Skip to main content

Home/ History Readings/ Group items tagged verdict

Rss Feed Group items tagged

Javier E

Opinion | The Doom Where It Happened - The New York Times - 0 views

  • How do people like Bolton, Reince Priebus, Gary Cohn, Rex Tillerson or (when he eventually departs) Pompeo justify their witting, willing service to this witless, wicked president?
  • In a superb essay in The Atlantic, Anne Applebaum draws on the inspiration of Czeslaw Milosz’s “The Captive Mind” to address the question. There is the relief, and pleasure, of political conformity. There is the allure of power, or proximity to it. There is a profit motive. There is a kind of savior complex, in which officials like the “Anonymous” New York Times Op-Ed writer from 2018 claim to form part of a secret resistance within the upper reaches of government.
  • there’s an additional factor at work, described by Hannah Arendt in “The Origins of Totalitarianism.” How do demagogues get away with their nonstop lying — even with those who at some level understand they are being lied to? Arendt observed “a curiously varying mixture of gullibility and cynicism with which each member, depending upon his rank and standing in the movement, is expected to react to the changing lying statements of the leaders and the central unchanging ideological fiction of the movement.”
  • ...1 more annotation...
  • Only the truly gullible can act totally cynically and imagine they can escape history’s damning verdict.
delgadool

The Breonna Taylor Decision: Live Updates and Analysis - The New York Times - 0 views

  • A grand jury didn’t charge any officers with shooting Ms. Taylor in her Louisville apartment. A former officer, accused of firing recklessly, was indicted on three counts of “wanton endangerment.”
  • “If we simply act on outrage, there is no justice — mob justice is not justice. Justice sought by violence is not justice. It just becomes revenge.”
  • Many legal experts said before the charges were announced that indictments for killing Ms. Taylor would be unlikely, given the state’s statute allowing citizens to use lethal force in self-defense. John W. Stewart, a former assistant attorney general in Kentucky, said he believed that at least Sergeant Mattingly and Detective Cosgrove were protected by that law.
  • ...6 more annotations...
  • “It tells people, cops can kill you in the sanctity of your own home,” Linda Sarsour, a Palestinian-American activist, said as she wiped tears from her face.
  • After protesters marched loudly but peacefully through the streets for more than two hours, they were stopped by a line of officers in riot gear in the Highlands section of town.
  • 2a”If anyone can get killed how Breonna got killed by the police, there’s no way we should live in a society where that’s possible,” he said.
  • “our criminal justice system is fundamentally broken.”
  • Under Kentucky law, a person is guilty of the crime when “under circumstances manifesting extreme indifference to the value of human life, he wantonly engages in conduct which creates a substantial danger of death or serious physical injury to another person.”
  • For months, Ms. Taylor’s death has been a rallying cry. Michelle Obama and Kamala Harris, the Democratic vice-presidential nominee, called out her name during the Democratic National Convention. Oprah Winfrey paid for billboards demanding the officers be charged, writing in her magazine, “We have to use whatever megaphone we can.”
martinelligi

Here Are The 7 Republicans Who Voted To Convict Donald Trump : Trump Impeachment Afterm... - 0 views

  • Seven GOP senators voted with Democrats — the most bipartisan impeachment vote in U.S. history — but well short of the 17 needed to convict the former president
  • "When this process started, I believed that it was unconstitutional to impeach a president who was no longer in office," he said. "I still believe that to be the case. However, the Senate is an institution based on precedent, and given that the majority in the Senate voted to proceed with this trial, the question of constitutionality is now established precedent."
  • This impeachment trial is not about any single word uttered by President Trump on Jan. 6, 2021," she said. "It is instead about President Trump's failure to obey the oath he swore on January 20, 2017. His actions to interfere with the peaceful transition of power – the hallmark of our Constitution and our American democracy – were an abuse of power and constitute grounds for conviction."
  • ...4 more annotations...
  • Murkowski said she had upheld her oath as a senator to listen to both Trump's defense team and impeachment managers impartially, but that the facts were clear to her that Trump was responsible for the violence at the Capitol.
  • This wasn't Romney's first time harshly criticizing Trump or breaking ranks with his party. He was the only Republican to vote to convict Trump on one article during the former president's first impeachment trial in 2020, and in recent weeks was called "a joke" and a "traitor" by Trump supporters while traveling from Utah to Washington, D.C.
  • "In my first speech here in the Senate in November 2015, I promised to speak out when a president – even of my own party – exceeds his or her powers," he said. "I cannot go back on my word, and Congress cannot lower our standards on such a grave matter, simply because it is politically convenient. I must vote to convict."
  • "As a result of President Trump's actions, for the first time in American history, the transfer of presidential power was not peaceful," he said. "A lawless attempt to retain power by a president was one of the founders' greatest fears motivating the inclusion of the impeachment authorities in the U.S. Constitution."
Javier E

