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Javier E

As U.S. sends Ukraine military aid, a lobbying coalition is forged - The Washington Post - 0 views

www.washingtonpost.com/...aine-lobbying-military-aid-war

lobbying ukraine mobilisation mass campaign crisis politics

shared by Javier E on 29 Apr 24 - No Cached
  • Ukrainian civil society, she said, has “this approach, which is called ‘we are a drop in the ocean,’ which means that we all, all the efforts, are modest because we are not gods, we are human beings,” Matviichuk said. “But together … we can change the reality for better.”
  • As part of a nationwide campaign, they also aired television and radio spots and bought billboard ads highlighting that Russian forces have destroyed hundreds of churches and tortured and killed Christian pastors.
  • One such billboard popped up across the street from the church Johnson attends in his district. “We pushed on every lever,” said Mykola Murskyj, director of advocacy at Razom
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  • “We did things like bring over shrapnel from Ukraine, from cruise missiles that exploded in civilian areas, and put it on their desk and say, look, this is what we’re up against,” Murskyj said. “You know, this landed in somebody’s house, and now it’s in your office.”
  • “The intensity was high; there was energy in the air. And we realized that we needed to do everything that we possibly could to make this happen.” Murskyj said, adding that there were “dozens of organizations, and hundreds if not thousands of individuals, who worked hard” to get the legislation passed.
  • “I think the most effective thing [the Zelensky administration] did was, they listened, and then they gave the speaker space to work the issue,” said a person familiar with Johnson’s position, who spoke on the condition of anonymity because of the political sensitivity of the issue. “They took him at his word after that meeting with Zelensky in December.”
  • Johnson indicated early on that he would support the legislation if his main questions were addressed, those involved in the talks said. Over time, he became an ally.
  • “Up until that point, it had really been an aggressive pressure campaign,” the person said. “And really, from my view, it was having the opposite effect because it was just making the people who were ‘never Ukraine-ers’ say, ‘They’re just eviscerating you; they’re not interested in giving you space or what’s in America’s interests.’”
  • For Johnson, a Southern Baptist, arguments from fellow members of the evangelical community were particularly important, those involved in the process said. The speaker met numerous groups of religious leaders from the United States and Ukraine who pushed him to pass the aid bill.
  • American evangelicals helped dispel a narrative circulating in the conservative media that Ukraine was persecuting Christian communities, pointing out that it was in fact Russia that was restricting religious freedom.
Javier E

Berlin Was a Beacon of Artistic Freedom. Gaza Changed Everything. - The New York Times - 0 views

www.nytimes.com/...lin-israel-gaza-art-scene.html

berlin anti-Semitism Germany censorship arts

shared by Javier E on 06 Apr 24 - No Cached
  • some Jewish Berliners see criticism of Israel as much more than a foreign policy dispute. “I’m an aggressive Zionist for only one reason: because I want to survive,” Maxim Biller, the author of the novel “Mama Odessa” and one of the country’s leading columnists, told me over coffee. “And I can be a German writer with a Jewish project here only because there is a state of Israel.”
  • Naturally there is a German compound noun for that interdependence, endlessly slung around and debated in the last few months. The word is Staatsräson, or “reason of state”: a national interest that is not just nonnegotiable but existential, defining the state as such. Angela Merkel, the former chancellor, described Israel’s security as Germany’s Staatsräson in a historic address to the Knesset in 2008. Her successor, Olaf Scholz, has repeatedly invoked Staatsräson in his defenses of Israeli policy since Oct. 7.
  • “Staatsräson means: The existence of Israel is a condition of possibility for the existence of Germany,” explained Johannes von Moltke, a professor of German cultural history at the University of Michigan, who’s currently in Berlin. “Because if there is no Israel, then Germany’s guilt is all-consuming again. And you can’t countenance that possibility.”
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  • In other words, the cultural crackup of the last few months only appears to be part of an international conflict. It is, in fact, resolutely German. What is really being fought over here is a hazy, transcendent national concept that, since Oct. 7, has overtaken more firmly constitutional principles of free expression and free association.
  • The tensions have been building since at least 2019, when the federal Parliament adopted a resolution designating the movement calling for a boycott of Israel as antisemitic, and urging local governments and “public stakeholders” not to fund organizations or individuals that support it. That makes a big difference here, since so many artists, writers and musicians receive generous government aid. The resolution, though nonbinding, led some cultural institutions to rescind invitations to critics of Israeli policy, and many more to take a hesitant approach.
  • “People in cultural institutions are risk-averse,” said Tobias Haberkorn, who edits the Berlin Review, a new literary publication. “So if they have to decide, ‘Am I going to invite this or that artist with a Middle Eastern background, or not?’ I can very well see them not inviting them. Just to avoid the potential hassle.”
  • Since Oct. 7, accusations of antisemitism have flown much more broadly. Some are merited. Many others are dubious. Quite a number of those accused of antisemitism have been Jewish, such as Gessen.
  • “There are many Jewish perspectives, and that is not being honored here in a country where the history cannot be excused,” said Peaches, who is also Jewish. “For any progressive Jewish person who is thinking about what is going on, and understanding the history of what is going on, to be called antisemitic — by Germans — is ridiculous. Never did I think in 2024 that I would be thinking about that.”
  • Yet it’s worth pointing out how few of these accusations revolve around cultural production. It is rare for Berlin’s theaters or festivals to cancel someone for what they actually sing or paint or film
  • What gets you now are statements, posts, likes, signatures: the imperatives of social media, which are swallowing culture wholesale. Once debates like this would have played out in Germany’s elite press, where intellectuals clashed over the country’s moral responsibility to the past. Today the national papers, and the institutions too, are playing catch-up to Ruhrbarone, a small website from the provincial city of Bochum that took down Anderson and many others.
Javier E

