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leilamulveny

Oil's Turbulent Year Stirs Debate on Relevance of Benchmarks - WSJ - 0 views

www.wsj.com/...ance-of-benchmarks-11609155932

oil debate wsj Politics policy Trump US Pandemic crisis

shared by leilamulveny on 10 Mar 21 - No Cached
  • A tumultuous year in oil markets left the energy industry reeling and gave fresh impetus to a perennial debate: What is the best gauge of crude prices?
  • The Covid-19 pandemic confined billions of people to their homes and shut or slowed portions of the global economy in 2020, crimping demand for oil.
  • The crisis reached its crescendo in April, when the price of light, sweet U.S. crude futures dived below $0 a barrel for the first time. Some traders were paying others to take oil off their hands.
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  • “What we saw was the single largest demand event in history,” said Peter Keavey, managing director for energy products at CME Group, owner of the New York Mercantile Exchange, where U.S. crude futures trade.
  • Prices have since somewhat recovered. But those jarring moves of the spring added urgency to arguments about whether benchmarks used since the 1980s adequately reflect the modern oil market
  • The crash rippled through the physical market, where, for example, Saudi Arabia sets prices for exports to the U.S. using an assessment tied to futures prices.
  • The pricing system based on three benchmark crudes—West Texas Intermediate in the U.S., Brent in Europe and Dubai in the Middle East—has broadly stayed the same.
  • WTI futures show no sign of being displaced as the primary gauge of U.S. crude prices, said CME’s Mr. Keavey. “Crude-oil infrastructure in the U.S. still revolves around Cushing,” he said. “The Gulf Coast is certainly an emerging price point, but it is still a secondary benchmark.”
  • That means the price of the contracts typically converges with oil prices at Cushing in the run-up to their last day of trading.
  • “We need to open up the benchmarks to be more reflective of global oil prices,” said Greg Newman, chief executive of U.K.-based Onyx Capital Group, which specializes in oil swaps. “How can it be accurate if you’re focusing on one tiny localized area?”
  • Even before coronavirus, there was growing interest in assessing the price of crude at the Gulf Coast, home to other U.S. trading hubs.
  • there has been a boom in U.S. oil exports since a four-decade embargo on its shipments ended in late 2015.
  • Crude oil comes in dozens of varieties that differ by density and sulfur content. WTI, Brent and Dubai act as reference points against which other grades are priced. They also are the basis for financial contracts that allow players in the oil market to hedge against and speculate on price swings.
  • “Benchmarks always reflect flows,”
Javier E

Opinion | Four Ways of Looking at the Radicalism of Joe Biden - The New York Times - 0 views

www.nytimes.com/...bs-infrastructure-economy.html

biden strategy crisis policy politics economics 2021

shared by Javier E on 09 Apr 21 - No Cached
  • The real starting point, however, is the institutional collapse of the right. Before Biden, Democratic presidents designed policy with one eye on attracting Republican votes, or at least mollifying Republican critics.
  • But over the past decade, congressional Republicans slowly but completely disabused Democrats of these hopes. The long campaign against the ideological compromise that was the Affordable Care Act is central here, but so too was then-Speaker John Boehner’s inability to sell his members on the budget bargain he’d negotiated with President Barack Obama, followed by his refusal to allow so much as a vote in the House on the 2013 immigration bil
  • economists are one of many voices at the table, not the dominant voices. This partly reflects Biden himself: he’s less academically minded, and more naturally skeptical of the way economists view the world and human behavior, than either Obama or Clinton. But it goes deeper than tha
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  • This has transformed policy design: These are now negotiations among Democrats, done with the intention of finding policies popular enough that Republican voters will back them, even if Republican politicians will not
  • iden still talks like he believes bipartisanship is possible in Congress, but his administration has put the onus on Republicans to prove it, and to do so on the administration’s terms. That, more than any other single factor, has unleashed Democrats’ legislative ambitions.
  • in general, the younger generation has sharply different views on the role of government, the worth of markets and the risks worth taking seriously.
  • the new generation of staff members see the world very differently. “There has been a lot more work done to try to understand what the roots of economic inequality are over the course of the last decade, and openness to thinking about power and power dynamics,
  • “The next generation of the economics profession is rebelling against its predecessors by being all about inequality in the same way that my generation rebelled against its predecessors by being all about incentives, and this is a good thing,” said Larry Summers,
  • Multiple economists, both inside and outside the Biden administration, told me that this is an administration in which economists and financiers are simply far less influential than they were in past administrations.
  • And it’s impossible to overstate the damage that Mitch McConnell’s stonewalling of Merrick Garland, followed by his swift action to replace Justice Ruth Bader Ginsburg, did to the belief among Senate Democrats that McConnell was in any way, in any context, a good-faith actor. They gave up on him completely.
  • The backdrop for this administration is the failures of the past generation of economic advice. Fifteen years of financial crises, yawning inequality and repeated debt panics that never showed up in interest rates have taken the shine off economic expertise
  • Biden is a politician, in the truest sense of the word. Biden sees his role, in part, as sensing what the country wants, intuiting what people will and won’t accept, and then working within those boundaries.
  • the scale of the climate disaster, and the speed at which it must be addressed, simply demands a different role for the government. “If you think across the big systems in our country — the transportation system being one, the power and energy system being another — in order to actually solve climate change, we’re going to have to transform those systems,”
  • Biden and his team see this as fundamentally a political problem. They view the idea that a carbon tax is the essential answer to the problem of climate change as being so divorced from political reality as to be actively dangerous.
  • it’s not just a messaging and narrative imperative,” he told me. “It has to be that Americans see and experience that the investments in building out a more resilient power grid actually improve their lives and create job opportunities for them, or their neighbors.”
  • Even beyond climate, political risks weigh more heavily on the Biden administration than they did on past administrations. This is another lesson learned from the Obama years
  • Democrats lost the House in 2010, effectively ending Obama’s legislative agenda, and then they lost the Senate in 2014, and then Donald Trump won the White House in 2016, and then Democrats lost the Supreme Court for a generation.
  • Many who served under Obama, and who now serve under Biden, believe that they were so focused on economic risks that they missed the political risks — and you can’t make good economic policy if you lose political power
  • But the core of this story is climate. “Many mainstream economists, even in the 1980s, recognized that the market wouldn’t cover everyone’s needs so you’d need some modest amount of public support to correct for that moderate market failure,” Felicia Wong, the president of the Roosevelt Institute, said. “But they never envisioned the climate crisis. This is not a failure of the market at the margins. This is the market incentivizing destruction.”
  • In America, that’s often treated as a dirty business. We like the aesthetics of conviction, we believe leaders should follow their own counsel, we use “politician” as an epithet.
  • But Biden’s more traditional understanding of the politician’s job has given him the flexibility to change alongside the country
  • Stagnating wages and a warming world and Hurricane Katrina and a pandemic virus proved that there were scarier words in the English language than “I’m from the government, and I’m here to help,” as Ronald Reagan famously put it
  • He’s emphasizing the irresponsibility of allowing social and economic problems to fester, as opposed to the irresponsibility of spending money on social and economic problems. His administration is defined by the fear that the government isn’t doing enough, not that it’s doing too much.
mariedhorne

U.K. Delays Second Covid-19 Vaccine Dose as Europe Ponders How to Speed Up Immunization - WSJ - 0 views

www.wsj.com/...ed-up-immunization-11609334172

coronavirus vaccine

shared by mariedhorne on 19 Jan 21 - No Cached
  • The U.K. will focus on giving as many people as possible a first dose of a coronavirus vaccine, even if this delays administering a second one, the government said Tuesday, despite a lack of data about the extent of the immunity conferred by a single dose.
  • A vaccine made by Pfizer Inc. and BioNTech SE was the first to be authorized in the West. It is now being unrolled globally after emergency authorizations by various regulators on the basis of a successful monthslong trial that involved giving two shots to more than 20,000 volunteers. The second injection was administered 21 days after the first.
  • While the trial data shows that the vaccine conferred immunity to over 50% of the participants after the first dose, marketing only one shot would require a new study in which only one dose would be administered to another set of volunteers, said BioNTech Chief Executive Uğur Şahin.
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  • A vaccine developed by Moderna Inc., which was authorized in the U.S. and could be given a green light by the European Union regulator in January, also consists of two doses. A third vaccine, developed by Oxford University and AstraZeneca PLC and authorized by the U.K. Wednesday, similarly has two doses.
  • Most scientists agree that well over 60% of a population would need to be immunized to achieve herd immunity, in which enough people are immune, either through vaccination or by contracting the disease, to stop the spread of a pathogen.
  • Pierre Van Damme, a senior member of the task force, said Monday that using only one shot would allow for the vaccination of the majority of Belgium’s 11.5 million inhabitants before the summer. A government spokesman said a decision would be made in the next two weeks
Javier E

Davos: Globalism Saved the World and Damned the West - The Atlantic - 0 views

www.theatlantic.com/...582202

politics policy economics green New Deal

shared by Javier E on 07 Feb 19 - No Cached
  • In 2016, Manyika co-wrote a landmark report on earnings growth in advanced economies over the previous 20 years. It was a tale of two decades, he said. In the first 10-year period, from 1995 to 2004, wages grew for at least 98 percent of households in just about every advanced economy. But in the second decade, from 2005 to 2014, everything fell apart.
  • “We found inequality, yes. But that was the least interesting thing we found,” Manyika told me. “The more interesting thing was wage stagnation in almost all the advanced economies.”
  • This was an entirely new phenomenon. Wage income declined for the majority of households in France, the Netherlands, the U.K., and Italy. The U.S. had it even worse. Four out of five households saw flat or falling income before accounting for taxes and transfers
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  • Between globalization, the Great Recession, and the not-so-great recovery, the middle class was slammed.
  • they felt it, too. Manyika’s research team asked more than 6,000 people in the United States, the U.K., and France to describe their economic status. Between one-third and 40 percent of respondents in each country felt that their incomes were falling behind. “And these people tended to blame free trade and immigrants for hurting their wages and ruining their culture,”
  • Anti-elite sentiment “has become the most potent political force in Europe,” writes Martin Gurri, author of The Revolt of the Public and the Crisis of Authority in the New Millennium. “It brought Brexit in Britain, electoral defeat to German chancellor Angela Merkel, drove protests in France, shattered so many political coalitions that governed Europe since World War II, and raised to prominence new parties and persons nominally attached to the right or the left but always fractious, sectarian, ‘populist.’”
  • The changing media landscape is part of the story, too
  • In other words, saving the American middle class might take a leftist intervention, but saving the world will also require something very much like free-market globalism
  • iss conference.Right-wing nationalism is the solution that solves nothing. What’s needed instead is a movement that doesn’t just succeed in outraging voters, but actually seeks to use government to address the source of their outrage.
  • some members of the American left seem to be pointing to a compromise: a new system of universal guarantees supported by higher taxes and higher peacetime deficits in this context of a capitalist system
  • Globalization and poor governance created the conditions in which nativist insurgencies can grow. Social networks made it possible for political cults to organize around outrage.
  • any realistic plan to decarbonize the U.S. economy will almost surely require the sort of commercial technological breakthroughs that tend to come from private entrepreneurs tinkering with the products of publicly funded research
  • And to reduce global emissions, the United States will have to share its eco-technology with China, southeastern Asian countries, and African nations, which account for most of the growth in future emissions
  • For all the hatred directed toward the Davos crowd, there will be no economic growth in the West without policies that promote entrepreneurship and innovation.
  • For years government elites could silence political outsiders by denying them an audience. In the late 20th century, the Democratic and Republican Parties were terrifically effective at marshaling elite power to shape public opinion during the presidential-election process. Voters didn’t select candidates at random; rather, as political scientists like to say, “the parties decided” on the favored candidates and used their power to funnel voters toward these insiders.
  • That was before the Cambrian explosion of digital media made it impossible for insiders to control their nomination processes
  • nativist movements are gaining power by opposing the values of openness and empiricism. These nativists have often thrived by arguing that free markets and globalization have impoverished the middle class and destroyed all sense of national identity or sovereignty.
  • “All this has happened chiefly because countries—from China to India to Ethiopia—have adopted more market-friendly policies,” the CNN host Fareed Zakaria wrote in The Washington Post.
  • But there’s a good reason that commentators tend to lump together Trump, Brexit, and other “populists” and “populist” movements: They’re built to oppose rather than lead, and right now it’s fair to say they’re in a shambles, unable to fulfill their nativist promises. In the U.K., Prime Minister Theresa May’s Brexit deal was voted down in humiliating fashion. In the United States, Trump’s record-breaking government shutdown led not to a wall but to declining poll numbers for the president. Both May and Trump had to cancel their appearances at the Sw
  • What’s more, taxing the rich to fund universalist programs directly addresses middle-class insecurities caused by global capitalism—unlike, say, building a giant border wall. Free markets without income security have been a recipe for instability. So have socialist policies that stamp out free markets.
  • At a conference symbolizing the promise of capitalism, every non-plutocrat is fighting for scraps.
delgadool

Trillion-Dollar Company: Google Reaches Milestone in Market Value - The New York Times - 0 views

www.nytimes.com/...rillion-dollar-market-cap.html

shared by delgadool on 19 Jan 20 - No Cached
  • When it filed to go public in 2004, it said it planned to raise $2,718,281,828, which was the sum of multiplying $1 billion with the mathematical constant “e.”
  • And in 2015 when it reorganized under a parent entity called Alphabet, it announced it would buy back shares worth $5,099,019,513.59, a figure derived from the square root of 26 — the number of letters in the alphabet.
  • The market cap of Alphabet vaulted above $1 trillion for the first time. That made it the fourth technology company — after Apple, Amazon and Microsoft over the past two years — to pass this once unimaginable valuation.
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  • The Silicon Valley giant is bidding adieu to its founders, Larry Page and Sergey Brin, whose love of math and disregard for Wall Street once embodied Google’s free spirit. Mr. Page, 46, and Mr. Brin, 46, said last month that they would step down from their executive roles.
  • Google has also crammed more advertising onto the top of search results and squeezed money out of businesses like YouTube
  • Google faces other challenges. Regulators and lawmakers around the world are scrutinizing the company for vacuuming up people’s private information and chilling the technology landscape with its market dominance.
  • For all the changes facing Google, one constant has remained: It is essentially the sole proprietor of the internet’s most lucrative business. Google search is the on-ramp to much of the internet, and placing advertising next to key search terms is a necessity for most businesses, who risk forgoing traffic to a competitor.
Javier E