The Grand Old Meltdown - POLITICO - 0 views

  • “I’m sorry, but I still don’t understand,” said one young man, his pitch a blend of curiosity and exasperation. “What do Republicans believe? What does it mean to be a Republican?”
  • You could forgive a 17-year-old, who has come of age during Donald Trump’s reign, for failing to recognize a cohesive doctrine that guides the president’s party. The supposed canons of GOP orthodoxy—limited government, free enterprise, institutional conservation, moral rectitude, fiscal restraint, global leadership—have in recent years gone from elastic to expendable.
  • Far more difficult is answering the question of what, quite specifically, has filled it.
  • ...52 more annotations...
  • I decided to call Frank Luntz. Perhaps no person alive has spent more time polling Republican voters and counseling Republican politicians than Luntz, the 58-year-old focus group guru. His research on policy and messaging has informed a generation of GOP lawmakers. His ability to translate between D.C. and the provinces—connecting the concerns of everyday people to their representatives in power—has been unsurpassed. If anyone had an answer, it would be Luntz.
  • “You know, I don’t have a history of dodging questions. But I don’t know how to answer that. There is no consistent philosophy,” Luntz responded. “You can’t say it’s about making America great again at a time of Covid and economic distress and social unrest. It’s just not credible.”
  • Luntz thought for a moment. “I think it’s about promoting—” he stopped suddenly. “But I can’t, I don’t—” he took a pause. “That’s the best I can do.”
  • “Look, I’m the one guy who’s going to give you a straight answer. I don’t give a shit—I had a stroke in January, so there’s nothing anyone can do to me to make my life suck,” he said. “I’ve tried to give you an answer and I can’t do it. You can ask it any different way. But I don’t know the answer. For the first time in my life, I don’t know the answer.”
  • Every fourth summer, a presidential nominating convention gives occasion to appraise a party for its ideas, its principles, its vision for governing
  • Ronald Reagan’s party wanted to end the scourge of communism and slay the bureaucratic dragons of Big Government.
  • George W. Bush’s party aimed to project compassion and fortitude, educating poor Americans and treating AIDS-stricken Africans, while simultaneously confronting the advance of Islamic terrorism.
  • However flawed the policies, however unsuccessful their execution, a tone was set in these parties from the top-down.
  • Parties were supposed to be about ideas,” said Mark Sanford, the former South Carolina governor and congressman
  • “John Adams was an ornery guy, but he believed in his ideas. On the other side, Thomas Jefferson, he certainly didn’t live up to the ideas he espoused, but shoot, at least he talked about them. Nowadays, it’s just regression to the lowest common denominator on everything.
  • It can now safely be said, as his first term in the White House draws toward closure, that Donald Trump’s party is the very definition of a cult of personality. It stands for no special ideal. It possesses no organizing principle. It represents no detailed vision for governing. Filling the vacuum is a lazy, identity-based populism that draws from that lowest common denominator Sanford alluded to
  • “Owning the libs and pissing off the media,” shrugs Brendan Buck, a longtime senior congressional aide and imperturbable party veteran if ever there was one. “That’s what we believe in now. There’s really not much more to it.”
  • Everyone understands that Trump is a big-picture sloganeer—“Build the wall!” “Make America Great Again!”—rather than a policy aficionado. Even so, it’s astonishing how conceptually lifeless the party has become on his watch. There is no blueprint to fix what is understood to be a broken immigration system. There is no grand design to modernize the nation’s infrastructure. There is no creative thinking about a conservative, market-based solution to climate change. There is no meaningful effort to address the cost of housing or childcare or college tuition
  • None of the erstwhile bold ideas proposed by the likes of Newt Gingrich and Paul Ryan—term limits, a balanced budget amendment, reforms to Social Security and Medicare, anti-poverty programs—have survived as serious proposals. Heck, even after a decade spent trying to repeal the Affordable Care Act, Republicans still have no plan to replace it. (Trust me: If they did, you’d hear about it.)
  • When I called one party elder, he joked that it’s a good thing Republicans decided not to write a new platform for the 2020 convention—because they have produced nothing novel since the last one was written
  • The party is now defined primarily by its appetite for conflict, even when that conflict serves no obvious policy goal.
  • Even some of the president’s staunchest supporters concede Buck’s point in this regard
  • The result is political anarchy. Traditionally, the run-up to a convention sees a party attempting to tame rival factions and unite around a dynamic vision for the future. Instead, Republicans have spent the summer in a self-immolating downward spiral.
  • This is not a party struggling to find its identity. This is a party in the middle of a meltdown.
  • The verdict I’m rendering here is both observable in plain sight and breathtakingly obvious to anyone who has experienced the carnage up close.
  • Most of the party’s governing class sees perfectly well what is going on. They know exactly how bad t
  • hings are and how much worse they could yet be
  • these Republicans rue their predicament but see no way out of it. Like riders on a derailing roller coaster, they brace for a crash but dare not get off.
  • Having written the book on the making of the modern Republican Party, having spent hundreds of hours with its most powerful officials in public and private settings, I cannot possibly exaggerate the number of party leaders who have told me they worry both about Trump’s instability and its long-term implication for the GOP
  • There’s a reason Lindsey Graham called Trump “crazy,” a “bigot” and a “kook” who’s “unfit for office.” There’s a reason Ted Cruz called Trump “a pathological liar” and “a narcissist at a level I don’t think this country’s ever seen.” There’s a reason Marco Rubio observed that, “Every movement in human history that has been built on a foundation of anger and fear has been cataclysmic,” and warned of Trump’s rise, “This isn’t going to end well.”
  • To be a Republican today requires you to exist in a constant state of moral relativism, turning every chance at self-analysis into an assault on the other side, pretending the petting zoo next door is comparable to the three-ring circus on your front lawn.
  • The rest of the right-wing universe—conservative media, think tanks, activist organizations, financial networks, civic groups, voters themselves—has largely gone along for the ride, and for the same reason: “What about the Democrats?”
  • What all of these incidents and so many more have in common is that not a single American’s life has been improved; not a single little guy has been helped. Just as with the forceful dispersing of peaceful protesters in Lafayette Park—done so he could hold up a prop Bible for flashing cameras—Trump and his allies continue to wage symbolic battles whose principal casualties are ordinary people.
  • The spectacle is unceasing
  • Unsavory fringe characters have always looked for ways to penetrate the mainstream of major parties—and mostly, they have failed. What would result from a fringe character leading a party always remained an open question. It has now been asked and answered:
  • Some in the party have embraced the extreme, others in the party have blushed at it, but all of them have subjugated themselves to it. The same way a hothead coach stirs indiscipline in his players, the same way a renegade commander invites misconduct from his troops, a kamikaze president inspires his party to pursue martyrdom.
  • That is precisely what will be on display at this week’s Republican convention—martyrdom, grievance, victimhood.
  • It’s not that America won’t hear from serious Republicans who have real substance to offer, people like Senator Tim Scott and former U.S. Ambassador to the United Nations Nikki Haley. It’s that these two, along with the remnant of other sober-minded Republicans, are the new sideshow at a time when the old sideshow has moved to center stage.
  • Similarly, the problem for the party isn’t that the aforementioned complaints are entirely without merit. It’s that they form no part of a broader construct on which voters can be sold. This continues to be the bane of the GOP’s existence: The party is so obsessed with fighting that it has lost sight of what it’s fighting for.
  • “I think I have brought tremendous strength back to the party,” the president told me last year, arguing that previous GOP leaders lacked the stomach for gruesome political combat. There is no denying Trump has transformed the party from a country club debater into a barroom brawler. But to what end?
  • “Our central mission is to stand up for America. It’s to say loudly and proudly that we choose America. When I go around talking to Texans every single day, what I hear is that they’re proud of this country. And they want us to fight for this country. That’s what ties it all together for Republicans,” Roy said. “The people I talk to—even the ones who maybe get a little frustrated with the president—they look at him as someone who fights for this country.”
  • Roy is as close to a plainspoken conservative Republican as there is in Congress. I was curious to know how he would define today’s GOP.
  • The problem for Republicans is that most of the fights they’re picking nowadays are futile at best and foolhardy at worst. NASCAR? Confederate flags? Goya beans? Face masks? To the degree any of these issues move the needle politically, Republicans are on the wrong side of them. What’s worse, there is no connective tissue. There is no focus to the GOP’s incessant appetite for fighting. That’s how they wound up with Trump in the first place
  • “The GOP has been here before with John Birchers and it didn’t end well,” said Ben Sasse, the Nebraska senator who has been a vocal if terribly inconsistent Trump critic. “The party of Lincoln and Reagan ought to have something big and bold to offer the country, but it’s got way too many grifters selling grievance politics.”
  • To be clear, these grifters aren’t just shady party operatives and obscure congressional candidates. They are some of the president’s closest allies, people like Matt Gaetz,
  • If there is one principle driving Republican politicians today, it is that traditional American values—faith, patriotism, modesty, the nuclear family—are under siege
  • what’s fascinating to observe is the shift in priorities and proportionality. What was once a source of annoyance and frustration for one sect of the party, social conservatives, has turned into the dominant life force for the GOP
  • The good news for Republicans is that “grievance politics,” as Sasse describes it, continues to be highly effective in motivating their base. The bad news? It has diminishing returns when it comes to the many millions of persuadable voters in the middle. It’s also especially difficult for an incumbent party to sell grievance to the masses, as it amounts to a tacit acknowledgment of powerlessness.
  • Instead of downplaying the social upheaval, treating it as a fleeting phenomenon that will pass with time and promising better days ahead, they are highlighting it at every turn, claiming it’s a sneak preview of Biden’s America when it is, factually speaking, the feature presentation of Trump’s America.
  • The pressure is now entirely on Trump. And he won’t have much help
  • leading Republicans won’t be speaking on behalf of their party this week. Kasich already defected, endorsing Biden during a dramatic speech to the Democratic convention. And neither Romney nor Boehner nor either of the Bushes would speak even if asked. From what I’ve been told, none of them plan to vote for Trump this fall, and the chief reason they won’t say so publicly is they fear it would diminish their influence over the party moving forward.
  • A Republican collapse this fall—Biden wins the White House, Democrats flip the Senate and hold the House—would trigger a reckoning within the GOP every bit as sharp as the one associated with Obama’s takeover of Washington in 2008. If that occurs, much of the party’s pent-up irritation with Trump (which often masks long-simmering disgust with themselves) will spill over, and the efforts to expunge this ugly chapter of GOP history could commence with stunning ferocity.
  • There is no guarantee of this, however. Trump claims an intensity among his following that stacks up against any leader in American history. (“We’ve never seen anything like it,” Luntz said. “It’s like Elvis and the Beatles wrapped up in one.”
  • Overlooked is the real possibility that Trump could win. That Biden has not built a runaway lead despite enormous advantages—chief among them, the president’s poor playing of a terrible election-year hand—speaks to the effectiveness of Trump’s slash-and-burn mentality
  • “I actually find it kind of reassuring. With [George] McGovern in 1972, it was a colossal wipeout with a hugely mistaken candidate who was completely out of step with mainstream public opinion. Then in 1976, Jimmy Carter, an honest-to-goodness progressive, wins,” Brooks said. “I mean, Richard Nixon gets tossed out of office for blatant corruption. Everybody’s heading for the hills saying, ‘I never voted for him! I’m not a Republican!’ And six years later, Ronald Reagan wins and then gets reelected in one of the biggest landslides in history. These things can heal really, really fast.”
  • owever long Trump remains in office, whatever damage he does to the GOP, Brooks believes it will be temporary. It’s the “fundamental truth” of a two-party system, he said, that coalitions are constantly shifting, parties are continually renewing, politicians are eternally looking for ways to adapt and survive.
  • “Healthy parties need to build coalitions around a shared vision that speaks to all Americans,” Sasse told me. “Our current course is unsustainable. We’ve got a hell of a rebuilding ahead of us, whatever happens in November.”
Javier E

