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The decision has to come this month “because of the time required for manufacturing the necessary doses,” three of FDA’s top officials – FDA Commissioner Robert Califf, vaccine expert Peter Marks and principal deputy commissioner Janet Woodcock – wrote in a paper published by the journal JAMA in May.Both Pfizer and Moderna are studying vaccines designed to combat omicron and other strains. However, data on the shots remains scarce.

Despite mounting anticipation for the decision, the percentage of parents who will get their young children vaccinated is likely to be low compared to other age groups. A survey from February found that 31% of parents of children in the age range will get their kid vaccinated right away if a vaccine is authorized.

Clinical data from Moderna’s shot is expected this month, according to the company. Moderna in April released findings to support its booster shot development strategy, but the data comes after research in animals suggested the omicron-specific shot might not provide additional protection. A study from scientists at the National Institutes of Allergy and Infectious Diseases’s Vaccine Research Center found that primates boosted with the original vaccine had similar levels of protection as monkeys who got an omicro

The Biden administration has warned of potential fall and winter surges infecting up to 100 million Americans as it gears up for a fall booster shot campaign, whether that is with an omicron-specific shot or not. The FDA authorized a fourth vaccine dose for people ages 50 and older in March, and expanding the shot to more age groups is under consideration.“Administering additional COVID-19 vaccine doses to appropriate individuals this fall around the time of the usual influenza vaccine campaign has the potential to protect susceptible individuals against hospitalization and death, and therefore will be a topic for FDA consideration,” the officials wrote.In fact, the officials said that coronavirus booster shots could be on their way to becoming a yearly occurrence.

It is time to “accept that the presence of SARS-CoV-2, the virus that causes COVID-19, is the new normal,” according to the officials.“It will likely circulate globally for the foreseeable future, taking its place alongside other common respiratory viruses such as influenza,” they wrote.But paying for the shots remains an issue for the Biden administration as Congress shows little appetite for approving more COVID-19 funding.

In recent weeks, Biden has scrambled to show he is on top of the matter. He invoked the Defense Production Act to ramp up domestic production of baby formula, and his administration has airlifted supplies from foreign countries to try to address the mushrooming crisis. But the declaration by industry leaders that the scope of the problem was immediately clear to them in February raises questions of why the president was slow to learn of the issue.

“Seeing the empty shelves is unacceptable,” she said. “Seeing what families are going through is unacceptable. This is why we have been working 24-7 to make sure that we are using every lever at our disposal to deliver for the American people.”

Officials said United Airlines had agreed to transport Kendamil formula for free from Heathrow Airport in London to multiple airports across the United States over a three-week period. The formula will be distributed and available for purchase at selected U.S. retailers nationwide as well as online, the White House said.All told, about 3.7 million 8-ounce bottle equivalents of Kendamil infant formula will be delivered, it said.

Still, despite the all-hands-on-deck approach to replenishing the American supply, store shelves continue to be emptier: Data firm IRI reported Tuesday that the nationwide in-stock inventory figure was 76 percent for the week ending May 22, down from 79 percent the week before.

a Bloomberg reporter saw only three semis among the vehicles blocking the Ambassador Bridge, which were mainly pickup trucks and private cars; photos taken Saturday also show very few commercial trucks.

this isn’t a grass-roots trucker uprising. It’s more like a slow-motion Jan. 6, a disruption caused by a relatively small number of activists, many of them right-wing extremists

At their peak, the demonstrations in Ottawa reportedly involved only around 8,000 people, while numbers at other locations have been much smaller.

it’s not hard to come up with numbers like $300 million or more per day; combine that with the disruption of Ottawa, and the “trucker” protests may already have inflicted a couple of billion dollars in economic damage

it’s roughly comparable to insurance industry estimates of total losses associated with the Black Lives Matter protests that followed the killing of George Floyd — protests that seem to have involved more than 15 million people.

In fact, the demonstrations were remarkably nonviolent; vandalism happened in a few cases, but it was relatively rare, and the damage was small considering the huge size of the protests.

By contrast, causing economic damage was and is what the Canadian protests are all about — because blocking essential flows of goods, threatening people’s livelihoods, is every bit as destructive as smashing a store window.

And to what end? The B.L.M. demonstrations were a reaction to police killings of innocent people; what’s going on in Canada is, on its face, about rejecting public health measures intended to save lives.

even that is mainly an excuse: What it’s really about is an attempt to exploit pandemic weariness to boost the usual culture-war agenda.

the U.S. right is loving it. People who portrayed peaceful protests against police killings as an existential threat are delighted by the spectacle of right-wing activists breaking the law and destroying wealth

Recent events have confirmed what many suspected: The right is perfectly fine, indeed enthusiastic, about illegal actions and disorder as long as they serve right-wing ends.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Russians don’t run on their banks, because they believe that in a real crunch, the Russian central bank would provide the needed cash. After all, the Russian central bank holds enormous quantities of reserves: $630 billion at the last tally

To finance its war on Ukraine, Russia might have hoped to draw down its foreign-currency reserves with Western central banks.

Not so fast, argues Bernstam. What does it mean that Russia “has” X or Y in foreign reserves? Where do these reserves exist? The dollars, euros, and pounds owned by the Russian central bank—Russia may own them, but Russia does not control them. Almost all those hundreds of billions of Russian-owned assets are controlled by foreign central banks.

We, the people of the Western world collectively owe the Russian state hundreds of billions of dollars. That’s not our problem. That’s Russia’s problem, an enormous one. Because one thing any debtor can do is … not pay when asked.