Hannah Arendt would not qualify for the Hannah Arendt prize in Germany today | Samantha Hill | The Guardian - 0 views

www.theguardian.com/...masha-gessen-israel-gaza-essay

Arendt prize anti-Semitism irony law

shared by Javier E on 07 Apr 24 - No Cached
  • The Foundation, which is affiliated with the German Green party, founded the prize not to honor Arendt but to “honor individuals who identify critical and unseen aspects of current political events and who are not afraid to enter the public realm by representing their opinion in controversial political discussions”, withdrew its support, causing the city of Bremen to withdraw its support, leading to an initial cancellation
  • The Foundation said Gessen’s comparison was “unacceptable”, but has since backtracked and has now said that they stand behind the award.
  • The comparison is not a one-to-one argument, but rather a barometer for urging individuals – and countries – to think about their support for Israe
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  • The comparison from Gessen’s essay, which caused such uproar, closely echoes a passage from Arendt’s correspondence written from Jerusalem in 1955 to her husband Heinrich Blücher, which is far more damning:
  • “The galut-and-ghetto mentality is in full bloom. And the idiocy is right in front of everyone’s eyes: Here in Jerusalem I can barely go for a walk, because I might turn the wrong corner and find myself ‘abroad’, ie, in Arab territory. Essentially it’s the same everywhere. On top of that, they treat the Arabs, those still here, in a way that in itself would be enough to rally the whole world against Israel.”
  • Within the culture of German memory politics the Holocaust is treated as singular; it is understood as a historical exception
  • his exception-to-history mentality has the effect of placing the Holocaust outside of history altogether, which allows the German government to espo
  • By making the comparison between a Nazi-occupied ghetto and Gaza before 7 October, Gessen is making a political argument meant to invoke historical memory and draw attention to concepts like genocide, crimes against humanity and “never again”, which emerged out of the second world war.
  • For Arendt, the political emancipation of the bourgeoisie was the cornerstone of the modern nation-state, in which political laws were governed by the private interests of businessmen who had found it necessary to take over the apparatus of the state in order to deploy the military in their colonial ventures
  • In exile in Paris from 1933 until she was interned in 1940, she worked to help Jewish youth escape to Palestine and even went there in 1935 with Youth Aliyah.
  • he said she only wanted to do Jewish work to help the Jewish people, because her mother had taught her that when one is attacked as a Jew one must fight back as a Jew
  • She was attacked at the conference for calling for a rejection of Ben-Gurion’s vision
  • in 1948, she joined Albert Einstein and Sidney Hook among others in signing a letter published in the New York Times to protest against Menachem Begin’s visit to America, comparing his “Freedom” party “to the organization, methods, political philosophy and social appeal to the Nazi and Fascist Parties”.
  • Hannah Arendt would not qualify for the Hannah Arendt prize. She would be cancelled in Germany today for her political position on Israel and opinions about contemporary Zionism, which she remained critical of from 1942 until her death in 1975
  • while antisemitism as an ideology was central to the organization of the masses, it was not the only political factor at play in her account.
  • Arendt was critical of the nation-state of Israel from its founding, in part because she was worried that the state would exhibit the worst tendencies of the European nation-state
  • It was this co-option of the nation, and transformation of the nation into a nation-state by private economic interests that lay at the heart of her understanding. And what she emphasized – and was criticized for – was the argument that antisemitism was being used politically by the nation-state in order to further its political and economic interests.
  • Of course Eichmann had been antisemitic, she argued, but his hatred of the Jewish people was not his primary motivation. Instead, she argued it was his commonplace hubris that made him want to ascend the ranks of the Third Reich
  • She argued that this was the banality of evil, and defined the banality of evil as the inability to imagine the world from the perspective of another
  • All of which is to say, it is necessary that we as human beings be able to imagine the world from the perspective of another to prevent evil from happening, and to stand up to evil when we are confronted with it
  • right now Germany’s resolution forbids it
  • This moral obligation to compare means two things: that Germany is not allowed to continue to treat the Jewish people or Jewish history as an exception to the rule in order to justify their political support of Israel; and that all people have a right to exist freely everywhere, regardless of where they appeared in the world by chance of birth
  • The question she wrote in her notebook as she thought about how Germany should remember the war was this: “Is there a way of thinking that is not tyrannical?”
  • What Arendt meant by banality, arguing that it was the inability to imagine the world from the perspective of another, was that people had gone along with the radical shift in moral norms overnight that transformed “Thou shalt not kill” into “Thou shalt kill”, without questioning
  • Moral complexity is necessary in the face of evil
  • Perhaps the greatest irony of reality today is that the rhetoric of Germany’s “antiantisemitism” is being used to justify the mass slaughter of Palestinian people, while having the effect of actually increasing antisemitism and making Jewish people less safe everywhere.
Javier E