Colonoscopies Explain Why U.S. Leads the World in Health Expenditures - NYTimes.com - 0 views

www.nytimes.com/...ld-in-health-expenditures.html

health medical costs us comparative international economics health care

shared by Javier E on 02 Jun 13 - No Cached
  • In many other developed countries, a basic colonoscopy costs just a few hundred dollars and certainly well under $1,000. That chasm in price helps explain why the United States is far and away the world leader in medical spending, even though numerous studies have concluded that Americans do not get better care.
  • Whether directly from their wallets or through insurance policies, Americans pay more for almost every interaction with the medical system. They are typically prescribed more expensive procedures and tests than people in other countries, no matter if those nations operate a private or national health system. A list of drug, scan and procedure prices compiled by the International Federation of Health Plans, a global network of health insurers, found that the United States came out the most costly in all 21 categories — and often by a huge margin.
  • “The U.S. just pays providers of health care much more for everything,” said Tom Sackville, chief executive of the health plans federation and a former British health minister.
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  • Largely an office procedure when widespread screening was first recommended, colonoscopies have moved into surgery centers — which were created as a step down from costly hospital care but are now often a lucrative step up from doctors’ examining rooms — where they are billed like a quasi operation.
  • The high price paid for colonoscopies mostly results not from top-notch patient care, according to interviews with health care experts and economists, but from business plans seeking to maximize revenue; haggling between hospitals and insurers that have no relation to the actual costs of performing the procedure; and lobbying, marketing and turf battles among specialists that increase patient fees.
  • While several cheaper and less invasive tests to screen for colon cancer are recommended as equally effective by the federal government’s expert panel on preventive care — and are commonly used in other countries — colonoscopy has become the go-to procedure in the United States. “We’ve defaulted to by far the most expensive option, without much if any data to support it,”
  • Hospitals, drug companies, device makers, physicians and other providers can benefit by charging inflated prices, favoring the most costly treatment options and curbing competition that could give patients more, and cheaper, choices. And almost every interaction can be an opportunity to send multiple, often opaque bills with long lists of charges: $100 for the ice pack applied for 10 minutes after a physical therapy session, or $30,000 for the artificial joint implanted in surgery.
  • Even doctors often do not know the costs of the tests and procedures they prescribe. When Dr. Michael Collins, an internist in East Hartford, Conn., called the hospital that he is affiliated with to price lab tests and a colonoscopy, he could not get an answer. “It’s impossible for me to think about cost,” he said
  • The more than $35,000 annually that Ms. Yapalater and her employer collectively pay in premiums — her share is $15,000 — for her family’s Oxford Freedom Plan would be more than sufficient to cover their medical needs in most other countries. She and her husband, Jeff, 63, a sales and marketing consultant, have three children in their 20s with good jobs. Everyone in the family exercises, and none has had a serious illness.
  • A major factor behind the high costs is that the United States, unique among industrialized nations, does not generally regulate or intervene in medical pricing, aside from setting payment rates for Medicare and Medicaid, the government programs for older people and the poor. Many other countries deliver health care on a private fee-for-service basis, as does much of the American health care system, but they set rates as if health care were a public utility or negotiate fees with providers and insurers nationwide, for example.
  • “In the U.S., we like to consider health care a free market,” said Dr. David Blumenthal, president of the Commonwealth Fund and a former adviser to President Obama. ”But it is a very weird market, riddled with market failures.”
  • Consumers, the patients, do not see prices until after a service is provided, if they see them at all. And there is little quality data on hospitals and doctors to help determine good value, aside from surveys conducted by popular Web sites and magazines. Patients with insurance pay a tiny fraction of the bill, providing scant disincentive for spending.
  • The United States spends about 18 percent of its gross domestic product on health care, nearly twice as much as most other developed countries. The Congressional Budget Office has said that if medical costs continue to grow unabated, “total spending on health care would eventually account for all of the country’s economic output.”
  • Instead, payments are often determined in countless negotiations between a doctor, hospital or pharmacy, and an insurer, with the result often depending on their relative negotiating power. Insurers have limited incentive to bargain forcefully, since they can raise premiums to cover costs.
  • “People think it’s like other purchases: that if you pay more you get a better car. But in medicine, it’s not like that.”
tsainten

Justice Dept to File Antitrust Lawsuit Against Google - The New York Times - 0 views

www.nytimes.com/...google-antitrust.html

politics google lawsuit economics Culture policy us

shared by tsainten on 20 Oct 20 - No Cached
  • The Justice Department accused Google of maintaining an illegal monopoly over search and search advertising in a lawsuit filed on Tuesday, the government’s most significant legal challenge to a tech company’s market power in a generation.
  • llegally maintaining its monopoly over search through several exclusive business contracts and agreements that lock out competition.
  • Google’s payment of billions of dollars to Apple to place the Google search engine as the default for iPhones.
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  • The suit reflects the pushback against the power of the nation’s largest corporations, and especially technology giants like Google, Amazon, Facebook and Apple. Conservatives like President Trump and liberals like Senator Elizabeth Warren have been highly critical of the concentration of power in a handful of tech behemoths.
  • set off a cascade of other antitrust lawsuits
  • A victory for the government could remake one of America’s most recognizable companies and the internet economy that it has helped define since it was founded by two Stanford University graduate students in 1998.
  • The company says it has strong competition in the search market, with more people finding information on sites like Amazon. It says its services have been a boon for small businesses.
  • The lawsuit comes two weeks after Democratic lawmakers on the House Judiciary Committee released a sprawling report on the tech giants that accused Google of controlling a monopoly over online search and the ads that come up when users enter a query.
  • It controls 90 percent of the market for online searches, according to one estimate.
  • Google last faced serious scrutiny from an American antitrust regulator nearly a decade ago, when the Federal Trade Commission investigated whether it had abused its power over the search market. The agency’s staff recommended bringing charges against the company, according to a memo reported on by The Wall Street Journal. But the agency’s five commissioners voted in 2013 not to bring a case.
  • European Union has brought three antitrust cases against Google in recent years, focused on its search engine, advertising business and Android mobile operating system. Regulators in Britain and Australia are examining the digital advertising market, in inquiries that could ultimately implicate the company.
anonymous

Currency markets turn "risk on"; Aussie crosses $0.8 for first time in 3 years | Reuters - 0 views

www.reuters.com/...-time-in-3-years-idUSKBN2AP01L

usdollar

shared by anonymous on 25 Feb 21 - No Cached
  • The dollar index dropped on Thursday, risk currencies rose to three-year highs and the euro continued its surge against the Swiss franc, as currency markets were boosted by dovish signals from the U.S. Federal Reserve.
  • Easy financial conditions, the promise of fiscal stimulus and accelerating COVID-19 vaccine rollouts have driven money into what is known as the reflation trade, referring to bets on an upswing in economic activity and prices.
  • market participants expect the bull run in global stocks, fuelled by cheap liquidity and reflation hopes, to continue for at least another six months.
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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,
Javier E

Medical Mystery: Something Happened to U.S. Health Spending After 1980 - The New York Times - 0 views

www.nytimes.com/...tery-health-spending-1980.html

health care Spending Medical history politics economics

shared by Javier E on 26 Jul 20 - No Cached
  • The United States devotes a lot more of its economic resources to health care than any other nation, and yet its health care outcomes aren’t better for it.
  • That hasn’t always been the case. America was in the realm of other countries in per-capita health spending through about 1980. Then it diverged.
  • It’s the same story with health spending as a fraction of gross domestic product. Likewise, life expectancy. In 1980, the U.S. was right in the middle of the pack of peer nations in life expectancy at birth. But by the mid-2000s, we were at the bottom of the pack.
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  • “Medical care is one of the less important determinants of life expectancy,” said Joseph Newhouse, a health economist at Harvard. “Socioeconomic status and other social factors exert larger influences on longevity.”
  • The United States has relied more on market forces, which have been less effective.
  • For spending, many experts point to differences in public policy on health care financing. “Other countries have been able to put limits on health care prices and spending” with government policies
  • One result: Prices for health care goods and services are much higher in the United States.
  • “The differential between what the U.S. and other industrialized countries pay for prescriptions and for hospital and physician services continues to widen over time,”
  • The degree of competition, or lack thereof, in the American health system plays a role
  • periods of rapid growth in U.S. health care spending coincide with rapid growth in markups of health care prices. This is what one would expect in markets with low levels of competition.
  • Although American health care markets are highly consolidated, which contributes to higher prices, there are also enough players to impose administrative drag. Rising administrative costs — like billing and price negotiations across many insurers — may also explain part of the problem.
  • The additional costs associated with many insurers, each requiring different billing documentation, adds inefficiency
  • “We have big pharma vs. big insurance vs. big hospital networks, and the patient and employers and also the government end up paying the bills,”
  • Though we have some large public health care programs, they are not able to keep a lid on prices. Medicare, for example, is forbidden to negotiate as a whole for drug prices,
  • once those spending constraints eased, “suppliers of medical inputs marketed very costly technological innovations with gusto,”
  • , all across the world, one sees constraints on payment, technology, etc., in the 1970s and 1980s,” he said. The United States is not different in kind, only degree; our constraints were weaker.
  • Mr. Starr suggests that the high inflation of the late 1970s contributed to growth in health care spending, which other countries had more systems in place to control
  • These are all highly valuable, but they came at very high prices. This willingness to pay more has in turn made the United States an attractive market for innovation in health care.
  • The last third of the 20th century or so was a fertile time for expensive health care innovation
  • being an engine for innovation doesn’t necessarily translate into better outcomes.
  • international differences in rates of smoking, obesity, traffic accidents and homicides cannot explain why Americans tend to die younger.
  • Some have speculated that slower American life expectancy improvements are a result of a more diverse population
  • But Ms. Glied and Mr. Muennig found that life expectancy growth has been higher in minority groups in the United States
  • even accounting for motor vehicle traffic crashes, firearm-related injuries and drug poisonings, the United States has higher mortality rates than comparably wealthy countries.
  • The lack of universal health coverage and less safety net support for low-income populations could have something to do with it
  • “The most efficient way to improve population health is to focus on those at the bottom,” she said. “But we don’t do as much for them as other countries.”
  • The effectiveness of focusing on low-income populations is evident from large expansions of public health insurance for pregnant women and children in the 1980s. There were large reductions in child mortality associated with these expansions.
  • A report by RAND shows that in 1980 the United States spent 11 percent of its G.D.P. on social programs, excluding health care, while members of the European Union spent an average of about 15 percent. In 2011 the gap had widened to 16 percent versus 22 percent.
  • “Social underfunding probably has more long-term implications than underinvestment in medical care,” he said. For example, “if the underspending is on early childhood education — one of the key socioeconomic determinants of health — then there are long-term implications.”
  • Slow income growth could also play a role because poorer health is associated with lower incomes. “It’s notable that, apart from the richest of Americans, income growth stagnated starting in the late 1970s,”
  • History demonstrates that it is possible for the U.S. health system to perform on par with other wealthy countries
  • That doesn’t mean it’s a simple matter to return to international parity. A lot has changed in 40 years. What began as small gaps in performance are now yawning chasms
  • “For starters, we could have a lot more competition in health care. And government programs should often pay less than they do.” He added that if savings could be reaped from these approaches, and others — and reinvested in improving the welfare of lower-income Americans — we might close both the spending and longevity gaps.
Javier E