With $630 billion in reserves, there is no way Russia would ever run out of foreign currency. You’ve probably read that assertion many times in the past few days

All of this requires the cooperation of the Fed or ECB in the first place. The Fed or ECB could say: “Nope. Sorry. The Russian central bank’s money is frozen. No transfers of dollars or euros from the Russian central bank to commercial banks. No transfers from commercial banks to businesses or individuals. For all practical purposes, you’re broke.”

if Russia’s foreign income slows at the same time as it is waging a hugely costly war against Ukraine, it will need its reserves badly. And suddenly, it will be as if the money disappeared. Every Russian person, individual, or state entity with any kind of obligation denominated in foreign currency would be shoved toward default.

Of course, long before any of that happened, everybody involved in the transactions would have panicked.

The ruble would cease to be a convertible currency. It would revert to being the pseudo-currency of Soviet times: something used for record-keeping purposes inside Russia, but without the ability to buy goods or services on international markets. The Russian economy would close upon itself, collapsing into as much self-sufficiency as possible for a country that produces only basic commodities.

Russia imports almost everything its citizens eat, wear, and use. And in the modern digitized world, that money cannot be used without the agreement of somebody’s central bank. You could call it Bernstam’s law: “Do not fight with countries whose currencies you use as a reserve currency to maintain your own.”

There is one exception to the rule about reserves as notations: About $132 billion of Russia’s reserves takes the form of physical gold in vaults inside Russia

Only one customer is rich enough to take significant gold from a sanctioned nation like Russia: China.

that does not solve the real problem, which is not to buy specific items from specific places, but to sustain the ruble as a currency that commands confidence from Russia’s own people. China cannot do that for Russians. Only the Western central banks can.

Putin launched his war against Ukraine in part to assert Russia’s great-power status—a war to make Russia great again. Putin seemingly did not understand that violence is only one form of power, and not ultimately the most decisive

The power Putin is about to feel is the power of producers against gangsters, of governments that inspire trust against governments that rule by fear.

Russia depends on the dollar, the euro, the pound, and other currencies in ways that few around Putin could comprehend. The liberal democracies that created those trusted currencies are about to make Putin’s cronies feel what they never troubled to learn. Squeeze them.

One of the first questions experts asked me was whether my family was vaccinated. Yes, I said: My husband and I are vaccinated and boosted, and our kids are vaccinated but not yet boosted. This is a relevant question because, if you’re exposed to the virus that causes Covid-19, “your immune system kicks into action a lot faster if you’re vaccinated versus not vaccinated,”

First, the swift immune reaction slows the rate of viral reproduction and spread. “This is what the vaccines are there for — to educate your immune system so that it gets a jump on the invaders before they are able to replicate out of control,”

Because the virus doesn’t replicate as quickly in vaccinated people, they may be less likely to test positive for Covid-19 after coronavirus exposure, because their immune system “keeps the viral load below the level of detection,”

It’s possible, then, that my husband and son did catch Covid-19, but their vaccinated immune systems fended off the infection so well that they never had enough viral proteins in their nose or throat to test positive. And their continual negative tests probably meant that they were never that contagious

If my husband and son never tested positive, why did they feel sick? Even if a vaccinated person doesn’t have much virus in their body, they can still have powerful Covid symptoms

That’s because many illness symptoms — fever, malaise, runny nose, fatigue — are actually caused by the immune system’s response to the virus, rather than the virus itself

And as for why I felt fine, Dr. Morrison said that perhaps my immune system fought off the incoming virus so quickly that I didn’t even have a chance to feel sick. “It sounds to me like you were definitely exposed,”

maybe I had high levels of vaccine antibodies or immune cells called T cells that were able to kill the invading virus before it had a chance to alert the parts of my immune system that would incite symptoms.

All this said, nobody really knows what happened to me, my son or my husband. When it comes to understanding how Covid-19 affects the body, “there are so many open questions,”

people can have different experiences for many different reasons. For instance, Dr. Andino said, it’s possible that the virus was replicating in parts of my husband’s or my son’s body that the tests didn’t reach

Research suggests that the coronavirus can replicate in the pancreas, heart, brain, kidneys and other organs, although vaccination may reduce the chance that the virus spreads outside the respiratory system.

Dr. Andino said that he and his colleagues have been conducting studies in which they follow and repeatedly test entire households after one person in the home tests positive for Covid-19. “What we see is exactly what you described — that some people in the household don’t test positive,”

“For too many years, the ideological opposition to harm reduction has cost lives,” said Dr. Carolyn Bennett, the federal minister of mental health and addictions, at a news conference on Tuesday.

British Columbia has been a leader in Canada’s harm reduction movement.

Decriminalization will allow police to focus on organized crime and drug traffickers, instead of individual users, said Sheila Malcolmson, the provincial minister of mental health and addictions. “We will take this year ahead to ready our justice and health systems,” she added.

The exemption will go into effect on Jan. 31, 2023, and will expire after three years.

“I think making drug use easier for them is kind of like palliative care,” said Mr. Doucette, who spent 35 years working for the Royal Canadian Mounted Police before retiring, most of which he spent in drug enforcement. “It’s just condemning them to a slow death because of drugs, whereas if you get them off drugs, get them a life back, they can enjoy life.”

British Columbia has one of the highest per capita rates of drug death across North America, at 42.8 deaths per 100,000 people in 2021, according to provincial data.