Opinion | Why Did So Many Americans Vote for Trump? - The New York Times - 0 views

  • Democrats, struggling to make sense of it all, are locked in yet another round of mutual recrimination: They were either too progressive for swing voters — too socialist or aggressive with ambitious policies like the Green New Deal — or not progressive enough to inspire potential Democratic voters to show up or cross over.
  • there was really no way to avoid disappointment.
  • Three factors — the logic of partisan polarization, which inaccurate polling obscured; the strength of the juiced pre-Covid-19 economy; and the success of Mr. Trump’s denialist, open-everything-up nonresponse to the pandemic — mostly explain why Democrats didn’t fare better.
  • ...18 more annotations...
  • Democracy’s throw-the-bums-out feedback mechanism gets gummed up when the electorate disagrees about the identity of the bums, what did and didn’t occur on their watch and who deserves what share of the credit or blame.
  • When party affiliation becomes a central source of meaning and self-definition, reality itself becomes contested and verifiable facts turn into hot-button controversies
  • Elections can’t render an authoritative verdict on the performance of incumbents when partisans in a closely divided electorate tell wildly inconsistent stories about one another and the world they share.
  • polarization hasn’t completely wrecked our democracy’s capacity for self-correction: Sweeping a medium-size city’s worth of dead Americans under the rug turned out to be too tall an order.
  • However, Mr. Trump’s relentless campaign to goose the economy by cutting taxes, running up enormous deficits and debt, and hectoring the Fed into not raising rates was working for millions of Americans. We tend to notice when we’re personally more prosperous than we were a few years before.
  • He succeeded in putting Democrats on the defensive about economic restrictions and school closures. As months passed and with no new relief coming from Washington, financially straitened Democratic states and cities had little choice but to ease restrictions on businesses just to keep the lights on
  • That seemed to concede the economic wisdom of the more permissive approach in majority-Republican states and fed into Mr. Trump’s false narrative of victory over the virus and a triumphant return to normalcy.
  • it was unforgivably cruel of Republicans to force blue-collar and service workers to risk death for grocery money. Yet their disinformation campaign persuaded many millions of Americans that the risk was minimal and that Democrats were keeping their workplaces and schools closed, their customers and kids at home, and their wallets empty and cupboards bare for bogus reasons
  • Democrats needed to present a competing, compelling strategy to counter Republican messaging. Struggling workers and businesses never clearly heard exactly what they’d get if Democrats ran the show, and Democrats never came together to scream bloody murder that Republicans were refusing to give it to them.
  • Democrats needed to underscore the depth of Republican failure by forcefully communicating what other countries had done to successfully control the virus. And they needed to promise to do the same through something like an Operation Warp Speed for testing and P.P.E. to get America safely back in business.
  • correctly assigning culpability did nothing to help working-class breadwinners who can’t bus tables, process chickens, sell smoothies or clean hotel rooms over Zoom.
  • The Republican message couldn’t have been clearer: Workers should be able to show up, clock in, earn a normal paycheck, pay the rent and feed their kids
  • Democrats were telling the same workers that we need to listen to science, reopening is premature, and the economy can’t be fully restored until we beat the virus. Correct! But how does that help when rent was due last week?
  • They allowed Republicans to define the contrast between the parties’ approaches to the pandemic in terms of freedom versus exhausting, indefinite shutdowns.
  • They need to accept that they took hits on the economy by failing to escape the trap Republicans set by doggedly refusing to do anything about the uncontained contagion destroying it.
  • And they need to understand how Mr. Trump saved his party by weaponizing polarization
  • Conservatives needed a way not to get spun by the president’s destabilizing act of disloyalty, so they steadied themselves by reaffirming their loyalty down the remainder of the ballot
  • Until the mind-bending spell of polarization breaks, everything that matters will be fiercely disputed and even the most egregious failures will continue to go unpunished.
katherineharron

