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As world shares rose, the dollar weakened, and was down 0.3% against a basket of currencies at 89.754 at 1222 GMT.The Australian dollar rose against the U.S. dollar, crossing $0.8 for the first time in three years.The Canadian dollar also hit new 3-year highs against the U.S. dollar, up 0.3% at 1.2481 at 1224 GMT.

the reflation trade can benefit commodity currencies because commodity prices go up… but they also tend to benefit because of dollar weakness when stock markets come back in as well,

The Chinese authorities have acted after a string of poor economic figures showed that previous efforts to boost exports and growth against the headwind of an overvalued currency had failed.

As part of the devaluation, the authorities said they would widen the criteria to include more market information, allowing the currency to rise or fall more rapidly than before. The central bank sought to reassure financial markets that it was not embarking on a steady depreciation.

One financial analyst said the devaluation, which pushed the yuan to a four-year low, heralded a tidal wave of cheap goods from Asia as other south east Asian countries followed suit.

Unlike the pound and other major currencies, the yuan’s value is determined each day by the People’s Bank based on movements the previous day.

Albert Edwards, analyst at Societe Generale, said the yuan had become overvalued against the dollar in recent years and was unsustainably high relative to other major currencies.

A spokesman said the downward movement of the currency was a result of a project to liberalise its management and not a deliberate attempt to drive down its value.

Oil prices remained below $50 a barrel, down from more than $110 a barrel last summer when the slowdown in China first became apparent. The prices of key industrial and construction metals – nickel, copper and aluminium – hit six-year lows.

"China has really been at the forefront of success in conversion of all vehicles to electric vehicles, especially buses," says Heather Thompson, chief executive officer of the Institute for Transportation and Development Policy (ITDP), a non-profit focusing on sustainable transport solutions. "The rest of the world is trying to do the same, but I think China is really out ahead."

At the time of China's 2001 entry into the World Trade Organisation, the international automotive industry was dominated by European, US and Japanese brands. These companies had spent decades perfecting internal combustion engine technology. To compete, Beijing decided to find a new track for its auto industry: making cars that did not use conventional engines.

That same year, the central government launched the so-called "863 plan" for EV research and development. There were numerous practical challenges, however, in the way of mass electrification. Not many manufacturers were making new energy vehicles, buyers were few and there was a lack of charging infrastructure in existence. The answer? Buses.

"The Chinese government adopted a very smart strategy," says Liu Daizong, ITDP's East Asia director. "They realised quite early on that they should drive [the EV industry] through electric buses," he notes, since their public service status meant Beijing "could have a strong hand on their electrification".

"Bus routes were fixed. This means when an electric bus finished a round, it could return to the depot to recharge," explains Xue Lulu, a mobility manager at the World Resources Institute (WRI) China. The typical daily mileage of a Chinese bus ­– 200km (120 miles) – was a realistic range for battery makers to meet.

The following year, the country began its large-scale rollout of new energy buses, with the "Ten Cities and Thousand Vehicles" programme. Over three years, the programme aimed to provide 10 cities with financial subsidies to promote 1,000 public-sector new energy vehicles in each, annually. Its goal was to have 10% new energy vehicles in the country by the end of 2012.

Strong policy support from both central and regional governments "gave manufacturers confidence in setting up production lines and stepping up research efforts," says Liu.

Together, these strong and consistent government signals encouraged Chinese manufacturers to expand their EV production capacity, bring down costs and improve their technologies. One such company was Build Your Dream, better known as BYD. The Shenzhen-based firm, the world's largest EV maker in 2022, ballooned its business a decade before by supplying electric buses and taxis for China's EV pilot cities.

"Back then, most buses used diesel, which was a main source of nitrogen oxides (NOx) emissions," says Xue, referring to the air pollution that smothered Beijing and other Chinese cities in the early 2010s. Yet in 2013, a new plan from central government cited tackling air pollution as one of the reasons for rolling out EVs.

This addition proved to be critical: it not only connected EV uptake with people's health, it also indirectly tied the e-bus campaign to local officials' political performance, as the central government would soon hand air-quality targets to all provinces.

The years 2013 and 2014 proved to be important for China's EV push. For the first time, the central government made EV purchase subsidies available to individual consumers, not just the public sector, opening the floodgate to private ownership. Additionally, it offered discounted electricity tariffs to bus operators to make sure the cost of running electric buses would be "significantly lower than" that of their oil or gas-powered equivalents.

The new economic push, plus local government's determination to battle air pollution, generated great enthusiasm for e-buses. By the end of 2015, the number of EV pilot cities rocketed from 25 to 88. In the same year, the central government set a target of 200,000 new energy buses on the road by 2020 and announced a plan to phase out its subsidies for fossil-fuel-powered buses.

To further stimulate the market, many cities devised various local policies on top of national incentives. For example, Shenzhen, a southern city with a population of more than 17 million, encouraged government agencies to work with private companies to create a full range of renting mechanisms for bus operators

Different cities' bus operators also designed different charging strategies. "Buses in Shenzhen had bigger batteries, so they normally charged overnight," says Xue, of WRI China. Between 2016 and 2020, Shanghai, another electric bus hub, subsidised the electricity e-buses used -- regardless of the hours of the day -- to give them more flexibility in charging.

Generous financial support did lead to problems. In 2016, an EV subsidy fraud shook China, with some bus operators found to have exaggerated the number of e-buses they had purchased. So that same year Beijing shifted its EV subsidy rules so bus operators could only receive financial support when a bus's mileage reached 30,000km (19,000 miles).

one year later, the government announced the so-called "dual-credit" policy. This allowed new energy vehicle makers to rake up credits which they could sell for cash to those needing to offset "negative credits" generated from making conventional cars.

it wasn't only China's buses that had benefitted.China's e-bus campaign helped create a big and stable market for its wider EV industry, brought down the costs and created economies of scale. In 2009, the year the e-bus campaign was rolled out, the total number of new energy vehicles sold stood at 2,300; by 2022, it was 6.9 million, analysis by Huang Zheng,

By 2022, the country had also built the world's largest EV charging network, with 1.8 million public charging stations – or two-thirds of the global total – and 3.4 million private equivalents. This means that on average, there is one charging pillar for every 2.5 of China's 13.1 million new energy vehicles.

Cold weather is a problem, too, as it can make a battery's charging time longer and its range shorter. The reason China has not achieved 100% electrification for its buses is its northern regions, which have harsh winters, says Xue.

To make e-buses truly "green", they should also be charged with renewable power, Wang says. But last year coal power still accounted for 58.4% of China's energy mix, according to the China Electricity Council, a trade body..

Globally, however, China is now in a league of its own in uptake of e-buses. By 2018, about 421,000 of the world's 425,000 electric buses were located in China; Europe had about 2,250 and the US owned around 300. A

But earlier this year, the European Commission announced a zero-emission target for all new city buses by 2030. And some countries are increasing their overall funding for the transition.

In 2020, the European Commission approved Germany's plan to double its aid for e-buses to €650m (£558m/$707m), then again in 2021 to €1.25 billion euros (£1.07m/$1.3bn). And the UK, which last year had the largest electric bus fleet in Europe with 2,226 pure electric and hybrid buses, has announced another £129m ($164m) to help bus operators buy zero-emissions fleets.

Countries have thus responded to China's manufacturing lead in divergent ways. "While the US has opted for a more competitive angle by fostering its own e-bus production, regions like Latin America are more open to trade with China due to a more friendly trading setup through [China's] Belt and Road Initiative,"

In order to avoid direct competition from Chinese manufacturers, the US has come up with a "school-bus strategy", says Liu. The Chinese don't make the iconic yellow vehicles, so this could ignite American e-bus manufacturing and create a local industry chain, he suggests. Backed by the US Environmental Protection Agency's $5bn (£3.9bn) Clean School Bus Programme, the national effort has so far committed to providing 5,982 buses.

In contrast, many Latin American cities, such as the Colombian capital of Bogota and the Chilean capital of Santiago, are greening their traditional bus sectors with the help of Chinese manufacturers, who are the largest providers to the region. In 2020, Chile became the country that had the most Chinese e-buses outside of China, and this year Santiago's public transport operator announced it has ordered 1,022 e-buses from Beijing-based Foton Motor, the biggest overseas deal the firm had received.

Chinese manufacturers are likely to receive a lot more orders from Chile and its neighbours in this decade. According to latest research by the global C40 Cities network, the number of electric buses in 32 Latin American cities is expected to increase by more than seven times by 2030, representing an investment opportunity of over $11.3bn (£8.9bn)

In June 2023, BloombergNEF forecast half of the world's buses to be entirely battery-powered by 2032, a decade ahead of cars. And by 2026, 36% and 24% of municipal bus sales in Europe and the US, respectively, are expected to be EVs as they begin to catch up with China

To meet the global climate goals set by the Paris Agreement, simply switching the world's existing bus fleets might not be enough. According to ITDP, the cumulative greenhouse gas emissions from urban passenger transport globally must stay below the equivalent of 66 gigatonnes CO2 between 2020 and 2050 for the world to meet the 1.5C temperature goal. This emissions limit will only be possible when the world not only adopts electric buses, but goes through a broader shift away from private transport

"We can't just focus on [replacing] the buses that exist, we need to actually get many, many more buses on the streets," Thompson adds. She and her team estimate that the world would need about 10 million more buses through 2030, and 46 million more buses cumulatively through 2050, to make public transport good enough to have a shot at achieving the Paris Agreement. And all those buses will need to be electric.