There Are Too Many Books; Or, Publishing Shouldn't Be All About Quantity ‹ Literary Hub - 0 views

lithub.com/shouldnt-be-all-about-quantity

books publishing quantity culture economics

shared by Javier E on 12 Apr 24 - No Cached
  • In a January 30 interview newly installed Penguin Random House CEO Nihar Malaviya told New York Times reporter Liz Harris that after the deal to acquire Simon & Schuster fell through, he envisions a new strategy for increasing market share. “Much of its growth will have to come organically—by selling more books. Mr. Malaviya said that, hopefully, A.I. will help, making it easier to publish more titles without hiring ever more employees.”
  • It’s about the very American and capitalist idea that more is always better: that constantly churning out new products will help companies achieve year over year growth which, of course, is the paramount goal
  • heir authors increasingly wonder if they should reach inside their own wallets and hire outside help, not because the people working on their books are too lazy to do their jobs, but because freelance publicists and marketers are more likely to have the bandwidth to be thorough.
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  • I’ve spoken to in-house editors and publicists who are more inundated than ever, unable to give each of their titles the attention they deserve. Their submissions and workloads have increased even as marketing and editorial resources for individual titles have tapered off.
  • In the corporate world, output seems to be becoming more and more of a percentage game. You throw a bunch of products against the wall, see what sticks, and write off the ones (a vast majority) that don’t.
  • What a remarkable change it would be if corporations would allow their employees to do the best job they can with each book that the company has chosen to buy, rather than allowing them to flail
  • I had always thought that “discoverability” was a unique problem for books because so much browsing happens online rather than in carefully curated physical stores, but the world of streaming TV and movies has begun to catch up
  • What do corporate publishing and streaming have in common? They’re very often run by people who don’t engage with the products they put out.
Javier E

China Feels Boxed In by the U.S. but Has Few Ways to Push Back - The New York Times - 0 views

www.nytimes.com/...china-us-biden-japan.html

china US foreign policy rivalry

shared by Javier E on 13 Apr 24 - No Cached
  • President Biden’s effort to build American security alliances in China’s backyard is likely to reinforce the Chinese leader Xi Jinping’s view that Washington is leading an all-out campaign of “containment, encirclement and suppression” of his country. And there is not much Mr. Xi can do about it.
  • To China, Mr. Biden’s campaign looks nothing short of a reprise of the Cold War, when the world was split into opposing blocs. In this view, Beijing is being hemmed in by U.S. allies and partners, in a cordon stretching over the seas on China’s eastern coast from Japan to the Philippines, along its disputed Himalayan border with India, and even across the vast Pacific Ocean to a string of tiny, but strategic, island nations.
  • The summit ended with agreements to hold more naval and coast guard joint exercises, and pledges of new infrastructure investment and technology cooperation. It builds on a groundbreaking defense pact made at Camp David last August between Mr. Biden and the leaders of Japan and South Korea, as well as on plans unveiled last year to work with Australia and Britain to develop and deploy nuclear-powered attack submarines.
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  • “China is clearly alarmed by these developments,” said Jingdong Yuan, director of the China and Asia Security Program at the Stockholm International Peace Research Institute. “Chinese interpretations would be that the U.S. and its allies have clearly decided that China needs to be contained.”
  • aside from pointed words and the perfunctory maritime patrol, Beijing’s options to push back against U.S. pressure appear limited, analysts said, especially as China contends with slowing economic growth and mounting trade frictions.
  • Whether Mr. Biden’s strategy succeeds in deterring China in the long run remains to be seen. Nationalists in China view American alliances as fragile and subject to the whims of each U.S. presidential election. Then there’s Mr. Xi, who perceives the West to be in structural decline, and China’s ascendance as Asia’s dominant power to be inevitable.
  • “The Americans should not think so highly of themselves. They could not solve Afghanistan or Ukraine,” said Zheng Yongnian, an influential political scientist at the Chinese University of Hong Kong’s campus in Shenzhen. He said that China still hoped to resolve its disputes peacefully. “The reason we are not touching the Philippines is not that we are afraid of the United States.”
  • Beijing’s room to maneuver against Washington is limited by its struggling economy, which has been hit by a property crisis and a cratering of foreign investment. China has been increasing exports, but that has already caused friction with countries concerned about a flood of cheap Chinese goods.
  • The broader American pressure campaign may also be nudging China to avoid escalating tensions further. Despite its differences with the United States, China is engaging in talks between the countries’ leaders and senior officials. Relations with some neighbors, such as Australia, are slowly thawing. Analysts have noted that Beijing has also avoided escalating its military presence around Taiwan in recent months, despite the island’s election of a leader the Communist Party loathes.
  • “They are definitely being more cautious and demonstrating a willingness to engage,” Ja Ian Chong, an associate professor of political science at the National University of Singapore, said of Beijing. “They are realizing there are actual risks to letting frictions escalate. We just haven’t seen any substantive compromises yet.”
Javier E

