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What Republicans Really Thought on January 6 - The Atlantic - 0 views

  • Although Republicans have since rallied behind the former president, that day, the chasm between GOP leaders and Trump could not have been wider. From their lockdown off campus, in a series of previously unreported meetings, McConnell and other GOP leaders would turn to their Democratic counterparts for assistance in browbeating the Pentagon to move the National Guard to send armed troops to the Hill. Together, the bipartisan leaders of Congress, agreed in their conviction that Trump was stonewalling if not outright maneuvering against them, joined forces to do what the president would not: Save the Capitol.
  • Shortly after 2:30 p.m., Trump begrudgingly issued a tweet calling on his supporters to “please support our Capitol Police and Law Enforcement.” As far as Trump was concerned, the riot was Congress’s problem, he told his aides. It was their job to defend the Capitol, he said, not his. Perversely, the riot had actually buoyed Trump’s hopes that he might be able to strong-arm his way to overturning the election. When the chaos started to unfold, he began calling his GOP allies in Congress—not to check on their well-being, but to make sure they didn’t lose their nerve about objecting to the election results.
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How Did Sam Bankman-Fried Get Bail? - by Ken White - 0 views

  • The federal bail system’s presumption of release makes it better and more humane than most state systems
  • But you can still see the impact of wealth. First, because Sam Bankman-Fried broke the law by (allegedly) stealing billions of dollars instead of by being paid a hundred bucks to transport half a key of black tar heroin, there was no presumption he should be detained. That reflects society’s values. Moreover, rich people are more easily able to satisfy elaborate bail conditions. They have stable families in whose homes they can live, their families can post substantial home equity, they can afford the cost of home monitoring, they can afford to travel back and forth from home to court, they have rich friends who will sign bonds pledging money. Poor people don’t have those things, and so the magistrate judge finds that no combination of conditions — that is, no combination of conditions that this defendant can meet — will assure they won’t be a flight risk or a danger.
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Why Didn't the Government Stop the Crypto Scam? - 1 views

  • Securities and Exchange Commission Chair Gary Gensler, who took office in April of 2021 with a deep background in Wall Street, regulatory policy, and crypto, which he had taught at MIT years before joining the SEC. Gensler came in with the goal of implementing the rule of law in the crypto space, which he knew was full of scams and based on unproven technology. Yesterday, on CNBC, he was again confronted with Andrew Ross Sorkin essentially asking, “Why were you going after minor players when this Ponzi scheme was so flagrant?”
  • Cryptocurrencies are securities, and should fit under securities law, which would have imposed rules that would foster a de facto ban of the entire space. But since regulators had not actually treated them as securities for the last ten years, a whole new gray area of fake law had emerged
  • Almost as soon as he took office, Gensler sought to fix this situation, and treat them as securities. He began investigating important players
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  • But the legal wrangling to just get the courts to treat crypto as a set of speculative instruments regulated under securities law made the law moot
  • In May of 2022, a year after Gensler began trying to do something about Terra/Luna, Kwon’s scheme blew up. In a comically-too-late-to-matter gesture, an appeals court then said that the SEC had the right to compel information from Kwon’s now-bankrupt scheme. It is absolute lunacy that well-settled law, like the ability for the SEC to investigate those in the securities business, is now being re-litigated.
  • many crypto ‘enthusiasts’ watching Gensler discuss regulation with his predecessor “called for their incarceration or worse.”
  • it wasn’t just the courts who were an impediment. Gensler wasn’t the only cop on the beat. Other regulators, like those at the Commodities Futures Trading Commission, the Federal Reserve, or the Office of Comptroller of the Currency, not only refused to take action, but actively defended their regulatory turf against an attempt from the SEC to stop the scams.
  • Behind this was the fist of political power. Everyone saw the incentives the Senate laid down when every single Republican, plus a smattering of Democrats, defeated the nomination of crypto-skeptic Saule Omarova in becoming the powerful bank regulator at the Comptroller of the Currency
  • Instead of strong figures like Omarova, we had a weakling acting Comptroller Michael Hsu at the OCC, put there by the excessively cautious Treasury Secretary Janet Yellen. Hsu refused to stop bank interactions with crypto or fintech because, as he told Congress in 2021, “These trends cannot be stopped.”
  • It’s not just these regulators; everyone wanted a piece of the bureaucratic pie. In March of 2022, before it all unraveled, the Biden administration issued an executive order on crypto. In it, Biden said that virtually every single government agency would have a hand in the space.
  • That’s… insane. If everyone’s in charge, no one is.
  • And behind all of these fights was the money and political prestige of some most powerful people in Silicon Valley, who were funding a large political fight to write the rules for crypto, with everyone from former Treasury Secretary Larry Summers to former SEC Chair Mary Jo White on the payroll.
  • (Even now, even after it was all revealed as a Ponzi scheme, Congress is still trying to write rules favorable to the industry. It’s like, guys, stop it. There’s no more bribe money!)
  • Moreover, the institution Gensler took over was deeply weakened. Since the Reagan administration, wave after wave of political leader at the SEC has gutted the place and dumbed down the enforcers. Courts have tied up the commission in knots, and Congress has defanged it
  • Under Trump crypto exploded, because his SEC chair Jay Clayton had no real policy on crypto (and then immediately went into the industry after leaving.) The SEC was so dormant that when Gensler came into office, some senior lawyers actually revolted over his attempt to make them do work.
  • In other words, the regulators were tied up in the courts, they were against an immensely powerful set of venture capitalists who have poured money into Congress and D.C., they had feeble legal levers, and they had to deal with ‘crypto enthusiasts' who thought they should be jailed or harmed for trying to impose basic rules around market manipulation.
  • The bottom line is, Gensler is just one regulator, up against a lot of massed power, money, and bad institutional habits. And we as a society simply made the choice through our elected leaders to have little meaningful law enforcement in financial markets, which first became blindingly obvious in 2008 during the financial crisis, and then became comical ten years later when a sector whose only real use cases were money laundering
  • , Ponzi scheming or buying drugs on the internet, managed to rack up enough political power to bring Tony Blair and Bill Clinton to a conference held in a tax haven billed as ‘the future.’
  • It took a few years, but New Dealers finally implemented a workable set of securities rules, with the courts agreeing on basic definitions of what was a security. By the 1950s, SEC investigators could raise an eyebrow and change market behavior, and the amount of cheating in finance had dropped dramatically.
  • By 1935, the New Dealers had set up a new agency, the Securities and Exchange Commission, and cleaned out the FTC. Yet there was still immense concern that Roosevelt had not been able to tame Wall Street. The Supreme Court didn’t really ratify the SEC as a constitutional body until 1938, and nearly struck it down in 1935 when a conservative Supreme Court made it harder for the SEC to investigate cases.
  • Institutional change, in other words, takes time.
  • It’s a lesson to remember as we watch the crypto space melt down, with ex-billionaire Sam Bankman-Fried
  • It’s not like perfidy in crypto was some hidden secret. At the top of the market, back in December 2021, I wrote a piece very explicitly saying that crypto was a set of Ponzi schemes. It went viral, and I got a huge amount of hate mail from crypto types
  • one of the more bizarre aspects of the crypto meltdown is the deep anger not just at those who perpetrated it, but at those who were trying to stop the scam from going on. For instance, here’s crypto exchange Coinbase CEO Brian Armstrong, who just a year ago was fighting regulators vehemently, blaming the cops for allowing gambling in the casino he helps run.
  • FTX.com was an offshore exchange not regulated by the SEC. The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors (and 95% of trading activity) went offshore. Punishing US companies for this makes no sense.
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Opinion | The Deification of Donald Trump Poses Some Interesting Questions - The New Yo... - 0 views