In China therefore, even though EVs are being sold faster than ever, its central government has instructed cities to encourage public transport use, as well as walking and riding bikes.

In Wang's hometown, meanwhile, which has just over three million residents, the local government has gone one step further and made all bus rides free. All citizens need to do is to swipe an app, with no charge, to get onto the bus. "My aunt loves taking buses now," says Wang. "She says it is so convenient."

Race No. 2: How quickly can US lawmakers agree on an economic rescue package? Investors were hoping that a deal would emerge over the weekend in the Senate. It did not. Now, House Speaker Nancy Pelosi says that House Democrats will introduce their own plan.

"Economic policy can do little to offset the near-term damage caused by shutting down large parts of the economy -- its main function is to stop that hit from turning into a longer depression. A lasting recovery in markets is unlikely until we also see clear evidence that the global spread of coronavirus is slowing, allowing lockdowns to end," he said.

Royal Dutch Shell (RDSA) is the latest oil company to make major changes in response to the collapse in prices caused by a combination of plunging demand due to the coronavirus and a surge in supply from Saudi Arabia. The company said Monday that it would cut its capital expenditure this year by $5 billion and suspend its share buyback program after crude oil prices were driven to shocking lows in recent weeks.

Rosenberg assumes stocks sink 30% in the coming months, then spend most of the next 18 months grinding higher to valuations about 10% lower than today’s levels.

Rosenberg also lays out a “best case,” which depends on a vaccine or treatment emerging in the next six to 12 months. That outlook includes an unemployment rate averaging about 9% for the next two years, a stock-market bottom of 2,500 for the S&P 500 in Q2, and a cyclical low of 29 basis points for the 10-year note in 2021.

The “worst-case” scenario is grim. It involves no vaccine, no treatment, and a second wave coronavirus outbreak next winter that severely saps business and household confidence. In this outlook, the jobless rate hits 20% — and averages 17.5% through 2021.

Outright deflation takes hold. “Think about what years of no pricing power is going to do to those corporate cash flows in the future,” Rosenberg writes. “Even government intervention is capable of suffering from the laws of diminishing demand. Japan is a classic template.”

But there’s a lot more damage done to the stock market. The S&P 500 bottoms at 1,800 in the second quarter and averages only 2,200 throughout 2021.

the rise of traders like Mr. Gill “would have been impossible even a few years ago” because every trade came with a fee and there was less focus on the markets on social media.

“That’s your ignition switch. A common enemy, so to speak,” said Rod Alzmann, 31, a corporate strategist in Florida who has bet on GameStop for even longer than Mr. Gill and posted online as Uberkikz11. “The speculation is a rush, plus fighting the man.”

On Thursday, several online brokerages shut down trading in GameStop, causing the company’s price to plunge by almost two-thirds before steadying. Even ardent supporters wondered if Mr. Gill had finally caved and sold.Mr. Gill then posted another picture on Reddit showing he had stayed firm — and had lost $15 million. His fans cheered.“IF HE’S STILL IN, I’M STILL IN,” over 100 different followers responded in quick succession.On Friday, their faith was rewarded when GameStop’s stock soared 68 percent

In fact, the news from Wall Street lately has mostly been about retreat from climate goals, rather than recommitment. Banks and asset managers are withdrawing from international climate alliances and chafing at their rules. Regional banks are stepping up lending to fossil fuel producers. Sustainable investment funds have sustained crippling outflows, and many have collapsed.

In some cases, it’s a classic prisoner’s dilemma: If firms collectively shift to cleaner energy, a cooler climate benefits everyone more in the future

in the short term, each firm has an individual incentive to cash in on fossil fuels, making the transition much harder to achieve.

when it comes to avoiding climate damage to their own operations, the financial industry is genuinely struggling to comprehend what a warming future will mean.

A global compact of financial institutions made commitments worth $130 trillion to try to bring down emissions, confident that governments would create a regulatory and financial infrastructure to make those investments profitable. And in 2022, the Inflation Reduction Act passed.

What about the risk that climate change poses to the financial industry’s own investments, through more powerful hurricanes, heat waves that knock out power grids, wildfires that wipe out towns?

“If we think about what is going to be the best way to tilt your portfolios in the direction to benefit, it’s really difficult to do,”

“These will probably be great investments over 20 years, but when we’re judged over one to three years, it’s a little more challenging for us.”

Some firms cater to institutional clients, like public employee pension funds, that want combating climate change to be part of their investment strategy and are willing to take a short-term hit. But they aren’t a majority

And over the past couple of years, many banks and asset managers have shrunk from anything with a climate label for fear of losing business from states that frown on such concerns.

On top of that, the war in Ukraine scrambled the financial case for backing a rapid energy transition. Artificial intelligence and the movement toward greater electrification are adding demand for power, and renewables haven’t kept up

All of that is about the relative appeal of investments that would slow climate change

If you bought some of the largest solar-energy exchange-traded funds in early 2023, you would have lost about 20 percent of your money, while the rest of the stock market soared.

There is evidence that banks and investors price in some physical risk, but also that much of it still lurks, unheeded.

“I’m very, very worried about this, because insurance markets are this opaque weak link,” Dr. Sastry said. “There are parallels to some of the complex linkages that happened in 2008, where there is a weak and unregulated market that spills over to the banking system.”

Regulators worry that failing to understand those ripple effects could not just put a single bank in trouble but even become a contagion that would undermine the financial system.

But while the European Central Bank has made climate risk a consideration in its policy and oversight, the Federal Reserve has resisted taking a more active role, despite indications that extreme weather is feeding inflation and that high interest rates are slowing the transition to clean energy.

“The argument has been, ‘Unless we can convincingly show it’s part of our mandate, Congress should deal with it, it’s none of our business,’”

a much nearer-term uncertainty looms: the outcome of the U.S. election, which could determine whether further action is taken to address climate concerns or existing efforts are rolled back. An aggressive climate strategy might not fare as well during a second Trump administration, so it may seem wise to wait and see how it shakes out.

big companies are hesitating on climate-sensitive investments as November approaches, but says that “two things are misguided and quite dangerous about that hypothesis.”

One: States like California are establishing stricter rules for carbon-related financial disclosures and may step it up further if Republicans win

And two: Europe is phasing in a “carbon border adjustment mechanism,” which will punish polluting companies that want to do business there.

at the moment, even European financial institutions feel pressure from the United States, which — while providing some of the most generous subsidies so far for renewable-energy investment — has not imposed a price on carbon.

The global insurance company Allianz has set out a plan to align its investments in a way that would prevent warming above 1.5 degrees Celsius by the end of the century, if everyone else did the same. But it’s difficult to steer a portfolio to climate-friendly assets while other funds take on polluting companies and reap short-term profits for impatient clients.

“This is the main challenge for an asset manager, to really bring the customer along,” said Markus Zimmer, an Allianz economist. Asset managers don’t have sufficient tools on their own to move money out of polluting investments and into clean ones, if they want to stay in business,

“Of course it helps if the financial industry is somehow ambitious, but you cannot really substitute the lack of actions by policymakers,”

According to new research, the benefit is greater when decarbonization occurs faster, because the risks of extreme damage mount as time goes on. But without a uniform set of rules, someone is bound to scoop up the immediate profits, disadvantaging those that don’t — and the longer-term outcome is adverse for all.

the first hints of hell come from hubris. The self-styled “Technoking” has every reason for self-belief. Tesla is the world’s most valuable carmaker. SpaceX is literally rocket science in action. Yet for executives like him it’s a fine line from that to overconfidence. Sony’s Morita Akio crossed it. So did AOL’s Steve Case and RBS’s Fred Goodwin

The corollary of hubris is sloppy financing, another attribute of top-of-the-market megaflops. This is particularly true at the tail end of bull markets

as with many M&A deals, deteriorating markets can turn a flawed acquisition into a disaster. That possibility must haunt Mr Musk. The digital-advertising market on which Twitter depends has crumbled. Tesla’s own shares, the source of most of his wealth, have lost a third of their value since he made the bid (don’t cry for him, he is still worth $220bn). The deal financing includes $13bn of high-risk debt and spreads on this kind of instrument have soared

the repercussions are likely to be troubling. Either banks are stuck with hard-to-sell debt and suffer hefty losses or, in the unlikely event that they abandon the deal, a superhero of 21st-century capitalism faces a $44bn day of reckoning

Finally there is strategy. In Mr Bruner’s analysis, the worst M&A deals are done when the target is in an industry far beyond the acquirer’s “domain knowledge”. That is surely true of Mr Musk and Twitter

it also has a hellish side. It could pit the world’s most powerful businessman against tech regulators. It could stir up trouble geopolitically (imagine a reinstated Donald Trump weighing in, as Mr Musk has done, on Russia and Ukraine). And it could enrage China, thwarting Tesla’s prospects there. Another deal for the history books, no doubt

If OnlyFans’s creator earnings were taken as a whole, the company would rank around No. 90 on Forbes’s list of the biggest private companies in America by revenue, ahead of Twitter (now called X), Neiman Marcus Group, New Balance, Hard Rock International and Hallmark Cards.

Many creators now operate like independent media companies, with support staffs, growth strategies and promotional budgets, and work to apply the cold quantification and data analytics of online marketing to the creation of a fantasy life.