Two weeks after the election, far-right TV shows are providing false hope to Trump fans... - 0 views

  • We have reached the tragic endpoint of President Trump's war on truth.
  • Trump and his media allies continue to contest the results. Baseless "Trump won" conspiracy theories continue to fill up social media feeds and far-right-wing TV shows
  • As CNN's Daniel Dale noted on Monday, "almost nothing Trump is saying about the election is true."
  • ...17 more annotations...
  • Newsmax's narrative is that the election is not over, the media is wrong, Biden is weak, and Trump is strong.
  • The channel's CEO Chris Ruddy says "Newsmax will accept state results and the Electoral College when certified," but until then it is operating in a fictional universe where Trump still has a path to victory
  • One minute he self-assuredly said "it's not over yet" and "these things are still under review" and, regarding Biden, "I don't think he will be president." The next minute he ignorantly asked why Trump's "I won" posts were being flagged by Twitter, but Biden's posts were not, when Twitter's policy about election claims is public for all to see.
  • complete with aggrieved banners like "TRUMP SUPPORTERS ATTACKED" and "MICHELLE OBAMA IS SO BORING."
  • there is nothing controversial about media figures covering Trump's lies.
  • According to Newsmax's talk shows, the president is still in it to win it, and big breaking news might be right around the corner
  • Kelly assured the audience that "the president has some of the best lawyers in the country working for him." Morris boldly stated that "I believe that this election was absolutely stolen." Kelly responded, "I agree with you," and "I feel like something is going to break our way, in a big way, very very soon." Later in the hour, he told Ellis that "tens of millions are rooting for you."
  • Some shows have emphasized that OANN hasn't called the election yet. (This claim is meaningless since the channel doesn't have a decision desk.)
  • A fantasyland where, in the words of 8pm host Grant Stinchfield's first guest, convicted liar Roger Stone, "it's pretty evident that President Trump actually won a majority of all legal votes cast."
  • he claimed, without a shred of evidence, that "more than a million Trump supporters descended on DC" over the weekend
  • Trump has promoted OANN more than Newsmax over the years, and he did so again on Monday, tweeting "Try watching @OANN. Really GREAT!"
  • In the real world, Trump's longshot lawsuits are falling apart.
  • Some talk show hosts have moved on and attacked Biden's transition team, while others have zoomed in on voter fraud fantasies. "We must stop the steal now," 9pm host Kara McKinney said in a promo on Monday.
  • At 7pm on Friday, for instance, Kelly averaged 168,000 viewers in the key cable news demo of 25- to 54-year-olds, while Martha MacCallum's Fox show "The Story" averaged 328,000 viewers in the demo. CNN was way ahead of both channels with 651,000 viewers in the demo for "Erin Burnett OutFront."
  • Fox is not used to being in this position -- losing to CNN, and feeling pressure from far-right challengers
  • Tucker Carlson on Fox News Monday night: "Over the weekend we got a lot of calls asking if we're leaving Fox News. Ironically, at that very moment, we were working on a project to expand the amount of reporting and analysis we do in this hour across other parts of the company."
  • "This show is not going anywhere. It's getting bigger. The people who run Fox News want more of it, not less, and we are grateful for that. We'll have specifics soon." Okay, how soon?
Javier E

Rivalry between America and China will shape the post-covid world | The Economist - 0 views

  • in the past five years the relationship between the world’s superpower and its Asian challenger has deteriorated in a manner that suggests few are paying heed to history.
  • Under Xi Jinping, China has become more aggressively assertive abroad and more authoritarian at home.
  • Under Donald Trump and now Joe Biden, American policy towards China has shifted from hubristic faith that it could be integrated into the existing American-led world order to something closer to paranoid containment, marked by suspicion of China’s intentions and a fearful bipartisan consensus that America’s global pre-eminence is at risk.
  • ...11 more annotations...
  • The world that emerges from the pandemic will be shaped by an adversarial rivalry that is not just about each side’s relative power, but has become an existential competition as each side strives to demonstrate the superiority of its system of government.
  • Starting with the Winter Olympics in February and culminating with the 20th Communist Party congress later in the year, China will stage a series of tightly choreographed events designed to project the competence, clout and all-round superiority of party rule, and formalise Mr Xi’s position at its helm beyond the ten-year tenure that has hitherto been the norm.
  • As the year goes on, the near certainty that, health permitting, Mr Trump will be the Republican presidential candidate in 2024 means America’s political debate will be overshadowed by fears of the biggest constitutional crisis since the civil war.
  • If the theatre of politics makes Western democracy look dysfunctional relative to Chinese autocracy, 2022 may offer a different verdict on which system delivers the most competent economic management. From tech companies to post-pandemic reopening, China and America are taking starkly divergent approaches to similar challenges
  • America and the rest of the West will move into a living-with-covid mindset. The disease will not disappear, but become endemic. Booster jabs will become the norm, remaining travel restrictions will be relaxed and lockdowns will become a thing of the past
  • China, by contrast, will stick with a zero-covid policy throughout 2022. Having terrified its citizens about the disease and touted its toughness as a mark of superiority, China’s government cannot easily change course. The country will remain walled off from the rest of the world with long quarantines and sharply restricted travel.
  • In both of these cases, China’s draconian approach will eventually cause economic damage.
  • All this will complicate China’s already challenging macroeconomic environment. China-watchers have worried for years about the consequences of unwinding the country’s enormous property boom and the jaw-dropping levels of debt that accompanied it. The crisis at Evergrande, a huge developer, suggests that this tricky transition is at last under way. It will dominate 2022 as other property-related firms fail. Add to that structural challenges, from a shrinking workforce to a rapidly growing number of old-age dependents, and the economic pressures are considerable. Annual GDP growth could fall to 5%
  • With covid-19 behind it, its fiscal tightening mostly complete and (assuming some version of Mr Biden’s bill is passed) with a long-overdue effort to improve infrastructure under way, America’s economy could grow smartly, even as its politics frays. GDP growth of 4%, not far off China’s, is plausible.
  • in theory the two sides could make progress in plenty of areas, such as devising a sensible deal on trade and technology to replace the tariffs of the Trump era; agreeing on a common approach to cyber-security, nuclear non-proliferation or the militarisation of space; or finding ways to accelerate the clean-energy transition in the wake of the COP26 climate meeting in Glasgow.
  • The good news is that a military confrontation seems unlikely in 2022. The overriding need to preserve stability in the run-up to the party congress will discourage China from adventurism or excessive sabre-rattling, whether around Taiwan or in the South China Sea. The bad news is that the Thucydides Trap will not have gone away.
Javier E