  • The video, along with Eric Trump’s claim that his father “literally saved Christianity” and the image Donald Trump reposted on Truth Social of Jesus sitting next to him in court, raises a question:
  • Does Trump believe that he is God’s messenger, or are his direct and indirect claims to have a special relationship with God a cynical ploy to win evangelical votes?
  • “Over the years since, there has been a growing chorus of voices saying Trump is the defender of Christians and Christianity. Trump says this himself all the time, ‘When they come after me, they’re really coming after you.’”
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  • Some of Trump’s Christian followers do appear to have grown to see him as a kind of religious figure. He is a savior. I think it began with the sense that he was uniquely committed to saving them from their foes (liberals, Democrats, elites, seculars, illegal immigrants, etc.) and saving America from all that threatens it.
  • In this sense, Gushee continued, “a savior does not have to be a good person but just needs to fulfill his divinely appointed role. Trump is seen by many as actually having done so while president.”
  • This view of Trump is especially strong “in the Pentecostal wing of the conservative Christian world,” Gushee wrote, wherehe is sometimes also viewed as an anointed leader sent by God. “Anointed” here means set apart and especially equipped by God for a holy task. Sometimes the most unlikely people got anointed by God in the Bible. So Trump’s unlikeliness for this role is actually evidence in favor.
  • The prosecutions underway against Trump have been easily interpretable as signs of persecution, which can then connect to the suffering Jesus theme in Christianity. Trump has been able to leverage that with lines like, “They’re not persecuting me. They’re persecuting you.” The idea that he is unjustly suffering and, in so doing, vicariously absorbing the suffering that his followers would be enduring is a powerful way for Trump to be identified with Jesus.
  • Robert P. Jones, the founder and chief executive of P.R.R.I. (formerly the Public Religion Research Institute), contends that Trump’s religious claims are an outright fraud:Trump has given us adequate evidence that he has little religious sensibility or theological acuity. He has scant knowledge of the Bible, he has said that he has never sought forgiveness for his sins, and he has no substantive connection to a church or denomination. He’s not only one of the least religious but also likely one of the most theologically ignorant presidents the country has ever had.
  • If people wanted to make him out to be savior, anointed one and agent of God, he would not object
  • Lacking any inner spiritual or moral compass that would seek to deflect overinflated or even idolatrous claims about himself, he instead reposted their artwork and videos and so on. Anyone truly serious about the Christian faith would deflect claims to being a savior or anointed one, but he did not have such brakes operating.
  • there are evangelicals of the charismatic and Pentecostal variety — the so-called New Apostolic Reformation or Independent Network Charismatics — who believe that Donald Trump is an agent of God to rescue the United States from the atheistic, even demonic, secularists and progressives who want to destroy the country by advancing abortion, gay marriage, wokeness, transgenderism, etc.
  • “This whole movement,” Fea wrote,is rooted in prophecy. The prophets speak directly to God and receive direct messages from him about politics. They think that politics is a form of spiritual warfare and believe that God is using Donald Trump to help wage this war. (God can even use sinners to accomplish his will — there are a lot of biblical examples of this, they say.)
  • As far as Trump goes, Fea continued, “he probably thinks these charismatics and Pentecostals are crazy. But if they are going to tell him he is God’s anointed one, he will gladly accept the title and use it if it wins him votes. He will happily accept their prayers because it is politically expedient.”
  • The more interesting case, Gushee wrote,is Trump himself. I accept as given that he entered politics as the amoral, worldly, narcissistic New York businessman that he appeared to be. Like all G.O.P. politicians, he knew he would have to win over the conservative Christian voting bloc so central to the party.
  • Trump, Jones added in an email, “almost certainly lacks the kind of religious sensibility or theological framework necessary to personally grasp what it would even mean to be a Jesus-like, messianic figure.”
  • According to Jones, in order to rationalize this quasi-deification of Trump — despite “his crassness and vulgarity, divorces, mocking of disabled people, his overt racism and a determination by a court that he sexually abused advice columnist E. Jean Carroll” — white evangelicals refer not to Jesus but the Persian King Cyrus from the book of Isaiah in the Hebrew Bible.”
  • Cyrus is the model of an ungodly king who nonetheless frees a group of Jews who are held captive in Babylon. It took white evangelicals themselves a while to settle on an explanation for their support, but this characterization of Trump was solidified in a 2018 film that came out just before the 2018 midterms entitled “The Trump Prophecy,” which portrayed Trump as the only leader who could save America from certain cultural collapse.
  • According to Jones, “White evangelicals’ stalwart, enduring support for Trump tells us much more about who they see themselves to be than who they think Trump is. As I argued in my most recent book, ‘The Hidden Roots of White Supremacy,’” Jones continued in his email, “the primary force animating white evangelical Protestant politics — one that has been with us since before the founding of the Republic — is the vision of America as a nation primarily of, by and for white Christians.”
  • “a majority (56 percent) of white evangelical Protestants, compared to only one-third of all Americans, believed that ‘God intended America to be a new promised land where European Christians could create a society that could be an example to the rest of the world.’”
  • Jones argued that Trump’s declaration on the Ellipse on Jan. 6, 2021 — “We fight like hell. And if you don’t fight like hell, you’re not going to have a country anymore” — was a direct appeal “to this sense of divine entitlement of those who believed this mythology strongly enough to engage in a violent insurrection.”
  • “White evangelicals,” Guth found, “are invariably the most populist: more likely to favor strong leadership (even when that means breaking the rules), to distrust government, to see the country on the wrong track and to think that the majority should always rule (and minorities adapt).”
  • Guth also found thatanother salient trait of populist politics is the willingness to ignore democratic civility. We constructed a “rough politics” score from three A.N.E.S. items: whether protesters deserve what they get if they are hurt in demonstrating, whether the country would be better off if it got rid of rotten apples and whether people are “too sensitive” about political discourse. Here the usual pattern recurs: Evangelical affiliation, evangelical identity and biblical literalism predicts agreement with those assertions, while religious minorities, secular folks and progressives tend to demur.
  • Guth wrote that his “findings help us understand what many have struggled to comprehend: How can white evangelical Protestants continue to provide strong support for President Donald Trump, whose personal values and behavior trample on the biblical and ethical standards professed by that community?”
  • The most common explanation, according to Guth,is that white evangelicals have a transactional relationship with the president: As long as he nominates conservative jurists and makes appropriate gestures on abortion and sexual politics, they will support him.
  • “The evidence here,” he wrote, “suggests a more problematic answer”:White evangelicals share with Trump a multitude of attitudes, including his hostility toward immigrants, his Islamophobia, his racism and nativism, as well as his political style, with its nasty politics and assertion of strong, solitary leadership. Indeed, Trump’s candidacy may have “authorized” for the first time the widespread expression of such attitudes.
  • The pervasive populism of white evangelical laity not only helps explain their support for President Trump but suggests powerful barriers to influence by cosmopolitan internationalist evangelical elites, who want to turn the community in a different direction. As hostile responses to efforts of antipopulist evangelicals like Michael Gerson, Russell Moore, David Platt and many others indicate, there is currently a very limited market for such alternative perspectives among the rank and file.
  • Nor does cosmopolitan or cooperative internationalism find much purchase among local evangelical clergy. Analysis of the 2017 Cooperative Clergy Survey shows that ministers from several evangelical denominations, especially the large Southern Baptist Convention and Assemblies of God, exhibit exactly the same populist traits seen here in white evangelical laity, but in more pronounced form: strong Islamophobia, Christian nationalism, extreme moral traditionalism, opposition to trade pacts, militaristic attitudes, resistance to political compromise and climate change denial, among others.
  • In other words, conservative populism, with all its antidemocratic implications, has taken root in America. What we don’t know is for how long — or how much damage it will do.
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The 'Black Hole' That Sucks Up Silicon Valley's Money - The Atlantic - 0 views

