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his case is one of dozens discovered by reporters appearing to show Credit Suisse opened or maintained accounts for clients who had serious convictions that might be expected to show up in due diligence checks. There are other instances in which Credit Suisse may have taken quick action after red flags emerged, but the case nonetheless shows that dubious clients have been attracted to the bank.

Like every other bank in the world, Credit Suisse professes to have stringent control mechanisms to carry out extensive due diligence on its customers to “ensure that the highest standards of conduct are upheld”. In banking parlance, such controls are called know-your-client or KYC checks.

A 2017 leaked report commissioned by Switzerland’s financial regulator shed some light on the bank’s internal procedures at that time. Clients would face intensified scrutiny when flagged as a politically exposed person from a high-risk country, or a person involved in a high-risk activity such as gambling, weapons trading, financial services or mining, the report said.

Such controls might be expected to prevent a bank from opening accounts for clients such as Rodoljub Radulović, a Serbian securities fraudster indicted in 2001 by the US Securities and Exchange Commission. However, the leaked data identifies him as the co-signatory of two Credit Suisse company accounts. The first was opened in 2005, the year after the SEC had secured a default judgment against Radulović for running a pump-and-dump scheme.

One of Radulović’s company accounts held 3.4m CHF (£2.2m) before they closed in 2010. He was recently given a 10-year prison sentence by a court in Belgrade for his role trafficking cocaine from South America for the organised crime boss Darko Šarić.

Due diligence is not only for new clients. Banks are required to continually reassess existing customers. The 2017 report said Credit Suisse screened customers at least every three years and as often as once a year for the riskiest clients. Lawyers for Credit Suisse told the Guardian these periodic reviews were introduced “more than 15 years ago”, meaning it was continually running due diligence on existing clients from 2007.

The bank might, therefore, have been expected to have discovered that its German client Eduard Seidel was convicted of bribery in 2008. Seidel was an employee of Siemens. As the multinational’s lead in Nigeria, he oversaw a campaign of industrial-scale bribery to secure lucrative contracts for his employer by funnelling cash to corrupt Nigerian politicians.

After German authorities raided the Munich headquarters of Siemens in 2006, Seidel immediately confessed his role in the bribery scheme, though he said he had never stolen from the company or appropriated its slush funds. His involvement in the corruption led to his name being entered into the Thomson Reuters World-Check database in 2007.

However, the leaked Credit Suisse data shows his accounts were left open until at least well into the last decade. At one point after he left Siemens, one account was worth 54m CHF (£24m). Seidel’s lawyer declined to say whether the accounts were his. He said his client had addressed all outstanding matters relating to his bribery offences and wished to move on with his life.

The lawyer did not respond to repeated invitations to explain the source of the 54m CHF. Siemens said it did not know about the money and that its review of its own cashflows shed no light on the account.

A representative for Sederholm said Credit Suisse never froze his accounts and did not close them until 2013 when he was unable to provide due diligence material. Asked why Sederholm needed a Swiss account, they said that he was living in Thailand when it was opened, adding: “Can you please tell me if you would prefer to put your money in a Thai or Swiss bank?”

One client, Stefan Sederholm, a Swedish computer technician who opened an account with Credit Suisse in 2008, was able to keep it open for two-and-a-half years after his widely reported conviction for human trafficking in the Philippines, for which he was given a life sentence.

Swiss banks have cultivated their trusted reputation since as far back as 1713, when the Great Council of Geneva prohibited bankers from revealing details about the fortunes being deposited by European aristocrats. Switzerland soon became a tax haven for many of the world’s elites and its bankers nurtured a “duty of absolute silence” about their clients affairs.

The custom was enshrined in statute in 1934 with the introduction of Switzerland’s banking secrecy law, which criminalised the disclosure of client banking information to foreign authorities. Within decades, wealthy clients from all over the world were flocking to Swiss banks. Sometimes, that meant clients with something to hide.

One former Credit Suisse employee at the time alleges there was a deeply ingrained culture in Swiss banking of looking the other way when it came to problematic clients. “The bank’s compliance departments [were] masters of plausible deniability,” they told a reporter from the Organized Crime and Corruption Reporting Project, one of the coordinators of the Suisse secrets project. “Never write anything down that could expose an account that is non-compliant and never ask a question you do not want to know the answer to.”

The 2000s was also a decade in which foreign regulators and tax authorities became increasingly frustrated at their inability to penetrate the Swiss financial system. That changed in 2007, when the UBS banker Bradley Birkenfeld voluntarily approached US authorities with information about how the bank was helping thousands of wealthy Americans evade tax with secret accounts.

Birkenfeld was viewed as a traitor in Switzerland, where banking whistleblowers are often held in contempt. However, a wide-ranging US Senate investigation later uncovered the aggressive tactics used by UBS and Credit Suisse, the latter of which was found to have sent bankers to high-end events to recruit clients, courted a potential customer with free gold, and in one case even delivered sensitive bank statements hidden in the pages of a Sports Illustrated magazine.

The revelations sent shock waves through Switzerland’s financial sector and enraged the US, which pressured Switzerland into unilaterally disclosing which of its taxpayers had secret Swiss accounts from 2014. That same year, Switzerland reluctantly signed up to the international convention on the automatic exchange of banking Information.