Did Merkel Pave the Way for the War in Ukraine? - WSJ - 0 views

  • The ceremony belatedly jolted Germany into reappraising Merkel’s role in the years leading up to today’s European crises—and the verdict has not been positive.
  • Merkel’s critics argue that the close ties she forged with Russia are partly responsible for today’s economic and political upheaval. Germany’s security policies over the past year have been, in many ways, a repudiation of her legacy. Earlier this month, Berlin announced a new $3 billion military aid package to support Ukraine in its fight against Russia, and an approaching NATO summit is expected to discuss how to include Ukraine in Europe’s security architecture—an extension of the alliance that Merkel consistently resisted.
  • Merkel was a key architect of the agreements that made the economies of Germany and its neighbors dependent on Russian energy imports. Putin’s invasion of Ukraine has destroyed that strategic partnership, forcing Germany to find its oil and natural gas elsewhere at huge costs to business, government and households.
  • ...18 more annotations...
  • Merkel’s successive governments also squeezed defense budgets while boosting welfare spending. Lt. Gen. Alfons Mais, commander of the army, posted an emotional article on his LinkedIn profile on the day of the invasion, lamenting that Germany’s once-mighty military had been hollowed out to such an extent that it would be all but unable to protect the country in the event of a Russian attack.
  • her refusal to stop buying energy from Putin after he seized Crimea from Ukraine in 2014—she instead worked to double gas imports from Russia—emboldened him to finish the job eight years later.
  • Joachim Gauck, who was president of Germany when Putin first invaded Ukraine in 2014, said Merkel’s decision to boost energy imports from Russia in the wake of Putin’s aggression was clearly a mistake. “Some people recognize their mistakes earlier, and some later,” he said.
  • Since leaving office, Merkel has defended the pipeline project as a purely commercial decision. She had to choose, she said, between importing cheap Russian gas or liquefied natural gas, which she said was a third more expensive.
  • After Russia’s invasion of Crimea in 2014, Anders Fogh Rasmussen, then NATO secretary general, warned her against making Germany more dependent on a rogue Putin, who had just occupied and annexed part of a European nation. For Putin, he said, the pipeline “had nothing to do with business or the economy—it was a geopolitical weapon.”
  • Officials who served under Merkel, including Schäuble and Frank-Walter Steinmeier (her former foreign minister and now Germany’s federal president), have apologized or expressed regret for their roles in these decisions. They believe that Merkel’s policies empowered Putin without setting boundaries to his imperial ambitions.
  • At an event last year, Merkel recalled that after annexing Crimea, Putin had told her that he wanted to destroy the European Union. But she still forged ahead with plans to build the Nord Stream 2 pipeline, linking Germany directly to Siberia’s natural gas fields, in the face of protests from the U.S. Merkel’s government also approved the sale of Germany’s largest gas storage facilities to Russia’s state-controlled gas giant Gazprom.
  • That mistake had its roots in another decision by Merkel: Her move to greatly accelerate Germany’s planned phasing out of nuclear energy in 2011, in response to the Fukushima disaster in Japan. The gap in energy supply created by this dramatic shift meant that Germany had to import more energy, and it had to do so as cheaply as possible.
  • Merkel’s role in shaping NATO policy toward Ukraine goes back to 2008, when she vetoed a push by the Bush administration to admit Ukraine and Georgia into the alliance, said Fiona Hill, a former National Security Council official and presidential adviser on Russia.
  • Merkel instead helped to broker NATO’s open but noncommittal invitation to Ukraine and Georgia, an outcome that Hill said was the “worst of all worlds” because it enraged Putin without giving the two countries any protection. Putin invaded Georgia in 2008 before marching into Ukraine.
  • After Putin first attacked Ukraine, Merkel led the effort to negotiate a quick settlement that disappointed Kyiv and imposed no substantial punishment on Russia for occupying its neighbor, Hill added. “No red lines were drawn for Putin,” she said. “Merkel took a calculated risk. It was a gambit, but ultimately it failed.”
  • Merkel still has supporters, and as Germany begins to grapple with her complicated legacy, many still hold a more nuanced view of her role in laying the groundwork for today’s crises
  • Kaeser, who now chairs the supervisory board of Siemens Energy, a listed subsidiary, agrees that Germany’s dependence on Russian natural gas grew under Merkel, but he says that there was—and is—no alternative for powering Europe’s industrial engine at a viable price.
  • “We didn’t expect that there would be war in Europe with the methods of the 20th century. This never featured in our thinking,” said Kaeser, who himself met Putin several times. He believes that Merkel’s Russia policy was justified. Even Germany’s new government has not found a sustainable and affordable replacement for Russian energy exports, he said, which could lead to deindustrialization.
  • Many defenders of Merkel say that she merely articulated a consensus. Making her country dependent on Washington for security, on Moscow for energy and on Beijing for trade (China became Germany’s biggest trade partner under her chancellorship) was what all of Germany’s political parties wanted at the time, said Constanze Stelzenmüller of the Brookings Institution.
  • “Without backing from the U.S.A., which was very restrained at the time, any tougher German reaction to the annexation of Crimea could hardly have been possible,” said Jürgen Osterhammer, a historian whose work on globalization and China has been cited by Merkel as an influence on her thinking.
  • In retirement, Merkel told the German news magazine Der Spiegel, she has watched “Munich,” a Netflix movie about Prime Minister Neville’s Chamberlain’s infamous negotiations with Hitler in the run-up to World War II. Though Chamberlain’s name has become synonymous with the delusions of appeasement, the film offers a more nuanced picture of the British leader as a realist statesman working to postpone the inevitable conflict. That reinterpretation appealed to Merkel, the magazine reported.
  • In April, Merkel was again asked on stage at a book fair whether she would not reconsider her refusal to admit having made some mistakes. “Frankly,” she responded, “I don’t know whether there would be satisfaction if I were to say something that I simply don’t think merely for the sake of admitting error.”
Javier E