Nine Days in Wuhan, the Ground Zero of the Coronavirus Pandemic | The New Yorker - 0 views

www.newyorker.com/...ro-of-the-coronavirus-pandemic

china pandemic politics policy censorship origins

shared by Javier E on 10 Oct 20 - No Cached
  • By now, with worldwide infections at thirty-five million and counting, and with near-total silence on the part of the Chinese government, the market has become a kind of petri dish for the imagination.
  • One common Chinese conspiracy theory claims that the U.S. Army deliberately seeded the virus during the 2019 Military World Games, which were held in Wuhan that October. On the other side of the world, a number of Americans believe that the virus was released, whether accidentally or otherwise, from the Wuhan Institute of Virology, whose research includes work on coronaviruses.
  • There’s no evidence to support these theories, and even the prevalent animal-market connection is unclear. There weren’t many wildlife dealers in the market—about a dozen stalls, according to most published reports—and Wuhan natives have little appetite for exotic animals.
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  • There are three hundred and twenty-one testing locations in the city, and the system is so extensive that in June, when Beijing suffered an outbreak, Wuhan hospitals sent seventy-two staffers to the capital to help with tests.
  • When Wuhan was sealed, the strategy of isolation was replicated throughout the city. Housing compounds were closed and monitored by neighborhood committees, with residents going out only for necessities.
  • Toward the end of the first month, the guidelines were tightened further, until virtually all goods were delivered. On February 17th, Fang Fang wrote, “Everyone is now required to remain inside their homes at all times.”
  • Meanwhile, approximately ten thousand contact tracers were working in the city, in order to cut off chains of infection, and hospitals were developing large-scale testing systems. But isolation remained crucial: patients were isolated; suspected exposures were isolated; medical workers were isolated.
  • Zhang said the experience of working through the pandemic had left him calmer and more patient. He drove more carefully now; he wasn’t in such a rush.
  • I often asked Wuhan residents how they had been personally changed by the spring, and there was no standard response. Some expressed less trust in government information; others said they had increased faith in the national leadership.
  • Wuhan had most recently reported a locally transmitted symptomatic case on May 18th. It’s the most thoroughly tested city in China: at the end of May, in part to boost confidence, the government tried to test every resident, a total of eleven million.
  • I never met a cabdriver who had been swab-tested less than twice, and a couple had been tested five times. Most of the cabbies had no relatives or friends who had been infected; swabbing was simply required by the city and by their cab companies.
  • “I tend to take a charitable view of countries that are at the beginning stage of epidemics,” Jennifer Nuzzo, an epidemiologist at the Johns Hopkins Center for Health Security, told me, in a phone conversation. According to her, it’s unrealistic to expect that any country could have stopped this particular virus at its source. “I’ve always believed that this thing was going to spread,” she said
  • The physician who handled testing told me that, on average, his hospital still recorded one positive for every forty thousand exams. Most of these positives were repeat patients: after having been infected during the initial run of the virus, they recovered fully, and then for some reason, months later, showed evidence of the virus again. So far, most of the positives had been asymptomatic, and the physician saw no indication that the virus was spreading in the city.
  • In town, there were few propaganda signs about the epidemic, and Wuhan newspapers ran upbeat headlines every morning (Yangtze Daily, August 29th, front page: “STUDENTS DO NOT HAVE TO WEAR MASKS IN SCHOOLS”). Movie theatres were open; restaurants and bars had no seating restrictions. At the Hanyang Renxinghui Mall, I saw barefaced kids playing in what may have been one of the last fully functioning ball pits on earth, a sight that seemed worthy of other headlines (“CHILDREN DO NOT HAVE TO WEAR MASKS IN WUHAN BALL PITS”).
  • Across town, colleges and universities were in the process of bringing back more than a million students. Wuhan has the second-highest number of students of any city in China, after Guangzhou.
  • Wuhan memories remained fresh, and the materials of documentation were also close at hand. People sometimes handed over manuscripts, and they took out their phones and pulled up photographs and messages from January and February. But I wondered how much of this material would dissipate over time.
  • In town, I met two Chinese journalists in their twenties who were visiting from out of town. They had been posted during the period of the sealed city: back then, anybody sent to cover events in Wuhan had to stay for the long haul.
  • One was a director of streaming media whom I’ll call Han, and he had found that government-run outlets generally wanted footage that emphasized the victory over the disease, not the suffering of Wuhan residents. Han hoped that eventually he’d find other ways to use the material. “It will be in the hard drive,” he said, tapping his camera.
  • After that, Yin reported on a number of issues that couldn’t be published or completed, and she often talked with scientists and officials who didn’t want to say too much. “One person said, ‘Ten years later, if the climate has changed, I’ll tell you my story,’ ” Yin told me. “He knew that he would be judged by history.” She continued, “These people are inside the system, but they also know that they are inside history.”
  • Such fare is much more popular in Guangdong, in the far south. It’s possible that the disease arrived from somewhere else and then spread in the wet, cool conditions of the fish stalls. A few Wuhan residents told me that a considerable amount of their seafood comes from Guangdong, and they suggested that perhaps a southerner had unwittingly imported the disease,
  • When I spoke with scientists outside China, they weren’t focussed on the government’s early missteps
  • In time, we will learn more, but the delay is important to the Communist Party. It handles history the same way that it handles the pandemic—a period of isolation is crucial. Throughout the Communist era, there have been many moments of quarantined history: the Great Leap Forward, the Cultural Revolution, the massacre around Tiananmen Square. In every case, an initial silencing has been followed by sporadic outbreaks of leaked information. Wuhan will eventually follow the same pattern, but for the time being many memories will remain in the sealed city.
  • Wafaa El-Sadr, the director of ICAP, a global-health center at Columbia University, pointed out that Chinese scientists had quickly sequenced the virus’s genome, which was made available to researchers worldwide on January 11th. “I honestly think that they had a horrific situation in Wuhan and they were able to contain it,” she said. “There were mistakes early on, but they did act, and they shared fast.”
  • For much of El-Sadr’s career, she has worked on issues related to AIDS in the United States, Africa, and elsewhere. After years of research, scientists eventually came to the consensus that H.I.V. most likely started through the bushmeat trade—the first human was probably infected after coming into contact with a primate or primate meat.
  • El-Sadr views the coronavirus as another inevitable outcome of people’s encroachment on the natural world. “We are now living through two concomitant massive pandemics that are the result of spillover from animal to human hosts, the H.I.V. and the COVID pandemics,” she wrote to me, in an e-mail. “Never in history has humanity experienced something along this scale and scope.”
  • There’s a tendency to believe that we would know the source of the coronavirus if the Chinese had been more forthcoming, or if they hadn’t cleaned out the Huanan market before stalls and animals could be studied properly.
  • Yiwu He, the chief innovation officer at the University of Hong Kong, told me that the C.N.B.G. vaccine has already been given to a number of Chinese government officials, under an emergency-use approval granted by the authorities. “I know a few government officials personally, and they told me that they took the vaccine,” he said, in a phone conversation. He thought that the total number was probably around a hundred. “It’s middle-level officials,” he said. “Vice-ministers, mayors, vice-mayors.”
  • Daszak believes the virus probably circulated for weeks before the Wuhan outbreak, and he doubts that the city was the source. “There are bats in Wuhan, but it was the wrong time of year,” he told me. “It was winter, and bats are not out as much.”
  • His research has indicated that, across Southeast Asia, more than a million people each year are infected by bat coronaviruses. Some individuals trap, deal, or raise animals that might serve as intermediary hosts. “But generally it’s people who live near bat caves,”
  • Daszak said that he had always thought that such an outbreak was most likely to occur in Kunming or Guangzhou, southern cities that are close to many bat caves and that also have an intensive wildlife trade.
  • He thinks that Chinese scientists are probably now searching hospital freezers for lab samples of people who died of pneumonia shortly before the outbreak. “You would take those samples and look for the virus,” he said. “They’ll find something eventually. These things just don’t happen overnight; it requires a lot of work. We’ve seen this repeatedly with every disease. It turns out that it was already trickling through the population.”
  • Daszak is the president of EcoHealth Alliance, a nonprofit research organization based in New York. EcoHealth has become the target of conspiracy theorists, including some who claim that the virus was man-made. Daszak and many prominent virologists say that anything created in a lab would show clear signs of manipulation.
  • There’s also speculation that the outbreak started when researchers accidentally released a coronavirus they were studying at the Wuhan Institute of Virology. But there’s no evidence of a leak, or even that the institute has ever studied a virus that could cause a COVID-19 outbreak.
  • “Scientists in China are under incredible pressure to publish,” Daszak said. “It really drives openness and transparency.”
  • He has spent a good deal of time in Wuhan, and co-authored more than a dozen papers with Chinese colleagues. “If we had found a virus that infected human cells and spread within a cell culture, we would have put the information out there,” he said. “In sixteen years, I’ve never come across the slightest hint of subterfuge. They’ve never hidden data. I’ve never had a situation where one lab person tells me one thing and the other says something else. If you were doing things that you didn’t want people to know about, why would you invite foreigners into the lab?”
  • In April, President Trump told reporters that the U.S. should stop funding research connected to the Wuhan Institute of Virology. Shortly after Trump’s comments, the National Institutes of Health cancelled a $3.7-million grant to EcoHealth, which had been studying how bat coronaviruses are transmitted to people.
  • I asked Daszak why, if he has such faith in the openness of his Wuhan colleagues, the Chinese government has been so closed about other aspects of the outbreak. He said that science is one thing, and politics something else; he thinks that officials were embarrassed about the early mistakes, and in response they simply shut down all information.
  • At the beginning of July, China National Biotec Group, a subsidiary of a state-owned pharmaceutical company called Sinopharm, completed construction of a vaccine-manufacturing plant in Wuhan. The project began while the city was still sealed. “That’s the politically correct thing to do,” a Shanghai-based biotech entrepreneur told me. “To show the world that the heroic people of Wuhan have come back.”
  • But Peter Daszak, a British disease ecologist who has collaborated with the Wuhan Institute of Virology for sixteen years on research on bat coronaviruses, told me that it’s typical to fail to gather good data from the site of an initial outbreak. Once people get sick, local authorities inevitably focus on the public-health emergency. “You send in the human doctors, not the veterinarians,” he said, in a phone conversation. “And the doctors’ response is to clean out the market. They want to stop the infections.”
  • Pharmaceutical executives have also been expected to lead the way, like the construction manager who donned P.P.E. in order to escort his workers into the patient ward. “Every senior executive at Sinopharm and C.N.B.G. has been vaccinated,” He said. “Including the C.E.O. of Sinopharm, the chairman of the board, every vice-president—everyone.” The Chinese press has reported that vaccinations have also been administered to hundreds of thousands of citizens in high-risk areas around the world.
  • In the West, China’s image has been badly damaged by the pandemic and by other recent events. The country has tightened political crackdowns in Hong Kong and Xinjiang, and, in May, after Australia called for an investigation into the origins of the virus, China responded furiously, placing new tariffs and restrictions on Australian goods ranging from barley to beef.
  • But He believes that the situation is fluid. “All of these feelings can turn around quickly,” he told me. “I think that once China has a vaccine, and if they can help other countries, it can make a huge difference.”
  • There’s also a competitive element. “China wants to beat America,” He said. He believes that the C.N.B.G. vaccine will receive some level of approval for public use by the end of October. “Chinese officials are thinking that Donald Trump might approve a U.S. vaccine before the election,” he said. “So their goal is to have a vaccine approved before that.”
  • No matter how quickly the Chinese develop a vaccine, or how effectively they have handled the pandemic since January, it’s unlikely to make Westerners forget the mistakes and misinformation during the pandemic’s earliest phase.
  • Some of this is due to a cultural difference—the Chinese response to errors is often to look forward, not back. On January 31st, Fang Fang commented in her diary, “The Chinese people have never been fond of admitting their own mistakes, nor do they have a very strong sense of repentance.” It’s often hard for them to understand why this quality is so frustrating for Westerners. In this regard, the pandemic is truly a mirror—it doesn’t allow the Chinese to look out and see themselves through the eyes of others.
  • The pandemic illuminates both the weaknesses and the strengths of the Chinese system, as well as the relationship between the government and the people. They know each other well: officials never felt the need to tell citizens exactly what happened in Wuhan, but they understood that American-level casualties would have been shocking—given China’s population, the tally would have been more than a million and counting.
  • In order to avoid death on that scale, the government also knew that people would be willing to accept strict lockdowns and contribute their own efforts toward fighting the virus.
  • In turn, citizens were skilled at reading their government. People often held two apparently contradictory ideas: that the Party lied about some things but gave good guidance about others. More often than not, citizens could discern the difference. During the pandemic, it was striking that, when the Chinese indulged in conspiracy theories, these ideas rarely resulted in personally risky behavior, as they often did in the U.S.
  • Perhaps the Chinese have been inoculated by decades of censorship and misinformation: in such an environment, people develop strong instincts for self-preservation, and they don’t seem as disoriented by social media as many Americans are.
  • Early in the year, I corresponded by WeChat with a Wuhan pharmacist who worked in a hospital where many were infected. On February 26th, he expressed anger about the early coverup. “My personal opinion is that the government has always been careless and suppressed dissent,” he wrote. “Because of this, they lost a golden opportunity to control the virus.”
  • In Wuhan, we met a few times, and during one of our conversations I showed him what he had written in February. I asked what he would do now if he found himself in Li Wenliang’s position, aware of an outbreak of some unknown disease. Would he post a warning online? Contact a health official? Alert a journalist?The pharmacist thought for a moment. “I would tell my close friends in person,” he said. “But I wouldn’t put anything online. Nothing in writing.”
  • I asked if such an event would turn out differently now.“It would be the same,” he said. “It’s a problem with the system.”
  • He explained that, with an authoritarian government, local officials are afraid of alarming superiors, which makes them inclined to cover things up. But, once higher-level leaders finally grasp the truth, they can act quickly and effectively.
Javier E

Opinion | Readers Have Questions About Stocks. An Economist Replies. - The New York Times - 0 views

www.nytimes.com/...vesting-stocks-retirement.html

investments strategy stock market

shared by Javier E on 23 Jan 22 - No Cached
  • the more times you drive, the greater the risk of at least one accident. Let’s say tossing heads is bad. The probability of completely avoiding heads is 50 percent on the first toss, but only 1 in 1,000 over 10 tosses.
  • True, the probability of ending up with more money after X years goes up the higher the share of stocks in your portfolio. But so does the probability of ending up with less than the purely safe investment. This is the dirty little secret of Wall Street.
  • I introduce “upside investing” in my new book as a safe and simple way for risk-averse investors to play the market. The idea is to treat all your money now in stocks and all the money you’ll add to your stock holdings as if you will lose every penny of it
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  • Then invest your remaining money in safe assets, i.e., TIPS — Treasury Inflation Protected Securities. This sets a floor to your living standard. Until you withdraw money from the stock market, you spend only the floor amount
  • As you withdraw from the market, invest the proceeds in TIPS, which gives you more safe assets, justifying a higher living-standard floor.
  • Taking dividends and safely investing them is an example of “upside investing.” The key thing is never spending out of a pool of funds that isn’t fully safe. This way your living-standard floor will only rise
  • ersions of “upside investing” are considered in “Risk Less and Prosper: Your Guide to Safer Investing” by Zvi Bodie and Rachelle Taqqu.
  • people who said owning a house is a good way to protect yourself from the vicissitudes of the markets. Is that true, and if so, why?
  • Absolutely. When you own your home you’re protected from rent increases. The shelter that the house provides is like an inflation-protected annuity you might buy from an insurance company.
  • The one big advantage, though, even if you must move, is that homes are real assets. As such, they should maintain their real value during periods, like now, of high inflation.
  • Wall Street’s focus is on probability, whereas economists focus on outcomes. Losing everything, not matter how low the probability, is not something an economist would ever entertain as part of a reasonable financial plan.
  • if you do lose, it can be disastrous. Suppose you are blindfolded and have two options — stay where you are (hold safe bonds) or toss a die (hold risky stock).
  • many readers said that there’s no reason for a long-term investor to shy away from stocks because they always go up in the long run, say, over 20 or 30 years. Your response?
  • Unfortunately, the history is far too short to provide statistical reliability about cumulative returns over independent 30-year holding periods.
  • This statement is wrong. There are several 30-year periods over which stocks barely rose in inflation-adjusted terms, and many 20-year periods in which they outright declined. Plus, we don’t have enough independent observations to go on.
Javier E