By adopting the so-called common reporting standard (CRS) for sharing tax data, Switzerland in effect agreed that its banks would in the future exchange information about their clients with tax authorities in foreign countries. They started doing so in 2018.

Membership of the global exchange system is often cited by Switzerland’s banking industry as a turning point. “There is no longer Swiss bank client confidentiality for clients abroad,” the Swiss Bankers Association told the Guardian. “We are transparent, there is nothing to hide in Switzerland.”

Switzerland’s almost 90-year-old banking secrecy law, however, remains in force – and was recently broadened. The Tax Justice Network estimates that countries around the world collectively lose $21bn (£15.4bn) each year in tax revenues because of Switzerland. Many of those countries will be poorer nations that have not signed up to the CRS data exchange.

More than 90 countries, most of which are in the developing world, remain in the dark when their wealthy taxpayers hide their money in Swiss accounts.

This inequity in the system was cited by the whistleblower behind the leaked data, who said the CRS system “imposes a disproportionate financial and infrastructural burden on developing nations, perpetuating their exclusion from the system in the foreseeable future”.

“This situation enables corruption and starves developing countries of much-needed tax revenue. These countries are the ones that therefore suffer most from Switzerland’s reverse-Robin-Hood stunt,” they said.

“I am aware that having an offshore Swiss bank account does not necessarily imply tax evasion or any other financial crime,” they said. “However, it is likely that a significant number of these accounts were opened with the sole purpose of hiding their holder’s wealth from fiscal institutions and/or avoiding the payment of taxes on capital gains.”

Europe faces the prospect of Russia throttling the flow of piped gas. Even in the absence of a cut-off, it was expected to spend $1trn on energy in 2022, twice as much as in 2019.

Russia would also suffer heavy sanctions. Its banks would be harshly penalised and its economy deprived of crucial American high-tech components.

Perhaps, then, he will start with a less ambitious invasion. However, a limited war could claim many lives and be hard to contain.

Perhaps Mr Putin is planning a full-scale invasion, with Russian forces thrusting deep into Ukraine to seize the capital, Kyiv, and overthrow the government. Or he may seek to annex more territory in eastern Ukraine, carving out a corridor linking Russia with Crimea, the Ukrainian peninsula Mr Putin grabbed in 2014. Then again, he may want a small war, in which Russia “saves” Kremlin-backed separatists in Donbas, an eastern region of Ukraine, from supposed Ukrainian atrocities—and, at the same time, degrades Ukraine’s armed forces.

The global order has long been buttressed by the norm that countries do not redraw other countries’ borders by force of arms. When Iraq seized Kuwait in 1990 an international coalition led by America kicked it out.

if he seizes a bigger slice of Ukraine, it is hard to see him suddenly concluding that the time has come to make peace with NATO.

More likely, he would push on, helped by the newly established presence of Russian troops in Belarus to probe NATO’s collective-security pact, under which an attack on one member is an attack on all.

Not only would he relish the chance to hollow out America’s commitments to Europe, but he has also come to rely on demonising an enemy abroad to justify his harsh rule at home.

Meanwhile, diplomats should keep talking, looking for common ground on, say, arms control and pressing for a face-saving climbdown that Mr Putin and his captive media would be free to spin however they wish.

the need for regulation to maintain the reliability of essential aspects of the economy like electricity supply and the monetary system.

Which is why I’m calling the modern American right antisocial — because its members reject any policy that relies on social cooperation, and they want us to return instead to Hobbes’s dystopian state of nature

why Republicans have become fanatics about cryptocurrency, to the extent that one Senate candidate has defined his position as being “pro-God, pro-family, pro-Bitcoin.” The answer, I’d argue, is that Bitcoin plays into a fantasy of self-sufficient individualism, of protecting your family with your personal AR-15, treating your Covid with an anti-parasite drug or urine and managing your financial affairs with privately created money, untainted by institutions like governments or banks.

In the end, none of this will work. Government exists for a reason. But the right’s constant attacks on essential government functions will take a toll, making all of our lives nastier, more brutish and shorter.

To varying degrees, we have all inherited a muddled understanding of race, ancestry and phenotype from the Enlightenment,

if we don’t disentangle these concepts, we may miss the great promise of using genetics to push back against a very long and sad history of the misuse of science for pernicious purposes.

One of the key moments in the evolution of modern concepts of race occurred in France in 1741, when the members of Bordeaux’s Royal Academy of Sciences held a continentwide essay contest on the “cause” of dark skin and textured hair among African populations. Why, they asked, were Black people Black?

this contest signaled a new era of “scientific racism.” In the decades that followed, naturalists increasingly subdivided the human species into several so-called races by things like skin color, hair texture, skull shape and, most perniciously, according to supposedly transcendent essences.

genetics — or, for that matter, any science — has the potential to be misused, co-opted by racist ideologies and employed to bolster harmful narratives about racial purity or biological superiority.

There is no category for white in genetic analysis; half of his ancestry traces back to regions in Europe. We should never forget that whiteness, like Blackness, is just another social fiction.