Opinion | Two Cheers for the Biden Economy - The New York Times - 0 views

  • It’s true that voters who cited inflation as their biggest concern tended to vote Republican — more than seven in 10, according to CNN’s exit poll. But if you think about it, that statistic raises problems of cause and effect. Did people concerned about inflation tend to vote Republican, or did people who were already going to vote Republican tend to identify inflation as their key issue? Probably some of both.
  • NBC News asked a somewhat different question: Which party do you trust more to handle inflation? Republicans were favored — but by only 52 percent to 44 percent, which strikes me as a surprisingly narrow margin, given the historical tendency of voters to blame the party holding the White House whenever bad things happen.
  • What were the political consequences of Bidenomics?
  • ...3 more annotations...
  • Given the election results, however, it seems that job growth may have been more of a positive for Democrats than the narrative suggested
  • If there had been no rescue plan and inflation were 6 percent instead of 8 percent, but gas and grocery prices had spiked anyway, would Democrats have been in a much stronger political position? Probably not. And if there were fewer jobs created by fiscal stimulus, Democrats might actually have done worse.
  • My point is that while the midterms showed that voters care about issues going beyond economics, they also suggested that harsh negative verdicts on Bidenomics were premature. Biden’s economy hasn’t been that bad, and it didn’t sink his party.
Javier E

How the Humble Paperback Helped Win World War II - The New York Times - 0 views

  • The paperbacks were intended to help soldiers pass the time. But they were also meant to remind them what they were fighting for, and draw a sharp contrast between American ideals and Nazi book burnings.
  • That’s an aspect of the story that has only grown more resonant, amid today’s partisan battles over book bans. And Manning, for one, sees a clear lesson.
  • “During World War II, the American public came out very much one way,” she said. “And that was that there should be no restrictions on what people read.”
  • ...8 more annotations...
  • The idea that good soldiers needed good books didn’t start with World War II. During World War I, the American Library Association collaborated with the Army to gather and distribute donated books. Even before Pearl Harbor, the association had planned a new “Victory Book Campaign,” with the goal of collecting 10 million books in 1942. The goal was met, though there were concerns that too many were dirty, outdated or unreadable. The campaign was renewed in 1943, with a caveat that the public should donate only “good books.”
  • Books were seen not just as diversions, but as weapons in the fight for democracy. In American propaganda, the dedication to the free exchange of ideas was explicitly contrasted with Nazi book burnings.
  • Still, the specter of partisan bias shadowed the project. In 1944, when President Roosevelt was seeking a fourth term, Congress passed a law aimed at creating a uniform absentee ballot for soldiers. As part of the law, Republicans, concerned that Democrats were seeking to influence the military vote, included a clause stating that no material “containing political argument or political propaganda” could be distributed to troops.
  • The series mixed entertainment with more edifying fare. The first title was “The Education of Hyman Kaplan,” a collection of comic stories by Leonard Q. Ross (a pseudonym of Leo Rosten, future author of “The Joys of Yiddish”). The more than 1,300 titles that followed included literary classics, contemporary fiction, poetry, history, biography, humor and even one art book, a compilation of soldiers’ paintings.
  • A 1945 pamphlet credited the books with helping to create “a young, masculine reading public,” including some who may not have been eager to dig into, say, Herman Melville’s “Typee.” One Marine quoted in the exhibit said that when that book was given to him, he eventually “had nothing to do but read it.” His verdict? “Hot stuff. That guy wrote about three islands I’d been on!”
  • in early 1943, the Council on Books in Wartime, a publishers’ group formed in 1942, approached Ray Trautman, the Army’s chief librarian, with the idea of producing special paperbacks for soldiers overseas. The result was the Armed Services Editions. which were designed to fit in either the breast or pants pocket of a standard-issue uniform.
  • The vagueness of the language sent a chill through the book program. Some planned titles were pulled, including “Yankee From Olympus” (a biography of the former Supreme Court Justice Oliver Wendell Holmes that included a favorable depiction of President Roosevelt) and E.B. White’s “One Man’s Meat.”
  • Two months later, the law was amended, and all of the postponed books were released
Javier E

Binance Guilty Plea Shows What Crypto's Really About - WSJ - 0 views

  • So it turns out that of the two largest crypto exchanges, one was a fraud and the other was a money launderer. Whoever could have guessed?
  • Skeptics of bitcoin and other cryptocurrencies have had their prejudices reinforced. The two main use cases—fraud and crime—have been exposed to the public in dramatic fashion, so now all we have to do is sit back and wait for the inevitable collapse in value.
  • There must be something underpinning this value, so what is it? Here are the options:
  • ...11 more annotations...
  • Digital art: The latest fad in crypto is a bitcoin “ordinal,” digital art—or anything else—virtually inscribed on a fraction of a bitcoin in the digital ledger known as the blockchain.
  • The sudden demand supports bitcoin’s value, in the same way that shopping in bitcoin would. I don’t understand why anyone would pay a cent, let alone real money, to inscribe art in the bitcoin blockchain, but hey, whatever floats your boat. 
  • The rise in small bitcoin transactions also shows just how useless it is as a currency, and why it’s nonsensical to think bitcoin could ever be used as real money. The median fee leapt to more than $5 over the past week, even as transaction sizes plunged, an insane cost to pay for something invented as a payment method.
  • Crime: I was tempted a few years ago by the idea that the value of crypto could be underpinned by genuine transactions that need to avoid the financial system: buying illegal drugs; money laundering; avoiding sanctions; anonymous (but legal) pornography purchases; terrorist finance; and ransomware. 
  • Bitcoin’s moves over the past three years have been much closer to the S&P 500 than to gold or inflation. But stocks are an investment in real assets that pay dividends, while bitcoin produces nothing.
  • There was a time when savers in countries with dodgy currencies and bad governments would buy bitcoin or other crypto to escape devaluation and avoid capital controls. But the rise of stablecoins allows these savers to buy digital dollars without the pain of trying to open offshore bank accounts, so they have no need for other cryptocurrencies
  • Gambling: Crypto offers a store of volatility more than a store of value. Its volatility makes it an excellent way to bet, and the pretense that it is an investment asset gives speculators cover; it sounds much better to say you are a crypto trader than that you just bet $100,000 at the track.
  • Basing the value of an asset on speculation is risky, because the value depends on everyone else betting that it has value. But so long as the merry-go-round continues, it looks like it has value, and decentralized finance, or DeFi, provides the infrastructure for speculation in the language of Wall Street.
  • Digital gold: When it became clear that bitcoin was useless as a currency, its backers switched to claiming that it is a store of value, with its maximum issuance offering protection against the money-printing tendencies of the Federal Reserve. The argument was tested to destruction over the past two years. Inflation was last below the Fed’s 2% target in February 2021, when one bitcoin cost close to $50,000. By the time inflation peaked in June last year the price had collapsed to $20,000, the opposite of what it should have done.
  • Lots of that was going on, and Binance has paid the price for helping. Bitcoin isn’t a particularly good way to hide from the cops, anyway, as repeated police busts have demonstrated. Crypto has to clean up its act, so basing its value on illegal transactions no longer makes sense.
  • Bitcoin has failed to live up to its original promise of being cheap online cash, but crypto keeps on reinventing itself. It’s so technically satisfying that it must be the solution to something, but quite what remains a mystery.
Javier E