In the U.S., the 10 states with the highest level of drug overdose, have rates ranging between 39.1 deaths per 100,000 in Connecticut, to 81.4 deaths per 100,000 in West Virginia, according to the latest mortality data, for 2020, by the Centers for Disease Control.

Investigating and calling out a magazine and editor for which I felt empathy, and had historic connections to, hearing from its critics and dissidents, and finding whistleblowers and confidential inside sources was a challenge. But hearing responses from all sides was a duty.

I worked on it for six months, settling a first draft of my story to the CJR‘s line editor in the summer 2019. From then on my experience of the CJR was devastating and damaging.

After delivering the story and working through a year-long series of edits and re-edits required by Pope, the story was slow-walked to dismissal. In 2022, after Russian tanks had rolled towards Kyiv, I urged Pope to restore and publish the report, given the new and compelling public interest. He refused.

he trigger for my CJR investigation was a hoax concerning Democratic Party emails hacked and dumped in 2016 by teams from Russia’s GRU intelligence agency.  The GRU officers responsible were identified and their methods described in detail in the 2019 Mueller Report.  

The Russians used the dumped emails decisively – first to leverage an attack on that year’s Democratic National Convention; and then to divert attention from Donald Trump’s gross indiscretions at critical times before his election

In 2017, with Trump in the White House, Russian and Republican denial operations began, challenging the Russian role and further widening divisions in America. A pinnacle of these operations was the publication in The Nation on 9 August 2017 of an article – still online under a new editor – claiming that the stolen emails were leaked from inside the DNC.  

Immediately after the article appeared, Trump-supporting media and his MAGA base were enthralled. They celebrated that a left-liberal magazine had refuted the alleged Russian operations in supporting Trump, and challenged the accuracy of mainstream press reporting on ‘Russiagate’

Nation staff and advisors were aghast to find their magazine praised lavishly by normally rabid outlets – Fox News, Breitbart, the Washington Times. Even the President’s son.

When I was shown the Nation article later that year by one of the experts it cited, I concluded that it was technical nonsense, based on nothing.  The White House felt differently and directed the CIA to follow up with the expert, former senior National Security Agency official and whistleblower, William Binney (although nothing happened)

Running the ‘leak’ article positioned the left-wing magazine strongly into serving streams of manufactured distractions pointing away from Russian support for Trump.

I traced the source of the leak claim to a group of mainly American young right-wing activists delivering heavy pro-Russian and pro-Syrian messaging, working with a British collaborator. Their leader, William Craddick, had boasted of creating the ‘Pizzagate’ conspiracy story – a fantasy that Hillary Clinton and her election staff ran a child sex and torture ring in the non-existent basement of a pleasant Washington neighbourhood pizzeria. Their enterprise had clear information channels from Moscow. 

We spoke for 31 minutes at 1.29 ET on 12 April 2019. During the conversation, concerning conflicts of interest, Pope asked only about my own issues – such as that former editor Victor Navasky, who would figure in the piece, had moved from running and owning The Nation to being Chair of the CJR board; and that the independent wealth foundation of The Nation editor Katrina vanden Heuvel – the Kat Foundation – periodically donated to Columbia University.

She and her late husband, Professor Stephen Cohen, were at the heart of my reporting on the support The Nation gave to Putin’s Russia. Sixteen months later, as Pope killed my report, he revealed that he had throughout been involved in an ambitious and lucratively funded partnership between the CJR and The Nation, and between himself and vanden Heuvel. 

On the day we spoke, I now know, Pope was working with vanden Heuvel and The Nation to launch – 18 days later – a major new international joint journalism project ‘Covering Climate Now!‘

Soon after we spoke, the CJR tweeted that “CJR and @thenation are gathering some of the world’s top journalists, scientists, and climate experts” for the event. I did not see the tweet. Pope and the CJR staff said nothing of this to me. 

Any editor must know without doubt in such a situation, that every journalist has a duty of candour and a clear duty to recuse themselves from editorial authority if any hint of conflict of interest arises. Pope did not take these steps. From then until August 2020, through his deputy, he sent me a stream of directions that had the effect of removing adverse material about vanden Heuvel and its replacement with lists of her ‘achievements’. Then he killed the story

Working on my own story for the CJR, I did not look behind or around – or think I needed to. I was working for the self-proclaimed ‘watchdog of journalism’. I forgot the ancient saw: who watches the watchdog?

This week, Kyle Pope failed to reply to questions from Byline Times about conflicts of interest in linking up with the subjects of the report he had commissioned.

During the period I was preparing the report about The Nation and its editor, he wrote for The Nation on nine occasions. He has admitted being remunerated by the publication. While I was working for the CJR, he said nothing. He did not recuse himself, and actively intervened to change content for a further 18 months.

On April 16 2019, I was informed that Katrina vanden Heuvel had written to Pope to ask about my report. “We’re going to say thanks for her thoughts and that we’ll make sure the piece is properly vetted and fact-checked,” I was told

A month later, I interviewed her for the CJR. Over the course of our 100 minutes discussion, it must have slipped her mind to mention that she and Kyle Pope had just jointly celebrated being given more than $1 million from the Rockefeller Family and other foundations to support their climate project.

Pope then asked me to identify my confidential sources from inside The Nation, describing this as a matter of “policy”

Pope asked several times that the article be amended to state that there were general tie-ups between the US left and Putin. I responded that I could find no evidence to suggest that was true, save that the Daily Beast had uncovered RT attempting cultivation of the US left. 