If, throughout the 18th, 19th and 20th centuries, science put an enormous amount of effort into dividing the human species into separate categories, 21st-century genetic analysis promises to reveal just how meaningless those categories are — and how connected we’ve been all along.

it feels urgent that we develop new language for discussing the relationship between identity, ancestry, history and science

DNA analysis could help create that language by offering more nuanced ways of looking at individual origins and a more unifying narrative about our shared heritage

While, biologically speaking, the idea of individual human races with different origins is as farcical as the medieval belief that elves cause hiccups, the social reality of race is undeniable.

The multitude of population clusters, regions and genetic groups reflected in DNA tests counters existing narratives that try to reduce the astonishing variety of the human community to the four or five socially constructed races of man

But if we can, at the very least, embrace the understanding that race (a toxic social construction) and ancestry (a shared genetic history) are not only distinct but also fundamentally opposed — and teach that in our classrooms — it could go a long way toward freeing us from some of the binds in which scientific racism have trapped us.

The stories embedded in our genes beg to be told. They tell of ancestral diversity that stretches back thousands of years and ultimately underscores all that we — despite superficial physical differences — have in common.

Caldwell’s words are worth remembering because they describe—perhaps more eloquently than anyone else in the west—not just why Putin built a following abroad, but also how he became (at least for a time) popular at home

He is the elected leader of Russia—a rugged, relatively poor, militarily powerful country that in recent years has been frequently humiliated, robbed, and misled. His job has been to protect his country’s prerogatives and its sovereignty in an international system that seeks to erode sovereignty in general and views Russia’s sovereignty in particular as a threat.

if we were to use traditional measures for understanding leaders, which involve the defense of borders and national flourishing, Putin would count as the pre-eminent statesman of our time. On the world stage, who can vie with him? Only perhaps Recep Tayyip Erdoğan of Turkey.

I’ve long thought about an argument in Victor Hugo’s Les Misérables

the available evidence indicates he’s been broadly popular in Russia for two decades. One wonders how long this popularity can hold as Russian forces struggle on the battlefield, but the bottom line is still clear—tens of millions of people (including some of the most influential people in the west) have admired an objectively evil man. Why? 

Throughout history we see familiar patterns, in times of stress and confusion, people cry out for salvation and strength. Success—including military success—builds a bond with the people. The victorious ruler connects not just with human pride, but also with profound human longings for protection, purpose, and identity.

One of the most fateful passages of scripture is found in 1 Samuel 8, the moment the people of Israel demand a king. Dissatisfied with the leadership of Samuel’s dissolute sons, they demanded a king “to judge us like all the nations.” 

“There shall be a king over us, that we also may be like all the nations, and that our king may judge us and go out before us and fight our battles.”

he did what Kemal Atatürk had done in Turkey in the 1920s. Out of a crumbling empire, he rescued a nation-state, and gave it coherence and purpose. He disciplined his country’s plutocrats. He restored its military strength. And he refused, with ever blunter rhetoric, to accept for Russia a subservient role in an American-run world system

Marius’s case for Napoleon feels relevant as Vladimir Putin longs for the glories of the Russian imperial past:

Putin inherited the husk of an empire, and in war after war, for year after year, he triumphed. He expanded the zone of Russian control. He replaced the lost Soviet identity with a renewed commitment to Russian greatness. While Putin’s victories weren’t as dramatic as Napoleon’s—Georgia and Crimea can’t compare to Jena and Austerlitz—war provides a terrible purpose, and victory creates remarkable pride. 

The sobering reality is that we cannot look at Russia and simply shake our heads at “those people,” secure in the knowledge that we’re fundamentally different

we’re still not far removed from a violent attempt to overturn an American election, led by a mob waving blue flags stamped with their leader’s name. 

There are those who see the ways in which human beings abuse liberty, or squander it in disorder and decadence, and are drawn to the order and direction of authoritarianism. In this formulation, freedom itself is the problem. It doesn’t provide purpose. 

We see that fight now in the anti-war comments and peacemaking efforts of Russia’s elites, after just a few days of sanctions pressure. They’re behaving exactly as sociologists would expect when status is threatened among a group accustomed to impunity: They’re angry, and they’re anxious.

The invasion of Ukraine marks the end, definitively, of Russia’s postwar era.

During the 77 years since World War II, Russia was regarded — no matter what other perceptions it carried — as the country that helped to save humanity from the greatest evil the world has ever known. Russia was the heroic country that defeated fascism, even if that victory forced 45 years of Communism on half of Europe.

Not anymore. Russia is now the nation that unleashed a new evil, and unlike the old one, it’s armed with nuclear weapons.

The primary responsibility for this evil lies squarely at the feet of Mr. Putin and his entourage.

Responsibility is the key.

for those who opposed the regime, in ways big and small, the responsibility is also ours to bear. How did it happen? What did we do wrong? How do we prevent this from happening again

responsibility was what we lacked

Russia is a very individualistic society, in which people, to quote the cultural historian Andrei Zorin, live with a “Leave me alone” mind-set. We like to isolate ourselves from one another, from the state, from the world.

This allowed many of us to build vibrant, hopeful, energetic lives against a grim backdrop of arrests and prison. But in the process, we became insular and lost sight of everyone else’s interests.