BOOM: Google Loses Antitrust Case - BIG by Matt Stoller - 0 views

  • It’s a long and winding road for Epic. The firm lost the Apple case, which is on appeal, but got the Google case to a jury, along with several other plaintiffs. Nearly every other firm challenging Google gradually dropped out of the case, getting special deals from the search giant in return for abandoning their claims. But Sweeney was righteous, and believed that Google helped ruined the internet. He didn’t ask for money or a special deal, instead seeking to have Judge James Donato force Google to make good on its “broken promise,” which he characterized as “an open, competitive Android ecosystem for all users and industry participants.”
  • Specifically, Sweeney asked for the right for firms to have their own app stores, and the ability to use their own billing systems. Basically, he wants to crush Google’s control over the Android phone system. And I suspect he just did. You can read the verdict here.
  • Google is likely to be in trouble now, because it is facing multiple antitrust cases, and these kinds of decisions have a bandwagon effect. The precedent is set, in every case going forward the firm will now be seen as presumed guilty, since a jury found Google has violated antitrust laws. Judges are cautious, and are generally afraid of being the first to make a precedent-setting decision. Now they won’t have to. In fact, judges and juries will now have to find a reason to rule for Google. If, say, Judge Amit Mehta in D.C., facing a very similar fact-pattern, chooses to let Google off the hook, well, he’ll look pretty bad.
  • ...4 more annotations...
  • There are a few important take-aways. First, this one didn’t come from the government, it was a private case by a video game maker that sued Google over its terms for getting access to the Google Play app store for Android, decided not by a fancy judge with an Ivy League degree but by a jury of ordinary people in San Francisco. In other words, private litigation, the ‘ambulance-chasing’ lawyers, are vital parts of our justice system.
  • Second, juries matter, even if they are riskier for everyone involved. It’s kind of like a mini poll, and the culture is ahead of the cautious legal profession. This quick decision is a sharp contrast with the 6-month delay to an opinion in the search case that Judge Mehta sought in the D.C. trial.
  • Third, tying claims, which is a specific antitrust violation, are good law. Tying means forcing someone to buy an unrelated product in order to access the actual product they want to buy. The specific legal claim here was about how Google forced firms relying on its Google Play app store to also use its Google Play billing service, which charges an inflated price of 30% of the price of an app. Tying is pervasive throughout the economy, so you can expect more suits along these lines.
  • And finally, big tech is not above the law. This loss isn’t just the first antitrust failure for Google, it’s the first antitrust loss for any big tech firm. I hear a lot from skeptics that the fix is in, that the powerful will always win, that justice in our system is a mirage. But that just isn’t true. A jury of our peers just made that clear.
Javier E

Steven Pinker's five-point plan to save Harvard from itself - 0 views

  • The fury was white-hot. Harvard is now the place where using the wrong pronoun is a hanging offense but calling for another Holocaust depends on context. Gay was excoriated not only by conservative politicians but by liberal alumni, donors, and faculty, by pundits across the spectrum, even by a White House spokesperson and by the second gentleman of the United States. Petitions demanding her resignation have circulated in Congress, X, and factions of the Harvard community, and at the time of this writing, a prediction market is posting 1.2:1 odds that she will be ousted by the end of the year.
  • I don’t believe that firing Gay is the appropriate response to the fiasco. It wasn’t just Gay who fumbled the genocide question but two other elite university presidents — Sally Kornbluth of MIT (my former employer) and Elizabeth Magill of the University of Pennsylvania, who resigned following her testimony — which suggests that the problem with Gay’s performance betrays a deeper problem in American universities.
  • Gay interpreted the question not at face value but as pertaining to whether Harvard students who had brandished slogans like “Globalize the intifada” and “From the river to the sea,” which many people interpret as tantamount to a call for genocide, could be prosecuted under Harvard’s policies. Though the slogans are simplistic and reprehensible, they are not calls for genocide in so many words. So even if a university could punish direct calls for genocide as some form of harassment, it might justifiably choose not to prosecute students for an interpretation of their words they did not intend.
  • ...21 more annotations...
  • Nor can a university with a commitment to academic freedom prohibit all calls for political violence. That would require it to punish, say, students who express support for the invasion of Gaza knowing that it must result in the deaths of thousands of civilians. Thus Gay was correct in saying that students’ political slogans are not punishable by Harvard’s rules on harassment and bullying unless they cross over into intimidation, personal threats, or direct incitement of violence.
  • Gay was correct yet again in replying to Stefanik’s insistent demand, “What action has been taken against students who are harassing Jews on campus?” by noting that no action can be taken until an investigation has been completed. Harvard should not mete out summary justice like the Queen of Hearts in “Alice in Wonderland”: Sentence first, verdict afterward.
  • The real problem with Gay’s testimony was that she could not clearly and credibly invoke those principles because they either have never been explicitly adopted by Harvard or they have been flagrantly flouted in the past (as Stefanik was quick to point out)
  • Harvard has persecuted scholars who said there are two sexes, or who signed an amicus brief taking the conservative side in a Supreme Court deliberation. It has retracted acceptances from students who were outed by jealous peers for having used racist trash talk on social media when they were teens. Harvard’s subzero FIRE rating reveals many other punishments of politically incorrect peccadillos.
  • Institutional neutrality. A university does not need a foreign policy, and it does not need to issue pronouncements on the controversies and events of the day. It is a forum for debate, not a protagonist in debates. When a university takes a public stand, it either puts words in the mouths of faculty and students who can speak for themselves or unfairly pits them against their own employer.
  • In the wake of this debacle, the natural defense mechanism of a modern university is to expand the category of forbidden speech to include antisemitism (and as night follows day, Islamophobia). Bad idea
  • Deplorable speech should be refuted, not criminalized. Outlawing hate speech would only result in students calling anything they didn’t want to hear “hate speech.” Even the apparent no-brainer of prohibiting calls for genocide would backfire. Trans activists would say that opponents of transgender women in women’s sports were advocating genocide, and Palestinian activists would use the ban to keep Israeli officials from speaking on campus.
  • For universities to have a leg to stand on when they try to stand on principle, they must embark on a long-term plan to undo the damage they have inflicted on themselves. This requires five commitments.
  • Free speech. Universities should adopt a clear and conspicuous policy on academic freedom. It might start with the First Amendment, which binds public universities and which has been refined over the decades with carefully justified exceptions.
  • Since universities are institutions with a mission of research and education, they are also entitled to controls on speech that are necessary to fulfill that mission. These include standards of quality and relevance: You can’t teach anything you want at Harvard, just like you can’t publish anything you want in The Boston Globe. And it includes an environment conducive to learning.
  • So for the president of Harvard to suddenly come out as a born-again free-speech absolutist, disapproving of what genocidaires say but defending to the death their right to say it, struck onlookers as disingenuous or worse.
  • The events of this autumn also show that university pronouncements are an invitation to rancor and distraction. Inevitably there will be constituencies who feel a statement is too strong, too weak, too late, or wrongheaded.
  • Nonviolence.
  • Universities should not indulge acts of vandalism, trespassing, and extortion. Free speech does not include a heckler’s veto, which blocks the speech of others. These goon tactics also violate the deepest value of a university, which is that opinions are advanced by reason and persuasion, not by force
  • Viewpoint diversity. Universities have become intellectual and political monocultures. Seventy-seven percent of the professors in Harvard’s Faculty of Arts and Sciences describe themselves as liberal, and fewer than 3 percent as conservative. Many university programs have been monopolized by extreme ideologies, such as the conspiracy theory that the world’s problems are the deliberate designs of a white heterosexual male colonialist oppressor class.
  • Vast regions in the landscape of ideas are no-go zones, and dissenting ideas are greeted with incomprehension, outrage, and censorship.
  • The entrenchment of dogma is a hazard of policies that hire and promote on the say-so of faculty backed by peer evaluations. Though intended to protect departments from outside interference, the policies can devolve into a network of like-minded cronies conferring prestige on each other. Universities should incentivize departments to diversify their ideologies, and they should find ways of opening up their programs to sanity checks from the world outside.
  • Disempowering DEI. Many of the assaults on academic freedom (not to mention common sense) come from a burgeoning bureaucracy that calls itself diversity, equity, and inclusion while enforcing a uniformity of opinion, a hierarchy of victim groups, and the exclusion of freethinkers. Often hastily appointed by deans as expiation for some gaffe or outrage, these officers stealthily implement policies that were never approved in faculty deliberations or by university leaders willing to take responsibility for them.
  • An infamous example is the freshman training sessions that terrify students with warnings of all the ways they can be racist (such as asking, “Where are you from?”). Another is the mandatory diversity statements for job applicants, which purge the next generation of scholars of anyone who isn’t a woke ideologue or a skilled liar. And since overt bigotry is in fact rare in elite universities, bureaucrats whose job depends on rooting out instances of it are incentivized to hone their Rorschach skills to discern ever-more-subtle forms of “systemic” or “implicit” bias.
  • Universities should stanch the flood of DEI officials, expose their policies to the light of day, and repeal the ones that cannot be publicly justified.
  • A fivefold way of free speech, institutional neutrality, nonviolence, viewpoint diversity, and DEI disempowerment will not be a quick fix for universities. But it’s necessary to reverse their tanking credibility and better than the alternatives of firing the coach or deepening the hole they have dug for themselves.
criscimagnael