  • That’s not to say that Silicon Valley’s wealthy aren’t donating their money to charity. Many, including Mark Zuckerberg, Elon Musk, and Larry Page, have signed the Giving Pledge, committing to dedicating the majority of their wealth to philanthropic causes. But much of that money is not making its way out into the community.
  • The San Francisco Bay Area has rapidly become the richest region in the country—the Census Bureau said last year that median household income was $96,777. It’s a place where $100,000 Teslas are commonplace, “raw water” goes for $37 a jug, and injecting clients with the plasma of youth —a gag on the television show Silicon Valley—is being tried by real companies for just $8,000 a pop.
  • There are many reasons for this, but one of them is likely the increasing popularity of a certain type of charitable account called a donor-advised fund. These funds allow donors to receive big tax breaks for giving money or stock, but have little transparency and no requirement that money put into them is actually spent.
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  • Donor-advised funds are categorized by law as public charities, rather than private foundations, so they have no payout requirements and few disclosure requirements.
  • And wealthy residents of Silicon Valley are donating large sums to such funds
  • critics say that in part because of its structure as a warehouse of donor-advised funds, the Silicon Valley Community Foundation has not had a positive impact on the community it is meant to serve. Some people I talked to say the foundation has had little interest in spending money, because its chief executive, Emmett Carson, who was placed on paid administrative leave after the Chronicle’s report, wanted it to be known that he had created one of the biggest foundations in the country. Carson was “aggressive” about trying to raise money, but “unaggressive about suggesting what clients would do with it,”
  • “Most of us in the local area have seen our support from the foundation go down and not up,” he said.
  • The amount of money going from the Silicon Valley Community Foundation to the nine-county Bay Area actually dropped in 2017 by 46 percent, even as the amount of money under management grew by 64 percent, to $13.5 billion
  • “They got so drunk on the idea of growth that they lost track of anything smacking of mission,” he said. It did not help perceptions that the foundation opened offices in New York and San Francisco at the same time local organizations were seeing donations drop.
  • The foundation now gives her organization some grants, but they don’t come from the donor-advised funds, she told me. “I haven’t really cracked the code of how to access those donor-advised funds,” she said. Her organization had been getting between $50,000 and $100,000 a year from United Way that it no longer gets, she said,
  • Rob Reich, the co-director of the Stanford Center on Philanthropy and Civil Society, set up a donor-advised fund at the Silicon Valley Community Foundation as an experiment. He spent $5,000—the minimum amount accepted—and waited. He received almost no communication from the foundation, he told me. No emails or calls about potential nonprofits to give to, no information about whether the staff was out looking for good opportunities in the community, no data about how his money was being managed.
  • One year later, despite a booming stock market, his account was worth less than the $5,000 he had put in, and had not been used in any way in the community. His balance was lower because the foundation charges hefty fees to donors who keep their money there. “I was flabbergasted,” he told me. “I didn’t understand what I, as a donor, was getting for my fees.”
  • Though donors receive a big tax break for donating to donor-advised funds, the funds have no payout requirements, unlike private foundations, which are required to disperse 5 percent of their assets each year. With donor-advised funds, “there’s no urgency and no forced payout,”
  • he had met wealthy individuals who said they were setting up donor-advised funds so that their children could disperse the funds and learn about philanthropy—they had no intent to spend the money in their own lifetimes.
  • Fund managers also receive fees for the amount of money they have under management, which means they have little incentive to encourage people to spend the money in their accounts,
  • Transparency is also an issue. While foundations have to provide detailed information about where they give their money, donor-advised funds distributions are listed as gifts made from the entire charitable fund—like the Silicon Valley Community Foundation—rather than from individuals.
  • Donor-advised funds can also be set up anonymously, which makes it hard for nonprofits to engage with potential givers. They also don’t have websites or mission statements like private foundations do, which can make it hard for nonprofits to know what causes donors support.
  • Public charities—defined as organizations that receive a significant amount of their revenue from small donations—were saddled with less oversight, in part because Congress figured that their large number of donors would make sure they were spending their money well, Madoff said. But an attorney named Norman Sugarman, who represented the Jewish Community Federation of Cleveland, convinced the IRS to categorize a certain type of asset—charitable dollars placed in individually named accounts managed by a public charity—as donations to public, not private, foundations.
  • Donor-advised funds have been growing nationally as the amount of money made by the top 1 percent has grown: Contributions to donor-advised funds grew 15.1 percent in fiscal year 2016, according to The Chronicle of Philanthropy, while overall charitable contributions grew only 1.4 percent that year
  • Six of the top 10 philanthropies in the country last year, in terms of the amount of nongovernmental money raised, were donor-advised funds,
  • In addition, those funds with high payout rates could just be giving to another donor-advised fund, rather than to a public charity, Madoff says. One-quarter of donor-advised fund sponsors distribute less than 1 percent of their assets in a year,
  • Groups that administer donor-advised funds defend their payout rate, saying distributions from donor-advised funds are around 14 percent of assets a year. But that number can be misleading, because one donor-advised fund could give out all its money, while many more could give out none, skewing the data.
  • Donor-advised funds are especially popular in places like Silicon Valley because they provide tax advantages for donating appreciated stock, which many start-up founders have but don’t necessarily want to pay huge taxes on
  • Donors get a tax break for the value of the appreciated stock at the time they donate it, which can also spare them hefty capital-gains taxes. “Anybody with a business interest can give their business interest before it goes public and save huge amounts of taxes,”
  • Often, people give to donor-advised funds right before a public event like an initial public offering, so they can avoid the capital-gains taxes they’d otherwise have to pay, and instead receive a tax deduction. Mark Zuckerberg and Priscilla Chan gave $500 million in stock to the foundation in 2012, when Facebook held its initial public offering, and also donated $1 billion in stock in 2013
  • Wealthy donors can also donate real estate and deduct the value of real estate at the time of the donation—if they’d given to a private foundation, they’d only be able to deduct the donor’s basis value (typically the purchase price) of the real estate at the time they acquired it. The difference can be a huge amount of money in the hot market of California.
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Germany Braces for Decades of Confrontation With Russia - The New York Times - 0 views