The subscription site has often been laughed off as a tabloid punchline, a bawdy corner of the internet where young, underpaid women (teachers, nurses, cops) sell nude photos, get found out and lose their jobs.

pressures to perform for a global audience; an internet that never forgets. “There is simply no room for naivety,” one said in a guide posted to Reddit’s r/CreatorsAdvice.

America’s social media giants for years have held up online virality as the ultimate goal, doling out measurements of followers, reactions and hearts with an unspoken promise: that internet love can translate into sponsorships and endorsement deals

But OnlyFans represents the creator economy at its most blatantly transactional — a place where viewers pay upfront for creators’ labor, and intimacy is just another unit of content to monetize.

The fast ascent of OnlyFans further spotlights how the internet has helped foster a new style of modern gig work that creators see as safe, remote and self-directed,

Creators’ nonchalance about the digital sex trade has fueled a broader debate about whether the site’s promotion of feminist autonomy is a facade: just a new class of techno-capitalism, selling the same patriarchal dream.

But OnlyFans increasingly has become the model for how a new generation of online creators gets paid. Influencers popular on mainstream sites use it to capitalize on the audiences they’ve spent years building. And OnlyFans creators have turned going viral on the big social networks into a marketing strategy, using Facebook, Twitter and TikTok as sales funnels for getting new viewers to subscribe.

many creators, she added, still find it uniquely alluring — a rational choice in an often-irrational environment for gender, work and power. “Why would I spend my day doing dirty, degrading, minimum-wage labor when I can do something that brings more money in and that I have a lot more control over?”

it is targeting major “growth regions” in Latin America, Europe and Australia. (The Mexican diver Diego Balleza said he is using his $15-a-month account to save up for next year’s Paris Olympics.)

“Does an accountant always enjoy their work? No. All work has pleasure and pain, and a lot of it is boring and annoying. Does that mean they’re being exploited?”

Adams’s operation is registered in state business records as a limited liability company and offers quarterly employee performance reviews and catered lunch. It also runs with factory-like efficiency, thanks largely to a system designed in-house to track millions of data points on customers and content and ensure every video is rigorously planned and optimized.

Since sending her first photo in 2021, Adams’s OnlyFans accounts have earned $16.5 million in sales, more than 1.4 million fans and more than 11 million “likes.” She now makes about $30,000 a day — more than most American small businesses — from subscriptions, video sales, messages and tips, half of which is pure profit

Adams’s team sees its business as one of harmless, destigmatized gratification, in which both sides get what they want. The buyers are swiped over in dating apps, widowed, divorced or bored, eager to pay for the illusion of intimacy with an otherwise unattainable match. And the sellers see themselves as not all that different from the influencers they watched growing up on YouTube, charging for parts of their lives they’d otherwise share for free.

“This is normal for my generation, you know?

“I can go on TikTok right now and see ten girls wearing the bare minimum of clothing just to get people to join their page. Why not go the extra step to make money off it?”

the job can be financially precarious and mentally taxing, demanding not just the technical labor of recording, editing, managing and marketing but also the physical and emotional labor of adopting a persona to keep clients feeling special and eager to spend.

enix International Limited, is based, the company said its sales grew from $238 million in 2019 to more than $5.5 billion last year.

Its international army of creators has also grown from 348,000 in 2019 to more than 3 million today — a tenfold increase.

The company paid its owner, the Ukrainian American venture capitalist Leonid Radvinsky, $338 million in dividends last year.)

portion of its creator base and 70 percent of its annual revenue

When Tim Stokely, a London-based operator of live-cam sex sites, founded OnlyFans with his brother in 2016, he framed it as a simple way to monetize the creators who were becoming the world’s new celebrities — the same online influencers, just with a payment button. In 2019, Stokely told Wired magazine that his site was like “a bolt-on to your existing social media,” in the same way “Uber is a bolt-on to your car.”

Before OnlyFans, pornography on the internet had been largely a top-down enterprise, with agents, producers, studios and other middlemen hoarding the profits of performers’ work. OnlyFans democratized that business model, letting the workers run the show: recording their own content, deciding their prices, selling it however they’d like and reaping the full reward.

The platform bans real-world prostitution, as well as extreme or illegal content, and requires everyone who shows up on camera to verify they’re 18 or older by sending in a video selfie showing them holding a government-issued ID.

OnlyFans operates as a neutral marketplace, with no ads, trending topics or recommendation algorithms, placing few limitations on what creators can sell but also making it necessary for them to market themselves or fade away.

After sending other creators’ agents their money over PayPal, Adams’s ad workers send suggestions over the messaging app Telegram on how Bryce should be marketed, depending on the clientele. OnlyFans models whose fans tend to prefer the “girlfriend experience,” for instance, are told to talk up her authenticity: “Bryce is a real, fit girl who wants to get to know you

Like most platforms, OnlyFans suffers from a problem of incredible pay inequality, with the bulk of the profits concentrated in the bank accounts of the lucky few.

the top 1 percent of accounts made 33 percent of the money, and that most accounts took home less than $145 a month

Watching their partner have sex with someone else sometimes sparked what they called “classic little jealousy issues,” which Adams said they resolved with “more communication, more growing up.” The money was just too good. And over time, they adopted a self-affirming ideology that framed everything as just business. Things that were tough to do but got easier with practice, like shooting a sex scene, they called, in gym terms, “reps.” Things one may not want to do at first, but require some mental work to approach, became “self-limiting beliefs.”

They started hiring workers through friends and family, and what was once just Adams became a team effort, in which everyone was expected to workshop caption and video ideas. The group evaluated content under what Brian, who is 31, called a “triangulation method” that factored their comfort level with a piece of content alongside its engagement potential and “brand match.” Bryce the person gave way to Bryce the brand, a commercialized persona drafted by committee and refined for maximum marketability.

One of the operation’s most subtly critical components is a piece of software known as “the Tool,” which they developed and maintain in-house. The Tool scrapes and compiles every “like” and view on all of Adams’s social network accounts, every OnlyFans “fan action” and transaction, and every text, sext and chat message — more than 20 million lines of text so far.

It houses reams of customer data and a library of preset messages that Adams and her chatters can send to fans, helping to automate their reactions and flirtations — “an 80 percent template for a personalized response,” she said.

And it’s linked to a searchable database, in which hundreds of sex scenes are described in detail — by price, total sales, participants and general theme — and given a unique “stock keeping unit,” or SKU, much like the scannable codes on a grocery store shelf. If a fan says they like a certain sexual scenario, a team member can instantly surface any relevant scenes for an easy upsell. “Classic inventory chain,” Adams said.

The systemized database is especially handy for the young women of Adams’s chat team, known as the “girlfriends,” who work at a bench of laptops in the gym’s upper loft. The Tool helped “supercharge her messaging, which ended up, like, 3X-ing her output,” Brian said, meaning it tripled.

Keeping men talking is especially important because the chat window is where Adams’s team sends out their mass-message sales promotions, and the girlfriends never really know what to expect. One girlfriend said she’s had as many as four different sexting sessions going at once.

Adams employs a small team that helps her pay other OnlyFans creators to give away codes fans can use for free short-term trials. The team tracks redemption rates and promotional effectiveness in a voluminous spreadsheet, looking for guys who double up on discount codes, known as “stackers,” as well as bad bets and outright fraud.

Many OnlyFans creators don’t offer anything explicit, and the site has pushed to spotlight its stable of chefs, comedians and mountain bikers on a streaming channel, OFTV. But erotic content on the platform is inescapable; even some outwardly conventional creators shed their clothes behind the paywall

Creators with a more hardcore fan base, meanwhile, are told to cut to the chase: “300+ sex tapes & counting”; “Bryce doesn’t say no, she’s the most wild, authentic girl you will ever find.”

The $18 an hour she makes on the ad team, however, is increasingly dwarfed by the money Leigh makes from her personal OnlyFans account, where she sells sex scenes with her boyfriend for $10 a month. Leigh made $92,000 in gross sales in July, thanks largely to revenue from new fans who found her through Adams or the bikini videos Leigh posts to her 170,000-follower TikTok account

“This is a real job. You dedicate your time to it every single day. You’re always learning, you’re always doing new things,” she said. “I’d never thought I’d be good at business, but learning all these business tactics really empowers you. I have my own LLC; I don’t know any other 20-year-old right now that has their own LLC.”

The team is meeting all traffic goals, per their internal dashboard, which showed that through the day on a recent Thursday they’d gained 2,221,835 video plays, 19,707 landing-page clicks, 6,372 new OnlyFans subscribers and 9,024 new social-network followers. And to keep in shape, Adams and her boyfriend are abiding by a rigorous daily diet and workout plan

They eat the same Chick-fil-A salad at every lunch, track every calorie and pay a gym assistant to record data on every rep and weight of their exercise.

But the OnlyFans business is competitive, and it does not always feel to the couple like they’ve done enough. Their new personal challenge, they said, is to go viral on the other platforms as often as possible, largely through jokey TikTok clips and bikini videos that don’t give away too much.

the host told creators this sales-funnel technique was key to helping build the “cult of you”: “Someone’s fascination will become infatuation, which will make you a lot of money.”

Adams’s company has worked to reverse engineer the often-inscrutable art of virality, and Brian now estimates Adams makes about $5,000 in revenue for every million short-form video views she gets on TikTok.

