not every country in the world has that.”

“There’s an assumption that if you’re American, you’re wealthy and you’re high tech and you’re successful; you should be happy,” he said. “There’s a lot of data that shows that the greater your expectations, the less you’re happy.”

The expectations for young people like Ms. Song, the novelist, said have shifted.

“We have less to look forward to,” she said. “Because in the future, there’s going to be climate change that will affect the way we live. I think there’s less of a clear-cut trajectory for our life paths, because for so long, it was so easy just to know that you could go get married and have your 2.5 kids, and then pay for your house. But now that path is a lot more closed.”

There is a silver lining, though

“A, this angst is very local and, B, it’s very recent, which means, C, it’s not fundamental and going to last forever,” he said. “If it has been created that quickly, it could be removed that quickly.”

Postolnikov has been under increasing scrutiny in the criminal investigation into the Trump Media merger. Most recently, he has been listed on search warrant affidavits alongside several associates – one of whom was indicted last month for money laundering on top of earlier insider-trading charges.

Trump Media then received the loans from ES Family Trust: $2m on 23 December 2021, and $6m on 17 February 2022.

Part of the problem was that Trump Media struggled to get financing because traditional banks were reluctant to lend millions to Trump’s social media company in the wake of the January 6 Capitol attack, Wilkerson said.Trump Media eventually found some lenders, including ES Family Trust, but the sequence of events was curious.

S Family Trust was established on 18 May 2021, its creation papers show. Postolnikov’s “user” access to the account was “verified” on 30 November 2021 by a Paxum Bank manager in Dominica. The trust was funded for the first time on 2 December 2021

In late 2021, Trump Media was facing financial trouble after the original planned merger with Digital World was delayed indefinitely when the Securities and Exchange Commission opened an investigation into the merger, Trump Media’s since-ousted co-founder-turned-whistleblower Will Wilkerson recounted in an interview.

The loans came in the form of convertible promissory notes, meaning ES Family Trust would gain a major stake in Trump Media because it was offering the money in exchange for Trump Media agreeing to convert the loan principal into “shares of Company Stock”.

Oddly, the notes were never signed. But the investment in Trump Media proved to be huge: while precise figures can only be known by Trump Media, ES Family Trust’s stake in Trump Media is worth between $20m and $40m even after the sharp decline of the company’s share price in the wake of a poor earnings report

The ES Family Trust account also appears to have benefited Postolnikov personally. As the criminal investigation into the Trump Media deal intensified towards the end of last year, the trust recorded several transfers to Postolnikov with the subject line “Partial Loan Return”.In total, the documents showed that the trust transferred $4.8m to Postolnikov’s account, although $3m was inexplicably “reversed”.

The reason for the trust’s creation remains unknown. Aside from the money that went to Trump Media, the trust’s statements show the trust has directly invested money with only two other companies: $10.8m to Eleven Ventures LLC, a venture capital firm, and $1m to Wedbush Securities, a wealth management firm.

The creation papers also contained something notable: a declaration that, if the original trustee – a Paxum employee named Angel Pacheco – stepped down from the role, his successor would be a certain individual named Michael Shvartsman.

Last month, federal prosecutors charged Michael Shvartsman, a close associate of Postolnikov, with money laundering in a superseding indictment after previously charging him and two others in July with insider-trading Digital World shares. Shvartsman and his co-defendants pleaded not guilty.

nformant for the DHS, court filings show: in one March 2023 meeting with the informant and an associate, Shvartsman mentioned a friend who owned a bank in Dominica and made bridge loans to Trump Media.

“[Shvartsman’s associate] told the [confidential informant] that he does not think the SEC would be able to go after [Shvartsman] for his part in the investment but mentioned that [Shvartsman] essentially provided ‘bridge financing’ for the firm behind the Truth Social media platform,” it said.

The investigation into potential money laundering appears to have started after Wilkerson’s lawyers Phil Brewster, Stephen Bell and Patrick Mincey alerted the US attorney’s office in the southern district of New York to the ES Family Trust loans in October 2022.