China's 'Special Place' in Modi's Heart Is Now a Thorn in His Side - The New York Times - 0 views

www.nytimes.com/...india-china-modi.html

china india foreign policy strategic rivalry history politics policy

shared by Javier E on 13 Apr 24 - No Cached
  • S. Jaishankar, Mr. Modi’s external affairs minister, admitted recently that there were “no easy answers” to the dilemma posed by India’s aggressive neighbor. “They are changing, we are changing,” Mr. Jaishankar said. “How do we find an equilibrium?”
  • In a book published in 2020, just as he had taken over as Mr. Modi’s trusted foreign policy architect, Mr. Jaishankar wrote that the tensions between the United States and China set “the global backdrop” for India’s choices in a “world of all against all.” India’s ambitions as a major power, he wrote, would require a juggling act: “engage America, manage China, cultivate Europe, reassure Russia.”
  • India’s rise as a large, growing economy has allowed it to hold its ground — working with any partner it can benefit from — in a polarized and uncertain world.
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  • Even as India has expanded defense ties with the United States and doubled bilateral trade over the past decade, to about $130 billion in goods alone, it has resisted American pressure to reconsider its strong relations with Russia. India has deepened connections with Europe and the Middle East, too; trade with the United Arab Emirates alone has reached $85 billion.
  • While India remains wary of becoming a pawn in the West’s fight with Beijing, and has not forgotten its frosty history with the United States, China has become an unavoidable focus after being a secondary threat for much of modern Indian history.
  • India’s socialist founding prime minister was accommodating of Communist China, but the bonhomie was shattered by a monthlong war in 1962 that left thousands dead. The relationship began to normalize in the 1980s even as incursions continued, and open channels of communication kept tensions down and elevated trade.
  • The situation changed in the years before Mr. Modi took office, she said. As its economy soared, China began flexing its muscles — investing heavily in its Belt and Road infrastructure initiative, which India saw as threatening its security and spheres of influence, and moving more aggressively on its borders and in the Indian Ocean.
  • As prime minister, he did not allow the embarrassment of the Chinese incursion in 2014 to dampen his red-carpet welcome to Mr. Xi. His subtle message — a warning that “a little toothache can paralyze the entire body” — carried the hope that Mr. Xi would come around.
  • That hope ended with the deadly 2020 clash in Eastern Ladakh. Now, it is clear that New Delhi is resigned to a long-term threat from China, a shift evident in Mr. Modi’s push for road and tunnel construction in border areas to support a large troop presence.
Javier E

The future belongs to Right-wing progressives - UnHerd - 0 views

unherd.com/...ngs-to-right-wing-progressives

technopoly utopianism right-wing fascism progressive culture politics crisis UK US