Her team has begun ranking each platform by the amount of money they expect they can get from each viewer there, a metric they call “fan lifetime value.” (Subscribers who click through to her from Facebook tend to spend the most, the data show. Facebook declined to comment.)

The younger workers said they see the couple as mentors, and the two are constantly reminding them that the job of a creator is not a “lottery ticket” and requires a persistent grind. Whenever one complains about their lack of engagement, Brian said he responds, “When’s the last time you posted 60 different videos, 60 days in a row, on your Instagram Reels?”

But some have taken to it quite naturally. Rayna Rose, 19, was working last year at a hair salon, sweeping floors for $12 an hour, when an old high school classmate who worked with Adams asked whether she wanted to try OnlyFans and make $500 a video.

Rose started making videos and working as a chatter for $18 an hour but recently renegotiated her contract with Adams to focus more on her personal OnlyFans account, where she has nearly 30,000 fans, many of whom pay $10 a month.

One recent evening this summer, Adams was in the farm’s gym when her boyfriend told her he was headed to their guest room to record a collab with Rose, who was wearing a blue bikini top and braided pigtails.

“Go have fun,” Adams told them as they walked away. “Make good content.” The 15-minute video has so far sold more than 1,400 copies and accounted for more than $30,000 in sales.

Rose said she has lost friends due to her “lifestyle,” with one messaging her recently, “Can you imagine how successful you would be if you studied regularly and spent your time wisely?”

The message stung but, in Rose’s eyes, they didn’t understand her at all. She feels, for the first time, like she has a sense of purpose: She wants to be a full-time influencer. She expects to clear $200,000 in earnings this year and is now planning to move out of her parents’ house.

“I had no idea what I wanted to do with my life. And now I know,” she said. “I want to be big. I want to be, like, mainstream.”

The plan is for individuals to get up to $1,200 and married couples to get up to $2,400, including $500 for each child. The size of a check would diminish gradually for those whose income is above $75,000, while individuals earning more than $99,000 and couples earning more than $198,000 will not be getting any checks. The checks will be based on a household or individual’s 2018 tax return unless they filed their 2019 tax return, in which case it will be based of their 2019 return.

Democrats and even some Republicans are adamant that corporations are given fair assistance that will not end up in the pockets of wealthy shareholders or corporate executives.

Companies who receive government assistance will also see restrictions on stock buybacks, which is when a company buys shares of its own stock to increase the value of its shares, ultimately helping their wealthy stockholders and corporate executives. Commercial airlines have been known for buying back their own shares.

The deal extends unemployment insurance by 13 weeks and covers self-employed and furloughed workers, offering workers $600 a week for those additional four months in addition to what a state will provide through their own program.

The bill will relieve burden on the healthcare sector by including a “Marshall Plan” that will give $130bn in grants and assistance to hospitals. The bill also boosts Medicare payments for hospitals treating patients with Covid-19.

On the economic front, the U.S. trade balance was wider than expected, at $67.1 billion for August. Economists were looking for a $66.2 billion deficit, up from a prior reading of $63.6 billion.

I’ve described it as a romantic narrative, one that’s about unities in the process of becoming, a calling together of Americans to transcend racial division and come together in a unifying way, a more perfect union, as a transcendence of essential American goodness over transitory American evils.

when we tell the story that way, unfortunately, not only is it mythic, but it trains us to treat King as the kind of person who’s not doing any original political thinking. What he’s doing is calling us to be true to who we always already were

And when you treat him like that, the thing that becomes most interesting about him is not his thought. It’s not the way he challenged us to think about violence. It’s not the way he challenges us to think about segregation, both de facto and de jure. It’s not how he challenges us to think about economic justice.

The thing that’s interesting about him starts to be his rhetoric or his tactics, the way in which he pushes people or frames arguments to call us to be true to who we always already were. That’s a real problem because it evades the most incisive, challenging and generative contributions that his public philosophy makes for our era.

it gets conscripted into a story that’s ultimately affirming about the adequacy of our constitutional order, the trajectory of our institutions, the essential goodness of our national character. You often hear politicians use this rhetoric of, this is not who we are.

it’s partly related to how we tell the story of the civil rights movement and particularly, how we tell King’s role in the civil rights movement.

There’s a way in which the philosophy of nonviolence gets painted, even in King’s time, as a kind of extreme, purist pacifism. And part of that is the connection with Gandhi, although I think it’s a radical misunderstanding of Gandhi, as well.

it’s a way of imagining the commitment to nonviolence as related to passivity, as related to the performance of suffering for pity. These are things that King never endures. For him, the idea of passive resistance was a misnomer. He helped coin the phrase “direct action” — he and other members of the civil-rights generation — that nonviolence is aggressive.

It’s an aggressive attack on injustice, an aggressive form of noncooperation with domination. It’s about trying to wedge yourself into the machinery of domination, to prevent its adequate functioning, to try to force or coerce your fellow citizens to stop and take stock of what kind of injustices are being unfurled in their name.

And it does so on the presumption that politics involves coercion, especially for King, who had a pretty tragic sense of human nature, that politics is going to involve confrontation with great evil, that it’s not a Pollyannaish view about what we’re all capable of if we just turn our eye toward God in the right way.

We’re owe it to them to live with evil. And we always are going to be called to confront it. We just need to do it in ways that won’t unleash a further chain of social evil and bitterness and revenge and retaliation. And King thought nonviolence was the only weapon that could cut and heal at the same time.

So when you hear King talk about love, when you hear King talk about nonviolence, these things actually require not just an enormous discipline around the acceptance of suffering, as if it’s some kind of passive practice, but they require really creative, dedicated thinking around how exactly to push and prod your neighbors into addressing the forms of injustice that structure the polity and how to do it in a way that doesn’t leave a perpetual midnight of bitterness when the conflict is done.

He says that the really interesting question, however, is how to organize a sustained, successful challenge to structural injustice. And for King, that requires something that blends militant resistance and a higher-order ethical practice that can point the way toward peaceful reconciliation over the long term.

Gandhi has this line where he says, if you can’t practice nonviolence, it quote, “retaliation or resistance unto death is the second best, though a long way off from the first. Cowardice is impotence, worse than violence.” So this idea that if you can’t be nonviolent, it’s better to be violent than to be a coward, doing nothing — I think gets at something important. Can you help unpack that?

to raise the question of strategy, as if we can evaluate means without some kind of ethical reflection or without some kind of underlying ethical commitments, for King, is already a confusion. He thinks that the ends are prefigured in any means.

Gandhi, in “Hind Swaraj,” has this great passage where he talks about how could come to acquire a piece of property. You could buy it. You could steal it. You could kill somebody in pursuit of it. You could ask for it as a gift.At the end of the day, you still have the same property. But the thing, itself, has changed. In one scenario, it’s a piece of stolen property. It’s a theft. In another, it’s a gift, which is different than something you’ve purchased.

So in the course of acquiring the thing, even though the thing is the same, the means have transformed it in a really, really important way. And King wants to say something similar — that in all political practice, the ends are prefigured in the means

nonviolence has to be — if it’s going to be true nonviolence for King — informed by a philosophy of love that really wants and desires and wills goodwill for the enemy at present and is committed, at the fundamental level, to going on together in peace, going on together, sharing the polity in perpetuity.

I think for King, imperative to nonviolent resistance turns, in large part, on the question of your own dignity and self-respect. So it is a justice question. He’s concerned with structural justice as a matter of the kinds of arrangements that prevail in the larger American society. That’s obviously true.

So there’s the person or group you’re in conversation or conflict with. I’m a liberal, and I’m arguing with a conservative. And I think that’s the most common target to think about: How do I beat or convince this person or group on the other side?

Then there’s the broader community polity — the voters, of the country, people who are bystanders, maybe interested, maybe not, but a broader community that is in some way watching or can be brought in to watch. And then there’s you, the person taking the action, and how it affects you and your group to take a particular action.

something that seems present in King’s thought is much, much, much, much more concern and focus than I think most political thinkers have today on how political action affects you, the person taking it, and affects the broader community that might be watching it

— that ends up with you being turned away from the good and toward things like hatred, resentment, violence, which he thinks, ultimately, will corrode your soul and take you further away from flourishing.

But he’s also concerned with how you relate to your own sense of equality, equal standing, worth, as he would say, somebodiness, we might say dignity — he also says that a lot — and that for King, to acquiesce in the face of oppression and domination, without protest, is to abdicate your own self-respect and dignity.

for him, dignity also required a certain kind of excellence of character, a certain kind of comportment and practice toward others.

So it is about trying to defend your dignity, defend yourself respect against insult and humiliation, oppression. But it’s also about doing so in a way that doesn’t degrade your character in the long term, that doesn’t cause you to end up being turned away from the good, which, again, for him, is going to be a religiously-inflected category

When you think about somebody’s political philosophy or their theory of political action, you can maybe think of there being a couple agents they’re thinking about.

It has fallen out of favor to say that there are certain ways of acting, politically, that are better and worse, from a virtue perspective, because it often is seen not as really a question of you and your relationship to some baseline or ideal but is some kind of concession you’re making to people who don’t deserve

I am a person who believes those questions are still legitimate, that they can’t all be reduced to strategy or will to power or psychic drives. I think that there’s something like an ethical life that requires us to argue about it and requires us to think really hard about how we discipline ourselves to achieve it.

Evelyn Brooks Higginbotham, wrote a phenomenal book, many years ago, called “Righteous Discontent.” And that’s what introduces the phrase, “the politics of respectability.” It’s a study of turn of the century Black Baptist women and their organizing efforts through the church.