Opinion | Everyone's Moving to Texas. Here's Why. - The New York Times - 0 views

www.nytimes.com/...move-to-texas.html

texas california living standard comparison

shared by Javier E on 26 Nov 21 - No Cached
  • Texas’ climate risks. Houston will not do well on a warming planet — it is economically dependent on the oil and gas industry and is threatened by hurricanes and a surge in sea levels. But other big cities, including Dallas and Fort Worth, face more moderate risks, especially compared to many cities in California. Yes, Texas is very hot and likely to get hotter; but if a lot of other American cities also begin to get very hot, Texas cities might not feel as overheated by comparison. In addition to the risk of heat stress, Texas also faces the possibility of water shortages, but that will be true across much of the West, including California’s population centers.
  • What Texans will not have to worry about as much are wildfires, the scourge of so much of California, and the attendant air pollution, though experts predict increases in wildfires in Texas. It’s true that Texas’ less extreme fire risk is related to something precious about California that Texas lacks — abundant trees and mountains in major metro areas, or really any of California’s striking natural beauty. But nobody said living through climate change would be pretty.
  • You might argue that it’s too speculative to take into account something as broad and complex as climate change when deciding where to live. And more important, there’s no real escape from a long-term planetary disaster — even if you move to some place with lovely weather, your life is bound to be altered in significant ways as habitability shifts elsewhere on the globe.
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  • living through California’s tinderbox years has convinced me to keep an eye on climate dangers; while forecasts on climate risk are inexact, making some effort to anticipate its danger when deciding where to live feels more responsible than ignoring it. And when people in California are paying a million dollars above asking price for homes in areas of high and increasing wildfire risk, isn’t that something like ignoring it?
  • There is a concept in behavioral economics known as a “Minsky moment,” which describes when a bull market suddenly wises up to its own unsustainability, causing a collapse in prices.
  • Jesse Keenan, an associate professor at the Tulane University School of Architecture who studies how climate change affects housing markets, told me that a Minsky moment could be coming for high-priced homes in at-risk coastal cities. As home lenders, insurance companies and other players in the real estate business begin to better understand their exposure to climate risks, they may raise premiums or force disclosure requirements that could lower home values.
  • At the moment, buying a home in the San Francisco Bay Area, where I live, looks like a safe investment. But lately I have begun to obsess about the uncertainty built into the changing weather. What if three fire seasons from now proves to be one fire season too many — and, in a blink, the housing market into which we’ve invested so much of our future implodes? “In a way, climate change could begin to look like a foreclosure crisis,” Keenan told me.
Javier E

The End of German Exceptionalism - The Atlantic - 0 views

www.theatlantic.com/...674786

germany 2023 crisis politics economics history and

shared by Javier E on 23 Jul 23 - No Cached
  • what happens in an “economy in search of a political raison d’être,” as the historian Werner Abelshauser once described the postwar Federal Republic, if its GDP suddenly stops growing? We are about to find out.
  • Germany’s economy is running out of steam, and not only because of COVID or because Russian President Vladimir Putin has turned off the gas tap.
  • A recent poll shows that, notwithstanding this radical program, only 57 percent of Germans now say that they could never imagine voting for the AfD
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  • Together with—and perhaps because of—its economic malaise, the country is living through a political earthquake. Germany’s wealth, its exemplary parliamentary democracy, and its big efforts to confront its Nazi history are no longer keeping nativist parties at bay.
  • Outside the EU, “made in Germany” goods struggle to find new clients. Exports to China have been roughly flat since mid-2015 and may even start to drop, as President Xi Jinping has made clear that he wants to make his country less dependent on European industry
  • The Federal Republic is the only big Euro member whose economy has not yet fully recovered to pre-pandemic levels. In fact, German GDP has roughly stagnated since 2019. And German manufacturing is the main problem: Industrial output lags pre-pandemic levels by some 5 percent.
  • The reason Germany ceased to be Europe’s growth engine has less to do with Russian energy than with changing circumstances in the export markets where the country’s industrial champions once flourished
  • In the 2000s, former Chancellor Gerhard Schröder slashed unemployment benefits and created a low-wage sector to help German exporters increase their market shares across Europe. Since then, many other European countries, including France and Italy, have made reforms to cut labor costs themselves, and Germany faces tougher competition in its biggest export market and has been running a trade deficit in goods with other EU members since 2020.
  • We are living through the end of German exceptionalism. The country’s economy is fragile, and the rise of the AfD makes its politics as unpredictable as those of Austria or Italy. In short, Germany is joining the European mainstream. And that means that trouble is ahead.
  • German car exports to China were down 24 percent in the first three months of 2023 compared with the same period in 2022
  • The U.S. is Germany’s second-largest market after the EU, accounting for 8.9 percent of its exports, but to top off Germany’s troubles, Washington is becoming more protectionist under Joe Biden.
  • The obvious solution is for Germany to spend more. Greater investment could raise productivity in a country where the railways have the worst delays among major European countries and cellphone and internet connectivity are underfunded
  • Investment could boost demand, and liberalizing policies could rebalance the economy toward services.
  • But a dogma of balanced budgets and debt avoidance remains deeply anchored among German politicians and voters.
  • Now Germany, whose effort to confront its Nazi history seemed to inoculate its politicians from having to deal with a large far-right party, is also falling prey to populism and nationalism.
  • ore and more governments across Europe are led by right-wing parties: in Italy, Sweden, Finland, and soon possibly Spain. In all of these countries, the center-right no longer has qualms about working with the far-right.
  • the penny has not yet dropped. Germany’s political elite hasn’t been moved to take the risky step of running up debts and liberalizing at the same time. But until it does, the country’s economy will likely lag European growth. And if the economy ceases to serve as a source of national pride, political forces may thrive by brandishing more nativist concepts of German identity.
  • The AfD’s rise to 20 percent in the polls—twice what it commanded in the 2021 parliamentary elections—has many causes. The party’s bastion is the formerly Communist east, where authoritarian attitudes and resentment of traditional parties feed off of feelings of having been the losers in Germany’s reunification
  • But something broader is going on. For Germans, the hallmark of good government is “Ruhe und Ordnung,” calm and order. The three parties in Scholz’s ruling coalition—the center-left SPD, the Greens, and the pro-business FDP—squabble over everything
  • The party has also benefited from a backlash against Germany’s progressive agenda on climate and migration
  • Despite the country’s reputation abroad as a climate champion, in a poll of seven European countries, Germans were the least willing among Europeans to switch to electric cars, cut meat consumption, or spend out of their own pockets to renovate their houses to save the climate.
  • As for migration, racist views are ingrained in Germany’s formerly Communist east
  • But the AfD has also been able to mobilize an anti-immigration electorate in big, rich, formerly West German states, such as Bavaria, the land of Siemens and Weisswurst, and Baden-Württemberg
  • the CDU will need to decide whether it will continue marginalizing the far-right or start working with it instead. The AfD is leading the polls in Thuringia and polling a strong second in Saxony
  • ermany is joining the European mainstream, with its political class struggling to counter rising far-right support and an economy that is no longer best-in-class. The two things that made postwar Germany unique in Europe are no more
  • the rise of the AfD is pushing Berlin to become an unreliable partner in Europe. The CDU was once the champion of Schengen, the EU’s policy to allow for passport-less travel across the continent. The party’s leader, Merz, clearly concerned about covering his right flank, has now called for reintroducing passport checks at Germany’s borders with other EU members, such as Czechia, in order to turn away migrants.
  • As the AfD criticizes the “reckless” spending of the Scholz government, the FDP and the chancellor are doubling down on spending cuts. Germany is becoming less willing to spend for itself and the EU.
  • The AfD may one day accede to national government, but it cannot do so on its own. To work in a coalition, the party will almost certainly have to compromise on its most radical policy propositions, such as closing the U.S. military base in Ramstein. But even with the AfD merely exerting pressure on German politics, the EU must sooner or later face an adjustment—to a future in which Germany is no longer an economic and political anchor so much as a source of instability.
Javier E

What stage of capitalism is Sam Bankman-Fried? - 0 views

messaging-custom-newsletters.nytimes.com/...oakv2

capitalism crypto collapse effectiveness

shared by Javier E on 21 Nov 22 - No Cached
  • For Sam Bankman-Fried and his crypto exchange FTX, the simple answer is that a leaked balance sheet leads your biggest rival, himself under federal scrutiny, to instigate a sort of “bank run” you cannot possibly cover, exposing billions of dollars in shortfalls you apparently created by riskily investing money that wasn’t yours.
  • How do you make a multibillion-dollar company disappear in a week?
  • And revealing yourself, in the process, to be a very new kind of financial villain — one who pitches not just the prospect of profit but also deliverance from the corrupt speculative system in which you “made” your “billions.”
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  • — what exactly was the meme?
  • Cryptocurrency is little more than a decade old, and yet it has passed through several reputational phases: first, as the lawless province of black marketeers and hard-core libertarians obsessed with escaping government oversight; then as a speculative market in which many of those people made an astonishing and enviable amount of money; then as an investment sector for adventurous normies who might previously have turned to simple day-trading; then as an “asset class” eyed by big-money investors and establishment banks
  • it was very tempting to believe, and nobody was trying to look all that closely, it turns out — not the editors who put him on the covers of Forbes and Fortune; not the traders who trusted him with billions in daily trading volume; not the recipients of his philanthropic pledges, many of which will now go unfulfilled; and most conspicuously, not the investors who handed him millions without seeming to even bother checking the books.
  • To investors and legislators, he looked like the potential face of a new era for crypto, poised to legitimize through transparency and regulation what had always been an enormously shady, if often quite lucrative, sector.
  • To progressives, he looked like our kind of oligarch, a sort of boy wonder who seemed capable of conjuring up world-changing billions guiltlessly, effectively out of thin air.
  • And he had promised to give that magic internet money away just as quickly
  • It was part of his DGAF brand, like the unkempt hair and cargo shorts he wore onstage alongside Bill Clinton and Tony Blair
  • As recently as July 2021, FTX raised $900 million from, among others, Sequoia Capital, Daniel Loeb’s Third Point and SoftBank Vision Fund, which had previously written down billions of dollars in investments in Uber and WeWork. In January, a Series C round raised an additional $400 million.
  • In a now-legendary profile published on the Sequoia website just weeks before the collapse, almost every paragraph contained what should have been a red flag but was presented instead as a mark of Bankman-Fried’s special genius — and Sequoia’s, for endorsing it
  • The death of FTX has been called crypto’s “Lehman moment,” but it was not the first such collapse — it follows the implosions of Celsius, Three Arrows Capital, Terra and Luna, among many others. But it’s fitting that Bankman-Fried will now always be remembered as this crypto crash’s central figure, because he postured as someone who could rewrite not just the rules of the financial system but its morality as well.
  • Now the comparisons are less flattering: to Bernie Madoff, of course, and to Elizabeth Holmes of Theranos, even though Bankman-Fried has not been charged with any crimes; also to Adam Neumann of WeWork, Travis Kalanick of Uber and the other iconic start-up hucksters of this strange venture-capital era.
  • those founders were, for all their delusions and sociopathy, pitch-deck visionaries — persuasive proselytizers for not just new products but whole new worlds that could be simply invested into being.
  • In his self-presentation, Bankman-Fried seemed to be pitching something else: an outward indifference approaching disdain. His serious-seeming commitment to effective altruism underlined the impression: If he was earning his billions only to donate them, he represented a very different case study in the morality or moral potential of unregulated markets
  • he flatly described the crypto markets as pointless speculation bordering on fraud — one of the interviewers paraphrased Bankman-Fried’s summary as “I’m in the Ponzi business, and it’s pretty good” — it wasn’t a misstep
  • What stage of capitalism is this?
  • in the world of big money he was a genuinely new archetype: a smugly superior Gen X slacker and an entitled, world-changing millennial at once
  • it has also been the source of a lot of reflection and debate, about whether it had been at all reasonable to treat what made him distinct as a basis for lionization.
  • He said in the Sequoia profile, for instance, that no book was ever really worth reading, and he told the economist Tyler Cowen in a podcast interview that faced with a coin-flip game in which half the time he’d double the value of the world and half the time he’d destroy it, he’d choose to play again and again
  • he revealed himself to be wasn’t a singular bad actor but a representative one. Blockchain technology may well offer meaningful uses for the wider world in the future, but as of now, it is most significant as the basis for a realm of pure and unregulated speculation.
  • The volatility was not some deep secret only now revealed. It’s an almost inescapable aspect of a financial subculture erected outside the oversight and control of the law on the principle that they weren’t necessary
  • The world’s second-largest crypto exchange has gone belly-up, but the crypto market as a whole is down by only about 20 percent. For many speculators, it seems, collapses like these were already priced in.
Javier E