shared by Javier E on 13 Apr 24 - No Cached
  • the only subset of Right-wing thought in the West today that doesn’t feel moribund is actively anti-conservative. The liveliest corner of the Anglophone Right is scornful of cultural conservatism and nostalgia, instead combining an optimistic view of technology with a qualified embrace of global migration and an uncompromising approach to public order.
  • in much the same way as the Western Left seized on Venezuela under Chávez as a totemic worked example of this vision, so too the radical Right today has its template for the future: El Salvador under Nayib Bukele
  • These moves have drastically reduced the murder rate in a previously notoriously dangerous country
  • ...22 more annotations...
  • Since coming to power in 2019, Bukele has declared a still-to-be-rescinded state of exception, suspended the Salvadorean constitution, and locked up some 70,000 alleged gang members without due process.
  • This trait also makes him a touchstone for the Right-wing movement that I predict will replace “conservatism” in the 21st century. This outlook owes more to the Italian Futurist Filippo Marinetti than conservatives of the G.K. Chesterton variety
  • yet, Bukele’s strongman tactics have made him wildly popular with Salvadoreans, who doubtless enjoy a reported 70% reduction in the country’s previously extremely high murder rate. They have also made Bukele a rock star for the online Right. This group, fond of complaining about spineless leaders, fraying Western law and order, and the bleeding-away of political agency into international institutions and NGOs, regards the spectacle of a strongman leader with good social media game as something like a fantasy made flesh.
  • Arguably, it’s as much his embrace of technology that accords Bukele the mantle of poster-boy for a futuristic Right. Whether in his extremely online presence, his (admittedly not completely successful) embrace of Bitcoin as legal tender, or the high-tech, recently rebuilt National Library, funded by Beijing and serving more as showcase for futuristic technologies than as reading-room
  • Western critics, though, point to allegations that he has corrupted institutions by packing them with allies, not to mention, according to Amnesty International, “concealed and distorted public information, backed actions to undermine civic space, militarised public security, and used mass arrests and imprisonment as the sole strategies for counteracting violence in the country”.
  • is perhaps most visibly embodied in American technologists such as Elon Musk, Mark Andreessen or Peter Thiel. As a worldview, it is broadly pro-capitalist, enthusiastically pro-technology and unabashedly hierarchical, as well as sometimes also scornful of Christian-inflected concern for the weak.
  • We might call it, rudely, “space fascism”, though N.S. Lyons’s formulation “Right-wing progressivism” is probably more accurate. Among its adherents, high-tech authoritarianism is a feature, not a bug, and egalitarianism is for fools. Thinkers such as Curtis Yarvin propose an explicitly neo-monarchical model for governance; Thiel has declared that: “I no longer believe freedom and democracy are compatible.”
  • El Salvador is thus the most legible real-world instance of something like a Right-wing progressive programme in practice. And along with the tech enthusiasm and public-order toughness, the third distinctive feature of this programme can be gleaned: a desire not to end international migration, but to restrict it to elites.
  • For Right-wing progressives, polities are not necessarily premised on ethnic or cultural homogeneity — at least not for elites. Rather, this is a vision of statehood less based on affinity, history or even ethnicity, and more on a kind of opt-in, utility-maximisation model
  • As a worldview, it’s jarring to cultural conservatives, who generally value thick ties of shared history and affinity
  • Right-wing progressives generally accord greater political value to gifted, high-productivity foreigners than any slow-witted, unproductive coethnic: those within Right-wing progressive circles propose, and in some cases are already working on, opt-in startup cities and “network states” that would be, by definition, highly selective about membership.
  • As for those still wedded to the 20th-century idea that being Right-wing necessarily means ethnicity-based nationalism, they are likely to find this outlook bewildering.
  • Yet it’s still more heretical to egalitarian progressives, for whom making migration and belonging an elite privilege offends every premise of inclusion and social justice.
  • Right-wing progressives, by contrast, propose to learn from the immigration policies of polities such as Singapore and the Gulf states, and avert the political challenges posed by ethnic voting blocs by imposing tiered citizenship for low-skilled migrants, while courting the wealth and productivity of international elites
  • Bukele’s proposal suggests a pragmatic two-tier Right-wing progressive migration policy that courts rich, productive, geographically rootless international “Anywheres” of the kind long understood to have more affinity with one another than with less wealthy and more rooted “Somewheres” — but to do so while explicitly protecting cultural homogeneity on behalf of the less-mobile masses.
  • There are larger structural reasons for such pragmatism, not least that population growth is slowing or going into reverse across most of the planet.
  • At the same time, impelled by easier transportation, climate change, social-media promises of better lives elsewhere, and countless other reasons, people everywhere are on the move. As such, like a global game of musical chairs, a battle is now on for who ends up where, once the music stops — and on what terms.
  • How do you choose who is invited? And how do you keep unwanted demographics out? Within an egalitarian progressive framework, these are simply not questions that one may ask
  • Within the older, cultural conservative framework, meanwhile, all or most migration is viewed with suspicion.
  • The Right-wing progressive framework, by contrast, is upbeat about migration — provided it’s as discerning as possible, ideally granting rights only to elite incomers and filtering others aggressively by demographics, for example an assessment of the statistical likeliho
  • od of committing crime or making a net economic contribution.
  • In Britain, meanwhile, whatever happens to the Tories, I suspect we’ll see more of the Right-wing progressives. I find many of their policies unnerving, especially on the biotech side; but theirs is a political subculture with optimism and a story about the future, two traits that go a long way in politics.
Javier E