It’s this idea that, in confronting a system of social stigma, the response that you need to have to it is to try to adjust your behavior, comportment, your self fashioning, in line with the dominant norms so that you can, over time, undermine the stigma and become a full participant in society.

there are all sorts of questions, legitimate questions, that are raised against that. Are we losing something valuable about alternative forms of life, about alternative cultural practices, when we take the existing, dominant norms as unassailable or something to aspire to?

what’s really fascinating is that he talks a lot about how he sympathizes with all those criticisms. He agrees with them

here’s the other part of Evelyn Higginbotham’s formulation — there’s a deeper question, one with thousands of years of moral reflection built up into it, which is about virtue ethics — that there are some things that people are appealing to you about that aren’t about their effect in the polity that aren’t about trying to manipulate white, racial attitudes. They’re about your own flourishing and character. They’re deep questions about how to live a good life, how to achieve excellence and the crafting of your soul.

as King would say, our reason sometimes can become subordinate to our passions. It can just be a legitimizing power or rationalizing power to the point where we lose track of what we really want to achieve, the kind of character we really want to have.

And for King, many of the appeals he made in that vocabulary are really about that. They’re really about virtue. They’re really about what hatred does to your life, what anger does to your life, what violence does to your life

there is a question for him, at the core of his life, which is, what makes this worth doing? That’s a virtue question. It’s not just a strategic or tactical one, in the narrow sense.

he describes nonviolence, I think really importantly, as also being about a nonviolence of spirit.

the example that he often gives is about humiliation — that there’s a way in which the desire to humiliate others, to diminish their status in front of other people for your own pleasure, the desire to subject them to standards of evaluation that they probably themselves don’t hold or don’t understand, in order to enable mockery. There’s a way in which, if we’re reflexive about where that desire comes from, we will find that it comes from a place that’s irrational, indefensible and, likely, cruel, and that if we were to imagine a way of life built around those feelings, those desires, those practices, it would be one that would make it really hard for us to have healthy social ties, stable institutions, flourishing social relationships.

So part of what he’s up to is asking us, at all times, to be self-reflexive about the desires and needs and fantasies that drive us in politics

the concession.

So what nonviolence does is, it builds in a check on those kinds of rationalizations, those kinds of emotional drives, by teaching us to avoid forms of humiliation and forms of physical violence that make it hard to come back from. So that’s the first point.

The second point — and it goes more to your sense of revenge and retaliation — is again, forcing us to acknowledge the legitimacy of anger.

He uses the phrase, “legitimate anger” in the late ’60s — but to be reflective about it and understand that, even in a case where someone kills a loved one of yours, revenge, violence, retaliation, that doesn’t bring back the loved one that you’ve lost.

The only thing that can do that is a kind of forward-looking, constructive practice of politics and social ethics.

so what he’s trying to do is raise the question of, can we channel our legitimate rage, our legitimate anger, into a practice that allows us to maintain our self respect?

here’s this man who is both making this public argument and trying to get people to follow him in it and put themselves at risk over it, and is also living it himself, and talks about this unbelievably difficult thing, which is not feel righteous anger, but to not feel hatred, to internally reflect the world you want externally.

he does falter. He does fail. And I think when we read biographies of King, when you read the last parts of David Garrow’s biography, when you read Cornel West’s essay, from “To Shape a New World,” which talks a lot about the despair at the end of King’s life, if you watch HBO’S great documentary, “King in the Wilderness,” you see a person faltering and failing under the pressure.

He’s not able, for example, to bring himself to a kind of reconciliation with Malcolm X

How imaginable is King’s philosophy, is this practice, without his deep Christianity, without a belief in redemption, in salvation, in the possibility of a next life?

I think King, himself, thinks that the practice of nonviolent politics does the kind of work that you’re describing. And I think he would be worried about the fact that, in our time, so much of these questions about the management of emotion, the building of character, has become a privatized practice.

So I think he does think that that’s one way that this really does happen. And we have lots of evidence from the Civil Rights Movement, personal testimony, and personal reflection, where this seems to be the case.

the last thing I’ll say is that in order to do that work, in order to do some of the work you’re describing, he also is building an alternative community

So one way that I read that famous final speech, “I’ve seen the promised land” — there’s obviously a prophetic reading of it, but there’s also one where he’s describing the prefiguration of the promised land in the kind of politics and social life he’s participated in over his career, that the promised land is seen in the union politics in Memphis, it’s seen in the Student Nonviolent Coordinating Committee, gathering to do Mississippi Freedom Summer. It’s seen in the people walking for 350-plus days in Montgomery, Alabama, and banding together to help each other out, that is the promised land.

And when you are in a community that’s constantly talking with each other and lifting each other up and engaging in practices like song, prayer, other communal rituals, to try to affirm this alternative set of ethical and political commitments against the whole rest of the culture, that’s the only way it can be done, is that you have to have an alternative form of social life that can sustain you in that work. The private practice isn’t going to do it.

When you look at the principles of nonviolence on Stanford’s King Institute, I think a bunch of them would be familiar to people. You can resist evil without resorting to violence. You seek to win the friendship and understanding of the opponent, not to humiliate.

He thinks that we learn a lot about how to love other people by confronting them in public, by forcing ourselves into uncomfortable situations where we have to endure the look of the other, back and forth, where we train ourselves to extend these interactions of contentious politics until they can alter or change the people that we’ve put our bodies in close contact with on the field of politics.

I go back to the sermon he gave — and it’s collected in “Strength to Love,” and it’s called shattered dreams — where he confronts a problem that is all over the Black tradition, which is that the struggle we’re engaged in has gone on, in some form or another, for hundreds of years. At the moments of its greatest promise, you can look over the course of history and see, just years later, we find ourselves in situations that are unimaginably awful.

King is not naive. He’s a student of history. He’s somebody who asks himself hard questions like this. And he gives two different kinds of answers. And one is the answer that you’ve mentioned here, which is a theological answer. It’s conventional theodicy story, that look, at the end of the day, God is at work in the world. And God is on the side of justice.

There’s another way that he goes at it, however. And for me, I read it as rooted in a different kind of project, one that combines what used to be called philosophical anthropology, which is just a way of saying philosophical reflections on what kind of beings we are. It’s rooted in that, and it’s rooted in politics. And I think those things can find lots of overlapping consensus from people outside of the Christian tradition.

What you have to be committed to, in the last instance, is that evil is not the totality of who we are as persons, that people have the capacity, emotionally and rationally, to reflect on their life plans, their practices, their commitments, and change them, maybe not all of them, maybe not all at once, but that those things can be changed, and that politics is really a field where contingency is the key word, that although there are structural constraints and everything can’t be done at every moment, that the unprecedented, the new, the unexpected, happens in this realm.

And the only way that we can confirm that nothing new will happen, that oppression will last forever, that the future bears no hope, is if we don’t act. That’s the only way we can confirm that it’s true for all time, is by failing to act in pursuit of justice.

that’s King’s view, I think. And to me, that’s the persuasive one, that in our action, we might be able to see some measure of justice from a complicated, complex swirl of contingencies, and to move the ball forward — we will inevitably fail — but to look back on that failure with maturity and try to do better the next time.

How do you think about the question of the weaponization of nonviolence and then the applicability of its principles to the powerful and to what they might, we might, the state might learn from it.

there were many people — Harold Cruse famously wrote this, but others even closer to King — who said, you’re not the leader of Vietnam. You’re the leader of the African American civil rights movement. You should not speak out on this war because you’ll lose your relationship with Johnson.

King says that the people who are advising him in this way, they just don’t know him, his commitment or his calling. They don’t understand that if he’s going to raise his voice against violence in Watts or Detroit, that he’s got to raise it against what he called, “the greatest purveyor of violence in the world today,” his own government.

for him, the question was really one about militarism and the way that gets imagined as this hardheaded, realistic, hyper-rational response to international disputes and social problems abroad, when in actuality, if we take stock of what he called the casualties of war, the spiritual ones and the material ones, we would realize that most of the violence we engage in at the foreign-policy level is counterproductive. It’s created more problems and more harms than it ever has seemed to solve.

This is one of the powerful interventions that you see in Lionel McPherson’s essay, in “To Shape a New World.” It’s just this idea that this is about hardheaded realism is mythic. King says it’s about an immature image that we are nurturing for ourselves, that we’re trying to shore up this idea of ourselves as some kind of crusading hero or all-powerful world power, while not taking stock of all of the things about our freedoms, about our way of life, about our connectedness as a society, about our social divisions, that war has exacerbated, not to mention the violence that’s prosecuted abroad.

And he says similar things about domestic policy, the ways in which our politics toward poor families, single-parent households, is punitive for reasons that aren’t justified, that our response to what he calls “the derivative crimes of the ghetto” are wildly out of proportion and unjust compared to how we treat the systematic crimes of exploitation, segregation, disenfranchisement, that structure much of ghetto life.

So I’m in total agreement with Coates on that question

it just seems — I don’t want to call it axiomatic, but a repeated d that the more willing you become to use violence as a state, the more it corrupts you, and the more violent you become as a state, and to some degree, the more violent the people you are policing, the people you are occupying, become.

I’m not a pacifist. I don’t believe you can fully eradicate violence. But we don’t weigh how violent we make others, in our actions, very well, and then how violent we become in response, how much we enter into that escalatory dynamic.