Pope then wanted the 6,000-word and fully edited report cut by 1,000 words, mainly to remove material about the errors in The Nation article. Among sections cut down were passages showing how, from 2014 onwards, vanden Heuvel had hired a series of pro-Russian correspondents after they had praised her husband. Among the new intake was a Russian and Syrian Government supporting broadcaster, Aaron Maté, taken on in 2017 after he had platformed Cohen on his show The Real News. 

On 30 January 2023, the CJR published an immense four-part 23,000-word series on Trump, Russia and the US media. The CJR‘s writers found their magazine praised lavishly by normally rabid outlets. Fox News rejoiced that The New York Times had been “skewered by the liberal media watchdog the Columbia Journalism Review” over Russiagate”. WorldNetDaily called it a “win for Trump”.

Pope agreed. Trump had “hailed our report as proof of the media assault on Trump that they’ve been hyping all along,” he wrote. “Trump cheered that view on Truth Social, his own, struggling social-media platform

In the series, writer Jeff Gerth condemns multiple Pulitzer Prize-winning reports on Russian interference operations by US mainstream newspapers. Echoing words used in 2020 by vanden Heuvel, he cited as more important “RealClearInvestigations, a non-profit online news site that has featured articles critical of the Russia coverage by writers of varying political orientation, including Aaron Maté”.

As with The Nation in 2017, the CJR is seeing a storm of derisive and critical evaluations of the series by senior American journalists. More assessments are said to be in the pipeline. “We’re taking the critiques seriously,” Pope said this week. The Columbia Journalism Review may now have a Russia Problem.  

“It’s the stuff that kills that we want to talk about, the stuff that stunts lives that we want to talk about, the stuff that deforms lives that we want to talk about.”

The outgoing chair pointed to the increasing concern of a school-to-prison pipeline in the UK, where young minority ethnic children excluded from schools are forced into pupil referral units where they are groomed by criminal gangs – a clear example of systemic racism, he claims.

“To talk about unconscious biases is an obvious sidestepping of the matter. And it’s also wanting to let people off,” Prescod said.

The institute “insistently” talked about institutional racism then, but was in the minority and faced significant opposition, Prescod said. “In the end, it stuck because we then had the Macpherson report amongst others using a term which was not invented by them, but by communities of resistance.”

: “Ambalavaner Sivanandan [former director of IRR] and we at the institute were taking our cue from what the communities of resistance were saying. Institutionalised racism was not invented in the academy. It’s not invented by the politicians, it comes off the ground.

“It comes out of slow realisation where you start with one case that shows you injustice and after a while you pull that out and you realise that you’re looking at a whole string of things that tell you there’s something more than simply a wrongdoer in this situation.”

Prescod was not surprised at the government’s recent decision to drop crucial reform commitments made after the Windrush scandal. “This is not unlike what happened after the Macpherson report, which says very clearly institutionalised racism exists. And this is not just in the police. Any number of institutions have been looked at in this kind of way

When asked what he felt was the most significant change in Britain in terms of race, Prescod turned to a lyric from the British jazz band Sons of Kemet: “Don’t wanna take my country back, mate. I wanna take my country forward.” He said he finds it powerful black youth have claimed the country as their own.

“We now have populations here who are not thinking of themselves from some other place or going to some other place, but here, and are aware of their history of struggle. When Sons of Kemet says something like ‘we want to take our country forward’, notice all the words in the phrase.” He believes it shows a significant cultural shift of “new generations [of black Britons] born here, belonging here, speaking with a different kind of authority”.

Prescod said while there was no room for “triumphalism” when looking at racial progress, he was leaving his position with some hope. “There is always resistance. It’s only too clear. If you look at any situation in which somebody starts to be down-pressed, you will realise that there is somebody who is saying: get off my back, get off my throat. We don’t simply curl up.”

If no one ever went out to a restaurant or threw a party again, we’d slow the spread of COVID as well as that of plenty of other infectious diseases. But that would be a cure worse than the disease. Like our ancestors, we should prioritize the living of life over the minimizing of mortality.

Their analysis suggests that, as currently designed, “Full Self-Driving” (FSD) could be dangerous on public roadways, according to several of the experts.

That the Tesla keeps going after seeing a pedestrian near a crosswalk offers insight into the type of software Tesla uses, known as “machine learning.” This type of software is capable of deciphering large sets of data and forming correlations that allow it, in essence, to learn on its own.

Tesla’s software uses a combination of machine-learning software and simpler software “rules,” such as “always stop at stop signs and red lights.” But as one researcher pointed out, machine-learning algorithms invariably learn lessons they shouldn’t. It’s possible that if the software were told to “never hit pedestrians,” it could take away the wrong lesson: that pedestrians will move out of the way if they are about to be hit, one expert said

Software developers could create a “rule” that the car must slow down or stop for pedestrians. But that fix could paralyze the software in urban environments, where pedestrians are everywhere.

economic output must flow either to owners of capital, in the form of profits, dividends and rents, or to labour, as wages, salaries and perks. Economists refer to this as the “capital” or “labour” share of GDP. Who has the upper hand in the post-lockdown economy?

First we calculate a high-frequency measure of the capital-labour share across 30 mostly rich countries.

In 2020 the aggregate labour share across this group soared (see chart 1). This was largely because firms continued to pay people’s wages—helped, in large part, by government-stimulus programmes—even as GDP collapsed. Advantage, labour.

More recently, however, the battle seems to have shifted in favour of capital.

most economists anyway argue that labour’s share is not a perfect gauge of economic fairness, since it is so hard to measure.

In the first camp is Britain. There, underlying wage growth is in the region of 5% a year, unusually fast by rich-world standards.