We must now put aside our individual concerns and accept our common responsibility for the war. Such an act is, first and foremost, a moral necessity.

it could also be the first step toward a new Russian nation — a nation that could talk to the world in a language other than wars and threats, a nation that others will learn not to fear.

that would be on par with what we experience with flu viruses, which scientists estimate hit us about every two to five years, less often in adulthood. It also matches up well with the documented cadence of the four other coronaviruses that seasonally trouble humans, and cause common colds.

For now, every infection, and every subsequent reinfection, remains a toss of the dice. “Really, it’s a gamble,” says Ziyad Al-Aly, a clinical epidemiologist and long-COVID researcher at Washington University in St. Louis. Vaccination and infection-induced immunity may load the dice against landing on severe disease, but that danger will never go away completely, and scientists don’t yet know what happens to people who contract “mild” COVID over and over again

Or maybe not. This virus seems capable of tangling into just about every tissue in the body, affecting organs such as the heart, brain, liver, kidneys, and gut; it has already claimed the lives of millions, while saddling countless others with symptoms that can linger for months or years.

considering our current baseline, “less dangerous” could still be terrible—and it’s not clear exactly where we’re headed. When it comes to reinfection, we “just don’t know enough,”

Perhaps, as several experts have posited since the pandemic’s early days, SARS-CoV-2 will just become the fifth cold-causing coronavirus.

A third or fourth bout might be more muted still; the burden of individual diseases may be headed toward an asymptote of mildness that holds for many years

Future versions of SARS-CoV-2 could continue to shape-shift out of existing antibodies’ reach, as coronaviruses often do. But the body is flush with other fighters that are much tougher to bamboozle—among them, B cells and T cells that can quash a growing infection before it spirals out of control

Those protections tend to build iteratively, as people see pathogens or vaccines more often. People vaccinated three times over, for instance, seem especially well equipped to duke it out with all sorts of SARS-CoV-2 variants, including Omicron and its offshoots.

promising patterns: Second infections and post-vaccination infections “are significantly less severe,” she told me, sometimes to the point where people don’t notice them at all

Bodies, wised up to the virus’s quirks, can now react more quickly, clobbering it with sharper and speedier strikes.

“There are still very good reasons” to keep exposures few and far between, Landon, of the University of Chicago, told me. Putting off reinfection creates fewer opportunities for harm: The dice are less likely to land on severe disease (or chronic illness) when they’re rolled less often overall. It also buys us time to enhance our understanding of the virus, and improve our tools to fight it.

Immunity, though, is neither binary nor permanent. Even if SARS-CoV-2’s assaults are blunted over time, there are no guarantees about the degree to which that happens, or how long it lasts.

A slew of factors could end up weighting the dice toward severe disease—among them, a person’s genetics, age, underlying medical conditions, health-care access, and frequency or magnitude of exposure to the virus.

for everyone else, no amount of viral dampening can totally eliminate the chance, however small it may be, of getting very sick.

Long COVID, too, might remain a possibility with every discrete bout of illness. Or maybe the effects of a slow-but-steady trickle of minor, fast-resolving infections would sum together, and bring about the condition.

Every time the body’s defenses are engaged, it “takes a lot of energy, and causes tissue damage,” Thomas told me. Should that become a near-constant barrage, “that’s probably not great for you.”

Bodies are resilient, especially when they’re offered time to rest, and she doubts that reinfection with a typically ephemeral virus such as SARS-CoV-2 would cause mounting damage. “The cumulative effect is more likely to be protective than detrimental,” she said, because of the immunity that’s laid down each time.

people who have caught the virus twice or thrice may be more likely to become long-haulers than those who have had it just once.

Some other microbes, when they reinvade us, can fire up the immune system in unhelpful ways, driving bad bouts of inflammation that burn through the body, or duping certain defensive molecules into aiding, rather than blocking, the virus’s siege. Researchers don’t think SARS-CoV-2 will do the same. But this pathogen is “much more formidable than even someone working on coronaviruses would have expected,

Seasonal encounters with pathogens other than SARS-CoV-2 don’t often worry us—but perhaps that’s because we’re still working to understand their toll. “Have we been underestimating long-term consequences from other repeat infections?” Thomas said. “The answer is probably, almost certainly, yes.”

the rhythm of reinfection isn’t just about the durability of immunity or the pace of viral evolution. It’s also about our actions and policies, and whether they allow the pathogen to transmit and evolve. Strategies to avoid infection—to make it as infrequent as possible, for as many people as possible—remain options, in the form of vaccination, masking, ventilation, paid sick leave, and more.

Gordon and Swartz are both hopeful that the slow accumulation of immunity will also slash people’s chances of developing long COVID.

The outlooks of the experts I spoke with spanned the range from optimism to pessimism, though all agreed that uncertainty loomed. Until we know more, none were keen to gamble with the virus—or with their own health. Any reinfection will likely still pose a threat, “even if it’s not the worst-case scenario,” Abdool Karim told me. “I wouldn’t want to put myself in that position.”

The pact, if accepted, would have marked a significant advance in Beijing's connection to the region, which holds geo-strategic importance in the Indo-Pacific.