U.K. Energy Price Cap to Rise 80%, Regulator Says - The New York Times - 0 views

www.nytimes.com/...uk-energy-price-cap.html

energy costs response uk europe policy politics

shared by Javier E on 27 Aug 22 - No Cached
  • with leaders from London to Berlin mounting costly state interventions, it augurs a reversal of decades of liberalization in energy markets.
  • France has capped gas and electricity rates, subsidized the cost of gasoline and diesel fuel and spent 45 billion euros ($45 billion) to help hard-hit families.
  • Germany has moved to take command of its energy markets, subsidizing new liquefied gas import terminals and bailing out one of the largest utilities, Uniper,
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  • In Britain, where gas accounts for roughly 40 percent of electricity generation but has a disproportionate effect on its cost
  • if the price of beer had risen as much that of natural gas over the last year, a pint in a pub would cost £25, or about $30.
  • “How can you adapt to a rise like this?” said Tewdos Gebreysus, a 35-year-old Uber driver in London, who said he was now paying four times as much on his energy bills as he was at the beginning of the year.
  • Johnson has left it for his successor to devise a response to the skyrocketing energy costs.
  • She and her opponent, Rishi Sunak, reject more sweeping measures, like using state subsidies to freeze the energy price cap for two years.
  • at a campaign gathering with Mr. Sunak on Thursday, she said the solution to the crisis was not to throw more money carelessly at consumers. Mr. Sunak, who has proposed cutting value-added tax on energy bills, warned that without drastic action, “there’s a high risk that millions of people will fall into destitution.
  • Britain is far less dependent on Russian gas than Germany or other European countries. But the structure of its energy market makes it extremely sensitive to fluctuations in the market price of natural gas.
  • The Bank of England has predicted that inflation will peak at 13 percent in October as the new energy prices turn up in household bills. Other estimates are higher; analysts at Citibank have said the rate could reach as high as 18 percent early next year.
  • Britain’s opposition Labour Party recently proposed to freeze energy tariffs where they are now, paying part of the £29 billion cost by increasing the so-called windfall taxes that the Conservative government imposed this year on oil and gas giants operating in the North Sea
  • The leadership contest has been dominated by Ms. Truss’s promise to cut taxes, which is popular with the rank-and-file Conservative Party members who will vote for the next prime minister. But economists say it would do little to protect the most vulnerable people from the ravages of soaring energy bills.
  • With another hefty price increase looming in October, the public outcry over energy costs is likely to haunt the next prime minister. Unless the government develops an effective response, some analysts said, the issue could cripple the government and tilt the next election to the Labour Party.
  • “We have a sort of worst-of-both-worlds system,” said Jonathan Portes, a professor of a professor of economics and public policy at Kings College London. “Household prices are related to the spot market, and we sort of save up price increases and dump them on households all at once.”
  • Beyond the mechanics of the system, critics said Britain had lagged Germany and other European countries in urging people to reduce energy consumption and increase the efficiency of their homes and offices.
  • “This is the poverty of our politics,” said Tom Burke, the chairman of E3G, an environmental think tank, and a former government adviser. “You’ve got to do some financial work to address the costs in the short term, and then you’ve got to really drive forward on demand reduction in the long run.”
Javier E