Months later, in June 2023, the FBI expanded its investigation to work jointly with the Department of Homeland Security’s El Dorado taskforce, which specializes in money laundering, and its Illicit Proceeds and Foreign Corruption group, which targets corrupt foreign officials who use US entities to launder illicit funds.

Special effects software can give your music all sorts of subtle vibes. For $299, for instance, you can make your song sound as though it was recorded in Sound City Studios in Los Angeles, on the $20,000 vintage microphones with the $100,000 mixing console that recorded Fleetwood Mac and Nirvana. For $259 you can simulate the Beatles’ Abbey Road Studios

In the past, when you assembled all the tracks for a song, it would have to be mixed and mastered in a studio by a sound engineer adjusting the levels. Now an app will do it for you.

Now, all you need to do is get the files uploaded to streaming services. If you are signed with a label, they will do that for you, but you don’t need a record deal to do that. There are companies such as DistroKid that act as postmen: for £17.99 a year, you can ensure that the song you created in your bedroom is available on multiple streaming platforms.

Some artists thrive on social media. It suits lively, quirky performers like Ryder, and artists who want to experiment with different genres. Mxmtoon, a 23-year-old American YouTuber, singer-songwriter and ukulele player, is also a streamer on Twitch, a platform on which people watch others playing online games, has published graphic novels and made a podcast. Maia — the artist’s name — describes mxmtoon as “a multi-hyphenated project”.

More traditional musicians struggle with some aspects of tech. “We get together,” says Sital-Singh of his contemporaries in the business, “and have a little moan about how everyone’s telling us to do TikTok and we can’t bring ourselves to dance and we feel old and decrepit.”

Even digital natives struggle sometimes: “I already have nostalgia for a simpler past, even though I’m 23,” says Maia. “It’s exciting but it does put so much pressure on a normal individual to be an entrepreneur to advertise their own personal brand.”

Journalists, regrettably, no longer have the power they once did. What matters these days is social media. The A&R (artists and repertoire) people at record companies who would once have hung out in basement clubs scouting for new talent now sit in meetings examining the data on artists’ social media performance.

Now that the whole world’s music is available all over the world at the click of a play button, there’s a greater diversity among top-selling artists.

People making videos of themselves performing or dancing to the song on TikTok helped propel it to the stratosphere. It has been streamed a billion times. Sethi now plays to packed venues in America and Europe; last year, he performed at Coachella, America’s Glastonbury. “Without digital technology I would be a south Asian indy musician, working on the fringes of Bollywood,” he says from his home in New York.

For musicians, it’s more ambiguous. Because the costs of making music are lower, anybody with ambition can have a go. Many more people, as a result, are getting into the music business. According to PPL, the organisation which distributes money to music performers and rights-holders, the number of registered artists has risen from 61,310, when the industry was at its nadir, to 165,039 last year.

That makes the business fiercely competitive. As Will Page, former chief economist at Spotify and author of Tarzan Economics, points out, around 100,000 tracks are being uploaded on to Spotify every day: that’s more than were released in an entire calendar year in the 1980s

That has cemented the power of the record companies. When the digital revolution started, it was widely expected that record labels would cease to exist, and be replaced by a model in which everybody promoted and distributed their own music. That’s not what has happened: because it’s so difficult to get noticed, embryonic stars need record labels to promote them.

A label invests in the production of the music, the styling of the band, video content, interviews, touring and the crucial business of getting a song on a streaming service’s playlist that suggests the song to listeners to suit their tastes. Artists that are signed with major labels get paid more, per stream, than those that aren’t.

Three quarters of streamed tracks have one of the major record labels behind them. And even though streaming is booming, it doesn’t contribute much to the incomes of the vast majority of artists.

Most artists stay hungry. A single stream will earn a musician anywhere between 0.1p and 2.4p. Crispin Hunt reckons that on average a million streams for a song — a wild ambition for most musicians — will, if you have to pay a cut to a record company, probably make you £1,000

If you’ve then got to pay your manager 20 per cent, and divide the rest between the four band members, “it barely pays for a Sainsbury’s shop. That’s why music is dominated by middle-class people called Crispin whose parents can afford to buy them an electric guitar and a laptop.”