Opinion | America's Irrational Macreconomic Freak Out - The New York Times - 0 views

www.nytimes.com/...ntiment-inflation-anxiety.html

bias perception economic cognitive bias psychology brain science

shared by Javier E on 02 Apr 24 - No Cached
  • The same inflationary forces that pushed these prices higher have also pushed wages to be 22 percent higher than on the eve of the pandemic. Official statistics show that the stuff that a typical American buys now costs 20 percent more over the same period. Some prices rose a little more, some a little less, but they all roughly rose in parallel.
  • It follows that the typical worker can now afford two percent more stuff. That doesn’t sound like a lot, but it’s a faster rate of improvement than the average rate of real wage growth over the past few decades.
  • many folks feel that they’re falling behind, even when a careful analysis of the numbers suggests they’re not.
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  • That’s because real people — and yes, even professional economists — tend to process the parallel rise of prices and wages in quite different ways.
  • In brief, researchers have found that we tend to internalize the gains due to inflation and externalize the losses. These different processes yield different emotional responses.
  • Let’s start with higher prices. Sticker shock hurts. Even as someone who closely studies the inflation statistics, I’m still often surprised by higher prices. They feel unfair. They undermine my spending power, and my sense of control and order.
  • younger folks — anyone under 60 — had never experienced sustained inflation rates greater than 5 percent in their adult lives. And I think this explains why they’re so angry about today’s inflation.
  • Even though wages tend to rise hand-in-hand with prices, we tell ourselves a different story, in which the wage rises we get have nothing to do with price rises that cause them.
  • But then my economist brain took over, and slowly it sunk in that my raise wasn’t a reward for hard work, but rather a cost-of-living adjustment
  • Internalizing the gain and externalizing the cost of inflation protects you from this deflating realization. But it also distorts your sense of reality.
  • The reason so many Americans feel that inflation is stealing their purchasing power is that they give themselves unearned credit for the offsetting wage rises that actually restore it.
  • in reality, higher prices are only the first act of the inflationary play. It’s a play that economists have seen before. In episode after episode, surges in prices have led to — or been preceded by — a proportional surge in wages.
  • While older Americans understood that the pain of inflation is transitory, younger folks aren’t so sure. Inflation is a lot scarier when you fear that today’s price rises will permanently undermine your ability to make ends meet.
  • Perhaps this explains why the recent moderate burst of inflation has created seemingly more anxiety than previous inflationary episodes.
  • More generally, being an economist makes me an optimist. Social media is awash with (false) claims that we’re in a “silent depression,” and those who want to make American great again are certain it was once so much better.
  • in reality, our economy this year is larger, more productive and will yield higher average incomes than in any prior year on record in American history
  • And because the United States is the world’s richest major economy, we can now say that we are almost certainly part of the richest large society in its richest year in the history of humanity.
  • The income of the average American will double approximately every 39 years. And so when my kids are my age, average income will be roughly double what it is today. Far from being fearful for my kids, I’m envious of the extraordinary riches their generation will enjoy.
  • Psychologists describe anxiety disorders as occurring when the panic you feel is out of proportion to the danger you face. By this definition, we’re in the midst of a macroeconomic anxiety attack.
Javier E

Exclusive: Trump Media saved in 2022 by Russian-American under criminal investigation | Donald Trump | The Guardian - 0 views