When the New York Times lost its way - 0 views

www.economist.com/...he-new-york-times-lost-its-way

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  • There are many reasons for Trump’s ascent, but changes in the American news media played a critical role. Trump’s manipulation and every one of his political lies became more powerful because journalists had forfeited what had always been most valuable about their work: their credibility as arbiters of truth and brokers of ideas, which for more than a century, despite all of journalism’s flaws and failures, had been a bulwark of how Americans govern themselves.
  • I think Sulzberger shares this analysis. In interviews and his own writings, including an essay earlier this year for the Columbia Journalism Review, he has defended “independent journalism”, or, as I understand him, fair-minded, truth-seeking journalism that aspires to be open and objective.
  • It’s good to hear the publisher speak up in defence of such values, some of which have fallen out of fashion not just with journalists at the Times and other mainstream publications but at some of the most prestigious schools of journalism.
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  • All the empathy and humility in the world will not mean much against the pressures of intolerance and tribalism without an invaluable quality that Sulzberger did not emphasise: courage.
  • Sulzberger seems to underestimate the struggle he is in, that all journalism and indeed America itself is in
  • In describing the essential qualities of independent journalism in his essay, he unspooled a list of admirable traits – empathy, humility, curiosity and so forth. These qualities have for generations been helpful in contending with the Times’s familiar problem, which is liberal bias
  • on their own, these qualities have no chance against the Times’s new, more dangerous problem, which is in crucial respects the opposite of the old one.
  • The Times’s problem has metastasised from liberal bias to illiberal bias, from an inclination to favour one side of the national debate to an impulse to shut debate down altogether
  • the internet knocked the industry off its foundations. Local newspapers were the proving ground between college campuses and national newsrooms. As they disintegrated, the national news media lost a source of seasoned reporters and many Americans lost a journalism whose truth they could verify with their own eyes.
  • far more than when I set out to become a journalist, doing the work right today demands a particular kind of courage:
  • the moral and intellectual courage to take the other side seriously and to report truths and ideas that your own side demonises for fear they will harm its cause.
  • One of the glories of embracing illiberalism is that, like Trump, you are always right about everything, and so you are justified in shouting disagreement down.
  • leaders of many workplaces and boardrooms across America find that it is so much easier to compromise than to confront – to give a little ground today in the belief you can ultimately bring people around
  • This is how reasonable Republican leaders lost control of their party to Trump and how liberal-minded college presidents lost control of their campuses. And it is why the leadership of the New York Times is losing control of its principles.
  • Over the decades the Times and other mainstream news organisations failed plenty of times to live up to their commitments to integrity and open-mindedness. The relentless struggle against biases and preconceptions, rather than the achievement of a superhuman objective omniscience, is what mattered
  • . I thought, and still think, that no American institution could have a better chance than the Times, by virtue of its principles, its history, its people and its hold on the attention of influential Americans, to lead the resistance to the corruption of political and intellectual life, to overcome the encroaching dogmatism and intolerance.
  • As the country became more polarised, the national media followed the money by serving partisan audiences the versions of reality they preferred
  • This relationship proved self-reinforcing. As Americans became freer to choose among alternative versions of reality, their polarisation intensified.
  • as the top editors let bias creep into certain areas of coverage, such as culture, lifestyle and business, that made the core harder to defend and undermined the authority of even the best reporters.
  • here have been signs the Times is trying to recover the courage of its convictions
  • The paper was slow to display much curiosity about the hard question of the proper medical protocols for trans children; but once it did, the editors defended their coverage against the inevitable criticism.
  • As Sulzberger told me in the past, returning to the old standards will require agonising change. He saw that as the gradual work of many years, but I think he is mistaken. To overcome the cultural and commercial pressures the Times faces, particularly given the severe test posed by another Trump candidacy and possible presidency, its publisher and senior editors will have to be bolder than that.
  • As a Democrat from a family of Democrats, a graduate of Yale and a blossom of the imagined meritocracy, I had my first real chance, at Buchanan’s rallies, to see the world through the eyes of stalwart opponents of abortion, immigration and the relentlessly rising tide of modernity.
  • the Times is failing to face up to one crucial reason: that it has lost faith in Americans, too.
  • For now, to assert that the Times plays by the same rules it always has is to commit a hypocrisy that is transparent to conservatives, dangerous to liberals and bad for the country as a whole.
  • It makes the Times too easy for conservatives to dismiss and too easy for progressives to believe.
  • The reality is that the Times is becoming the publication through which America’s progressive elite talks to itself about an America that does not really exist.
  • It is hard to imagine a path back to saner American politics that does not traverse a common ground of shared fact.
  • It is equally hard to imagine how America’s diversity can continue to be a source of strength, rather than become a fatal flaw, if Americans are afraid or unwilling to listen to each other.
  • I suppose it is also pretty grandiose to think you might help fix all that. But that hope, to me, is what makes journalism worth doing.
  • Since Adolph Ochs bought the paper in 1896, one of the most inspiring things the Times has said about itself is that it does its work “without fear or favour”. That is not true of the institution today – it cannot be, not when its journalists are afraid to trust readers with a mainstream conservative argument such as Cotton’s, and its leaders are afraid to say otherwise.
  • Most important, the Times, probably more than any other American institution, could influence the way society approached debate and engagement with opposing views. If Times Opinion demonstrated the same kind of intellectual courage and curiosity that my colleagues at the Atlantic had shown, I hoped, the rest of the media would follow.
  • You did not have to go along with everything that any tribe said. You did not have to pretend that the good guys, much as you might have respected them, were right about everything, or that the bad guys, much as you might have disdained them, never had a point. You did not, in other words, ever have to lie.
  • This fundamental honesty was vital for readers, because it equipped them to make better, more informed judgments about the world. Sometimes it might shock or upset them by failing to conform to their picture of reality. But it also granted them the respect of acknowledging that they were able to work things out for themselves.
  • The Atlantic did not aspire to the same role as the Times. It did not promise to serve up the news of the day without any bias. But it was to opinion journalism what the Times’s reporting was supposed to be to news: honest and open to the world.
  • Those were the glory days of the blog, and we hit on the idea of creating a living op-ed page, a collective of bloggers with different points of view but a shared intellectual honesty who would argue out the meaning of the news of the day
  • They were brilliant, gutsy writers, and their disagreements were deep enough that I used to joke that my main work as editor was to prevent fistfights.
  • Under its owner, David Bradley, my colleagues and I distilled our purpose as publishing big arguments about big ideas
  • we also began producing some of the most important work in American journalism: Nicholas Carr on whether Google was “making us stupid”; Hanna Rosin on “the end of men”; Taylor Branch on “the shame of college sports”; Ta-Nehisi Coates on “the case for reparations”; Greg Lukianoff and Jonathan Haidt on “the coddling of the American mind”.
  • I was starting to see some effects of the new campus politics within the Atlantic. A promising new editor had created a digital form for aspiring freelancers to fill out, and she wanted to ask them to disclose their racial and sexual identity. Why? Because, she said, if we were to write about the trans community, for example, we would ask a trans person to write the story
  • There was a good argument for that, I acknowledged, and it sometimes might be the right answer. But as I thought about the old people, auto workers and abortion opponents I had learned from, I told her there was also an argument for correspondents who brought an outsider’s ignorance, along with curiosity and empathy, to the story.
  • A journalism that starts out assuming it knows the answers, it seemed to me then, and seems even more so to me now, can be far less valuable to the reader than a journalism that starts out with a humbling awareness that it knows nothing.
  • In the age of the internet it is hard even for a child to sustain an “innocent eye”, but the alternative for journalists remains as dangerous as ever, to become propagandists. America has more than enough of those already.
  • When I looked around the Opinion department, change was not what I perceived. Excellent writers and editors were doing excellent work. But the department’s journalism was consumed with politics and foreign affairs in an era when readers were also fascinated by changes in technology, business, science and culture.
  • Fairly quickly, though, I realised two things: first, that if I did my job as I thought it should be done, and as the Sulzbergers said they wanted me to do it, I would be too polarising internally ever to lead the newsroom; second, that I did not want that job, though no one but my wife believed me when I said that.
  • there was a compensating moral and psychological privilege that came with aspiring to journalistic neutrality and open-mindedness, despised as they might understandably be by partisans. Unlike the duelling politicians and advocates of all kinds, unlike the corporate chieftains and their critics, unlike even the sainted non-profit workers, you did not have to pretend things were simpler than they actually were
  • On the right and left, America’s elites now talk within their tribes, and get angry or contemptuous on those occasions when they happen to overhear the other conclave. If they could be coaxed to agree what they were arguing about, and the rules by which they would argue about it, opinion journalism could serve a foundational need of the democracy by fostering diverse and inclusive debate. Who could be against that?
  • The large staff of op-ed editors contained only a couple of women. Although the 11 columnists were individually admirable, only two of them were women and only one was a person of colour
  • Not only did they all focus on politics and foreign affairs, but during the 2016 campaign, no columnist shared, in broad terms, the worldview of the ascendant progressives of the Democratic Party, incarnated by Bernie Sanders. And only two were conservative.
  • This last fact was of particular concern to the elder Sulzberger. He told me the Times needed more conservative voices, and that its own editorial line had become predictably left-wing. “Too many liberals,” read my notes about the Opinion line-up from a meeting I had with him and Mark Thompson, then the chief executive, as I was preparing to rejoin the paper. “Even conservatives are liberals’ idea of a conservative.” The last note I took from that meeting was: “Can’t ignore 150m conservative Americans.”
  • As I knew from my time at the Atlantic, this kind of structural transformation can be frightening and even infuriating for those understandably proud of things as they are. It is hard on everyone
  • experience at the Atlantic also taught me that pursuing new ways of doing journalism in pursuit of venerable institutional principles created enthusiasm for change. I expected that same dynamic to allay concerns at the Times.
  • If Opinion published a wider range of views, it would help frame a set of shared arguments that corresponded to, and drew upon, the set of shared facts coming from the newsroom.
  • New progressive voices were celebrated within the Times. But in contrast to the Wall Street Journal and the Washington Post, conservative voices – even eloquent anti-Trump conservative voices – were despised, regardless of how many leftists might surround them.
  • The Opinion department mocked the paper’s claim to value diversity. It did not have a single black editor
  • Eventually, it sank in that my snotty joke was actually on me: I was the one ignorantly fighting a battle that was already lost. The old liberal embrace of inclusive debate that reflected the country’s breadth of views had given way to a new intolerance for the opinions of roughly half of American voters.
  • Out of naivety or arrogance, I was slow to recognise that at the Times, unlike at the Atlantic, these values were no longer universally accepted, let alone esteemed
  • After the 9/11 attacks, as the bureau chief in Jerusalem, I spent a lot of time in the Gaza Strip interviewing Hamas leaders, recruiters and foot soldiers, trying to understand and describe their murderous ideology. Some readers complained that I was providing a platform for terrorists, but there was never any objection from within the Times.
  • Our role, we knew, was to help readers understand such threats, and this required empathetic – not sympathetic – reporting. This is not an easy distinction but good reporters make it: they learn to understand and communicate the sources and nature of a toxic ideology without justifying it, much less advocating it.
  • Today’s newsroom turns that moral logic on its head, at least when it comes to fellow Americans. Unlike the views of Hamas, the views of many Americans have come to seem dangerous to engage in the absence of explicit condemnation
  • Focusing on potential perpetrators – “platforming” them by explaining rather than judging their views – is believed to empower them to do more harm.
  • After the profile of the Ohio man was published, media Twitter lit up with attacks on the article as “normalising” Nazism and white nationalism, and the Times convulsed internally. The Times wound up publishing a cringing editor’s note that hung the writer out to dry and approvingly quoted some of the criticism, including a tweet from a Washington Post opinion editor asking, “Instead of long, glowing profiles of Nazis/White nationalists, why don’t we profile the victims of their ideologies”?
  • the Times lacked the confidence to defend its own work
  • The editor’s note paraded the principle of publishing such pieces, saying it was important to “shed more light, not less, on the most extreme corners of American life”. But less light is what the readers got. As a reporter in the newsroom, you’d have to have been an idiot after that explosion to attempt such a profile
  • Empathetic reporting about Trump supporters became even more rare. It became a cliché among influential left-wing columnists and editors that blinkered political reporters interviewed a few Trump supporters in diners and came away suckered into thinking there was something besides racism that could explain anyone’s support for the man.
  • After a year spent publishing editorials attacking Trump and his policies, I thought it would be a demonstration of Timesian open-mindedness to give his supporters their say. Also, I thought the letters were interesting, so I turned over the entire editorial page to the Trump letters.
  • I wasn’t surprised that we got some criticism on Twitter. But I was astonished by the fury of my Times colleagues. I found myself facing an angry internal town hall, trying to justify what to me was an obvious journalistic decision
  • Didn’t he think other Times readers should understand the sources of Trump’s support? Didn’t he also see it was a wonderful thing that some Trump supporters did not just dismiss the Times as fake news, but still believed in it enough to respond thoughtfully to an invitation to share their views?
  • And if the Times could not bear to publish the views of Americans who supported Trump, why should it be surprised that those voters would not trust it?
  • Two years later, in 2020, Baquet acknowledged that in 2016 the Times had failed to take seriously the idea that Trump could become president partly because it failed to send its reporters out into America to listen to voters and understand “the turmoil in the country”. And, he continued, the Times still did not understand the views of many Americans
  • Speaking four months before we published the Cotton op-ed, he said that to argue that the views of such voters should not appear in the Times was “not journalistic”.
  • Conservative arguments in the Opinion pages reliably started uproars within the Times. Sometimes I would hear directly from colleagues who had the grace to confront me with their concerns; more often they would take to the company’s Slack channels or Twitter to advertise their distress in front of each other
  • This environment of enforced group-think, inside and outside the paper, was hard even on liberal opinion writers. One left-of-centre columnist told me that he was reluctant to appear in the New York office for fear of being accosted by colleagues.
  • An internal survey shortly after I left the paper found that barely half the staff, within an enterprise ostensibly devoted to telling the truth, agreed “there is a free exchange of views in this company” and “people are not afraid to say what they really think”.)
  • Even columnists with impeccable leftist bona fides recoiled from tackling subjects when their point of view might depart from progressive orthodoxy.
  • The bias had become so pervasive, even in the senior editing ranks of the newsroom, as to be unconscious
  • Trying to be helpful, one of the top newsroom editors urged me to start attaching trigger warnings to pieces by conservatives. It had not occurred to him how this would stigmatise certain colleagues, or what it would say to the world about the Times’s own bias
  • By their nature, information bubbles are powerfully self-reinforcing, and I think many Times staff have little idea how closed their world has become, or how far they are from fulfilling their compact with readers to show the world “without fear or favour”
  • sometimes the bias was explicit: one newsroom editor told me that, because I was publishing more conservatives, he felt he needed to push his own department further to the left.
  • The Times’s failure to honour its own stated principles of openness to a range of views was particularly hard on the handful of conservative writers, some of whom would complain about being flyspecked and abused by colleagues. One day when I relayed a conservative’s concern about double standards to Sulzberger, he lost his patience. He told me to inform the complaining conservative that that’s just how it was: there was a double standard and he should get used to it.
  • A publication that promises its readers to stand apart from politics should not have different standards for different writers based on their politics. But I delivered the message. There are many things I regret about my tenure as editorial-page editor. That is the only act of which I am ashamed.
  • I began to think of myself not as a benighted veteran on a remote island, but as Rip Van Winkle. I had left one newspaper, had a pleasant dream for ten years, and returned to a place I barely recognised.
  • The new New York Times was the product of two shocks – sudden collapse, and then sudden success. The paper almost went bankrupt during the financial crisis, and the ensuing panic provoked a crisis of confidence among its leaders. Digital competitors like the HuffPost were gaining readers and winning plaudits within the media industry as innovative. They were the cool kids; Times folk were ink-stained wrinklies.
  • In its panic, the Times bought out experienced reporters and editors and began hiring journalists from publications like the HuffPost who were considered “digital natives” because they had never worked in print. This hiring quickly became easier, since most digital publications financed by venture capital turned out to be bad businesses
  • Though they might have lacked deep or varied reporting backgrounds, some of the Times’s new hires brought skills in video and audio; others were practised at marketing themselves – building their brands, as journalists now put it – in social media. Some were brilliant and fiercely honest, in keeping with the old aspirations of the paper.
  • critically, the Times abandoned its practice of acculturation, including those months-long assignments on Metro covering cops and crime or housing. Many new hires who never spent time in the streets went straight into senior writing and editing roles.
  • All these recruits arrived with their own notions of the purpose of the Times. To me, publishing conservatives helped fulfil the paper’s mission; to them, I think, it betrayed that mission.
  • then, to the shock and horror of the newsroom, Trump won the presidency. In his article for Columbia Journalism Review, Sulzberger cites the Times’s failure to take Trump’s chances seriously as an example of how “prematurely shutting down inquiry and debate” can allow “conventional wisdom to ossify in a way that blinds society.
  • Many Times staff members – scared, angry – assumed the Times was supposed to help lead the resistance. Anxious for growth, the Times’s marketing team implicitly endorsed that idea, too.
  • As the number of subscribers ballooned, the marketing department tracked their expectations, and came to a nuanced conclusion. More than 95% of Times subscribers described themselves as Democrats or independents, and a vast majority of them believed the Times was also liberal
  • A similar majority applauded that bias; it had become “a selling point”, reported one internal marketing memo. Yet at the same time, the marketers concluded, subscribers wanted to believe that the Times was independent.
  • As that memo argued, even if the Times was seen as politically to the left, it was critical to its brand also to be seen as broadening its readers’ horizons, and that required “a perception of independence”.
  • Readers could cancel their subscriptions if the Times challenged their worldview by reporting the truth without regard to politics. As a result, the Times’s long-term civic value was coming into conflict with the paper’s short-term shareholder value
  • The Times has every right to pursue the commercial strategy that makes it the most money. But leaning into a partisan audience creates a powerful dynamic. Nobody warned the new subscribers to the Times that it might disappoint them by reporting truths that conflicted with their expectations
  • When your product is “independent journalism”, that commercial strategy is tricky, because too much independence might alienate your audience, while too little can lead to charges of hypocrisy that strike at the heart of the brand.
  • It became one of Dean Baquet’s frequent mordant jokes that he missed the old advertising-based business model, because, compared with subscribers, advertisers felt so much less sense of ownership over the journalism
  • The Times was slow to break it to its readers that there was less to Trump’s ties to Russia than they were hoping, and more to Hunter Biden’s laptop, that Trump might be right that covid came from a Chinese lab, that masks were not always effective against the virus, that shutting down schools for many months was a bad idea.
  • there has been a sea change over the past ten years in how journalists think about pursuing justice. The reporters’ creed used to have its foundation in liberalism, in the classic philosophical sense. The exercise of a reporter’s curiosity and empathy, given scope by the constitutional protections of free speech, would equip readers with the best information to form their own judgments. The best ideas and arguments would win out
  • The journalist’s role was to be a sworn witness; the readers’ role was to be judge and jury. In its idealised form, journalism was lonely, prickly, unpopular work, because it was only through unrelenting scepticism and questioning that society could advance. If everyone the reporter knew thought X, the reporter’s role was to ask: why X?
  • Illiberal journalists have a different philosophy, and they have their reasons for it. They are more concerned with group rights than individual rights, which they regard as a bulwark for the privileges of white men. They have seen the principle of  free speech used to protect right-wing outfits like Project Veritas and Breitbart News and are uneasy with it.
  • They had their suspicions of their fellow citizens’ judgment confirmed by Trump’s election, and do not believe readers can be trusted with potentially dangerous ideas or facts. They are not out to achieve social justice as the knock-on effect of pursuing truth; they want to pursue it head-on
  • The term “objectivity” to them is code for ignoring the poor and weak and cosying up to power, as journalists often have done.
  • And they do not just want to be part of the cool crowd. They need to be
  • To be more valued by their peers and their contacts – and hold sway over their bosses – they need a lot of followers in social media. That means they must be seen to applaud the right sentiments of the right people in social media
  • The journalist from central casting used to be a loner, contrarian or a misfit. Now journalism is becoming another job for joiners, or, to borrow Twitter’s own parlance, “followers”, a term that mocks the essence of a journalist’s role.
  • The new newsroom ideology seems idealistic, yet it has grown from cynical roots in academia: from the idea that there is no such thing as objective truth; that there is only narrative, and that therefore whoever controls the narrative – whoever gets to tell the version of the story that the public hears – has the whip hand
  • What matters, in other words, is not truth and ideas in themselves, but the power to determine both in the public mind.
  • By contrast, the old newsroom ideology seems cynical on its surface. It used to bug me that my editors at the Times assumed every word out of the mouth of any person in power was a lie.
  • And the pursuit of objectivity can seem reptilian, even nihilistic, in its abjuration of a fixed position in moral contests. But the basis of that old newsroom approach was idealistic: the notion that power ultimately lies in truth and ideas, and that the citizens of a pluralistic democracy, not leaders of any sort, must be trusted to judge both.
  • Our role in Times Opinion, I used to urge my colleagues, was not to tell people what to think, but to help them fulfil their desire to think for themselves.
  • It seems to me that putting the pursuit of truth, rather than of justice, at the top of a publication’s hierarchy of values also better serves not just truth but justice, too
  • over the long term journalism that is not also sceptical of the advocates of any form of justice and the programmes they put forward, and that does not struggle honestly to understand and explain the sources of resistance,
  • will not assure that those programmes will work, and it also has no legitimate claim to the trust of reasonable people who see the world very differently. Rather than advance understanding and durable change, it provokes backlash.
  • The impatience within the newsroom with such old ways was intensified by the generational failure of the Times to hire and promote women and non-white people