But then the other thing is this question of this broader community, of changing hearts, of changing minds, of acting upon people, not through punishment, but through our belief that they can alter. And I’d be curious to hear you reflect on that question of community a little bit, because I think one of the central debates of our time is who’s actually in the community.

What would it mean to have a bit more of King’s view, of trying to create community at the center of what the state is attempting to do, as it fashions and helps govern the country?

BRANDON TERRY: So one underappreciated feature from King’s famous Riverside Church speech against Vietnam, is he goes on this whole riff about America lacking maturity. And it’s a weird thing to have in a foreign-policy speech. You’re used to — you’re a policy person. You don’t usually hear the word “maturity” bandied about in these kinds of debates.

But what he’s getting at is that something really tightly linked to violence, that violence always exceeds the original justification you have for it. It’s not precise. It’s not able to be easily targeted, as we think. It spirals out. It produces retaliation. And then we retaliate again.

And all the while, it’s expanding its justifications to the point of absurdity. And King describes that as adding cynicism to the process of death. And he says that maturity is one of the only ways out here, that the maturity to be able to stand up and say, we were wrong, we want to make amends, we want to repair evils committed in our name, those are questions that are essentially nonstarters in American politics right now, certainly about foreign policy, but even in some places in domestic policy.

that feature of King’s thinking is something that I always want to draw attention to because I think it’s something we ignore. So that’s the first point I want to make.

The second thing — and this is also really deeply-seeded in that Vietnam speech — one of the reasons that people hated it so much — he was attacked in The New York Times, basically every editorial page in the country — one of the reasons people hated that speech so much is that he spent so much time expressing solidarity and sympathy with Ho Chi Minh and the North Vietnamese forces.

How could you express sympathy or some kind of solidarity with the enemy? And it’s very instructive, how King went about it. He wasn’t one of these people — you’ve seen these images of people waving the North Vietnamese flag at counterculture protests. It wasn’t like that.

It was him really spending a lot of time meditating on the reasons why we had ended up in this conflict, narrating the whole history of our failure to support Ho Chi Minh and the struggle against French colonialism, against Chinese colonialism, and how that had led to the situation we were in by 1967. King is narrating this history. He’s also trying to get people to think about what it must feel like to be on the ground in Vietnam and witness these bombings, witnessed this imposition of terror.

And he’s doing that because at bottom, he’s inspired by a vision really rooted in a parable the Good Samaritan, from the Bible, that everyone is our neighbor, that there are no sectional loyalties that should eviscerate our moral obligations to others, our obligation to show them respect, to go on in community with them, and that most of what goes on in foreign policy and particularly war making, is a bad-faith evasion of the fact that we’re all interconnected.

he understood that there’s a fundamental interconnectedness amongst humanity at the ethical level and at the material, structural level, and that war making is an evasion of that fact. We’re going to have to live together. So the chief question that should organize it is, how can we do so in peace?

He has a line where he says, quote, “the dignity of the individual will flourish when the decisions concerning his life are in his own hands, when he has the assurance that his income is stable and certain and when he knows that he has a means to seek self-improvement. Personal conflicts between husband, wife and children will diminish when the unjust measurement of human worth, on a scale of dollars, is eliminated.” Tell me a bit about the spiritual and psychological dimensions of King’s economic philosophy and organizing.

BRANDON TERRY: Well, for King, the question of poverty and the question of economic inequality are both questions of dignity and democracy, and the questions of dignity because when you live without the adequate means to really enjoy the fair value of your basic rights, when you live in a society — and this is a really important point for King — when you live in a society of profound affluence, like the United States, and you live in severe poverty, it expresses a kind of contempt from your fellow citizens about your standing as an equal member of the polity.

So separate from the plain, material fact of hunger or health care, there’s this additional spiritual concern with the way in which living with nothing, living on a lonely island amidst an ocean of prosperity, as he would put it, diminishes your dignity.

then another piece — this is bridging of the dignity and democracy question — is that when people don’t have a say in the core, vital interest of their life, when they have no decision-making power over the processes which determine how their life is going to go, that too is a diminishment of their dignity. And King, who was operating in a long tradition of social democracy, wants to expand democratic practices to the broader economic realm.

Without expanding democracy into that economic realm, for King, we’re both making a mockery of democracy and we’re diminishing the dignity of citizens who live in search of a real standing as free and equal.

as somebody who spends a lot of my time in debates about economic policy, I think it is fair to say that the ends of economics are taken as the economy, typically. People hopefully shouldn’t starve. But a lot of debates about what we should do, even for the poor, become these recursive, well, how can they better participate in the economy and how are they going to be able to invest in themselves and how they’ll be economic opportunity for their children.

And the idea that the economy is subservient to the community, that the point of the economy is the community, that it should be measured— our policy should be measured by what they do for democratic participation, for the dignity of individuals, is pretty lost. If anything, I see it more now, on the post-liberal right, as people call it, than I even do among mainline Democrats.

it has fallen out of favor as a way to frame and think about these conversations.

BRANDON TERRY: Yeah, I think it’s rooted in some really complicated things. I think there’s a kind of liberal anxiety about speaking forthrightly about the fact that living in areas of severe, concentrated disadvantage and racial segregation that we call ghettos, diminishes the dignity of the people who live there.

That feels uncomfortable for people to say forthrightly, in the way that King would.

so we try to get around it by speaking about opportunity and the wealth gap and unemployment statistics. But really what people are feeling is an existential assault on dignity.

one way to read that book is to say that she’s telling a tragic story about the loss of a particular ideal that guided great society politics. And that’s the principle of maximum feasible participation.

That was a really social-democratic idea, this idea that, well, we need to empower all sorts of people to participate in policy making and democratic deliberation, and that part of where people will find self-respect and dignity is through engagement in politics and their community

I think it gets to something that is very present, towards the end of King’s life, which is his sense that there is something important for the civil rights movement in the labor movement. And unions, on some level, they are mechanisms of democracy. One of the most important functions they have is workplace democracy

King is, in this tradition, in many ways inspired by a mentor of his. And one of the most important figures in American history but one of the most severely neglected was A. Philip Randolph, the great labor leader, former organizer of the Pullman Porters, the architect of both the March on Washington that gets canceled, which was going to target the Roosevelt administration during World War II, and the 1963 famous March on Washington for Jobs and Freedom.

they’ve got a certain set of commitments. So one is the idea that because most African Americans are working class or poor, anything that advances the interests of working-class people and their ability to exercise democratic control over the economy is going to advance the interests of African Americans.

for King labor unions are also, as you described, important laboratories of democracy. So they’re one of the few places where people from all walks of life can get together, deliberate about strategy, deliberate about social ends, social goods, put money behind things that they value, that aren’t only their own material interest.

today, of course, there’s this ongoing — always is this ongoing argument — of should you have race-based politics or is that unusable, doesn’t work, creates too much backlash? Or you should have class-based politics that are looking for commonalities, and because you’ve had so much economic disadvantage for Black Americans, that’ll work through the mechanism of class just fine.

BRANDON TERRY: So King often invokes the philosopher Hegel, because he’s constantly describing his mode of thinking as a dialectical one, where he’s trying to reconcile seeming opposites and produce a new synthesis, which helps you transcend certain intractable problems.

Now as a reading of Hegel, that has much to be desired. But as a description of Martin Luther King’s thought, I think that’s always a good way to understand what he’s up to. And so I think what he’s always trying to do is transcend that opposition.

there’s a way in which we sometimes will say class-based politics works to lift African Americans because they’re disproportionately poor. And what’s tricky about that is that it doesn’t really theorize what to do about the African American middle class and the African American elite.

So a thing that King was thinking a lot about when he wrote “Stride Toward Freedom” and the Montgomery bus boycott, is there are areas where racial solidarity is going to be really effective and probably indispensable.

where questions of anti-Black racism emerge, where questions of racial humiliation, stigma that really affects the larger group, things that all Black people feel vulnerable to, those are going to be areas — like the segregation laws on the buses — those are going to be areas where you actually can generate a lot of racial solidarity and do a lot of important work with it, especially as a defensive posture.

When you start to get into questions of political economy, however, you have to be careful because the appeal of racial solidarity can actually obscure the fact that Black people don’t all share the same material interest in lots of ways.

King’s primary principle always is, is that he’s dedicated to the group that William Julius Wilson called the truly disadvantaged, the least of these, that at the end of the day, he’s going to give everything to the people who are in the most desperate situation, the poor. And that’s going to guide his politics.

where that is enabled by a race-based solidarity, so in questions of policing, perhaps, or questions of social stigma and media discourse, that’s where he’ll turn. But in other cases, I think he’d really be trying to experiment with a form of politics that empowers the poor to take leadership on their ow

How does being more aware of the distinctions he drew and the decisions he made help you look at some of the paths we should be walking down today and are not, in these conversations, or are walking down and shouldn’t be?

n order for us to understand why so many African Americans are located in the realm of the most disadvantaged, in the strata of the most disadvantaged, you have to understand the history of racial domination in this country. You have to understand the persistence of racial discrimination, especially in labor markets. And you have to understand the ways that racial ideology allows us to obscure the nature of our economy.

So the most classic example is that structural unemployment gets reframed, in part by racism, as questions of laziness or pathology or criminality instead of as a feature of the economy as such. So King always talks about the critique of racism as part of the diagnosis of the disease in order to cure it.