"Don't be too anxious and don't be too nervous, because the common development and prosperity of China and all the other developing countries would only mean great harmony, greater justice and greater progress of the whole world," he said.

"We will expand US Coast Guard presence and cooperation in Southeast and South Asia and the Pacific Islands, with a focus on advising, training, deployment, and capacity-building," the strategy's action plan says.

The relationships the US Coast Guard has forged in the Pacific islands have deep roots, said Collin Koh, research fellow at the S. Rajaratnam School of International Studies in Singapore.

With fish as the main food source and key economic driver of the island nations, the Coast Guard says the emphasis of Operation Blue Pacific is to deter illegal and unregulated fishing.

"You cannot understate the Coast Guard's importance to ... relationships in the Central and Western Pacific," he said.

"It's difficult to imagine China having sufficient political capital to push for something analogous to what the US is currently doing," Koh said.

While Serbia is not an EU member state, it is part of an EU enlargement plan that also includes some of its neighbors.

"If concluded, the deal would dash hopes of those who saw an opportunity to reduce the Russian influence in the region," said Filip Ejdus, associate professor of international security at the University of Belgrade. 

Serbia is so big and important that it is crucial to the EU's enlargement project, which seeks to strengthen and expand European values, stability and security.

However, Serbia is also very reliant on Russia when it comes to gas. It is also militarily cooperative with Moscow. In short, Serbia benefits enormously from its relationship with Russia, and even if it obtains EU membership down the road, it will not want to burn its bridges with the Kremlin.

Steven Blockmans, director of research at the Centre for European Policy Studies, told CNN that ever since the start of the war, "the EU has been pressuring third countries, including China, to have a similar approach to sanctions. If even states currently trying to join the EU circumvent the sanctions, it lends credence to outliers within the bloc to withstand pressure from Brussels to support a strong common position on Russia."

"This whole situation is a major pain for us, because it ties in with the conversation about whether or not Ukraine should join the EU,"

Finally, some member states share a degree of Euroskepticism and would welcome another member state less enamored with calls from some countries, notably France, for the bloc to become more closely politically integrated.

The UK, no longer part of the EU, has worked well with its European allies and shown that -- despite Brexit -- it can still play a leading role in a united European front.

The EU has faced many difficulties since the Ukraine crisis began, and keeping all 27 of its member states on side has been no easy task.

The financial cost, while vast, is impossible to calculate. In late December, Russia’s Communications Ministry reported that 10 percent of the country’s IT workers had left in 2022 and not returned.

those remaining in the depleted political opposition also faced a choice this year: prison or exile. Most chose exile. Activists and journalists are now clustered in cities such as Berlin and the capitals of Lithuania, Latvia and Georgia.

“This exodus is a terrible blow for Russia,” said Tamara Eidelman, a Russian historian who moved to Portugal after the invasion. “The layer that could have changed something in the country has now been washed away.”

the influx of Russians into countries such as Kazakhstan and Kyrgyzstan, which have long sent immigrants to Russia, set off political tremors, straining ties between Moscow and the other former Soviet states. Real estate prices in those countries have shot up, causing tensions with local populations.

For many Russians choosing to flee, Armenia was a rare easy option. It is one of five ex-Soviet countries that allow Russians to enter with just a national ID — making it a popular destination for former soldiers, political activists and others needing a quick escape.

Given the shared religion and use of language, Russians typically do not face animosity or social stigma in Armenia. Obtaining residency permits is also straightforward, and living costs are lower than in the European Union.

Yerevan has attracted thousands of IT workers, young creatives and working-class people, including families with children, from across Russia. They have established new schools, bars, cafes and robust support networks.

n the courtyard of the “Free School” for Russian children, established in April, Maxim, a construction company manager, was waiting for his 8-year-old son, Timofey. The school started with 40 students in an apartment. Now, there are nearly 200 in a multistory building in the city center.

“I did not want to be a murderer in this criminal war,” said Andrei, who is being identified by his first name for safety reasons

Like the White Russian emigres of the Bolshevik era and the post-Soviet immigrants of the 1990s, many of those leaving Russia because of the war in Ukraine are probably gone for good.

The family has adapted seamlessly to Yerevan. Everyone around them speaks Russian. Maxim works remotely on projects in Russia. Timofey likes his school and is learning Armenian. Maxim said he is sure the family will not return to Russia.

Tanya Raspopova, 26, arrived in Yerevan last March, with her husband but without a plan, overwhelmed and frightened.Then she heard that another emigre was seeking partners to set up a bar, a space where Russian expats could come together, and she wanted to help. Tuf, named after the pink volcanic rock common throughout Yerevan, opened its doors within a month.

They started with a neon-lit bar and kitchen on the ground floor, which soon expanded into a small courtyard. Then they opened up a second floor, then a third. Upstairs there is now a recording studio, a clothing boutique and a tattoo parlor. On a Wednesday night in January, the place was packed with young Russians and Armenians singing karaoke, drinking cocktails and playing ping-pong. “We have since created such a big community, a big family,” Raspopova said. “Tuf is our new home.”

Thousands have chosen the UAE, which did not join Western sanctions and still has direct flights to Moscow, as their new home. Russians enjoy visa-free travel for 90 days, and it is relatively easy to get a national ID, through business or investment, for a longer stay.