But corporations seem not to have much pricing power, meaning that they are struggling to fully offset higher costs in the form of higher prices.

Labour seems to be winning out at the expense of capital.

The second group consists of most other rich countries outside America.

There, neither labour nor capital seems able to triumph. After correcting for pandemic-related distortions Japan’s pay growth appears to be slowing to below 1% a year

Pay settlements in Italy and Spain are treading water, while wage growth in Australia, France and Germany remains well below where it was before the pandemic. Workers in these places are not really joining in with the inflationary party.

In Europe pre-tax profit margins, as measured in the national accounts, have risen in recent months but remain below where they were just before the pandemic.

In Japan the “recurring” profits before tax of large and medium-sized firms recently returned to pre-pandemic levels. The profits of smaller firms remain well below, however.

A series of unusually large stimulus payments may mean that households are able to absorb the higher prices that companies impose.

Wages are rising, but nonetheless markups are responsible for more than 70% of inflation since late 2019,

In a recent report, analysts at Bank of America argue that greater pricing power helps explain why American equities have a higher price-earnings ratio than European ones.

Some economists wonder if workers will before long demand even higher wages to compensate for higher shop prices.

But some research has concluded that deforestation, drying and other factors could lead to substantial forest dieback in the Amazon by the end of this century.

Covering more than two million square miles in Brazil and neighboring countries, the Amazon is the world’s largest rainforest, and serves a crucial role in mitigating climate change in most years by taking in more carbon dioxide from the atmosphere than it releases.

“That lack of resilience shows that, indeed, there is only so much of a beating that this forest can take,”

But climate change, together with widespread deforestation and burning for agriculture and ranching, has taken a toll on the Amazon, making it warmer and drier. The region, one of the wettest on Earth, has experienced three droughts since 2000.

“It’s reducing the ability to bounce back.”

The researchers found that more than three-quarters of the untouched rainforest lost resiliency over that time, and that the loss was greatest in areas that were drier or closer to human activities like logging. The study was published in the journal Nature Climate Change.

About 17 percent of the Amazon has been deforested over the past half-century, and while the pace of deforestation slowed for some years in Brazil, it has picked up again more recently

China’s technocrats have, to date, demonstrated competence in managing the economy’s imbalances.

Mainland China has delivered significant extra returns -- 87 basis points a year more than the mighty S&P -- for anyone willing to hack the wild volatility

“On balance,” Adam sums up, “If you want to be part of history-making economic transformation, China is still the place to be.”

The third point is where we disagree. We just don’t see China as having any good options for maintaining strong growth. 

we think China’s underlying growth story is coming to an end as the country’s economic imbalances become unsustainable and global decoupling picks up steam. The volatility and low valuations, on the other hand, are likely here to stay. 

Replace bad investment with domestic consumption. 

What imbalances are we talking about? In crude summary, China’s growth has been driven by debt-funded investment, especially in property and infrastructure. The problem is that the returns on these investments are in fast decline, even as debt continues to build up.

This can’t go on forever. Eventually, you have all the bridges, trains, airports and apartment blocks you need, and the return on new ones falls below zero (How do you know that you have arrived at that point? When you have a financial crisis).

The problem is that without a healthy consumer, China’s only real options to create growth are investment and exports -- and at the same time as return on internal investments are declining, the rest of the world, led by the US, are increasingly wary of dependence on Chinese exports. 

What are China’s policy options? Broadly, there are five, as Micheal Pettis explained to us:

Stay with the current model.

Replace bad investment in things like infrastructure and real estate with good investment in things like tech and healthcare.

Beijing has policy options.

Replace bad investment with (even) move exports and a wider current account surplus.

Just quit it with the bad investment. 

we think that options 1 and 5 are not really options at all. The current model will lead to a financial crisis as return on investment falls further and further behind the costs of debt. Simply ceasing to overinvest in infrastructure and real estate, without changing anything else, will simply kill growth. 

Option 2 might be summed up -- as Jason Hsu of Ralient Global Advisors summed it up to us -- as China becoming more like Germany.

The idea is that China would steer more and more money away from real estate and towards high value-add sectors from biotech to chip manufacturing. 

The problem with option 2 is that investment is such a huge part of the Chinese economy that it is difficult to see how that the capital could be efficiently allocated to the country's tech-heavy, high value-add sectors, which are comparatively small

The most promising Chinese firms are swimming in capital as it is. And developing productive capacity isn't just about capital. It takes things the state can't rapidly deploy, like knowhow and intellectual property.

Option 3 is more promising. China could start, as Adam suggests, by building up a proper welfare safety net. But it is reasonable to expect pretty serious social and institutional resistance to this sort of mass redistribution.

why hasn’t China increased its welfare state until now? Longtime China watcher and friend of Unhedged George Magnus suggests it is because of a deep bias in the Chinese policy establishment. “It’s how Leninist systems operate: they think production and supply are everything … if you see a demand problem as a supply problem, you get the wrong answers.”

Option 4, increasing exports’ share of China’s economy even further, may be in the abstract the most appealing. But it runs directly into the fact that both China and the US and its allies have reasons to reduce mutual dependence on their economies.

The emergence of geopolitical divisions between the west, on the one hand, and Russia and China, on the other, will put globalisation at risk. The autocracies will try to reduce their dependence on western currencies and financial markets. Both they and the west will try to reduce their reliance on trade with adversaries. Supply chains will shorten and regionalise… 

Russia must remain a pariah so long as this vile regime survives. But we will also have to devise a new relationship with China. We must still co-operate. Yet we can no longer rely upon this rising giant for essential goods. We are in a new world. Economic decoupling will now surely become deep and irreversible.