  • Defense Minister Boris Pistorius has begun warning Germans that they should prepare for decades of confrontation with Russia — and that they must speedily rebuild the country’s military in case Vladimir V. Putin does not plan to stop at the border with Ukraine.
  • Russia’s military, he has said in a series of recent interviews with German news media, is fully occupied with Ukraine. But if there is a truce, and Mr. Putin, Russia’s president, has a few years to reset, he thinks the Russian leader will consider testing NATO’s unity.
  • “Nobody knows how or whether this will last,” Mr. Pistorius said of the current war, arguing for a rapid buildup in the size of the German military and a restocking of its arsenal.
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  • The alarm is growing louder, but the German public remains unconvinced that the security of Germany and Europe has been fundamentally threatened by a newly aggressive Russia.
  • Mr. Pistorius’s status as one of the country’s most popular politicians has given him a freedom to speak that others — including his boss, Chancellor Olaf Scholz — do not enjoy.
  • The prospect of a re-elected Mr. Trump has German officials and many of their fellow NATO counterparts informally discussing whether the nearly 75-year-old alliance structure they are planning to celebrate in Washington this year can survive without the United States at its center. Many German officials say that Mr. Putin’s best strategic hope is NATO’s fracture.
  • Only a year ago NATO was celebrating a new sense of purpose and a new unity, and many were confidently predicting Mr. Putin was on the run.
  • now, with an undependable America, an aggressive Russia and a striving China, as well as a seemingly stalemated war in Ukraine and a deeply unpopular conflict in Gaza, German officials are beginning to talk about the emergence of a new, complicated and troubling world, with severe consequences for European and trans-Atlantic security.
  • some of Mr. Pistorius’s colleagues are warning that if American funding dries up and Russia prevails, its next target will be closer to Berlin.
  • “If Ukraine were forced to surrender, that would not satisfy Russia’s hunger for power,” the chief of Germany’s intelligence service, Bruno Kahl, said last week. “If the West does not demonstrate a clear readiness to defend, Putin will have no reason not to attack NATO anymore.”
  • In the decades since the Soviet Union collapsed, most Germans have grown accustomed to the notions that the country’s security would be assured if it worked with Russia, not against it, and that China is a necessary partner with a critical market for German automobiles and equipment.
  • Mr. Scholz, a Social Democrat whose party traditionally sought decent ties with Moscow, seems reluctant to discuss the far more confrontational future with Russia or China that German defense and intelligence chiefs describe so vividly.
  • few politicians will take on the subject in public. Mr. Scholz is especially careful, tending to Germany’s relationship with the United States and wary of pushing Russia and its unpredictable president too hard.
  • Mr. Scholz has moved with great caution. He has opposed — along with Mr. Biden — setting a timetable for Ukraine’s eventual entry into the alliance
  • The most vivid example of his caution is his continued refusal to provide Ukraine a long-range, air-launched cruise missile called the Taurus.
  • The Taurus has a range of more than 300 miles, meaning Ukraine could use it to strike deep into Russia. And Mr. Scholz is not willing to take that chance — nor is the country’s Bundestag, which voted against a resolution calling for the transfer. While the decision seems to fit German opinion, Mr. Scholz wants to avoid the subject.
  • Polls show that Germans want to see a more capable German military. But only 38 percent of those surveyed said they wanted their country to be more involved in international crises, the lowest figure since that question began to be asked in 2017, according to the Körber Foundation, which conducted the survey. Of that group, 76 percent said the engagement should be primarily diplomatic, and 71 percent were against a military leadership role for Germany in Europe.
  • German military officials recently set off a small outcry when they suggested that the country must be “kriegstüchtig,” which roughly translates to the ability to fight and win a war.
  • Norbert Röttgen, an opposition legislator and a foreign policy expert with the Christian Democrats, said the term was regarded as “rhetorical overreach” and quickly dropped.
  • “Scholz has always said that ‘Ukraine must not lose but Russia must not win,’ which indicated that he’s always thought of an impasse that would lead to a diplomatic process,” Mr. Röttgen said. “He thinks of Russia as more important than all the countries between us and them, and he lacks a European sense and of his possible role as a European leader.”
  • Mr. Scholz clearly feels most comfortable relying heavily on Washington, and senior German officials say he especially mistrusts Emmanuel Macron, the president of France, who has argued for European “strategic autonomy.” Mr. Macron has found few followers on the continent.
  • Even Mr. Scholz’s main European defense initiative, a coordinated ground-based air defense against ballistic missiles known as Sky Shield, depends on a mix of American, American-Israeli and German missile systems.
  • Mr. Scholz’s ambitions are also hamstrung by his increasingly weak economy. It shrank 0.3 percent last year, and roughly the same is expected in 2024. The cost of the Ukraine war and China’s economic problems — which have hit the auto and manufacturing sectors hardest — have exacerbated the problem.
  • While Mr. Scholz acknowledges that the world has changed, “he is not saying that we must change with it,” said Ulrich Speck, a German analyst.
  • “He is saying that the world has changed and that we will protect you,”
  • Germans, and even the Social Democrats, “have come to the realization that Germany lives in the real world and that hard power matters,”
  • “At the same time,” he said, “there’s still this hope that this is all just a bad dream, and Germans will wake up and be back in the old world.”
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New York Times Bosses Seek to Quash Rebellion in the Newsroom - WSJ - 0 views

  • The internal probe was meant to find out who leaked information related to a planned podcast episode about that article. But its intensity and scope suggests the Times’s leadership, after years of fights with its workforce over a variety of issues involving journalistic integrity, is sending a signal: Enough.
  • “The idea that someone dips into that process in the middle, and finds something that they considered might be interesting or damaging to the story under way, and then provides that to people outside, felt to me and my colleagues like a breakdown in the sort of trust and collaboration that’s necessary in the editorial process,” Executive Editor Joe Kahn said in an interview. “I haven’t seen that happen before.”
  • while its business hums along, the Times’s culture has been under strain.
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  • Newsroom leaders, concerned that some Times journalists are compromising their neutrality and applying ideological purity tests to coverage decisions, are seeking to draw a line. 
  • Kahn noted that the organization has added a lot of digital-savvy workers who are skilled in areas like data analytics, design and product engineering but who weren’t trained in independent journalism. He also suggested that colleges aren’t preparing new hires to be tolerant of dissenting views
  • International editor Philip Pan later intervened, saying the WhatsApp thread—at its worst a “tense forum where the questions and comments can feel accusatory”—should be for sharing information, not for hosting debates, according to messages reviewed by the Journal. 
  • Coverage of the Israel-Hamas war has become particularly fraught at the Times, with some reporters saying the Times’s work is tilting in favor of Israel and others pushing back forcefully, say people familiar with the situation. That has led to dueling charges of bias and journalistic malpractice among reporters and editors, forcing management to referee disputes.
  • “Just like our readers at the moment, there are really really strong passions about that issue and not that much willingness to really explore the perspectives of people who are on the other side of that divide,” Kahn said, adding that it’s hard work for staffers “to put their commitment to the journalism often ahead of their own personal views.”
  • Last fall, Times staffers covering the war got into a heated dispute in a WhatsApp group chat over the publication’s reporting on Al-Shifa hospital in Gaza, which Israel alleged was a command-and-control center for Hamas.
  • While the Guild represents staffers across many major U.S. news outlets, its members also include employees from non-news advocacy organizations such as pro-Palestinian group Jewish Voice For Peace, Democratic Socialists of America and divisions of the ACLU. 
  • “Young adults who are coming up through the education system are less accustomed to this sort of open debate, this sort of robust exchange of views around issues they feel strongly about than may have been the case in the past,” he said, adding that the onus is on the Times to instill values like independence in its employees.
  • The publisher of the Times, 43-year-old A.G. Sulzberger, says readers’ trust is at risk, however. Some journalists, including at the Times, are criticizing journalistic traditions like impartiality, while embracing “a different model of journalism, one guided by personal perspective and animated by personal conviction,” Sulzberger wrote in a 12,000-word essay last year in Columbia Journalism Review. 
  • Despite such moves, NewsGuard, an organization that rates credibility of news sites, in February reduced the Times’s score from the maximum of 100 to 87.5, saying it doesn’t have a clear enough delineation between news and opinion.
  • Emboldened by their show of strength on Bennet, employees would flex their muscles again on multiple occasions, pushing to oust colleagues they felt had engaged in journalistic or workplace misconduct. 
  • One thing Powell noticed, he said, was that coverage that challenged popular political and cultural beliefs was being neglected. Powell’s work includes a story on MIT’s canceling of a lecture by an academic who had criticized affirmative action, and another examining whether the ACLU is more willing to defend the First Amendment rights of progressives than far-right groups.
  • Kahn, who succeeded Baquet as executive editor in June 2022, and Opinion Editor Kathleen Kingsbury said in a letter to staff that they wouldn’t tolerate participation by Times journalists in protests or attacks on colleagues.
  • Divisions have formed in the newsroom over the role of the union that represents Times staffers, the NewsGuild-CWA. Some staffers say it has inappropriately inserted itself into debates with management, including over coverage of the trans community and the war. 
  • The Times isn’t the only news organization where employees have become more vocal in complaints about coverage and workplace practices. War coverage has also fueled tensions at The Wall Street Journal, with some reporters in meetings and internal chat groups complaining that coverage is skewed—either favoring Israel or Palestinians.  
  • When Times staffers logged on to a union virtual meeting last fall to discuss whether to call for a cease-fire in Gaza, some attendees from other organizations had virtual backgrounds displaying Palestinian flags. The meeting, where a variety of members were given around two minutes to share their views on the matter, felt like the kind of rally the Times’ policy prohibits, according to attendees. 
  • In January, Sulzberger shared his thoughts on covering Trump during a visit to the Washington bureau. It was imperative to keep Trump coverage emotion-free, he told staffers, according to people who attended. He referenced the Times story, “Why a Second Trump Presidency May Be More Radical Than His First,” by Charlie Savage, Jonathan Swan and Maggie Haberman, as a good example of fact-based and fair coverage. 
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No 'Hippie Ape': Bonobos Are Often Aggressive, Study Finds - The New York Times - 0 views