  • Pay attention if you are white at the Times and you will hear black editors speak of hiring consultants at their own expense to figure out how to get white staff to respect them
  • As wave after wave of pain and outrage swept through the Times, over a headline that was not damning enough of Trump or someone’s obnoxious tweets, I came to think of the people who were fragile, the ones who were caught up in Slack or Twitter storms, as people who had only recently discovered that they were white and were still getting over the shock.
  • Having concluded they had got ahead by working hard, it has been a revelation to them that their skin colour was not just part of the wallpaper of American life, but a source of power, protection and advancement.
  • I share the bewilderment that so many people could back Trump, given the things he says and does, and that makes me want to understand why they do: the breadth and diversity of his support suggests not just racism is at work. Yet these elite, well-meaning Times staff cannot seem to stretch the empathy they are learning to extend to people with a different skin colour to include those, of whatever race, who have different politics.
  • The digital natives were nevertheless valuable, not only for their skills but also because they were excited for the Times to embrace its future. That made them important allies of the editorial and business leaders as they sought to shift the Times to digital journalism and to replace staff steeped in the ways of print. Partly for that reason, and partly out of fear, the leadership indulged internal attacks on Times journalism, despite pleas from me and others, to them and the company as a whole, that Times folk should treat each other with more respect
  • My colleagues and I in Opinion came in for a lot of the scorn, but we were not alone. Correspondents in the Washington bureau and political reporters would take a beating, too, when they were seen as committing sins like “false balance” because of the nuance in their stories.
  • My fellow editorial and commercial leaders were well aware of how the culture of the institution had changed. As delighted as they were by the Times’s digital transformation they were not blind to the ideological change that came with it. They were unhappy with the bullying and group-think; we often discussed such cultural problems in the weekly meetings of the executive committee, composed of the top editorial and business leaders, including the publisher. Inevitably, these bitch sessions would end with someone saying a version of: “Well, at some point we have to tell them this is what we believe in as a newspaper, and if they don’t like it they should work somewhere else.” It took me a couple of years to realise that this moment was never going to come.
  • There is a lot not to miss about the days when editors like Boyd could strike terror in young reporters like me and Purdum. But the pendulum has swung so far in the other direction that editors now tremble before their reporters and even their interns. “I miss the old climate of fear,” Baquet used to say with a smile, in another of his barbed jokes.
  • I wish I’d pursued my point and talked myself out of the job. This contest over control of opinion journalism within the Times was not just a bureaucratic turf battle (though it was that, too)
  • The newsroom’s embrace of opinion journalism has compromised the Times’s independence, misled its readers and fostered a culture of intolerance and conformity.
  • The Opinion department is a relic of the era when the Times enforced a line between news and opinion journalism.
  • Editors in the newsroom did not touch opinionated copy, lest they be contaminated by it, and opinion journalists and editors kept largely to their own, distant floor within the Times building. Such fastidiousness could seem excessive, but it enforced an ethos that Times reporters owed their readers an unceasing struggle against bias in the news
  • But by the time I returned as editorial-page editor, more opinion columnists and critics were writing for the newsroom than for Opinion. As at the cable news networks, the boundaries between commentary and news were disappearing, and readers had little reason to trust that Times journalists were resisting rather than indulging their biases
  • The Times newsroom had added more cultural critics, and, as Baquet noted, they were free to opine about politics.
  • Departments across the Times newsroom had also begun appointing their own “columnists”, without stipulating any rules that might distinguish them from columnists in Opinion
  • I checked to see if, since I left the Times, it had developed guidelines explaining the difference, if any, between a news columnist and opinion columnist. The paper’s spokeswoman, Danielle Rhoades Ha, did not respond to the question.)
  • The internet rewards opinionated work and, as news editors felt increasing pressure to generate page views, they began not just hiring more opinion writers but also running their own versions of opinionated essays by outside voices – historically, the province of Opinion’s op-ed department.
  • Yet because the paper continued to honour the letter of its old principles, none of this work could be labelled “opinion” (it still isn’t). After all, it did not come from the Opinion department.
  • And so a newsroom technology columnist might call for, say, unionisation of the Silicon Valley workforce, as one did, or an outside writer might argue in the business section for reparations for slavery, as one did, and to the average reader their work would appear indistinguishable from Times news articles.
  • By similarly circular logic, the newsroom’s opinion journalism breaks another of the Times’s commitments to its readers. Because the newsroom officially does not do opinion – even though it openly hires and publishes opinion journalists – it feels free to ignore Opinion’s mandate to provide a diversity of views
  • When I was editorial-page editor, there were a couple of newsroom columnists whose politics were not obvious. But the other newsroom columnists, and the critics, read as passionate progressives.
  • I urged Baquet several times to add a conservative to the newsroom roster of cultural critics. That would serve the readers by diversifying the Times’s analysis of culture, where the paper’s left-wing bias had become most blatant, and it would show that the newsroom also believed in restoring the Times’s commitment to taking conservatives seriously. He said this was a good idea, but he never acted on it
  • I couldn’t help trying the idea out on one of the paper’s top cultural editors, too: he told me he did not think Times readers would be interested in that point of view.
  • opinion was spreading through the newsroom in other ways. News desks were urging reporters to write in the first person and to use more “voice”, but few newsroom editors had experience in handling that kind of journalism, and no one seemed certain where “voice” stopped and “opinion” began
  • The Times magazine, meanwhile, became a crusading progressive publication
  • Baquet liked to say the magazine was Switzerland, by which he meant that it sat between the newsroom and Opinion. But it reported only to the news side. Its work was not labelled as opinion and it was free to omit conservative viewpoints.
  • his creep of politics into the newsroom’s journalism helped the Times beat back some of its new challengers, at least those on the left
  • Competitors like Vox and the HuffPost were blending leftish politics with reporting and writing it up conversationally in the first person. Imitating their approach, along with hiring some of their staff, helped the Times repel them. But it came at a cost. The rise of opinion journalism over the past 15 years changed the newsroom’s coverage and its culture
  • The tiny redoubt of never-Trump conservatives in Opinion is swamped daily not only by the many progressives in that department but their reinforcements among the critics, columnists and magazine writers in the newsroom
  • They are generally excellent, but their homogeneity means Times readers are being served a very restricted range of views, some of them presented as straight news by a publication that still holds itself out as independent of any politics.
  • And because the critics, newsroom columnists and magazine writers are the newsroom’s most celebrated journalists, they have disproportionate influence over the paper’s culture.
  • By saying that it still holds itself to the old standard of strictly separating its news and opinion journalists, the paper leads its readers further into the trap of thinking that what they are reading is independent and impartial – and this misleads them about their country’s centre of political and cultural gravity.
  • And yet the Times insists to the public that nothing has changed.
  • “Even though each day’s opinion pieces are typically among our most popular journalism and our columnists are among our most trusted voices, we believe opinion is secondary to our primary mission of reporting and should represent only a portion of a healthy news diet,” Sulzberger wrote in the Columbia Journalism Review. “For that reason, we’ve long kept the Opinion department intentionally small – it represents well under a tenth of our journalistic staff – and ensured that its editorial decision-making is walled off from the newsroom.”
  • When I was editorial-page editor, Sulzberger, who declined to be interviewed on the record for this article, worried a great deal about the breakdown in the boundaries between news and opinion
  • He told me once that he would like to restructure the paper to have one editor oversee all its news reporters, another all its opinion journalists and a third all its service journalists, the ones who supply guidance on buying gizmos or travelling abroad. Each of these editors would report to him
  • That is the kind of action the Times needs to take now to confront its hypocrisy and begin restoring its independence.
  • The Times could learn something from the Wall Street Journal, which has kept its journalistic poise
  • It has maintained a stricter separation between its news and opinion journalism, including its cultural criticism, and that has protected the integrity of its work.
  • After I was chased out of the Times, Journal reporters and other staff attempted a similar assault on their opinion department. Some 280 of them signed a letter listing pieces they found offensive and demanding changes in how their opinion colleagues approached their work. “Their anxieties aren’t our responsibility,” shrugged the Journal’s editorial board in a note to readers after the letter was leaked. “The signers report to the news editors or other parts of the business.” The editorial added, in case anyone missed the point, “We are not the New York Times.” That was the end of it.
  • Unlike the publishers of the Journal, however, Sulzberger is in a bind, or at least perceives himself to be
  • The confusion within the Times over its role, and the rising tide of intolerance among the reporters, the engineers, the business staff, even the subscribers – these are all problems he inherited, in more ways than one. He seems to feel constrained in confronting the paper’s illiberalism by the very source of his authority
  • The paradox is that in previous generations the Sulzbergers’ control was the bulwark of the paper’s independence.
  • if he is going to instil the principles he believes in, he needs to stop worrying so much about his powers of persuasion, and start using the power he is so lucky to have.
  • Shortly after we published the op-ed that Wednesday afternoon, some reporters tweeted their opposition to Cotton’s argument. But the real action was in the Times’s Slack channels, where reporters and other staff began not just venting but organising. They turned to the union to draw up a workplace complaint about the op-ed.
  • The next day, this reporter shared the byline on the Times story about the op-ed. That article did not mention that Cotton had distinguished between “peaceful, law-abiding protesters” and “rioters and looters”. In fact, the first sentence reported that Cotton had called for “the military to suppress protests against police violence”.
  • This was – and is – wrong. You don’t have to take my word for that. You can take the Times’s
  • Three days later in its article on my resignation it also initially reported that Cotton had called “for military force against protesters in American cities”. This time, after the article was published on the Times website, the editors scrambled to rewrite it, replacing “military force” with “military response” and “protesters” with “civic unrest”
  • That was a weaselly adjustment – Cotton wrote about criminality, not “unrest” – but the article at least no longer unambiguously misrepresented Cotton’s argument to make it seem he was in favour of crushing democratic protest. The Times did not publish a correction or any note acknowledging the story had been changed.
  • Seeking to influence the outcome of a story you cover, particularly without disclosing that to the reader, violates basic principles I was raised on at the Times
  • s Rhoades Ha disputes my characterisation of the after-the-fact editing of the story about my resignation. She said the editors changed the story after it was published on the website in order to “refine” it and “add context”, and so the story did not merit a correction disclosing to the reader that changes had been made.
  • In retrospect what seems almost comical is that as the conflict over Cotton’s op-ed unfolded within the Times I acted as though it was on the level, as though the staff of the Times would have a good-faith debate about Cotton’s piece and the decision to publish it
  • Instead, people wanted to vent and achieve what they considered to be justice, whether through Twitter, Slack, the union or the news pages themselves
  • My colleagues in Opinion, together with the PR team, put together a series of connected tweets describing the purpose behind publishing Cotton’s op-ed. Rather than publish these tweets from the generic Times Opinion Twitter account, Sulzberger encouraged me to do it from my personal one, on the theory that this would humanise our defence. I doubted that would make any difference, but it was certainly my job to take responsibility. So I sent out the tweets, sticking my head in a Twitter bucket that clangs, occasionally, to this day
  • What is worth recalling now from the bedlam of the next two days? I suppose there might be lessons for someone interested in how not to manage a corporate crisis. I began making my own mistakes that Thursday. The union condemned our publication of Cotton, for supposedly putting journalists in danger, claiming that he had called on the military “to ‘detain’ and ‘subdue’ Americans protesting racism and police brutality” – again, a misrepresentation of his argument. The publisher called to tell me the company was experiencing its largest sick day in history; people were turning down job offers because of the op-ed, and, he said, some people were quitting. He had been expecting for some time that the union would seek a voice in editorial decision-making; he said he thought this was the moment the union was making its move. He had clearly changed his own mind about the value of publishing the Cotton op-ed.
  • I asked Dao to have our fact-checkers review the union’s claims. But then I went a step further: at the publisher’s request, I urged him to review the editing of the piece itself and come back to me with a list of steps we could have taken to make it better. Dao’s reflex – the correct one – was to defend the piece as published. He and three other editors of varying ages, genders and races had helped edit it; it had been fact-checked, as is all our work
  • This was my last failed attempt to have the debate within the Times that I had been seeking for four years, about why it was important to present Times readers with arguments like Cotton’s. The staff at the paper never wanted to have that debate. The Cotton uproar was the most extreme version of the internal reaction we faced whenever we published conservative arguments that were not simply anti-Trump. Yes, yes, of course we believe in the principle of publishing diverse views, my Times colleagues would say, but why this conservative? Why this argument?
  • I doubt these changes would have mattered, and to extract this list from Dao was to engage in precisely the hypocrisy I claimed to despise – that, in fact, I do despise. If Cotton needed to be held to such standards of politesse, so did everyone else. Headlines such as “Tom Cotton’s Fascist Op-ed”, the headline of a subsequent piece, should also have been tranquillised.
  • As that miserable Thursday wore on, Sulzberger, Baquet and I held a series of Zoom meetings with reporters and editors from the newsroom who wanted to discuss the op-ed. Though a handful of the participants were there to posture, these were generally constructive conversations. A couple of people, including Baquet, even had the guts to speak up in favour of publishing the op-ed
  • Two moments stick out. At one point, in answer to a question, Sulzberger and Baquet both said they thought the op-ed – as the Times union and many journalists were saying – had in fact put journalists in danger. That was the first time I realised I might be coming to the end of the road.
  • The other was when a pop-culture reporter asked if I had read the op-ed before it was published. I said I had not. He immediately put his head down and started typing, and I should have paid attention rather than moving on to the next question. He was evidently sharing the news with the company over Slack.
  • Every job review I had at the Times urged me to step back from the daily coverage to focus on the long term. (Hilariously, one review, urging me to move faster in upending the Opinion department, instructed me to take risks and “ask for forgiveness not permission”.)
  • I learned when these meetings were over that there had been a new eruption in Slack. Times staff were saying that Rubenstein had been the sole editor of the op-ed. In response, Dao had gone into Slack to clarify to the entire company that he had also edited it himself. But when the Times posted the news article that evening, it reported, “The Op-Ed was edited by Adam Rubenstein” and made no mention of Dao’s statement
  • Early that morning, I got an email from Sam Dolnick, a Sulzberger cousin and a top editor at the paper, who said he felt “we” – he could have only meant me – owed the whole staff “an apology for appearing to place an abstract idea like open debate over the value of our colleagues’ lives, and their safety”. He was worried that I and my colleagues had unintentionally sent a message to other people at the Times that: “We don’t care about their full humanity and their security as much as we care about our ideas.”
  • “I know you don’t like it when I talk about principles at a moment like this,” I began. But I viewed the journalism I had been doing, at the Times and before that at the Atlantic, in very different terms from the ones Dolnick presumed. “I don’t think of our work as an abstraction without meaning for people’s lives – quite the opposite,” I continued. “The whole point – the reason I do this – is to have an impact on their lives to the good. I have always believed that putting ideas, including potentially dangerous one[s], out in the public is vital to ensuring they are debated and, if dangerous, discarded.” It was, I argued, in “edge cases like this that principles are tested”, and if my position was judged wrong then “I am out of step with the times.” But, I concluded, “I don’t think of us as some kind of debating society without implications for the real world and I’ve never been unmindful of my colleagues’ humanity.”
  • in the end, one thing he and I surely agree on is that I was, in fact, out of step with the Times. It may have raised me as a journalist – and invested so much in educating me to what were once its standards – but I did not belong there any more.
  • Finally, I came up with something that felt true. I told the meeting that I was sorry for the pain that my leadership of Opinion had caused. What a pathetic thing to say. I did not think to add, because I’d lost track of this truth myself by then, that opinion journalism that never causes pain is not journalism. It can’t hope to move society forward
  • As I look back at my notes of that awful day, I don’t regret what I said. Even during that meeting, I was still hoping the blow-up might at last give me the chance either to win support for what I had been asked to do, or to clarify once and for all that the rules for journalism had changed at the Times.
  • But no one wanted to talk about that. Nor did they want to hear about all the voices of vulnerable or underprivileged people we had been showcasing in Opinion, or the ambitious new journalism we were doing. Instead, my Times colleagues demanded to know things such as the names of every editor who had had a role in the Cotton piece. Having seen what happened to Rubenstein I refused to tell them. A Slack channel had been set up to solicit feedback in real time during the meeting, and it was filling with hate. The meeting ran long, and finally came to a close after 90 minutes.
  • I tried to insist, as did Dao, that the note make clear the Cotton piece was within our editorial bounds. Sulzberger said he felt the Times could afford to be “silent” on that question. In the end the note went far further in repudiating the piece than I anticipated, saying it should never have been published at all. The next morning I was told to resign.
  • It was a terrible moment for the country. By the traditional – and perverse – logic of journalism, that should also have made it an inspiring time to be a reporter, writer or editor. Journalists are supposed to run towards scenes that others are fleeing, towards hard truths others need to know, towards consequential ideas they would prefer to ignore.
  • But fear got all mixed up with anger inside the Times, too, along with a desire to act locally in solidarity with the national movement. That energy found a focus in the Cotton op-ed
  • the Times is not good at acknowledging mistakes. Indeed, one of my own, within the Times culture, was to take responsibility for any mistakes my department made, and even some it didn’t
  • To Sulzberger, the meltdown over Cotton’s op-ed and my departure in disgrace are explained and justified by a failure of editorial “process”. As he put it in an interview with the New Yorker this summer, after publishing his piece in the Columbia Journalism Review, Cotton’s piece was not “perfectly fact-checked” and the editors had not “thought about the headline and presentation”. He contrasted the execution of Cotton’s opinion piece with that of a months-long investigation the newsroom did of Donald Trump’s taxes (which was not “perfectly fact-checked”, as it happens – it required a correction). He did not explain why, if the Times was an independent publication, an op-ed making a mainstream conservative argument should have to meet such different standards from an op-ed making any other kind of argument, such as for the abolition of the police
  • “It’s not enough just to have the principle and wave it around,” he said. “You also have to execute on it.”
  • To me, extolling the virtue of independent journalism in the pages of the Columbia Journalism Review is how you wave a principle around. Publishing a piece like Cotton’s is how you execute on it.
  • As Sulzberger also wrote in the Review, “Independent journalism, especially in a pluralistic democracy, should err on the side of treating areas of serious political contest as open, unsettled, and in need of further inquiry.
  • If Sulzberger must insist on comparing the execution of the Cotton op-ed with that of the most ambitious of newsroom projects, let him compare it with something really important, the 1619 Project, which commemorated the 400th anniversary of the arrival of enslaved Africans in Virginia.
  • Like Cotton’s piece, the 1619 Project was fact-checked and copy-edited (most of the Times newsroom does not fact-check or copy-edit articles, but the magazine does). But it nevertheless contained mistakes, as journalism often does. Some of these mistakes ignited a firestorm among historians and other readers.
  • And, like Cotton’s piece, the 1619 Project was presented in a way the Times later judged to be too provocative.
  • The Times declared that the 1619 Project “aims to reframe the country’s history, understanding 1619 as our true founding”. That bold statement – a declaration of Times fact, not opinion, since it came from the newsroom – outraged many Americans who venerated 1776 as the founding. The Times later stealthily erased it from the digital version of the project, but was caught doing so by a writer for the publication Quillette. Sulzberger told me during the initial uproar that the top editors in the newsroom – not just Baquet but his deputy – had not reviewed the audacious statement of purpose, one of the biggest editorial claims the paper has ever made. They also, of course, did not edit all the pieces themselves, trusting the magazine’s editors to do that work.
  • If the 1619 Project and the Cotton op-ed shared the same supposed flaws and excited similar outrage, how come that one is lauded as a landmark success and the other is a sackable offence?
  • I am comparing them only to meet Sulzberger on his terms, in order to illuminate what he is trying to elide. What distinguished the Cotton piece was not an error, or strong language, or that I didn’t edit it personally. What distinguished that op-ed was not process. It was politics.
  • It is one thing for the Times to aggravate historians, or conservatives, or even old-school liberals who believe in open debate. It has become quite another for the Times to challenge some members of its own staff with ideas that might contradict their view of the world.
  • The lessons of the incident are not about how to write a headline but about how much the Times has changed – how digital technology, the paper’s new business model and the rise of new ideals among its staff have altered its understanding of the boundary between news and opinion, and of the relationship between truth and justice
  • Ejecting me was one way to avoid confronting the question of which values the Times is committed to. Waving around the word “process” is another.
  • As he asserts the independence of Times journalism, Sulzberger is finding it necessary to reach back several years to another piece I chose to run, for proof that the Times remains willing to publish views that might offend its staff. “We’ve published a column by the head of the part of the Taliban that kidnapped one of our own journalists,” he told the New Yorker. He is missing the real lesson of that piece, as well.
  • The case against that piece is that Haqqani, who remains on the FBI’s most-wanted terrorist list, may have killed Americans. It’s puzzling: in what moral universe can it be a point of pride to publish a piece by an enemy who may have American blood on his hands, and a matter of shame to publish a piece by an American senator arguing for American troops to protect Americans?
  • As Mitch McConnell, then the majority leader, said on the Senate floor about the Times’s panic over the Cotton op-ed, listing some other debatable op-ed choices, “Vladimir Putin? No problem. Iranian propaganda? Sure. But nothing, nothing could have prepared them for 800 words from the junior senator from Arkansas.”
  • The Times’s staff members are not often troubled by obnoxious views when they are held by foreigners. This is an important reason the paper’s foreign coverage, at least of some regions, remains exceptional.
  • What seems most important and least understood about that episode is that it demonstrated in real time the value of the ideals that I poorly defended in the moment, ideals that not just the Times’s staff but many other college-educated Americans are abandoning.
  • After all, we ran the experiment; we published the piece. Was any Times journalist hurt? No. Nobody in the country was. In fact, though it is impossible to know the op-ed’s precise effect, polling showed that support for a military option dropped after the Times published the essay, as the Washington Post’s media critic, Erik Wemple, has written
  • If anything, in other words, publishing the piece stimulated debate that made it less likely Cotton’s position would prevail. The liberal, journalistic principle of open debate was vindicated in the very moment the Times was fleeing from it.
lilyrashkind