In all, the most likely scenario is that China’s growth just keeps slowing. That does not mean that investors in China will necessarily lose money. But it does suggest that generic China exposure -- simply owning Chinese equity or credit indices -- is going to be a losing proposition in the long-term

As I wrote in my book, at my most partisan moment I once gave a speech in which I said words that shame me to this day. 

we forget a fundamental truth—our own maladies often make us unable to see the world clearly. Or, as Jesus said, “You hypocrite, first take the plank out of your own eye, and then you will see clearly to remove the speck from your brother’s eye.” In so many ways, we’ve become the People of the Plank, blind to the pain we’ve inflicted on the public even as we try desperately to protect ourselves from them.

Early church fathers were far, far more concerned with the faith and virtue of the church than the maladies of the Romans. 

I didn’t exactly become post-partisan upon my return (that came later), but I gained the perspective that permitted me to start the process of pulling the plank from my own eye.

In Iraq, the reality was so profoundly different that words can barely begin to describe all the distinctions

“I believe the two greatest threats to the United States are university leftists at home and jihadists abroad.”

it’s opened my eyes to many truths that were new to me. Among them, the church should be focused much more on its own virtue than the virtue of the rest of the world.

In addition, if there were no grounds for Christians to live with a “spirit of fear” at the height of the Roman Empire, there are no grounds for us to live with a spirit of fear in our nation today. Yet fear seems to dominate Christian political activism—including fear of the left, of CRT, and sometimes even fear for the very existence of a free church in the United States of America.

sad experience with Christian leaders teaches us that their professed identity tells us little to nothing about their actual virtue, and virtue should be the guiding concern of Christians in politics, not identity. 

I now see that my young desire for “more Christians in politics” and “more respect for Christians in public life” was part of the plank in my eye. Indeed, it helped make me gullible and tribal.

I was often eager to critique secular cultures and slow to respond when my own narratives came under credible attack. 

While some of the most important fights for justice have been led by Christians—including the civil rights and pro-life movements—some of the most destructive political and cultural forces have been loudly and proudly led by Christians as well. 

In fact, two of the most destructive political and cultural movements of this new century—vaccine refusal that has cost hundreds of thousands of lives, and an effort to overturn an election that could have ruptured our republic—were disproportionately dominated by the most outspoken Christian voices.

Here’s what’s hard. Refusing to lie for a president. Refusing to yield to a mob. Resisting the fury of a furious time. And if Christians can’t succeed in that most basic, though often profoundly dangerous, task, then no, we don’t need more Christians in politics. We need more people who possess and demonstrate character and moral courage.

The Ukrainian exodus is nearly triple the size of the wave of Syrians and others who reached Europe in 2015.

In response to the Ukrainian crisis, Europe has rolled out welcome mats, both metaphorical and literal.

On March 3rd the European Union invoked for the first time its temporary-protection directive, giving Ukrainians the right to live, work and receive benefits in 26 of its 27 member countries.

Poland has taken in 2.2m. Hungary, whose prime minister, Viktor Orban, was the first European leader to build a fence to keep out refugees in 2015, has admitted 340,000.

Poland’s government encourages such generosity by offering hosts 40 zloty ($9) per day per refugee for two months.

Britain’s is giving £350 ($460) a month per household, although its forbidding bureaucracy has made it hard for many Ukrainians to come.

Ukraine’s closest neighbours are already feeling strained. Moldova, which has received 370,000 refugees, equivalent to about a tenth of its population, is overwhelmed.

Newer refugees, who tend to be poorer and are less likely to have family already in western Europe, may also stay in larger numbers.

Parts of Poland, too, are buckling. Around 300,000 refugees have come to Warsaw, the capital, increasing its population by 17%. More than 100,000 are in Krakow, the second-largest city, which is usually home to 780,000 people. “[T]he more people, the worse the conditions will be,”

Countries on the route taken by refugees in 2015, from Greece to Belgium, have greatly improved their ability to register and process them.

Some, such as Germany, passed laws and set up institutions to integrate refugees.

For economies, refugees could be both a burden and a boon.

the EU’s four biggest countries will spend nearly 0.2% of GDP to support the influx, assuming 4m refugees come to the region.

Ukrainians already in Germany have higher qualifications than did Syrian refugees, which should help them find work. The relative abundance of work means that there is little risk that Germans will accuse the newcomers of taking their jobs.

The forecasters may also be overestimating how much work single mothers, traumatised by their flight from Ukraine and worried about the husbands they left behind, will be able to do, especially where day-care places are scarce and expensive.

If the war grinds on, economies slow and governments fail to provide the newcomers with housing, services and jobs, Europe’s welcome mats could be withdrawn.

Dissent can already be heard in some overburdened countries. In Romania a nationalist fringe contends that Ukraine, not Russia, is the enemy. In Moldova some Ukrainians’ cars have been vandalised. Filippo Grandi, the head of the UN’s refugee agency, fears that hostility will spread.

the Telluride workshops were being organized by two college-age students, filled with the spirit of the times

From what I gleaned, they involved crudely conveying certain dogmatic assertions, no matter what topic the workshops were ostensibly about:Experiencing hardship conveys authority. There is no hierarchy of oppressions—except for anti-black oppression, which is in a class of its own. Trust black women.Prison is never the answer.Black people need black space.Allyship is usually performative.All non-black people, and many black people, are guilty of anti-blackness.There is no way out of anti-blackness.