  • In the early 1900s, primatologists noticed a group of apes in central Africa with a distinctly slender build; they called them “pygmy chimpanzees.” But as the years passed, it became clear that those animals, now known as bonobos, were profoundly different from chimpanzees.
  • Chimpanzee societies are dominated by males that kill other males, raid the territory of neighboring troops and defend their own ground with border patrols. Male chimpanzees also attack females to coerce them into mating, and sometimes even kill infants.
  • Among bonobos, in contrast, females are dominant. Males do not go on patrols, form alliances or kill other bonobos. And bonobos usually resolve their disputes with sex — lots of it.
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  • Bonobos became famous for showing that nature didn’t always have to be red in tooth and claw. “Bonobos are an icon for peace and love, the world’s ‘hippie chimps,’” Sally Coxe, a conservationist, said in 2006.
  • Because bonobos live in remote, swampy rainforests, it has been much more difficult to observe them in the wild than chimpanzees. More recent research has shown that bonobos live a more aggressive life than their reputation would suggest.
  • In a study based on thousands of hours of observations in the wild published on Friday, for example, researchers found that male bonobos commit acts of aggression nearly three times as often as male chimpanzees do.
  • “There is no ‘hippie ape,’”
  • As our closest living relatives, bonobos and chimpanzees can offer us clues about the roots of human behavior. We and the two species share a common ancestor that lived about 7 million years ago. About 5 million years later, bonobos split off from chimpanzees.
  • In 2012, a trio of Harvard researchers proposed that bonobos evolved much like dogs did. Less aggressive wolves were not as likely to be killed by humans, which over time led to the emergence of dogs. In a similar fashion, the researchers argued, female bonobos preferred to mate with less aggressive males, giving birth to less aggressive offspring.
  • The researchers called their idea the self-domestication hypothesis. In later years, they speculated that humans may have undergone a self-domestication of their own.
  • Dr. Mouginot soon became perplexed, as she saw that male bonobos acted aggressively on a regular basis. Unlike male chimpanzees, who started their days in a mellow mood, the male bonobos seemed to wake up ready for a fight.
  • She and her colleagues trained field assistants, who made more observations throughout the pandemic. The new analysis, based on 9,300 hours of observations on 12 male bonobos and 14 male chimpanzees, found that bonobos committed aggressive acts 2.8 times as frequently as than the chimpanzees did.
  • Dr. Mouginot found that the frequent bonobo aggressions almost always involved a single male attacking another male. Chimpanzees, in contrast, often ganged up to attack a victim.
  • the study set a new standard for comparing aggression in bonobos and chimpanzees.
  • Dr. Mouginot speculated that male chimpanzees engage in one-on-one aggression less often because it poses bigger dangers: A victim of aggression may not want to go on a border patrol with the perpetrator, for example. Or he may bring back some of his own allies to wreak vengeance.
  • It may be easier for male bonobos to get away with aggression, Dr. Mouginot said, because in their female-dominated society they don’t face the risks that come with male alliances. “I think that’s why we see more aggression in bonobos — because it’s less risky to act aggressively against other males,”
  • the apes that carried out the most aggressive acts were also the ones who mated most often.
  • parts of the self-domestication hypothesis “clearly need refinement.” It may be important to consider the effect that different kinds of aggression have on a species, rather than lumping them altogether, he said.
  • Still, he argued that the differences between the two species remained significant. “Chimpanzees murder, and bonobos don’t,
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'Grownup' leaders are pushing us towards catastrophe, says former US climate chief | Cl... - 0 views

  • Stern said that, in fact, delaying action to cut greenhouse gas emissions was leading to disaster, given the rapid acceleration of the climate crisis, which he said was happening faster than predicted when the Paris agreement was signed. “Look out your window – look at what’s happening,look at the preposterous heat. It’s ridiculous.”
  • But he warned that if Donald Trump were to be elected this November, the US would exit the Paris agreement and frustrate climate action globally.
  • “All hard questions of this magnitude should be considered by way of a ‘compared to what’ analysis. The monumental dangers [the climate crisis] poses warrant the same kind of ‘compared to what’ argument when leaders in the political and corporate worlds balk at what needs to be done.”
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  • tern praised Joe Biden for “an extraordinarily good first term”, including the Inflation Reduction Act, which he called “far and away the most significant climate legislation ever in the US, and it’s quite powerful”.
  • Leaders who claimed to be grownups by saying the pace of action had to be slowed had to be honest about the alternatives, he said. Just as political leaders took swift action to prevent the spread of Covid-19 in 2020, so must they confront the consequences of slowing climate action now.
  • “He will try to reverse whatever he can in terms of domestic policy [on climate action],” he warned. “I don’t think anybody else is going to pull out of Paris because of Trump, but it’s highly disruptive to what can happen internationally, because the US is a very big, very important player. So [without the US] you don’t move as fast.”
  • Stern called for stronger demonstration from civil society of support for climate action. “What we need, broadly, is normative change, a shift in hearts and minds that demonstrates to political leaders that their political future depends on taking strong, unequivocal action to protect our world,” he said.
  • “Normative change may seem at first blush like a weak reed to carry into battle against the defenders of the status quo, but norms can move mountains. They are about a sense of what is right, what is acceptable, what is important, what we expect and what we demand.”
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Exclusive: Trump Media saved in 2022 by Russian-American under criminal investigation |... - 0 views