Start-up investors issue warnings as boom times 'unambiguously over' - 0 views

www.cnbc.com/...-times-unambiguously-over.html

investors US

shared by lilyrashkind on 02 Jun 22 - No Cached
  • Y Combinator said companies have to “understand that the poor public market performance of tech companies significantly impacts VC investing.”
  • Slow your hiring! Cut back on marketing! Extend your runway!The venture capital missives are back, and they’re coming in hot.With tech stocks cratering through the first five months of 2022 and the Nasdaq on pace for its second-worst quarter since the 2008 financial crisis, start-up investors are telling their portfolio companies they won’t be spared in the fallout, and that conditions could be worsening.
  • It’s a stark contrast to 2021, when investors were rushing into pre-IPO companies at sky-high valuations, deal-making was happening at a frenzied pace and buzzy software start-ups were commanding multiples of 100 times revenue. That era reflected an extended bull market in tech, with the Nasdaq Composite notching gains in 11 of the past 13 years, and venture funding in the U.S. reaching $332.8 billion last year, up sevenfold from a decade earlier. according to the National Venture Capital Association.
  • ...8 more annotations...
  • As it turns out, technology demand only increased and the Nasdaq had its best year since 2009, spurred on by low interest rates and a surge in spending on products for remote work.
  • “Companies that recently raised at very high prices at the height of valuation inflation may be grappling with high burn rates and near-term challenges growing into those valuations,” Shakir told CNBC in an email. “Others that were more dilution-sensitive and chose to raise less may now need to consider avenues for extending runway that would have seemed unpalatable to them just months ago.”
  • “Our companies heeded that advice and most companies are now prepared for winter,” Lux wrote.
  • “This time, many of those tools have been exhausted,” Sequoia wrote. “We do not believe that this is going to be another steep correction followed by an equally swift V-shaped recovery like we saw at the outset of the pandemic.”Sequoia told its companies to look at projects, research and development, marketing and elsewhere for opportunities to cut costs. Companies don’t have to immediately pull the trigger, the firm added, but they should be ready to do it in the next 30 days if needed.
  • And among companies that are still private, staff reductions are underway at Klarna and Cameo, while Instacart is reportedly slowing hiring ahead of an expected initial public offering. Cloud software vendor Lacework announced staffing cuts on Friday, six months after the company was valued at $8.3 billion by venture investors.“We have adjusted our plan to increase our cash runway through to profitability and significantly strengthened our balance sheet so we can be more opportunistic around investment opportunities and weather uncertainty in the macro environment,” Lacework said in a blog post.
  • Shakir agreed with that assessment. “Like many, we at Lux have been advising our companies to think long term, extend runway to 2+ years if possible, take a very close look at reducing burn and improving gross margins, and start to set expectations that near-term future financings are unlikely to look like what they may have expected six or 12 months ago,” she wrote.
  • Lux highlighted one of the painful decisions it expects to see. For several companies, the firm said, “sacrificing people will come before sacrificing valuation.”But venture firms are keen to remind founders that great companies emerge from the darkest of times. Those that prove they can survive and even thrive when capital is in short supply, the thinking goes, are positioned to flourish when the economy bounces back.
  • conditions.”CORRECTION: This story was updated to reflect that cloud software vendor Lacework raised $1.3 billion in growth funding at a valuation of $8.3 billion.
Javier E

Elon Musk, Other AI Experts Call for Pause in Technology's Development - WSJ - 0 views

www.wsj.com/...technologys-development-56327f

ai control competition competitiveness

shared by Javier E on 02 Apr 23 - No Cached
  • Calls for a pause clash with a broad desire among tech companies and startups to double down on so-called generative AI, a technology capable of generating original content to human prompts. Buzz around generative AI exploded last fall after OpenAI unveiled a chatbot with its ability to perform functions like providing lengthy answers and producing computer code with humanlike sophistication. 
  • Microsoft has embraced the technology for its Bing search engine and other tools. Alphabet Inc.’s Google has deployed a rival system, and companies such as Adobe Inc., Zoom Video Communications Inc. and Salesforce Inc. have also introduced advanced AI tools.
  • “A race starts today,” Microsoft CEO Satya Nadella said last month. “We’re going to move, and move fast.”
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  • “It is unfortunate to frame this as an arms race,” Mr. Tegmark said. “It is more of a suicide race. It doesn’t matter who is going to get there first. It just means that humanity as a whole could lose control of its own destiny.” 
  • Messrs. Musk and Wozniak have both voiced concerns about AI technology. Mr. Musk on Wednesday tweeted that developers of the advanced AI technology “will not heed this warning, but at least it was said.”
  • Yann LeCun, chief AI scientist at Meta Platforms Inc., on Tuesday tweeted that he didn’t sign the letter because he disagreed with its premise. 
  • Mr. Mostaque, Stability AI’s CEO, said in a tweet Wednesday that although he signed the letter, he didn’t agree with a six-month pause. “It has no force but will kick off an important discussion that will hopefully bring more transparency & governance to an opaque area.”
  • Mr. Tegmark said many companies feel “crazy commercial pressures” to add advanced AI technology into their products. A six-month pause would allow the industry “breathing room,” without disadvantaging ones that opt to move carefully
  • The letter said a pause should be declared publicly and be verifiable and all key actors in the space should participate. “If such a pause cannot be enacted quickly, governments should step in and institute a moratorium,” it said
  • AI labs and experts can use this time to develop a set of shared safety rules for advanced AI design that should be audited and overseen by outside experts, the authors wrote.
  • “I don’t think we can afford to just go forward and break things,” said Mr. Bengio, who shared a 2018 Turing award for inventing the systems that modern AI is built on. “We do need to take time to think through this collectively.”
Javier E

He's Narrating Your New Audiobook. He's Also Been Dead for Nearly 10 Years. - WSJ - 0 views

www.wsj.com/...arrate-your-audiobook-7528cd96

translation audiobook ai

shared by Javier E on 06 Apr 23 - No Cached
  • AI’s reach into audiobook narration isn’t merely theoretical. Thousands of AI-narrated audiobooks are available on popular marketplaces including Alphabet Inc.’s Google Play Books and Apple Inc.’s Apple Books. Amazon.com Inc., AMZN +0.25% whose Audible unit is the largest U.S. audiobook service, doesn’t offer any for now, but says it is evaluating its position.
  • The technology hasn’t been widely embraced by the largest U.S. book publishers, which mostly use it for marketing efforts and some foreign-language title
  • it is a boon for smaller outfits and little-known authors, whose books might not have the sales potential to warrant the cost—traditionally at least $5,000—of recording an audio version.
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  • Apple and Google said they allow users to create audiobooks free of charge that use digitally replicated human voices. The voices featured in audiobooks generated by Apple and Google come from real people, whose voices helped train their automated-narration engines.
  • Ms. Papel said there is still plenty of work for professional narrators because the new era of AI auto-narration is just getting under way, though she said that might not be the case in the future.
  • “From what I can see, human narrators are freaking out,
  • Melissa Papel, a Paris-born actress who records from her home studio in Los Angeles, said she recorded eight hours of content for DeepZen, reading in French from different books. “One called for me to read in an angry way, another in a disgusted way, a humorous way, a dramatic way,” she said.
  • Charles Watkinson, director of the University of Michigan Press, said the publisher has made about 100 audiobooks using Google’s free auto-narrated audiobook platform since early last year. The new technology made those titles possible because it eliminated the costs associated with using a production studio, support staff and human narrators.
  • “I understood that they would use my voice to teach software how to speak more humanly,” Ms. Papel said. “I didn’t realize they could use my voice to pronounce words I didn’t say. That’s incredible.”
  • DeepZen pays its narrators a flat fee plus a royalty based on the revenue the company generates from different projects. The agreements span multiple years
  • a national union that represents performers, including professional audiobook narrators, said he expects AI to eventually disrupt the industry.
  • Audiobook sales rose 7% last year, according to the Association of American Publishers, while print book sales declined by 5.8%, according to book tracker Circana BookScan.
  • eepZen says it has signed deals with 35 publishers in the U.S. and abroad and is working with 25 authors.
  • Josiah Ziegler, a psychiatrist in Fort Collins, Colo., last year created Intellectual Classics, which focuses on nonfiction works that are out of copyright and don’t have an audiobook edition. 
  • He chose Mr. Herrmann as the narrator for “The War with Mexico,” a work by Justin H. Smith that won the 1920 Pulitzer Prize for history whose audiobook version Dr. Ziegler expects to publish later this year.
  • DeepZen, which has created nearly a hundred audiobooks featuring Mr. Herrmann’s voice, is pursuing the rights of other well-known stars who have died.
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