It is tempting to add: Such is life. Such is democratic life. We each have different, partial knowledge. We each get things wrong, over and over. At our best, we enter the fray by listening to each other and complementing and challenging the insights of our fellows. In the process, over years, decades, we are oriented toward justice and truth.

Specific words, phrases, arguments, and images from a text offer essential friction for conversation, holding seminar participants accountable to something concrete.

The seminar assumes that each student has innate intelligence, even as we come from different backgrounds, have different amounts and sorts of knowledge, and different skills. We can each be formed best if we take advantage of our differing insights to push each other, over time, again and again. When this practice is occasioned by carefully curated texts—not exclusively “great books,” but texts that challenge each other and us as they probe issues of essential importance—a seminar succeeds.

Each intervention in a seminar is incomplete, and gets things wrong. Each subsequent intervention is also incomplete, and also gets things wrong. But there are plenty of insights and surprises, for each participant looks at a text with different eyes

By its nature, a seminar requires patience. Day by day, one intervention builds on another, as one student notices what another student overlooked, and as the professor guides the discussion toward the most important questions

The effects on the seminar were quick and dramatic. During the first week, participation was as you would expect: There were two or three shy students who only spoke in partner or small-group work, two or three outspoken students, and the rest in the middle. One of the black students was outspoken, one was in the middle, and one was shy. By the second week of the seminar, the two white students were effectively silent. Two of the Asian-American students remained active (the ones who would soon be expelled), but the vast majority of interventions were from the three black students. The two queer students, one Asian and one white, were entirely silent

“Two of the Asian-American students would be expelled from the program.”In the 2022 anti-racism workshops, the non-black students learned that they needed to center black voices—and to shut up.

If the seminar is slow food, the anti-racist workshop put on by college-age students is a sugar rush. All the hashtags are there, condensed, packaged, and delivered from a place of authority. The worst sort of anti-racist workshop simply offers a new language for participants to echo—to retweet out loud.

In their “transformative-justice” workshop, my students learned to name “harms.”

In the language of the anti-racism workshop, a harm becomes anything that makes you feel not quite right. For a 17-year-old at a highly selective, all-expenses-paid summer program, newly empowered with the language of harm, there are relatively few sites at which to use this framework. My seminar became the site at which to try out—and weaponize—this language.

John McWhorter asserts that anti-racism is a new religion. It was an idea I quickly dismissed. Last summer, I found anti-racism to be a perversion of religion: I found a cult

the features of cults have become familiar in popular culture. There is sleep deprivation. Ties to the outside world are severed. The sense of time collapses, with everything cult-related feeling extremely urgent. Participants are emotionally battered. In this weakened state, participants learn about and cling to dogmatic beliefs. Any outsider becomes a threat.

The feature of a cult that seems to be missing from this story is a charismatic leader, enforcing the separation of followers from the world, creating emotional vulnerability, and implanting dogma. Enter Keisha

Pushing anti-racism to its limits, what we reach isn’t just hollow doctrine, but abuse: Pathological relationships that cut us off from the world, from the give-and-take of reasons and feelings unfolding over time that makes up life in the world.

We see this crystal clear in the paradoxes that I encountered

The experience was supposed to be organized around a “transformative justice,” rather than a punitive model, yet the community managed to expel two of its members.

Students continually voiced their desire to find practical actions to help change the world, but after four weeks, they had learned to say that anti-blackness is so foundational, the world could never change

The students wanted freedom, for themselves and for all, but they started to say that the only route to freedom is indoctrination: having me tell them what to think.

Saddest of all, for me, was hearing what the black students said. They needed extra help, they were struggling to understand anything from the readings, and they couldn’t even know what questions to ask unless they had guidance—first Keisha said this, then the black students said it, then their “allies” repeated it in solidarity with them

“No one believed me that working for Elon was the way it was until they saw how he operated Twitter,” Bernal said, calling Twitter “just the tip of the iceberg on how he operates Tesla.”

In April 2019, at a showcase dubbed “Autonomy Investor Day,” Musk made perhaps his boldest prediction as Tesla’s chief executive. “By the middle of next year, we’ll have over a million Tesla cars on the road with full self-driving hardware,” Musk told a roomful of investors. The software updates automatically over the air, and Full Self-Driving would be so reliable, he said, the driver “could go to sleep.”

Investors were sold. The following year, Tesla’s stock price soared, making it the most valuable automaker and helping Musk become the world’s richest person

To deliver on his promise, Musk assembled a star team of engineers willing to work long hours and problem solve deep into the night. Musk would test the latest software on his own car, then he and other executives would compile “fix-it” requests for their engineers.

Those patchwork fixes gave the illusion of relentless progress but masked the lack of a coherent development strategy, former employees said. While competitors such as Alphabet-owned Waymo adopted strict testing protocols that limited where self-driving software could operate, Tesla eventually pushed Full Self-Driving out to 360,000 owners — who paid up to $15,000 to be eligible for the features — and let them activate it at their own discretion.

Tesla’s philosophy is simple: The more data (in this case driving) the artificial intelligence guiding the car is exposed to, the faster it learns. But that crude model also means there is a lighter safety net. Tesla has chosen to effectively allow the software to learn on its own, developing sensibilities akin to a brain via technology dubbed “neural nets” with fewer rules, the former employees said. While this has the potential to speed the process, it boils down to essentially a trial and error method of training.