Russian Military Is Repeating Mistakes in Eastern Ukraine, U.S. Says - The New York Times - 0 views

  • The Russian military, beaten down and demoralized after three months of war, is making the same mistakes in its campaign to capture a swath of eastern Ukraine that forced it to abandon its push to take the entire country,
  • And since the war started, Russia has lost 1,000 tanks,
  • Russia still has not established any kind of air superiority
  • ...12 more annotations...
  • After three bloody months, Russia finally took Mariupol in mid-May, potentially creating a land bridge from the Russian-controlled Crimean Peninsula to the south.
  • As Russia struggles to move forward, Ukraine has also suffered setbacks.
  • So now Ukrainians are threatening to cut off Russian lines of supply and pushing their forces to the rear.”
  • Cutting off Russian supply lines east of Kharkiv would put Russian troops in the same situation they were in after their advance on Kyiv, the capital of Ukraine, at the beginning of the war, officials said
  • In Ukraine, he established a more streamlined process. Russian pilots began coordinating with troops on the ground toward a similar objective in the eastern region of Donbas, and Russian units were talking to one another about shared goals.
  • “There are some deep flaws in the Russian army that they could not have repaired in the last few weeks even if they had tried. The flaws are deep and fundamental.”
  • Though most of the city’s civilian population has fled in the past few weeks, 12,000 people, many of them elderly, are said to be trapped there in appalling conditions.
  • European Union members finally reached an agreement on a Russian oil embargo and new sanctions against Russia.
  • It was the second guilty verdict handed down by Ukrainian courts for war crimes since the invasion began.
  • The Ukrainians, after seven years of training alongside troops from the United States and other NATO countries, follow the more Western method and have proved particularly agile at adapting to circumstances, American military officials said.
  • But, General Breedlove added: “Even our army would be hard-pressed to refit, refurbish and reorganize in two weeks after having received such a sound whipping.
  • “We keep hearing accounts of Putin getting more involved,” said Ms. Farkas, who is now executive director of the McCain Institute. “We know that if you have presidents meddling in targeting and operational military decisions, it’s a recipe for disaster.”
criscimagnael

Johnny Depp v. Amber Heard: Monica Lewinsky calls it 'courtroom porn' | Fox News - 0 views

  • Monica Lewinsky weighed in on the Johnny Depp v. Amber Heard trial in an op-ed Tuesday, calling it "courtroom porn and a "pure car wreck."
  • "We are drenched in the taint of the dirt and aggression of the social media wars," wrote Lewinisky, 48, who is no stranger to scandal. 
  • "Having been on the receiving end of this kind of cruelty, I can tell you the scars never fade," she wrote, noting that the negative online discourse was predominantly directed at Amber Heard, "the woman."
  • ...1 more annotation...
  • The seven-member jury began deliberating Friday afternoon and has yet to reach a verdict.
Javier E

March 2020: How the Fed Averted Economic Disaster - WSJ - 0 views

  • Over the week of March 16, markets experienced an enormous shock to what investors refer to as liquidity, a catchall term for the cost of quickly converting an asset into cash.
  • Mr. Powell bluntly directed his colleagues to move as fast as possible.
  • They devised unparalleled emergency-lending backstops to stem an incipient financial panic that threatened to exacerbate the unfolding economic and public-health emergencies.
  • ...37 more annotations...
  • 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.
« First ‹ Previous 81 - 96 of 96
Showing 20 items per page