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“It’s a historic, big deal,” said Robert McNally, an energy adviser to President George W. Bush. “This will reshape not only commercial relationships but political and geopolitical ones as well.”E.U. officials have yet to release all the details of their effort to squelch Russian oil exports but have said those policies will go into effect over months. That is meant to give Europeans time to prepare, but it will also give Russia and its partners time to devise workarounds. Who will adapt

In addition, Germany and Poland have pledged to stop importing oil from Russia by pipeline, which means Europeans could reduce Russian imports by 3.3 million barrels a day by the end of the year.And the union has said European companies will no longer be allowed to insure tankers carrying Russian oil anywhere. That ban will also be phased in over several months. Because many of the world’s largest insurers are based in Europe, that move could significantly raise the cost of shipping Russian energy, though insurers in China, India and Russia itself might now pick up some of that business.Before the invasion of Ukraine, roughly half of Russia’s oil exports went to Europe, representing $10 billion in transactions a month. Sales of Russian oil to E.U. members have declined somewhat in the last few months, and those to the United States and Britain have been eliminated.

Another hope of Western leaders is that their moves will reduce Russia’s position in the global energy industry. The idea is that despite its efforts to find new buyers in China, India and elsewhere, Russia will export less oil overall. As a result, Russian producers will need to shut wells, which they will not be able to easily restart because of the difficulties of drilling and producing oil in inhospitable Arctic fields.

“Why wait six months?” asked David Goldwyn, a top State Department energy official in the Obama administration. “As the sanctions are configured now, all that will happen is you will see more Russian crude and product flow to other destinations,” he said. But he added, “It’s a necessary first step.”

Russian natural gas for some time, possibly years. That could preserve some of Mr. Putin’s leverage, especially if gas demand spikes during a cold winter. European leaders have fewer alternatives to Russian gas because the world’s other major suppliers of that fuel — the United States, Australia and Qatar — can’t quickly expand exports substantially.Russia also has other cards to play, which could undermine the effectiveness of the European embargo.

India is getting about 600,000 barrels a day from Russia, up from 90,000 a day last year, when Russia was a relatively minor supplier. It is now India’s second-biggest supplier after Iraq.But India could find it difficult to keep buying from Russia if the European Union’s restrictions on European companies insuring Russian oil shipments raise costs too much.“India is a winner,” said Helima Croft, RBC’s head of commodity strategy, “as long as they are not hit with secondary sanctions.”

They were offering nearly unlimited cheap debt to keep the wheels of finance turning, and when that didn’t help, the Fed began purchasing massive quantities of government debt outright.

Investors dumped whatever they could, including ostensibly “risk-free” U.S. Treasury securities. As a global dash for dollars unfolded, Treasurys were no longer serving as the market’s traditional shock absorbers, amplifying extreme turmoil on Wall Street.

By week’s end, the Dow had plunged more than 10,000 points since mid-February as investors struggled to get their arms around what a halt to global commerce would mean for businesses that would soon have no revenue.

“It was sheer, unadulterated panic, of a magnitude that was far worse than in 2008 and 2009. Far worse,”

The idea of shutting down markets was especially discouraging: “It was a profoundly un-American thing to contemplate, to just shut everything down, and almost fatalistic—that we’re not going to get out of this.”

nearly two years later, most agree that the Fed’s actions helped to save the economy from going into a pandemic-induced tailspin.

“My thought was—I remember this very clearly—‘O.K. We have a four-or-five-day chance to really get our act together and get ahead of this. We’re gonna try to get ahead of this,’” Mr. Powell recalled later. “And we were going to do that by just announcing a ton of stuff on Monday morning.”

It worked. The Fed’s pledges to backstop an array of lending, announced on Monday, March 23, would unleash a torrent of private borrowing based on the mere promise of central bank action—together with a massive assist by Congress, which authorized hundreds of billions of dollars that would cover any losses.

If the hardest-hit companies like Carnival, with its fleet of 104 ships docked indefinitely, could raise money in capital markets, who couldn’t?

on April 9, where he shed an earlier reluctance to express an opinion about government spending policies, which are set by elected officials and not the Fed. He spoke in unusually moral terms. “All of us are affected,” he said. “But the burdens are falling most heavily on those least able to carry them…. They didn’t cause this. Their business isn’t closed because of anything they did wrong. This is what the great fiscal power of the United States is for—to protect these people as best we can from the hardships they are facing.”

They were extraordinary words from a Fed chair who during earlier, hot-button policy debates said the central bank needed to “stay in its lane” and avoid providing specific advice.