  • The concern surrounding the loans to Trump Media is that ES Family Trust may have been used to complete a transaction that Paxum itself could not.
  • Paxum Bank does not offer loans in the US as it lacks a US banking license and is not regulated by the FDIC. Postolnikov appears to have used the trust to loan money to help save Trump Media – and the Truth Social platform – because his bank itself could not furnish the loan.
  • Postolnikov, the nephew of Aleksandr Smirnov, an ally of the Russian president, Vladimir Putin, has not been charged with a crime. In response to an email to Postolnikov seeking comment, a lawyer in Dominica representing Paxum Bank warned of legal action for reporting the contents of the leaked documents.
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  • Postolnikov has been under increasing scrutiny in the criminal investigation into the Trump Media merger. Most recently, he has been listed on search warrant affidavits alongside several associates – one of whom was indicted last month for money laundering on top of earlier insider-trading charges.
  • Trump Media then received the loans from ES Family Trust: $2m on 23 December 2021, and $6m on 17 February 2022.
  • Part of the problem was that Trump Media struggled to get financing because traditional banks were reluctant to lend millions to Trump’s social media company in the wake of the January 6 Capitol attack, Wilkerson said.Trump Media eventually found some lenders, including ES Family Trust, but the sequence of events was curious.
  • S Family Trust was established on 18 May 2021, its creation papers show. Postolnikov’s “user” access to the account was “verified” on 30 November 2021 by a Paxum Bank manager in Dominica. The trust was funded for the first time on 2 December 2021
  • In late 2021, Trump Media was facing financial trouble after the original planned merger with Digital World was delayed indefinitely when the Securities and Exchange Commission opened an investigation into the merger, Trump Media’s since-ousted co-founder-turned-whistleblower Will Wilkerson recounted in an interview.
  • The loans came in the form of convertible promissory notes, meaning ES Family Trust would gain a major stake in Trump Media because it was offering the money in exchange for Trump Media agreeing to convert the loan principal into “shares of Company Stock”.
  • Oddly, the notes were never signed. But the investment in Trump Media proved to be huge: while precise figures can only be known by Trump Media, ES Family Trust’s stake in Trump Media is worth between $20m and $40m even after the sharp decline of the company’s share price in the wake of a poor earnings report
  • The ES Family Trust account also appears to have benefited Postolnikov personally. As the criminal investigation into the Trump Media deal intensified towards the end of last year, the trust recorded several transfers to Postolnikov with the subject line “Partial Loan Return”.In total, the documents showed that the trust transferred $4.8m to Postolnikov’s account, although $3m was inexplicably “reversed”.
  • The reason for the trust’s creation remains unknown. Aside from the money that went to Trump Media, the trust’s statements show the trust has directly invested money with only two other companies: $10.8m to Eleven Ventures LLC, a venture capital firm, and $1m to Wedbush Securities, a wealth management firm.
  • The creation papers also contained something notable: a declaration that, if the original trustee – a Paxum employee named Angel Pacheco – stepped down from the role, his successor would be a certain individual named Michael Shvartsman.
  • Last month, federal prosecutors charged Michael Shvartsman, a close associate of Postolnikov, with money laundering in a superseding indictment after previously charging him and two others in July with insider-trading Digital World shares. Shvartsman and his co-defendants pleaded not guilty.
  • nformant for the DHS, court filings show: in one March 2023 meeting with the informant and an associate, Shvartsman mentioned a friend who owned a bank in Dominica and made bridge loans to Trump Media.
  • “[Shvartsman’s associate] told the [confidential informant] that he does not think the SEC would be able to go after [Shvartsman] for his part in the investment but mentioned that [Shvartsman] essentially provided ‘bridge financing’ for the firm behind the Truth Social media platform,” it said.
  • The investigation into potential money laundering appears to have started after Wilkerson’s lawyers Phil Brewster, Stephen Bell and Patrick Mincey alerted the US attorney’s office in the southern district of New York to the ES Family Trust loans in October 2022.
  • Months later, in June 2023, the FBI expanded its investigation to work jointly with the Department of Homeland Security’s El Dorado taskforce, which specializes in money laundering, and its Illicit Proceeds and Foreign Corruption group, which targets corrupt foreign officials who use US entities to launder illicit funds.
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The Friar Who Became the Vatican's Go-To Guy on A.I. - The New York Times - 0 views

  • , he told a crowd of ambassadors that “global governance is needed, otherwise the risk is social collapse.” He also talked up the Rome Call, a Vatican, Italian government, Silicon Valley and U.N. effort he helped organize.
  • The author of many books (“Homo Faber: The Techno-Human Condition”) and a fixture on international A.I. panels, Father Benanti, 50, is a professor at the Gregorian, the Harvard of Rome’s pontifical universities, where he teaches moral theology, ethics and a course called “The Fall of Babel: The Challenges of Digital, Social Networks and Artificial Intelligence.”
  • his job is to provide advice from an ethical and spiritual perspective
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  • He is concerned that masters of the A.I. universes are developing systems that will expand chasms of inequality. He fears the transition to A.I. will be so abrupt that entire professional fields will be left doing menial jobs, or nothing, stripping people of dignity and unleashing floods of “despair.”
  • Father Benanti, who does not believe in the industry’s ability to self-regulate and thinks some rules of the road are required in a world where deep fakes and disinformation can erode democracy.
  • He shares his insights with Pope Francis, who in his annual World Day of Peace message on Jan. 1 called for a global treaty to ensure the ethical development and use of AI to prevent a world devoid of human mercy, where inscrutable algorithms decide who is granted asylum, who gets a mortgage, or who, on the battlefield, lives or dies.
  • all the time he applies his perspective about what it means to be alive, and to be human, when machines seem more alive and human. “This is a spiritual question,” he said.
  • raises enormous questions about redistributing wealth in an A.I. dominant universe.
  • he pursued an engineering degree at Sapienza University in Rome. It wasn’t enough.“I started to feel that something was missing,” he said, explaining that his advancement as an engineering student erased the mystique machines held for him. “I simply broke the magic.”
  • He left Rome to study in Assisi, the home of St. Francis, and over the next decade, took his final vows as a friar, was ordained as a priest and defended his dissertation on human enhancement and cyborgs. He got his job at the Gregorian, and eventually as the Vatican’s IT ethics guy.
  • In 2017, Cardinal Ravasi organized an event at the Italian embassy to the Holy See where Father Benanti gave a talk on the ethics of A.I. Microsoft officials in attendance were impressed and asked to stay in touch. That same year, the Italian government asked him to contribute to A.I. policy documents and the next year he successfully applied to sit on its commission for developing a national A.I. strategy.
  • Francis, he said, didn’t at first realize what Microsoft really did, but liked that Mr. Smith took out of his pocket one of the pope’s speeches on social media and showed the pontiff the concerns the business executive had highlighted and shared.
  • e said, arguing that as ancient Roman augurs turned to the flight of birds for direction, A.I., with its enormous grasp of our physical, emotional and preferential data, could be the new oracles, determining decisions, and replacing God with false idols.
  • “It’s something old that probably we think that we left behind,” the friar said, “but that is coming back.”
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Opinion | The Florida Fraudster and the Russian 'Killer' - The New York Times - 0 views

  • When a CNN reporter asked if Trump had a response to the heroic Navalny’s death, the Trump campaign pointed her to a Truth Social post that wasn’t about Navalny or Putin. It was about how awful America was.
  • Before Navalny’s death, Tucker Carlson — who scorned Ukraine’s desperate fight for its independence — cavorted in the Kremlin. His interview with Putin was so indulgent that even Putin complained of a “lack of sharp questions.”
  • At an Axios conference in Miami, Jared Kushner — who was festooned with $2 billion in Saudi investments after he left the White House — called Mohammed bin Salman a “visionary leader.” Asked about the crown prince’s complicity in Jamal Khashoggi’s murder, Kushner replied with exasperation, “Are we really still doing this?”
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  • “America is no longer respected,” Trump posted, “because we have an incompetent president who is weak and doesn’t understand what the World is thinking.”
  • In an interview with an Egyptian journalist, Carlson defended his decision not to ask Putin about freedom of speech or assassinations of his opponents.
  • “Every leader kills people,” Carlson said blithely, adding, “Leadership requires killing people, sorry.”
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Opinion | Is This a Sputnik Moment? - The New York Times - 0 views