www.theguardian.com/...dia-es-family-trust-2022-loans

trump financing russia

shared by Javier E on 03 Apr 24 - No Cached
  • The concern surrounding the loans to Trump Media is that ES Family Trust may have been used to complete a transaction that Paxum itself could not.
  • Paxum Bank does not offer loans in the US as it lacks a US banking license and is not regulated by the FDIC. Postolnikov appears to have used the trust to loan money to help save Trump Media – and the Truth Social platform – because his bank itself could not furnish the loan.
  • Postolnikov, the nephew of Aleksandr Smirnov, an ally of the Russian president, Vladimir Putin, has not been charged with a crime. In response to an email to Postolnikov seeking comment, a lawyer in Dominica representing Paxum Bank warned of legal action for reporting the contents of the leaked documents.
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  • Postolnikov has been under increasing scrutiny in the criminal investigation into the Trump Media merger. Most recently, he has been listed on search warrant affidavits alongside several associates – one of whom was indicted last month for money laundering on top of earlier insider-trading charges.
  • Trump Media then received the loans from ES Family Trust: $2m on 23 December 2021, and $6m on 17 February 2022.
  • Part of the problem was that Trump Media struggled to get financing because traditional banks were reluctant to lend millions to Trump’s social media company in the wake of the January 6 Capitol attack, Wilkerson said.Trump Media eventually found some lenders, including ES Family Trust, but the sequence of events was curious.
  • S Family Trust was established on 18 May 2021, its creation papers show. Postolnikov’s “user” access to the account was “verified” on 30 November 2021 by a Paxum Bank manager in Dominica. The trust was funded for the first time on 2 December 2021
  • In late 2021, Trump Media was facing financial trouble after the original planned merger with Digital World was delayed indefinitely when the Securities and Exchange Commission opened an investigation into the merger, Trump Media’s since-ousted co-founder-turned-whistleblower Will Wilkerson recounted in an interview.
  • The loans came in the form of convertible promissory notes, meaning ES Family Trust would gain a major stake in Trump Media because it was offering the money in exchange for Trump Media agreeing to convert the loan principal into “shares of Company Stock”.
  • Oddly, the notes were never signed. But the investment in Trump Media proved to be huge: while precise figures can only be known by Trump Media, ES Family Trust’s stake in Trump Media is worth between $20m and $40m even after the sharp decline of the company’s share price in the wake of a poor earnings report
  • The ES Family Trust account also appears to have benefited Postolnikov personally. As the criminal investigation into the Trump Media deal intensified towards the end of last year, the trust recorded several transfers to Postolnikov with the subject line “Partial Loan Return”.In total, the documents showed that the trust transferred $4.8m to Postolnikov’s account, although $3m was inexplicably “reversed”.
  • The reason for the trust’s creation remains unknown. Aside from the money that went to Trump Media, the trust’s statements show the trust has directly invested money with only two other companies: $10.8m to Eleven Ventures LLC, a venture capital firm, and $1m to Wedbush Securities, a wealth management firm.
  • The creation papers also contained something notable: a declaration that, if the original trustee – a Paxum employee named Angel Pacheco – stepped down from the role, his successor would be a certain individual named Michael Shvartsman.
  • Last month, federal prosecutors charged Michael Shvartsman, a close associate of Postolnikov, with money laundering in a superseding indictment after previously charging him and two others in July with insider-trading Digital World shares. Shvartsman and his co-defendants pleaded not guilty.
  • nformant for the DHS, court filings show: in one March 2023 meeting with the informant and an associate, Shvartsman mentioned a friend who owned a bank in Dominica and made bridge loans to Trump Media.
  • “[Shvartsman’s associate] told the [confidential informant] that he does not think the SEC would be able to go after [Shvartsman] for his part in the investment but mentioned that [Shvartsman] essentially provided ‘bridge financing’ for the firm behind the Truth Social media platform,” it said.
  • The investigation into potential money laundering appears to have started after Wilkerson’s lawyers Phil Brewster, Stephen Bell and Patrick Mincey alerted the US attorney’s office in the southern district of New York to the ES Family Trust loans in October 2022.
  • Months later, in June 2023, the FBI expanded its investigation to work jointly with the Department of Homeland Security’s El Dorado taskforce, which specializes in money laundering, and its Illicit Proceeds and Foreign Corruption group, which targets corrupt foreign officials who use US entities to launder illicit funds.
Javier E

More Wall Street Firms Are Flip-Flopping on Climate. Here's Why. - The New York Times - 0 views