To avoid a widening rift between the market haves (who had been given access to Fed backstops) and the market have-nots (who had been left out because their debt was deemed too risky), Mr. Powell had supported a decision to extend the Fed’s lending to include companies that were being downgraded to “junk” status in the days after it agreed to backstop their bonds.

Most controversially, Mr. Powell recommended that the Fed purchase investment vehicles known as exchange-traded funds, or ETFs, that invest in junk debt. He and his colleagues feared that these “high-yield” bonds might buckle, creating a wave of bankruptcies that would cause long-term scarring in the economy.

Mr. Powell decided that it was better to err on the side of doing too much than not doing enough.

, Paul Singer, who runs the hedge-fund firm Elliott Management, warned that the Fed was sowing the seeds of a bigger crisis by absolving markets of any discipline. “Sadly, when people (including those who should know better) do something stupid and reckless and are not punished,” he wrote, “it is human nature that, far from thinking that they were lucky to have gotten away with something, they are encouraged to keep doing the stupid thing.”

The breathtaking speed with which the Fed moved and with which Wall Street rallied after the Fed’s announcements infuriated Dennis Kelleher, a former corporate lawyer and high-ranking Senate aide who runs Better Markets, an advocacy group lobbying for tighter financial regulations.

This is a ridiculous discussion no matter how heartfelt Powell is about ‘we can’t pick winners and losers’—to which my answer is, ‘So instead you just make them all winners?’”

“Literally, not only has no one in finance lost money, but they’ve all made more money than they could have dreamed,” said Mr. Kelleher. “It just can’t be the case that the only thing the Fed can do is open the fire hydrants wide for everybody

Mr. Powell later defended his decision to purchase ETFs that had invested in junk debt. “We wanted to find a surgical way to get in and support that market because it’s a huge market, and it’s a lot of people’s jobs… What were we supposed to do? Just let them die and lose all those jobs?” he said. “If that’s the biggest mistake we made, stipulating it as a mistake, I’m fine with that. It wasn’t time to be making finely crafted judgments,” Mr. Powell said. He hesitated for a moment before concluding. “Do I regret it? I don’t—not really.”

“We didn’t know there was a vaccine coming. The pandemic is just raging. And we don’t have a plan,” said Mr. Powell. “Nobody in the world has a plan. And in hindsight, the worry was, ‘What if we can’t really fully open the economy for a long time because the pandemic is just out there killing people?’”

Mr. Powell never saw this as a particularly likely outcome, “but it was around the edges of the conversation, and we were very eager to do everything we could to avoid that outcome,”

The Fed’s initial response in 2020 received mostly high marks—a notable contrast with the populist ire that greeted Wall Street bailouts following the 2008 financial crisis. North Carolina Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, gave Mr. Powell an “A-plus for 2020,” he said. “On a one-to-10 scale? It was an 11. He gets the highest, highest marks, and deserves them. The Fed as an institution deserves them.”

The pandemic was the most severe disruption of the U.S. economy since the Great Depression. Economists, financial-market professionals and historians are only beginning to wrestle with the implications of the aggressive response by fiscal and monetary policy makers.

Altogether, Congress approved nearly $5.9 trillion in spending in 2020 and 2021. Adjusted for inflation, that compares with approximately $1.8 trillion in 2008 and 2009.

By late 2021, it was clear that many private-sector forecasters and economists at the Fed had misjudged both the speed of the recovery and the ways in which the crisis had upset the economy’s equilibrium. Washington soon faced a different problem. Disoriented supply chains and strong demand—boosted by government stimulus—had produced inflation running above 7%.

because the pandemic shock was akin to a natural disaster, it allowed Mr. Powell and the Fed to sidestep concerns about moral hazard—that is, the possibility that their policies would encourage people to take greater risks knowing that they were protected against larger losses. If a future crisis is caused instead by greed or carelessness, the Fed would have to take such concerns more seriously.

The high inflation that followed in 2021 might have been worse if the U.S. had seen more widespread bankruptcies or permanent job losses in the early months of the pandemic.

an additional burst of stimulus spending in 2021, as vaccines hastened the reopening of the economy, raised the risk that monetary and fiscal policy together would flood the economy with money and further fuel inflation.

The surge in federal borrowing since 2020 creates other risks. It is manageable for now but could become very expensive if the Fed has to lift interest rates aggressively to cool the economy and reduce high inflation.

The Congressional Budget Office forecast in December 2020 that if rates rose by just 0.1 percentage point more than projected in each year of the decade, debt-service costs in 2030 would rise by $235 billion—more than the Pentagon had requested to spend in 2022 on the Navy.

its low-rate policies have coincided with—and critics say it has contributed to—a longer-running widening of wealth inequality.