  • Both the Soviet Union and United States conducted high-altitude nuclear detonation (HAND) tests in the 1950s and 1960s, including the U.S. Starfish Prime test in 1962 when the United States detonated a 1.4 megaton warhead atop a Thor missile 250 miles above the Earth. The explosion created an electromagnetic pulse that spread through the atmosphere, frying electronics on land hundreds of miles away from the test, causing electrical surges on airplanes and in power grids, and disrupting radio communications. The boosted nuclear radiation in space accumulated on satellites in orbit, damaging or destroying one-third of them.
  • Nor is it new for Russia to violate nuclear arms control agreements. In recent years, Russia has violated the 1987 Intermediate-Range Nuclear Forces Treaty, suspended its participation in the 2010 New Strategic Arms Reduction Treaty, and de-ratified the Comprehensive Test Ban Treaty. Backing out of arms control commitments is part of Russia’s modus operandi.
  • What appears unprecedented now is that Russia could be working toward deploying nuclear weapons on satellites, which are constantly orbiting the Earth, to be detonated at times and locations of Moscow’s choosing.
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  • Russian military doctrine states that Russia would use nuclear weapons in the event of attacks against key Russian assets or threats to the existence of the state, and experts believe Russia could use nuclear weapons first in a crisis to signal resolve.
  • Russia has seen how important space-based assets can be on the battlefield in Ukraine. Starlink, with its thousands of satellites orbiting Earth, provides Ukrainian forces with uninterrupted communication. The U.S. Department of Defense openly discusses its investments in large satellite constellations. Hundreds of satellites used for missile warning, intelligence and communications are seen as a way to be more resilient against a variety of growing space threats. Moscow would look for ways to target these large satellite constellations and to erode the advantage they provide.
  • Russia has been testing weapons that target space capabilities or using them on the battlefield in Ukraine. In November 2021, Moscow conducted an antisatellite test by launching a missile at one of its own defunct satellites. It has also employed systems designed to jam Starlink and GPS to degrade Ukraine’s communication systems, as well as the drones and munitions the country uses to defend itself. It is not surprising that Moscow would seek to develop a more powerful way to cause widespread damage to constellations of satellites.
  • But a nuclear detonation in space is indiscriminate. It would degrade or destroy any satellites in its path and within the same orbital region. It wouldn’t just affect U.S. satellites but also the aggressor’s own satellites, as well as an unknown number of satellites owned by the over 90 countries operating in space, and astronauts living on the International Space Station and Chinese space station
  • Russia, however, has less to lose: Its once vaunted space program is in decline, dinged by sanctions, and said it intends to withdraw from the International Space Station program after 2024. Moscow is now well behind China in its total number of operating on-orbit satellites.
  • Third, we need to be realistic about prospects for future arms control with Russia. Moscow has shown a disregard for its treaty commitments. Just last month, Moscow rejected attempts by the Biden administration to restart bilateral arms control talks. Rather than trying again, the administration should instead focus on strengthening deterrence by improving our own capabilities and building multilateral coalitions for responsible nuclear behavior
  • Finally, policymakers need to protect our intelligence sources and intelligence gathering methods
  • With Russian officials already demanding proof of what the United States knows, declassifying those sources and methods plays directly into Moscow’s hands and jeopardizes those channels for future intelligence collection.
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(3) Chartbook 285: Cal-Tex - How Bidenomics is shaping America's multi-speed energy tra... - 0 views

  • If the Texas solar boom, the biggest in the USA, has little to do with Bidenomics, are we exaggerating the impact of Bidenomics? Rather than the shiny new tax incentives is it more general factors such as the plunging cost of PVs driving the renewable surge in the USA. Or, if policy is indeed the key, are state-level measures in Texas making the difference? Or, is this unfair to the IRA? Are its main effects still to come? Will it pile-on a boom that is already underway?
  • What did I learn?
  • First, when we compare the US renewable energy trajectory with the global picture, there is little reason to believe that Bidenomics has, so far, produced an exceptional US trajectory.
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  • Everywhere, new investment in green energy generation is being propelled by general concern for the climate, shifting corporate and household demand, the plunging prices for solar and batteries triggered by Chinese policy, and a combination of national and regional interventions
  • How different would we expect this data to look without the IRA?
  • The most useful overview of these modeling efforts that I have been able to find is by Bistline et al “Power sector impacts of the Inflation Reduction Act of 2022” in Environmental Research Letters November 2023. If anyone has a better source, please let me know.
  • The top panel shows the historical trajectory of US generating capacity from 1980 to 2021. The second half of the graphic shows how 11 different models predict that the US electricity system might be expected to develop up to 2035, with and without IRA.
  • all the models expect the trends of the 2010s to continue through to the 2030s which means that solar, wind and battery storage dominate America’s energy future. Even without the IRA, the low carbon share of electricity generation will likely rise to 50-55% by 2035. Bidenomics bumps that to 70-80 percent.
  • The question is: “How does the renewable surge of 2022-2024, compare to the model-based expectations, with and without the IRA?”
  • The answer is either, “so so”, or, more charitably, it is “too early to tell”. In broad terms the current rate of expansion is slightly above the rate the models predict without the provision of additional Bidenomics incentives. But what is also clear is that the current rate of expansion, is far short of the long-run pace that should be expected from the IRA
  • At this point, defenders of the IRA interject that the IRA has only just come into effect. Cash from the IRA is only beginning to flow. And in an environment of higher costs for renewable energy equipment and higher interest rates, cash matters.
  • As Yakov Feygin put it: “Maybe the pithiest way to put it is that there are pre-IRA trends and outside IRA trends, but IRA has served to rapidly compress the timeframes for installation in a lot of technologies. So five years has turned into two, for example.”
  • So, to judge the impact of the IRA to date, the real question is not what has been built in 2022 and 2023, but what is in the pipeline.
  • Advised by JP Morgan, sophisticated global players like Ørsted are optimizing their use of both the production and investment tax credits offered by the IRA to launch large new renewable schemes. Of course, correlation is not the same as causation
  • Where the IRA is perhaps doing its most important work may be in incentivizing the middle bracket of projects where green momentum is less certain.
  • According to Utility Drive: “The 10 largest U.S. developers plan to build 110,364 MW of new wind and solar projects over the next five years, according to S&P Global Market Intelligence, but the majority of these projects remain in early stages of development. Just 15% of planned wind and solar projects are under construction, and 13% are considered to be in advanced stages of development, … ”
  • The states that I have highlighted in red stand out either for their unusually low existing level of renewable power capacity or their lack of current momentum.
  • Along with Texas, the pipelines for the PJM, MISO and Southeast regions (which includes Florida) look particularly healthy.
  • The relatively modest California numbers should not be a surprise. As Yakov Feygin and others pointed out, what is needed in California is not more raw generating capacity, but more battery storage. And that is what we are seeing in the data.
  • The numbers would be even larger if it were not for the truly surreal logjam in California’s system for authorizing interconnections. According to Hamilton/Brookings data the volume of hybrid solar and batter capacity in the queue for approval is 6.5 times the capacity currently operating in the state. In other words there is an entire energy transition waiting to happen when the overloaded managerial processes of the system catch up
  • Texas’s less bureaucratic system seems to be one of its key advantages in the extremely rapid roll-out of solar.
  • though it may be true that globally speaking the United States as a whole is a laggard in renewable energy development,
  • If California (with an economy roughly comparable to that of Germany at current exchange rates) and Texas (with an economy roughly the size of Italy’s) were countries, they would be #3 and #5 in the world in solar capacity per capita.
  • the obvious question is, which are the laggards in the US energy system.
  • So there is a lot to get excited about, at, what we are learning to call, the “meso”-level of the economy (more on this in a future post).
  • What the state-level data reveal is that there are a significant number of large states in the USA where solar and wind energy have barely made any impact. Pennsylvania, for instance
  • The relative levels of sunshine between US states is irrelevant. As the global solar atlas shows, the entire United States has far better solar potential than North West Europe. If you can grow corn and tobbaco, you can do utility-scale solar. The fact that Arizona is not a solar giant is mind boggling.
  • Texas is both big and truly remarkable. California already is a world leader in renewable energy. Meanwhile, the majority of the US electricity system presents a very different picture. There is a huge distance to be traveled and the pace of solar build-out is unremarkable.
  • This is where national level incentives like the IRA must prove themselves
  • And these local battles in America matter. Given the extremely high per capita energy consumption in the USA, greening state-level energy systems is significant at the global level. It does not compare to the super-sized levels of emissions in China, but it matters.
  • Indonesia’s total installed electricity generating capacity is rated at 81 GW. As far as immediate impact on the global carbon balance is concerned, cleaning up the power systems of Pennsylvania and Illinois would make an even bigger impact.
  • A key test of Biden-era climate and industrial policy will be whether it can untie the local political economy of fossil fuels, which, across many regions of the United States still stands in the way of a green energy transition that now has all the force of economics and technological advantage on its side.
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Trump's Campaign Has Lost Whatever Substance It Once Had - The Atlantic - 0 views