The high cost of living means there are no activists or journalists. Dubai is a haven, and the go-to playground, for Russian tech founders, billionaires under sanctions, unpenalized millionaires, celebrities, and influencers.

Shortly after the invasion, conversations in Moscow’s affluent Patriarch Ponds neighborhood turned to the best Dubai real estate deals, said Natalia Arkhangelskaya, who writes for Antiglyanets, a snarky and influential Telegram blog focused on Russia’s elite. A year later, Russians have ousted Brits and Indians as Dubai’s top real estate buyers, Russian-owned yachts dock at the marina, and private jets zigzag between Dubai and Moscow.

Russians can still buy apartments, open bank accounts and snag designer leather goods they previously shopped for in France.

The UAE’s embrace of foreign business has lured a stream of Russian IT workers seeking to cut ties with Russia and stay linked to global markets. Start-ups seek financing from state-supported accelerators. Larger firms pursue clients to replace those lost to sanctions.

About a dozen people arrived to discuss opportunities in India, which has maintained ties with Russia despite the war. Most expressed bitterness about the Kremlin’s politics and a longing for Moscow when it was an aspiring global hub.

“The most important thing for me is to be able to develop international projects and to integrate my kids into a global community, so they grow up in a free environment,”

Andrei works as a delivery driver and shares a modest room with two other men in a shelter set up by Kovcheg, a support organization for Russian emigrants. “Before the war, I never followed politics, but after the invasion, I started reading about everything,” Andrei said. “I feel so ashamed about what Russia has done.”

“Every extra month leads people to get used to a different country,” she said. “They get a job there, their children go to school, they begin to speak a different language. The longer the war lasts — the longer the dictatorship in the country continues — the fewer people will return.”

the expats could become “a repository of relevant skills for a better, freer, modern Russia.” For now, though, Rojansky said, the outflow sends a clear message.

It’s possible that the two sides will agree to freeze the conflict, which would entail minimal fighting but no peace settlement. But according to Fesenko, “there is a common understanding” among experts that this scenario “will not bring peace, but will only be a pause in the war.”

He predicts that meaningful negotiations won’t begin before the end of the year, and that the next six months (at least) will be marked with active combat.

Guriev believes that a necessary condition for permanent peace is “Putin exiting [power].” He says that after the war ends, Marshall Plan-style aid will be necessary for Ukraine—and Russia.

His dissertation at Berkeley turned into a book, “The Whole World Is Watching: Mass Media in the Making and Unmaking of the New Left,” published in 1980 and revised in 2003. In it, he traced the media’s symbiotic role in political movements, S.D.S. in particular.

His well-received “Inside Prime Time” (1983, revised in 1994), for which he interviewed 200 people in the television industry, showed how advertisers and network executives colluded to set the cultural agenda.

Spotify doesn’t have those things to turn to. So it’s been turning to podcasts. Besides enticing new subscribers with Spotify-branded podcasts—Rogan and Gimlet Media at the forefront of these—Spotify gets a new place to run ads. The podcast-advertising ecosystem is still lush enough to support additional harvesting. Spotify is betting that what used to be known as the music industry is in fact dead but that maybe the company can make money in the “audio industry.” But that shift involves decisions that disappoint even people jaded by years of experience with the recording business.

In the context of the devaluation of so many artists’ work, the backing of Rogan feels like a particularly nihilistic move. Spotify didn’t sign him for his talent or care at all about his impact—good or ill—on the world; with a heartless, almost video-game sensibility, they signed him to take market share from Apple and Google

Complaints against bloodless businessmen are hardly new. But what’s happening in music today feels less like individual acts of exploitation and more like the razing of an ecosystem.

When Rogan announced his signing, he emphasized that Spotify would have no creative control over his podcast. He was agreeing to a licensing deal, but he wouldn’t be an employee. “It will be the exact same show,” Rogan claimed

His comments fell somewhere between the gentle vibe of “Look, man, they’re offering me $100 million, so, uh, what am I supposed to do?” and a more aggressive “Spotify doesn’t own me, man. They are renting me for a certain period of time for $100 million—that’s different.” It’s infuriating that Rogan’s podcast has the trappings of counterculture while finding itself in such particular proximity to money and tech power. But I don’t know that, if I were Rogan, I would do much different.

Others in the “audio industry” face more discouraging trends. I suspect that the big record companies would dissolve if they weren’t still making so much money off the music of the 20th century.

I knew a lot of bands in the early 2000s whose members could quit their day job for a few years and make a living on relatively small amounts of record sales coupled with touring

Today, fewer artists are crossing the bar of being able to live purely off making and performing music. A lot of artists are failing to find a place in an “audio industry” that ever more efficiently mines smaller veins for what little cash can be extracted, or in a broader entertainment industry that has more in common with Marvel-movie spectacle than any particular sort of artistry.

My deep dread, though, is that this ability to tune out and focus on art becomes an aristocratic luxury; that a lack of money for music means a lack of money for musicians; that new ways of doing business are destroying the possibility of a creative middle class.