www.nytimes.com/...ate-street-jpmorgan-pimco.html

wall street climate crisis history financial

shared by Javier E on 19 Feb 24 - No Cached
  • In recent days, giants of the financial world including JPMorgan, State Street and Pimco all pulled out of a group called Climate Action 100+, an international coalition of money managers that was pushing big companies to address climate issues.
  • Wall Street’s retreat from earlier environmental pledges has been on a slow, steady glide path for months, particularly as Republicans began withering political attacks, saying the investment firms were engaging in “woke capitalism.”
  • But in the past few weeks, things accelerated significantly. BlackRock, the world’s largest asset manager, scaled back its involvement in the group. Bank of America reneged on a commitment to stop financing new coal mines, coal-burning power plants and Arctic drilling projects
  • ...17 more annotations...
  • Republican politicians, sensing momentum, called on other firms to follow suit.
  • “This was always cosmetic,” said Shivaram Rajgopal, a professor at Columbia Business School. “If signing a piece of paper was getting these companies into trouble, it’s no surprise they’re getting the hell out.
  • American asset managers have a fiduciary duty to act in the best interest of their clients, and the financial firms were worried that a new strategy by Climate Action 100+ could expose them to legal risks.
  • Since its founding in 2017, the group focused on getting publicly traded companies to increase how much information they shared about their emissions and identify climate-related risks to their businesses.
  • In addition to the risk that some clients might disapprove, and potentially sue, there were other concerns. Among them: that acting in concert to shape the behaviors of other companies could fall afoul of antitrust regulations.
  • The new plan called on asset-management firms to begin pressuring companies like Exxon Mobil and Walmart to adopt policies that could entail, for example, using fewer fossil fuels
  • last year, Climate Action 100+ said it would shift its focus toward getting companies to reduce emissions with what it called phase two of its strategy
  • BlackRock also said that one of its subsidiaries, BlackRock International, would continue to participate in the group — a tacit acknowledgment of the different regulatory environment in Europe. BlackRock also said it was initiating new features that would let clients choose if they wanted to pressure companies to reduce their emissions.
  • Pimco, another big asset manager, followed suit. “We have concluded that our Climate Action 100+ participation is no longer aligned with PIMCO’s approach to sustainability,” a firm spokesman said in a statement.
  • JPMorgan said it was pulling out of the group in recognition of the fact that, over the past few years, the firm had developed its own framework for engaging on climate risk
  • The fracturing of Climate Action 100+ was a victory for Representative Jim Jordan, Republican of Ohio, who has led a campaign against companies pursuing E.S.G. goals, shorthand for environmental, social and governance factors.
  • Embracing E.S.G. principles and speaking up on climate issues has become commonplace across corporate America in recent years. Chief executives warned about the dangers of climate change. Banks and asset managers formed alliances to phase out fossil fuels. Trillions of dollars were allocated for sustainable investing.
  • “Phase two is not that different,” she said. “It’s basically investors working with companies and saying: ‘OK, you’ve disclosed the risk. We just want to know how you’re going to address it.’ Because that’s what the investors want. How are you dealing with risk?”
  • Mindy Lubber, the chief executive of Ceres and a member of the steering committee of Climate Action 100+, disputed the notion that the new strategy represented a change from the focus on enhanced disclosure.
  • “The political cost has heightened, the legal risk has heightened,” he said. “That said, these corporations are not doing U-turns,” he added. “They continue to consider climate. That’s not going away. It’s adapting to the current environment.”
  • Aron Cramer, chief executive for BSR, a sustainable-business consultancy, said the Wall Street firms were responding to political pressure, but not abandoning their climate commitments altogether.
  • Several of the firms that backed out of Climate Action 100+ said they remained committed to the issue. JPMorgan said that it had a team of 40 people working on sustainable investing and that it believed “climate change continues to present material economic risks and opportunities to our clients.”
Javier E

Opinion | The Florida Fraudster and the Russian 'Killer' - The New York Times - 0 views

www.nytimes.com/...navalny-putin-trump.html

putin apologist propaganda politics trump

shared by Javier E on 19 Feb 24 - No Cached
  • When a CNN reporter asked if Trump had a response to the heroic Navalny’s death, the Trump campaign pointed her to a Truth Social post that wasn’t about Navalny or Putin. It was about how awful America was.
  • “America is no longer respected,” Trump posted, “because we have an incompetent president who is weak and doesn’t understand what the World is thinking.”
  • At an Axios conference in Miami, Jared Kushner — who was festooned with $2 billion in Saudi investments after he left the White House — called Mohammed bin Salman a “visionary leader.” Asked about the crown prince’s complicity in Jamal Khashoggi’s murder, Kushner replied with exasperation, “Are we really still doing this?”
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  • Before Navalny’s death, Tucker Carlson — who scorned Ukraine’s desperate fight for its independence — cavorted in the Kremlin. His interview with Putin was so indulgent that even Putin complained of a “lack of sharp questions.”
  • In an interview with an Egyptian journalist, Carlson defended his decision not to ask Putin about freedom of speech or assassinations of his opponents.
  • “Every leader kills people,” Carlson said blithely, adding, “Leadership requires killing people, sorry.”
Javier E

In Big Election Year, A.I.'s Architects Move Against Its Misuse - The New York Times - 0 views

www.nytimes.com/...ai-elections-defense.html

AI company threat protection measures

shared by Javier E on 19 Feb 24 - No Cached
  • Last month, OpenAI, the maker of the ChatGPT chatbot, said it was working to prevent abuse of its tools in elections, partly by forbidding their use to create chatbots that pretend to be real people or institutions. In recent weeks, Google also said it would limit its A.I. chatbot, Bard, from responding to certain election-related prompts “out of an abundance of caution.” And Meta, which owns Facebook and Instagram, promised to better label A.I.-generated content on its platforms so voters could more easily discern what material was real and what was fake.
  • Anthrophic also said separately on Friday that it would prohibit its technology from being applied to political campaigning or lobbying. In a blog post, the company, which makes a chatbot called Claude, said it would warn or suspend any users who violated its rules. It added that it was using tools trained to automatically detect and block misinformation and influence operations.
  • How effective the restrictions on A.I. tools will be is unclear, especially as tech companies press ahead with increasingly sophisticated technology. On Thursday, OpenAI unveiled Sora, a technology that can instantly generate realistic videos. Such tools could be used to produce text, sounds and images in political campaigns, blurring fact and fiction and raising questions about whether voters can tell what content is real.
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