Radar originally played a major role in the design of the Tesla vehicles and software, supplementing the cameras by offering a reality check of what was around, particularly if vision might be obscured. Tesla also used ultrasonic sensors, shorter-range devices that detect obstructions within inches of the car. (The company announced last year it was eliminating those as well.)

Musk, as the chief tester, also asked for frequent bug fixes to the software, requiring engineers to go in and adjust code. “Nobody comes up with a good idea while being chased by a tiger,” a former senior executive recalled an engineer on the project telling him

Toward the end of 2020, Autopilot employees turned on their computers to find in-house workplace monitoring software installed, former employees said. It monitored keystrokes and mouse clicks, and kept track of their image labeling. If the mouse did not move for a period of time, a timer started — and employees could be reprimanded, up to being fired, for periods of inactivity, the former employees said.

Some of the people who spoke with The Post said that approach has introduced risks. “I just knew that putting that software out in the streets would not be safe,” said a former Tesla Autopilot engineer who spoke on the condition of anonymity for fear of retaliation. “You can’t predict what the car’s going to do.”

Some of the people who spoke with The Post attributed Tesla’s sudden uptick in “phantom braking” reports — where the cars aggressively slow down from high speeds — to the lack of radar. The Post analyzed data from the National Highway Traffic Safety Administration to show incidences surged last year, prompting a federal regulatory investigation.

The data showed reports of “phantom braking” rose to 107 complaints over three months, compared to only 34 in the preceding 22 months. After The Post highlighted the problem in a news report, NHTSA received about 250 complaints of the issue in a two-week period. The agency opened an investigation after, it said, it received 354 complaints of the problem spanning a period of nine months.

“It’s not the sole reason they’re having [trouble] but it’s big a part of it,” said Missy Cummings, a former senior safety adviser for NHTSA, who has criticized the company’s approach and recused herself on matters related to Tesla. “The radar helped detect objects in the forward field. [For] computer vision which is rife with errors, it serves as a sensor fusion way to check if there is a problem.”

Even with radar, Teslas were less sophisticated than the lidar and radar-equipped cars of competitors.“One of the key advantages of lidar is that it will never fail to see a train or truck, even if it doesn’t know what it is,” said Brad Templeton, a longtime self-driving car developer and consultant who worked on Google’s self-driving car. “It knows there is an object in front and the vehicle can stop without knowing more than that.”

Musk’s resistance to suggestions led to a culture of deference, former employees said. Tesla fired employees who pushed back on his approach. The company was also pushing out so many updates to its software that in late 2021, NHTSA publicly admonished Tesla for issuing fixes without a formal recall notice.

Tesla engineers have been burning out, quitting and looking for opportunities elsewhere. Andrej Karpathy, Tesla’s director of artificial intelligence, took a months-long sabbatical last year before leaving Tesla and taking a position this year at OpenAI, the company behind language-modeling software ChatGPT.

One of the former employees said that he left for Waymo. “They weren’t really wondering if their car’s going to run the stop sign,” the engineer said. “They’re just focusing on making the whole thing achievable in the long term, as opposed to hurrying it up.”

For climate, we already are seeing a glimpse of what is to come: drought, floods and far more extreme storms than in the recent past. We saw some of the implications over the past year, with supply chains broken because rivers were too dry for shipping and hydroelectric and nuclear power impaired.

As with climate change, demographic shifts determine societal ones, like straining the social contract between the working and the aged.

We are reversing the globalization of the past 40 years, with the links in our geopolitical and economic network fraying. “Friendshoring,” or moving production to friendly countries, is a new term. The geopolitical forces behind deglobalization will amplify the stresses from climate change and demographics to lead to a frenzied competition for resources and consumers.

The problem here, and a problem broadly with complex and dynamic systems, is that the whole doesn’t look like the sum of the parts. If you have a lot of people running around, the overall picture can look different than what any one of those people is doing. Maybe in aggregate their actions jam the doorway; maybe in aggregate they create a stampede

if we can’t get a firm hold on pedestrian economic issues like inflation and recession — the prospects are not bright for getting our forecasts right for these existential forces.

The problem is that the models don’t work when our economy is weird. And that’s precisely when we most need them to work.

The fourth, artificial intelligence, is a wild card. But we already are seeing risks for work and privacy, and for frightening advances in warfare.

A key reason these models fail in times of crisis is that they can’t deal with a world filled with complexity or with surprising twists and turns.

Economics failed with the 2008 crisis because economic theory has established that it cannot predict such crises.

we are not a mechanical system. We are humans who innovate, change with our experiences, and at times game the system

Reflecting on the 1987 market crash, the brilliant physicist Richard Feynman remarked on the difficulty facing economists by noting that subatomic particles don’t act based on what they think other subatomic particles are planning — but people do that.

What if economists can’t turn things around? This is a possibility because we are walking into a world unlike any we have seen. We can’t anticipate all the ways climate change might affect us or where our creativity will take us with A.I. Which brings us to what is called radical uncertainty, where we simply have no clue — where we are caught unaware by things we haven’t even thought of.

This possibility is not much on the minds of economists

How do we deal with risks we cannot even define? A good start is to move away from the economist’s palette of efficiency and rationality and instead look at examples of survival in worlds of radical uncertainty.

In our time savannas are turning to deserts. The alternative to the economist’s model is to take a coarse approach, to be more adaptable — leave some short-term fine tuning and optimization by the wayside

Our long term might look brighter if we act like cockroaches. An insect fine tuned for a jungle may dominate the cockroach in that environment. But once the world changes and the jungle disappears, it will as well.