Solidarity is a tempting response to technological change, but my tired brain just can’t see the mechanism for it in this era. I honestly feel like a master sock weaver at the start of the industrial revolution. People will still get their socks, maybe worse than the ones before. And in the end, technology will plow us over.

Mr. Bogle has some hard news for investors. The basic appeal of index funds—their ability to deliver the market return without shifting an arm and leg to Wall Street’s army of helpers—will only become more important given the decade of depressed returns he sees ahead.

Don’t imagine a revisitation of the ’80s or ’90s, when stocks returned 18% a year and investors, after the industry’s rake-off, imagined they “had the greatest manager in the world” because they got 14%. Those planning on a comfy retirement or putting a kid through college will have to save more, work to keep costs low, and—above all—stick to the plan.

The mutual-fund industry is slowly liquidating itself—except for Vanguard. Mr. Bogle happily supplies the numbers: During the 12 months that ended May 31, “the fund industry took in $87 billion . . . of which $224 billion came into Vanguard.” In other words, “in the aggregate, our competitors experienced capital outflows of $137 billion.”

That said, Mr. Bogle finds today’s stock scene puzzling. Shares are highly priced in historical terms; earnings and economic growth he expects to disappoint for at least the next decade (he sees no point in trying to forecast further). And yet he advises investors to stay invested and weather the storm: “If we’re going to have lower returns, well, the worst thing you can do is reach for more yield. You just have to save more.”

He also knows the heartache of having just about everything he has saved tied up in volatile, sometimes irrational markets, especially now. “We’re in a difficult place,” he says. “We live in an extremely risky world—probably more risky than I can recall.”

Then why invest at all? Maybe it would be better to sell and stick the cash in a bank or a mattress. “I know of no better way to guarantee you’ll have nothing at the end of the trail,” he responds. “So we know we have to invest. And there’s no better way to invest than a diversified list of stocks and bonds at very low cost.”

Mr. Bogle’s own portfolio consists of 50% stocks and 50% bonds, the latter tilted toward short- and medium-term. Keep an eagle eye on costs, he says, in a world where pre-cost returns may be as low as 3% or 4%. Inattentive investors can expect to lose as much as 70% of their profits to “hidden” fund management costs in addition to the “expense ratios” touted in mutual-fund prospectuses. (These hidden costs include things like sales load, transaction costs, idle cash and inefficient taxes.)

Mr. Bogle relies on a forecasting model he published 25 years ago, which tells him that investors over the next decade, thanks largely to a reversion to the mean in valuations, will be lucky to clear 2% annually after costs. Yuck.

Investing, he says, always is “an act of trust—in the ability of civilization and the U.S. to continue to flourish; in the ability of corporations to continue, through efficiency and entrepreneurship and innovation, to provide substantial returns.” But nothing, not even American greatness, is guaranteed, he adds

what he calls the financial buccaneer type, an entrepreneur more interested in milking what’s left of the active-management-fee gravy train than in providing low-cost competition for Vanguard—which means Vanguard’s best days as guardian of America’s nest egg may still lie ahead.

the growth of indexing is obviously unwelcome writing on the wall for Wall Street professionals and Vanguard’s profit-making competitors like Fidelity, which have never been able to give heart and soul to low-churn indexing because indexing doesn’t generate large fees for executives and shareholders of management companies.

Their average age is 68 years old and they have a lot in common. The collapse of the Soviet Union, which Mr Putin famously described as the greatest geopolitical catastrophe of the 20th century, was the defining episode of their adult lives

Four out of five have a KGB background, with three, including the president himself, coming from the ranks of counterintelligence. It is these hardened men, not polished diplomats like Foreign Minister Sergey Lavrov, who run the country’s foreign policy.

In recent years members of this group have become very vocal. Messrs Patrushev and Naryshkin frequently give lengthy interviews articulating their views on global developments and Russia’s international role.

According to them, the American-led order is in deep crisis thanks to the failure of Western democracy and internal conflicts spurred by the promotion of tolerance, multiculturalism and respect for the rights of minorities. A new multipolar order is taking shape that reflects an unstoppable shift in power to authoritarian regimes that support traditional values.

Given the state of affairs in Western countries, the pair contend, it's only natural that they seek to contain Russia and to install pro-Western regimes in former Soviet republics. The West’s ultimate goal of a colour revolution in Russia itself would lead to the country’s conclusive collapse.

Washington sees unfinished business in Russia’s persistence and success, according to Mr Putin’s entourage. As America’s power wanes, its methods are becoming more aggressive. This is why the West cannot be trusted

The best way to ensure the safety of Russia’s existing political regime and to advance its national interests is to keep America off balance.

Seen this way, Ukraine is the central battleground of the struggle. The stakes could not be higher. Should Moscow allow that country to be fully absorbed into a western sphere of influence, Russia’s endurance as a great power will itself be under threat

The fact that the new elite in Kyiv glorifies the Ukrainian nationalists of the 20th century and thumb their noses at Moscow is a huge personal affront.

Messrs Patrushev, Bortnikov and Naryshkin all find themselves on the US Treasury’s blacklist already, along with many other members of Mr Putin’s inner circle. There is no way back for them to the West’s creature comforts. They are destined to end their lives in Fortress Russia, with their assets and their relatives alongside them.