For Christie Gardner, half of Lilo, a two-woman band, it helps planning gigs. “You can see where your listeners are and you can tell what they’re listening to. We make decisions about shows on that basis.” But for most bands, the economics of live performance are pretty grim.

Deathcrash’s manager Joe Taylor says that the band has been offered the opportunity of a European tour supporting a much bigger act. It would be good for their career but not their bank balance. The fees per show would be €200; once the costs of a sound engineer, a tour van, a driver, fuel, hotels and a carnet for importing musical instruments into the EU had been factored in, they would lose £15,000.

music has always been an uneconomic business, which people subsidise through other activities. The fiddler in the village pub probably worked in the fields in the daytime and played for money and fun in the evenings and at the weekend, rather as Ryder ran a juice bar and sang at weddings. These days, there is also the wafer-thin chance that they might end up being one of the 1,200 artists who make more than $1 million a year on Spotify

There are some signs that in the new musical economy, the balance of power between artists and the big record companies may have tipped slightly in the artists’ favour

the share of streaming revenues going to artists increased from 19.7 per cent to 23.3 per cent between 2012 and 2021 and that going to songwriters has risen from 8 per cent in 2008 to 15 per cent in 2021. “Outcomes for consumers, artists and songwriters,” it concludes, “are getting better.”

Most of the extra revenues generated by streaming are going to the top earners. But the stars are not the only ones benefiting. Between 2017 and 2022, the number of artists earning over $1 million on Spotify more than doubled, but so did the number earning over $10,000

more than two fifths of artists who release their own music aren’t expecting to make a full-time career. They’re in it for fun, for the love of it, or to be able to show their mum that they have released a song on Spotify.

It seems likely that the more music is being created, the greater the chance that wonderful tunes are being written, but it’s not necessarily the case. The best stuff might get buried under a mound of mediocrity.

Fresh estimates from the Congressional Budget Office this month said the U.S. labor force in 2023 had grown by 5.2 million people, thanks especially to net immigration

The sudden snapback in demand sent inflation soaring. Supply chain issues were a main reason prices rose quickly. But labor shortages posed a problem, too, and economists feared that rising wages — as employers scrambled to find workers — would keep price increases dangerously high.

he flow of migrants to the United States started slowing during the Trump administration, when officials took hundreds of executive actions designed to restrict migration.

Right before the pandemic, there were about 1.5 million fewer working-age immigrants in the United States than pre-2017 trends would have predicted, according to the San Francisco Fed. By the end of 2021, that shortfall had widened to about 2 million

But the economy overall wound up rebounding aggressively from the sudden, widespread closures of 2020, bolstered by historic government stimulus and vaccines that debuted faster than expected.

economy grow. But today’s snapshot still represents a stark turnaround from just a short time ago.

That’s because the labor force that emerged as the pandemic ebbed was smaller than it had been: Millions of people retired early, stayed home to take over child care or avoid getting sick, or decided to look for new jobs entirely

In the span of a year or so, employers went from having businesses crater to sprinting to hire enough staff to keep restaurants, hotels, retail stores and construction sites going. Wages for the lowest earners rose at the fastest pace.

About the same time, the path was widening for migrants to cross the southern border, particularly as the new Biden administration rolled back Trump-era restrictions.

Experts argue that the strength of the U.S. economy has benefited American workers and foreign-born workers alike. Each group accounts for roughly half of the labor market’s impressive year-over-year growth since January 2023

But the past few years were extremely abnormal because companies were desperate to hire.

lus, it would be exceedingly difficult for immigration to affect the wages of enormous swaths of the labor force,

“What it can do is lower the wages of a specific occupation in a specific area, but American workers aren’t stupid. They change jobs. They change what they specialize in,” Nowrasteh said. “So that’s part of the reason why wages don’t go down.”

In normal economic times, some analysts note, new immigrants can drag down wages, especially if employers decide to hire them over native-born workers. Undocumented workers, who don’t have as much leverage to push for higher pay, could lower average wages even more.

Particularly for immigrants fleeing poorer countries, the booming U.S. job market and the promise of higher wages continue to be an enormous draw.

“More than any immigration policy per se, the biggest pull for migrants is the strength of the labor market,” said Catalina Amuedo-Dorantes, an economics professor at the University of California at Merced. “More than any enforcement policy, any immigration policy, at the end of the day.”