So even in the privileging the least well off and being concerned with poor people of all races, he wants to say that the critique of racism helps us see through the kinds of blindnesses that obscure the nature of our economy and the commonalities across race and the things that we need to address the questions of economic justice precisely

The second thing is that, in his critique of Black power, one of the things he says is that he worries that Black power gives priority to the question of race in a way that confuses our analysis of social reality. So what does he mean by that?

if you think that all Black disadvantage is primarily about anti-Black racism, you can start to miss the fact that there are broader economic dislocations that need to be addressed, that there are structural features of the American constitutional order, the ways in which municipal boundaries are structured, ways that funding decisions are made, that aren’t primarily driven by racial animus, that need to be addressed.

You can lose sight of those things and start to think that the real battle is in something like a totality of anti-Black racial ideology that can be battled in Hollywood movies and comic books and school curricula and legislation and political rhetoric

it’s not to say that those things don’t exist. It’s just to say that there’s a confusion about what’s going to make the biggest impact in improving the life circumstances of the least well off.

King really calls us to constantly be very precise about what the causal mechanisms are for Black disadvantage and to not be confused by the fact that there’s discrimination and injustice and cruelty in these other realms but which might not have as much causal impact as some of these other things.

King was very adamant that Black pride, that a concern with representation, that thinking in expansive ways about how do you affirm the somebodiness of Black youth, that those things are really, really important and that they’re not to be dismissed.

So it is a question of justice if people in Hollywood just constantly demean or diminish the talent of nonwhite actors. That is a question of justice. It’s just that we have to be honest about what the import of those struggles will be for the broader group. And the only way we can do that is by being attentive to the class differences within the group.

there’s a way in which — and King diagnoses this very incisively — there’s a way in which some genres of Black nationalism are so pessimistic about the possibility for multiracial democracy in the United States, for any kind of Black flourishing in the United States that they essentially foreclose real interest in political organizing and social movements

But the energy they still managed to generate — the outrage, the sentiment, the sociality — they find their outlet, instead, in a practice of humiliation, counter humiliation. So that there may not be hope that we can actually change the country, but at the very least, we can enjoy a feeling of retaliation, a kind of self-respecting sense of resistance, by engaging in a practice of trying to humiliate our opponents in the public spher

there’s a titillation to that. There’s a catharsis in watching someone — at that point, it would have been called stick it to whitey. Now it would be stick it to the libs or own the libs.

this is a significant amount of people that could cause real damage in the places where they don’t face many countervailing forms of power. And they can exercise a much more toxic impact on the broader state of American politics in a time where the media environment is way more fragmented

I see those elements. And I think that we need more people operating, in the kind of mode that King did, in his critique of Black power, to try to turn people away from their understandable feelings of hostility and resentment, toward more productive forms of political engagement.

the word, “emotion,” which is a neglected part of politics, maybe of King’s thought in particular is that he understood — I think he understood part of the goal of politics and political action as creating a particular structure of political emotion.

, what structure of emotion, of political emotion, we’re actually living in.

BRANDON TERRY: My mentor and friend, Karuna Mantena, at Columbia, political theorist, a brilliant political theorist working on a book on Gandhi — I learned this from her, thinking a lot about how nonviolence is a kind of realism, in part because it doesn’t engage in of fiction that politics is operating on, in the model of rational discussion. It takes very, very, very seriously the problem of emotion.

for King, thinking about the history of racial oppression in America, they’re key emotions that you have to think about. One of the most important ones is fear

If that fear is a longstanding, deeply-structuring feature of American culture and political life, if it’s something that animates our comedy movies, our stand-up routines, our political discourse, you can’t operate as if it’s not there. You have to do things that will somehow disarm, disrupt, dispel those fears, in order to make progress on the political questions you want to pursue. That was one of King’s deepest, deepest commitments.

He’s thinking a lot about anger, which we’ve talked at great length about. And one of the disappointments I’ve had with radical politics in the present, as sympathetic as I am to most of the aims, is that I just don’t think the emotion question has been adequately considered

people often defend their politics as like, King was unpopular. And the things we’re saying are unpopular. So we’re operating in that tradition.

it’s not enough to just say, I’ve started a conversation, I’ve provoked something toxic in the culture. He’s not trying to do that, necessarily. He’s trying to elicit reactions that bring forward certain emotions but not let those emotions unravel the society itself. He’s trying to channel them into other forms of political affect that are much more congenial to reconciliation and justice.

what we’ve unfortunately ended up with is that the sophistication of mobilization strategists, the depth of the polarization, has made anger the principal affect of American politics at this moment.

a King-inspired political philosophy, both at the state level and the activist level, has to do, is think about how do we transform the recalcitrant nature of today’s political anger and channel it into forms of constructive politics that might point toward a more just future and that might dissolve the forms of anger that are illegitimate and ill founded, in part, by doing the kind of work sometimes described as a moral jujitsu, turning those affects against themselves, in part, to try to transform them into something different.

maybe it’ll be easier to use myself as an example, here.

When I started out in blogging and political writing and journalism, particularly blogging, I think I thought a lot about politics in terms of winning and losing, and in my corner of it, winning and losing intellectually, that I was involved in political arguments, and arguments could be won or lost in front of some kind of audience.

One is having been in a lot of arguments. And I think I’m a reasonably good arguer. And so I’ve done, by my own likes, well, and then noticed it didn’t have it all the effect I wanted it to have, which is, if anything, it usually — if you really beat somebody in an argument and they feel humiliated, they go further into views they already held

And two things have begun to corrode, for me, that sense

so you lose by winning.

then the second is, particularly in the Trump era, the sense that if you met something awful with an equal and opposite energetic force, that in some weird way, you just added energy to what was now an awful system and conversation.

What do you do to not create a sense that this is a right conversation to be having? And I don’t the answers to it. And I’m not saying like I’ve ascended to some higher plane and don’t argue or any of that. I have all the same intuitions and senses I’ve always had.

that’s why I find King so interesting and challenging in this way, because it’s just really, really, really different to ask the question, how do I reshape the emotional politics and the emotional structure of myself, of the people I’m in conflict with and then of the people who are bystanders or watchers of that conflict, for the better

It’s just a really different goal to be targeting, and just unimaginably harder than, can I come up with an argument that I think is a winning argument.

I think you see it — when he’s assassinated, the leading figures of the Black-Power generation, they’re heartbroken. They mourn his loss. They grieve for him, in part because — and you can read any of these memoirs, particularly Stokely Carmichael’s — they felt like he never — that even when he disagreed with them, he loved them, and not just because they were friendly, but because he loved in the sense that he always invoked, of agape love, that he wanted goodwill for them, and that his arguments weren’t from a place of trying to humiliate them or embarrass them or expose them as ridiculous.

He wanted to affirm their right to make the arguments they were making, to affirm their intelligence and judgment and to enter into their mind, to try to reconstruct a position with sympathy, but then show why it falls short for the sake of goals that he was forthright about, about justice, about reconciliation, about love

we are in a moment of extraordinary cynicism. And cynicism can take advantage of your intellectual honesty, your practice of agape love. But I think that’s in the short term.

In my better moments, I’m of the view that the only way to start to turn the tide against the cynicism that has so corroded and corrupted our political culture is to try to have these demonstrations of humility and authenticity that cause us to put ourselves at some risk, the way that King did

So always our final question: What are three books you would recommend to the audience? And if I can put one spin on that, you mentioned the many books King wrote. If people want to start with one thing he actually wrote to read, one book, which one should they start with?

I think you get the best sense of his mature thought from his 1967 book, “Where Do We Go From Here: Chaos or Community,” which is still our question. So I would definitely recommend that. I also really love “A Trumpet of Conscience,” his Canadian Broadcasting Corporation lectures that were published posthumously.

I really strongly recommend Peniel Joseph’s, “The Sword and the Shield.” It’s a dual biography of Martin Luther King and Malcolm X. I reviewed it for The New York Review of Books and think really highly of it. It’s a great meditation on the ways they influenced each other. And it gives you a good sense of the broader intellectual milieu of the period.

I also really like Jeanne Theoharis’s “A More Beautiful and Terrible History.” I think for people coming to the study of the civil rights movement for the first time are kind of curious about why some of the things that I’ve said don’t sound familiar to them. She writes, in a really accessible and intelligent way, about some of the myths, that structure, how that history is taught and popularly conveyed. We have a lot of agreements there.

And then a where do we go from here question, I want to recommend my colleague, Tommie Shelby’s book, “Dark Ghettos,” which is a King-inspired philosophical reflection on the deep structure of ghetto poverty and what it requires of us, as a society, to do to redress it. It’s a book that’s very demanding on how far we’ve fallen short and questions of justice that pertain to the kind of neighborhoods that we grew up in and around.

Last month, it eclipsed Walmart as the most valuable retailer in the country, with a market valuation of $250 billion, and Forbes deemed Mr. Bezos the fifth-wealthiest person on earth.

Others who cycled in and out of the company said that what they learned in their brief stints helped their careers take off. And more than a few who fled said they later realized they had become addicted to Amazon’s way of working.

Amazon may be singular but perhaps not quite as peculiar as it claims. It has just been quicker in responding to changes that the rest of the work world is now experiencing: data that allows individual performance to be measured continuously, come-and-go relationships between employers and employees, and global competition in which empires rise and fall overnight. Amazon is in the vanguard of where technology wants to take the modern office: more nimble and more productive, but harsher and less forgiving.