  • Donald Trump’s 2016 campaign was, among other things, one of the most impressive displays of branding on a large scale, in a short time, ever. There were hats. There were flags. And above all, there were slogans.
  • “Make America Great Again.” “Build the wall.” “Lock her up.” And later, “Drain the swamp,” which Trump conceded on the stump that he’d initially hated. No matter: Crowds loved it, which was good enough for Trump to decide that he did, too.
  • One peculiarity of Trump’s 2024 campaign is the absence of any similar mantra. At some recent rallies, neither Trump nor the audience has even uttered “Build the wall,” once a standard. Crowds are reverting instead to generic “U-S-A” chants or, as at a recent Phoenix rally, “Bullshit, bullshit, bullshit!,” which has a winning simplicity but doesn’t have the specificity and originality of its predecessors.
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  • In their place, Trump’s stump speech has become dominated by grievances about the wrongs he believes have been done to him and his promises to get even for them. It doesn’t quite create the festive atmosphere of eight years ago, when many attendees were clearly having a great time. Where the new, more prosaic feeling lacks the uplift of the past, though, it has still managed to generate enough enthusiasm
  • The lack of catchy slogans might not matter if they were just slogans. But in 2016, they were a symbol of Trump’s willingness to talk about things that other candidates, including other Republicans, shied away from.
  • Regarding the war in Gaza, he has criticized Israeli Prime Minister Benjamin Netanyahu and called for the conflict to end quickly—but on Israel’s terms.
  • He had several such policy positions, including breaking with the bipartisan consensus on free trade, pledging to protect Social Security and Medicare, and claiming to have opposed the Iraq War from the start.
  • The focus on the wall also showed that he was willing to deploy (putatively) “commonsense” ideas that other politicians weren’t. This helped Trump to appeal not just to Republicans but to disaffected voters of all stripes
  • Where Trump once trumpeted his appointment of justices who overturned Roe v. Wade, he is now fumblingly trying to formulate a position on abortion that doesn’t alienate either his base or swing voters, mostly relying on ambiguity
  • Trump is emphasizing fewer big transformational ideas compared with 2016. His promises are a scattershot collection of ideas targeted at particular segments of the electorate: ending taxes on salary earned from tips, defending TikTok (a platform he once tried to ban), declassifying files on John F. Kennedy’s assassination, rolling back fossil-fuel regulations. Although he promises to clamp down on the border and deport undocumented immigrants, you won’t catch a “Round ’em up” chant at his rallies. And Project 2025, his allies’ proposal to overhaul the federal government by massively expanding political patronage, doesn’t lend itself to a bumper sticker.
  • Trump allots a great deal of his stump speech to mocking Biden as incoherent and senile (sometimes awkwardly) while also warning that Biden’s administration has made the United States a failed nation, and that his reelection could be fatal to the country. The disconnect between the images of Biden as doddering fool and as evil schemer is one that Republicans have struggled to reconcile but that Trump has concluded doesn’t need resolving.
  • Grievance is not a new note at Trump rallies, but four and eight years ago, he used to talk about other people’s grievances and promise to redress them. Now the grievances are largely his own
  • One big problem for Clinton was the criticism that she had no compelling goal for her candidacy other than that she wanted to be president. Trump’s campaign now is about nothing so much as his desire to be president.
  • Even Project 2025 is about the accumulation of executive power itself, rather than any particular policy goal
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Opinion | MAGA Turns Against the Constitution - The New York Times - 0 views

  • the problem of public ignorance and fake crises transcends politics. Profound pessimism about the state of the nation is empowering the radical, revolutionary politics that fuels extremists on the right and left.
  • now, for parts of MAGA, the Constitution itself is part of the crisis. If it doesn’t permit Trump to take control, then it must be swept aside.
  • Elements of this argument are now bubbling up across the reactionary, populist right
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  • Still others believe that the advent of civil rights laws created, in essence, a second Constitution entirely, one that privileges group identity over individual liberty.
  • Protestant Christian nationalists tend to have a higher regard for the American founding, but they believe it’s been corrupted. They claim that the 1787 Constitution is essentially dead, replaced by progressive power politics that have destroyed constitutional government.
  • Catholic post-liberals believe that liberal democracy itself is problematic. According to their critique, the Constitution’s emphasis on individual liberty “atomizes” American life and degrades the traditional institutions of church and family that sustain human flourishing.
  • The original Constitution and Bill of Rights, while a tremendous advance from the Articles of Confederation, suffered from a singular, near-fatal flaw. They protected Americans from federal tyranny, but they also left states free to oppress American citizens in the most horrific ways
  • if your ultimate aim is the destruction of your political enemies, then the Constitution does indeed stand in your way.
  • Right-wing constitutional critics do get one thing right: The 1787 Constitution is mostly gone, and America’s constitutional structure is substantially different from the way it was at the founding. But that’s a good thing
  • its guardrails against tyranny remain vital and relevant today.
  • Individual states ratified their own constitutions that often purported to protect individual liberty, at least for some citizens, but states were also often violently repressive and fundamentally authoritarian.
  • The criminal justice system could be its own special form of hell. Indigent criminal defendants lacked lawyers, prison conditions were often brutal at a level that would shock the modern conscience, and local law enforcement officers had no real constitutional constraints on their ability to search American citizens and seize their property.
  • Through much of American history, various American states protected slavery, enforced Jim Crow, suppressed voting rights, blocked free speech, and established state churches.
  • As a result, if you were traditionally part of the local ruling class — a white Protestant in the South, like me — you experienced much of American history as a kind of golden era of power and control.
  • The Civil War Amendments changed everything. The combination of the 13th, 14th, and 15th Amendments ended slavery once and for all, extended the reach of the Bill of Rights to protect against government actions at every level, and expanded voting rights.
  • But all of this took time. The end of Reconstruction and the South’s “massive resistance” to desegregation delayed the quest for justice.
  • decades of litigation, activism and political reform have yielded a reality in which contemporary Americans enjoy greater protection for the most fundamental civil liberties than any generation that came before.
  • And those who believe that the civil rights movement impaired individual liberty have to reckon with the truth that Americans enjoy greater freedom from both discrimination and censorship than they did before the movement began.
  • So why are parts of the right so discontent? The answer lies in the difference between power and liberty
  • One of the most important stories of the last century — from the moment the Supreme Court applied the First Amendment to state power in 1925, until the present day — is the way in which white Protestants lost power but gained liberty. Many millions are unhappy with the exchange.
  • Consider the state of the law a century ago. Until the expansion of the Bill of Rights (called “incorporation”) to apply to the states, if you controlled your state and wanted to destroy your enemies, you could oppress them to a remarkable degree. You could deprive them of free speech, you could deprive them of due process, you could force them to pray and read state-approved versions of the Bible.
  • The argument that the Constitution is failing is just as mistaken as the argument that the economy is failing, but it’s politically and culturally more dangerous
  • Powerful people often experience their power as a kind of freedom. A king can feel perfectly free to do what he wants, for example, but that’s not the same thing as liberty.
  • Looked at properly, liberty is the doctrine that defies power. It’s liberty that enables us to exercise our rights.
  • Think of the difference between power and liberty like this — power gives the powerful freedom of action. Liberty, by contrast, protects your freedom of action from the powerful.
  • At their core, right-wing attacks on the modern Constitution are an attack on liberty for the sake of power.
  • An entire class of Americans looks back at decades past and has no memory (or pretends to have no memory) of marginalization and oppression. They could do what they wanted, when they wanted and to whom they wanted.
  • Now they don’t have that same control
  • Muslims, Sikhs, Jews, Buddhists and atheists all approach the public square with the same liberties. Drag queens have the same free speech rights as pastors, and many Americans are livid as a result.
  • when a movement starts to believe that America is in a state of economic crisis, criminal chaos and constitutional collapse, then you can start to see the seeds for revolutionary violence and profound political instability. They believe we live in desperate times, and they turn to desperate measures.
  • “You shall know the truth, and the truth shall set you free.” So much American angst and anger right now is rooted in falsehoods. But the truth can indeed set us free from the rage that tempts American hearts toward tyranny.
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