Upon arriving in Denver in October, Santander hadn’t acquired a work permit but needed to feed his small children. Even without authorization, he found a job as a roofer for a contractor that ultimately pocketed his earnings, then one cleaning industrial refrigerators on the overnight shift for $12 an hour. Since receiving his work permit in January, Santander has started “a much better job” at a wood accessories manufacturer making $20 an hour.

But for the vast majority of migrants who arrive in the United States without prior approval, including asylum seekers and those who come for economic reasons, getting a work permit isn’t easy.

Federal law requires migrants to wait nearly six months to receive a work permit after filing for asylum. Wait times can stretch for additional months because of a backlog in cases.

While they wait, many migrants find off-the-books work as day laborers or street vendors, advocates say. Others get jobs using falsified documents, including many teenagers who came into the country as unaccompanied minors.

Still, many migrants miss the year-long window to apply for asylum — a process that can cost thousands of dollars — leaving them with few pathways to work authorization, advocates say. Those who can’t apply for asylum often end up working without official permission in low-wage industries where they are susceptible to exploitation.

“devastating” because the hardship of rural Americans is real, “terrifying” because the political backlash to this hardship poses a clear and present danger to our democracy, and “baffling” because at some level I still don’t get the politics.

Technology is the main driver of rural decline, Schaller and Waldman argue. Indeed, American farms produce more than five times as much as they did 75 years ago, but the agricultural work force declined by about two-thirds over the same period, thanks to machinery, improved seeds, fertilizers and pesticides

Coal production has been falling recently, but thanks partly to technologies like mountaintop removal, coal mining as a way of life largely disappeared long ago, with the number of miners falling 80 percent even as production roughly doubled.

The decline of small-town manufacturing is a more complicated story, and imports play a role, but it’s also mainly about technological change that favors metropolitan areas with large numbers of highly educated workers.

Technology, then, has made America as a whole richer, but it has reduced economic opportunities in rural areas. So why don’t rural workers go where the jobs are? Some have

But some cities have become unaffordable, in part because of restrictive zoning — one thing blue states get wrong — while many workers are also reluctant to leave their families and communities.

So shouldn’t we aid these communities? We do. Federal programs — Social Security, Medicare, Medicaid and more — are available to all Americans, but are disproportionately financed from taxes paid by affluent urban areas. As a result there are huge de facto transfers of money from rich, urban states like New Jersey to poor, relatively rural states like West Virginia.

While these transfers somewhat mitigate the hardship facing rural America, they don’t restore the sense of dignity that has been lost along with rural jobs.

And maybe that loss of dignity explains both white rural rage and why that rage is so misdirected — why it’s pretty clear that this November a majority of rural white Americans will again vote against Joe Biden, who as president has been trying to bring jobs to their communities, and for Donald Trump, a huckster from Queens who offers little other than validation for their resentment.

This feeling of a loss of dignity may be worsened because some rural Americans have long seen themselves as more industrious, more patriotic and maybe even morally superior to the denizens of big cities — an attitude still expressed in cultural artifacts like Jason Al

In the crudest sense, rural and small-town America is supposed to be filled with hard-working people who adhere to traditional values, not like those degenerate urbanites on welfare, but the economic and social reality doesn’t match this self-image.

Prime working-age men outside metropolitan areas are substantially less likely than their metropolitan counterparts to be employed — not because they’re lazy, but because the jobs just aren’t there.

Quite a few rural states also have high rates of homicide, suicide and births to single mothers — again, not because rural Americans are bad people, but because social disorder is, as the sociologist William Julius Wilson argued long ago about urban problems, what happens when work disappears.

Draw attention to some of these realities and you’ll be accused of being a snooty urban elitist

The result — which at some level I still find hard to understand — is that many white rural voters support politicians who tell them lies they want to hear. It helps explain why the MAGA narrative casts relatively safe cities like New York as crime-ridden hellscapes while rural America is the victim not of technology but of illegal immigrants, wokeness and the deep state.

while white rural rage is arguably the single greatest threat facing American democracy, I have no good ideas about how to fight it.