As for sanctions by sector, including those that President Joe Biden’s team plans to impose should Russia invade Ukraine, these may end up largely strengthening the hard men’s grip on the national economy

Import substitution efforts have generated large flows of budget funds that are controlled by the coterie and their proxies, including through Rostec. The massive state conglomerate is run by a friend of Mr Putin’s from his KGB days in East Germany, Sergey Chemezov

In a similar vein, a ban on food imports from countries that have sanctioned Russia has led to spectacular growth in Russian agribusiness. The sector is overseen by Mr Patrushev’s elder son Dmitry, who is Mr Putin’s agriculture minister.

further sanctions wouldn’t just fail to hurt Mr Putin’s war cabinet, they would secure its members' place as the top beneficiaries of Russia’s deepening economic autarky.

The same logic is true of domestic politics: as the country descends into a near-permanent state of siege, the security services will be the most important pillar of the regime. That further cements the hard men’s grip on the country

Russia’s interests are increasingly becoming conflated with the personal interests of the people at the very top of the system.

Thus began the coddling of the populist mind

Disagreement on the right quickly came to be seen as synonymous with disrespect. If “we the people” (the term Trump partisans apply to what they call the “real America”) believe something, then the people deserve to have that view reflected right back to them by their politicians and pundits.

Repeatedly, Fox leaders and personalities who did not seem to believe the 2020 election was stolen referred to the need to “respect” their audience by telling them otherwise. For these Fox staffers, respecting the audience didn’t mean relaying the truth (a true act of respect). Instead, it meant feeding viewers’ insatiable hunger for confirmation of their conspiracy theories.

Politicians are always tempted to pander, but rarely do you see such a complete abdication of anything approaching true moral or political leadership as what transpired at the Waco rally

It’s common to critique the Trumpist movement as a Donald Trump cult, but that’s not quite right anymore. He’s still immensely influential, but do true cultists boo their leader when he deviates from the approved script? Yet that’s what happened in December 2021, when parts of a Dallas rally crowd booed Trump when he said he’d received a Covid vaccine booster. And does anyone think that Trump is a QAnon aficionado? Yet in 2022 he boosted explicit Q content on Truth Social, his social media platform of choice.

There may have been a time when Trump truly commanded his movement. That time is past. His movement now commands him. Fed by conspiracies, it is hungry for confrontation, and rallies like Waco demonstrate its dominance

Labour’s troubles don’t end there. For months Starmer and his shadow cabinet have tied themselves in knots attempting to answer what appears to be a rather basic question: can a woman have a penis?

Starmer’s failure to articulate a simple position has put him on a collision course with feminist groups and his own MP Rosie Duffield, who has claimed that the party has a “women problem”

he says: “For 99.9 per cent of women, it is completely biological . . . and of course they haven’t got a penis.”

According to the 2021 census, 262,000 people in Britain — 0.5 per cent of the population — stated that their gender identity was different to their sex registered at birth. Of those, 48,000 — 0.1 per cent — identified as a trans woman.

Starmer says: “Look, of course I’d want to know. I say that as a parent. I would want to know and I think the vast majority of parents would want to know. That’s why we have to have national guidance on it and they should try to make it cross-party, because it’s not helpful to parents or schools to have this as just a toxic divide when what’s needed is practical, common sense advice.

He adds: “There are some people who identify as a different gender to the one they are born with. It’s a very small number and that is why the Gender Recognition Act was passed [in 2004].

“To recognise that they need legal support and a framework and most people don’t disagree with that, and that’s the framework within which we ought to look at these issues. But simply turning it into a toxic divide advances the cause of no one, the cause of women or those that don’t identify with the gender that they were born into.

And it’s also a pattern of behaviour of the last ten years which is now turning everything into a toxic culture, when it possibly can, which is the last resort of politicians who have nothing substantive to say on the issue.”

On the subject of children, Starmer, who has a son and daughter with his wife, Victoria, is also clear that there is a need for greater transparency from teachers

only 39 out of 140 English secondary schools were “reliably informing” parents when pupils identified as trans or questioned their gender.

In an attempt to win back the support of gender critical campaigners and MPs, Starmer is eager to stress that there will be “no rolling back” on women’s hard-won rights, saying: “I think there is a fear that somehow there could be the rolling back of some of the things that have been won. There are still many battles that need to go ahead for women and I don’t think we should roll anything back. I think we should go on to win the next battles for women. And that is a very important sort of starting point for this debate.”

he is clear that in order for Labour to overturn the Tories’ majority — which was a historic 80 seats at the 2019 election — it will require him to stick to his three-part plan for power: to change the party, expose the government’s failings, and have the answers to the challenges facing the country.

“You’ve got to have a race strategy. And my strategy was that you’ve got to be in the leading pack as you go round the track three and three-quarter times. But you shouldn’t hit the front too early

each time you go round the lap, there are people on the side going: go faster, pump harder . . . And what we’ve had to do over the last three years is to keep the discipline, which is that we have got a strategy, we are operating to it and there is such a determination to get us over the finishing line, which would be such an incredible achievement if we can go from the disastrous defeat of the 2019 election into power.”