“Organizations are turning up the dial, pushing their teams to do more for less money, either to keep up with the competition or just stay ahead of the executioner’s blade,”

At its best, some employees said, Amazon can feel like the Bezos vision come to life, a place willing to embrace risk and strengthen ideas by stress test. Employees often say their co-workers are the sharpest, most committed colleagues they have ever met, taking to heart instructions in the leadership principles like “never settle” and “no task is beneath them.”

In contrast to companies where declarations about their philosophy amount to vague platitudes, Amazon has rules that are part of its daily language and rituals, used in hiring, cited at meetings and quoted in food-truck lines at lunchtime

“You can work long, hard or smart, but at Amazon.com you can’t choose two out of three,” Mr. Bezos wrote in his 1997 letter to shareholders

mazon, though, offers no pretense that catering to employees is a priority. Compensation

As the company has grown, Mr. Bezos has become more committed to his original ideas, viewing them in almost moral terms, those who have worked closely with him say. “My main job today: I work hard at helping to maintain the culture,”

perhaps the most distinctive is his belief that harmony is often overvalued in the workplace — that it can stifle honest critique and encourage polite praise for flawed ideas. Instead, Amazonians are instructed to “disagree and commit” (

According to early executives and employees, Mr. Bezos was determined almost from the moment he founded Amazon in 1994 to resist the forces he thought sapped businesses over time — bureaucracy, profligate spending, lack of rigor. As the company grew, he wanted to codify his ideas about the workplace, some of them proudly counterintuitive, into instructions simple enough for a new worker to understand, general enough to apply to the nearly limitless number of businesses he wanted to enter and stringent enough to stave off the mediocrity he feared.

Every aspect of the Amazon system amplifies the others to motivate and discipline the company’s marketers, engineers and finance specialists: the leadership principles; rigorous, continuing feedback on performance; and the competition among peers who fear missing a potential problem or improvement and race to answer an email before anyone else.

But in its offices, Amazon uses a self-reinforcing set of management, data and psychological tools to spur its tens of thousands of white-collar employees to do more and more. “The company is running a continual performance improvement algorithm on its staff,” said Amy Michaels, a former Kindle marketer.

As the newcomers acclimate, they often feel dazzled, flattered and intimidated by how much responsibility the company puts on their shoulders and how directly Amazon links their performance to the success of their assigned projects

Company veterans often say the genius of Amazon is the way it drives them to drive themselves. “If you’re a good Amazonian, you become an Amabot,” said one employee, using a term that means you have become at one with the system.

many others said the culture stoked their willingness to erode work-life boundaries, castigate themselves for shortcomings (being “vocally self-critical” is included in the description of the leadership principles) and try to impress a company that can often feel like an insatiable taskmaster.

A 2013 survey by PayScale, a salary analysis firm, put the median employee tenure at one year, among the briefest in the Fortune 500

To prod employees, Amazon has a powerful lever: more data than any retail operation in history. Its perpetual flow of real-time, ultradetailed metrics allows the company to measure nearly everything its customers do:

Amazon employees are held accountable for a staggering array of metrics, a process that unfolds in what can be anxiety-provoking sessions called business reviews, held weekly or monthly among various teams. A day or two before the meetings, employees receive printouts, sometimes up to 50 or 60 pages long, several workers said. At the reviews, employees are cold-called and pop-quizzed on any one of those thousands of numbers.

Ms. Willet’s co-workers strafed her through the Anytime Feedback Tool, the widget in the company directory that allows employees to send praise or criticism about colleagues to management. (While bosses know who sends the comments, their identities are not typically shared with the subjects of the remarks.) Because team members are ranked, and those at the bottom eliminated every year, it is in everyone’s interest to outperform everyone else.

many workers called it a river of intrigue and scheming. They described making quiet pacts with colleagues to bury the same person at once, or to praise one another lavishly. Many others, along with Ms. Willet, described feeling sabotaged by negative comments from unidentified colleagues with whom they could not argue

The rivalries at Amazon extend beyond behind-the-back comments. Employees say that the Bezos ideal, a meritocracy in which people and ideas compete and the best win, where co-workers challenge one another “even when doing so is uncomfortable or exhausting,” as the leadership principles note, has turned into a world of frequent combat

Resources are sometimes hoarded. That includes promising job candidates, who are especially precious at a company with a high number of open positions. To get new team members, one veteran said, sometimes “you drown someone in the deep end of the pool,” then take his or her subordinates. Ideas are critiqued so harshly in meetings at times that some workers fear speaking up.

David Loftesness, a senior developer, said he admired the customer focus but could not tolerate the hostile language used in many meetings, a comment echoed by many others.

Each year, the internal competition culminates at an extended semi-open tournament called an Organization Level Review, where managers debate subordinates’ rankings, assigning and reassigning names to boxes in a matrix projected on the wall. In recent years, other large companies, including Microsoft, General Electric and Accenture Consulting, have dropped the practice — often called stack ranking, or “rank and yank” — in part because it can force managers to get rid of valuable talent just to meet quotas.

Molly Jay, an early member of the Kindle team, said she received high ratings for years. But when she began traveling to care for her father, who was suffering from cancer, and cut back working on nights and weekends, her status changed. She was blocked from transferring to a less pressure-filled job, she said, and her boss told her she was “a problem.” As her father was dying, she took unpaid leave to care for him and never returned to Amazon.

“When you’re not able to give your absolute all, 80 hours a week, they see it as a major weakness,” she said.

A woman who had thyroid cancer was given a low performance rating after she returned from treatment. She says her manager explained that while she was out, her peers were accomplishing a great deal. Another employee who miscarried twins left for a business trip the day after she had surgery. “I’m sorry, the work is still going to need to get done,” she said her boss told her. “From where you are in life, trying to start a family, I don’t know if this is the right place for you.”

A woman who had breast cancer was told that she was put on a “performance improvement plan” — Amazon code for “you’re in danger of being fired” — because “difficulties” in her “personal life” had interfered with fulfilling her work goals. Their accounts echoed others from workers who had suffered health crises and felt they had also been judged harshly instead of being given time to recover.

Amazon retains new workers in part by requiring them to repay a part of their signing bonus if they leave within a year, and a portion of their hefty relocation fees if they leave within two years.

In interviews, 40-year-old men were convinced Amazon would replace them with 30-year-olds who could put in more hours, and 30-year-olds were sure that the company preferred to hire 20-somethings who would outwork them. A

“One time I didn’t sleep for four days straight,” said Dina Vaccari, who joined in 2008 to sell Amazon gift cards to other companies and once used her own money, without asking for approval, to pay a freelancer in India to enter data so she could get more done. “These businesses were my babies, and I did whatever I could to make them successful.”

Recruiters, though, also say that other businesses are sometimes cautious about bringing in Amazon workers, because they have been trained to be so combative. The derisive local nickname for Amazon employees is “Amholes” — pugnacious and work-obsessed.

By the time the dust settles in three years, Amazon will have enough space for 50,000 employees or so, more than triple what it had as recently as 2013.

just as Jeff Bezos was able to see the future of e-commerce before anyone else, she added, he was able to envision a new kind of workplace: fluid but tough, with employees staying only a short time and employers demanding the maximum.

“Amazon is driven by data,” said Ms. Pearce, who now runs her own Seattle software company, which is well stocked with ex-Amazonians. “It will only change if the data says it must — when the entire way of hiring and working and firing stops making economic sense.”

“We’re still in a pandemic economy,” said Julia Coronado, founder of MacroPolicy Perspectives and a former Federal Reserve economist. “Millions of people are looking for work and willing to work, but they are constrained from working.”

More than four million people have quit the labor force in the last year, including those sidelined because of child care and other family responsibilities or health concerns.

Most of the February gains came in the leisure and hospitality industries, including restaurant and bars, which have been particularly hard hit by the pandemic. “There’s still a long way to go,” Ms. Pollak said

The labor market gained 379,000 jobs in February, yet unemployment rates for Black workers rose, underlining the uneven damage the pandemic continued to inflict.

Unemployment among Black women over 20 rose to 8.9 percent from 8.5 percent the prior month, while the rate for Black men older than 20 increased to 10.2 percent from 9.4 percent.

Black people hold 1.5 million fewer jobs than they did a year ago, down nearly 8 percent since the start of the pandemic. White workers, who make up a bigger share of the American population, have lost 6.3 million jobs — down 5 percent.

“Over the course of a long expansion, these persistent disparities can decline significantly,” Jerome H. Powell, the Federal Reserve chair, said in a recent speech, though he added that “without policies to address their underlying causes, they may increase again when the economy ultimately turns down.”

That's unrealized profits for companies that invested in the energy infrastructure, betting on a longer life span, plus potential lost income for investors who bought stock in the utility companies. 

Globally, up to 50% of the currently used and planned fossil fuel-dependent power plants would have to be phased out earlier than their planned lifetime to limit climate change to below 2 degrees warming. Taking only coal into account, this represents assets worth between $150 billion and $1.4 trillion.

Making exact assessments of the size of the problem is difficult because it remains unclear which path policymakers will take. And what should be included in estimates — the value of minerals left in the ground? Unrealized company profits? Or even combustion engines that will no longer be of use? 

"The point is not whether there is a financial bubble, but whether it will burst or not. And what kind of actions governments and financial supervisors will take, and central banks also, will make it burst or not.