In 2008, household wealth fell by $8 trillion. It rose by $13.5 trillion in 2020, and in the process, spotlighted the unequal distribution of wealth-building assets such as houses and stocks.

Without heavy spending from Washington, focused on the needs of the least well-off, these disparities might have attracted more negative scrutiny.

Finally, the Fed is a technocratic body that can move quickly because it operates under few political constraints. Turning to it as the first line of defense in this and future crises could compromise its institutional independence.

Step one, he said, was to get in the fight and try to win. Figuring out how to exit would be a better problem to have, because it would mean they had succeeded.

“We have a recovery that looks completely unlike other recoveries that we’ve had because we’ve put so much support behind the recovery,” Mr. Powell said last month. “Was it too much? I’m going to leave that to the historians.”

The final verdict on the 2020 crisis response may turn on whether Mr. Powell is able to bring inflation under control without a painful recession—either as sharp price increases from 2021 reverse on their own accord, as officials initially anticipated, or because the Fed cools down the economy by raising interest rates.

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.”

Europeans and Ukrainians are skeptical of a major Russian invasion in Ukraine not because they have a more benign view of Mr. Putin than their American counterparts. On the contrary, it’s because they see him as more malicious. War, they reason, is not the Kremlin’s game. Instead, it’s an extensive suite of tactics designed to destabilize the West. For Europe, the threat of war could turn out to be more destructive than war itself.

that much is clear: The Kremlin wants a symbolic break from the 1990s, burying the post-Cold War order. That would take the form of a new European security architecture that recognizes Russia’s sphere of influence in the post-Soviet space and rejects the universality of Western values.

the goal is the recovery of what Mr. Putin regards as historic Russia.

Europeans and presumably Ukrainians believe that a hybrid strategy — involving military presence on the border, weaponization of energy flows and cyberattacks — will serve him better.

To see how that might play out, we need only look to Germany. Before the crisis, Germany was America’s closest ally in Europe, boasted a special relationship with Moscow and was the most important partner for Eastern and Central Europe. Today, some in Washington have questioned the country’s willingness to confront Russia, Berlin’s relationship with Moscow is fast deteriorating, and many Eastern Europeans are agitated by Germany’s apparent reluctance to come to their support.

The policy of maximum pressure, short of an invasion, may end up dividing and paralyzing NATO.

Germany, crucially, has not changed — but the world in which it acts has. (The country is “like a train that stands still after the railway station has caught fire,”

Today, geopolitical strength is determined not by how much economic power you can wield but by how much pain you can endure. Your enemy, unlike during the Cold War, is not somebody behind an iron curtain but somebody with whom you trade, from whom you get gas and to whom you export high-tech goods. Soft power has given way to resilience.

That’s a problem for Europe. If Mr. Putin’s success will be determined by the ability of Western societies to steel themselves for the pressure of high energy prices, disinformation and political instability over a prolonged period, then he has good reason to be hopeful

Europe is signally unprepared for these challenges. Remedying that, through investment in military capabilities, energy diversification and building social cohesion, should be the continent’s focus.

“If you invite a bear to dance, it’s not you who decides when the dance is over,” the Russian proverb goes. “It’s the bear.”

China and Iraq are cooperating to build the $5 billion Al-Khairat heavy oil power plant in Karbala Province in Iraq and China' Sinopec (000554.SZ) has won the contract to develop Iraq's Mansuriya gas field near the Iranian border. The two countries are also cooperating on an airport, solar and other projects.

China launched its Belt and Road project in 2013 to boost trade links with the rest of the world and has been spending heavily on the development of infrastructure in dozens of countries around the world.

But some critics say financing offered by Beijing is often unfavourable, not transparent, and makes some poorer countries, especially in Africa, dependent on China through debt.

It was the first time China had explicitly endorsed Russia’s demand for a halt to NATO expansion, though it had criticized previous NATO applications by individual countries, including Montenegro and North Macedonia.

The two leaders also vowed to resist American-led efforts to promote pluralistic democracy and said they would fight foreign influence under the guise of what both call “color revolutions,” after the popular uprisings in former Soviet republics like Ukraine and Georgia.

The multinational response to Russia’s invasion of Ukraine has shown that the demise of the global postwar rules-based order may not be inevitable.

But the reappearance of war in Europe is also an omen. With toddlers sheltering in subway tunnels, and nuclear power plants under threat, it is a global air raid siren — a warning that the American-led system of internationalism needs to get itself back into gear, for the war at hand and for the struggle against authoritarianism to come.

“The global system was built in the 1950s, and if you think of it as a car from those years, it is battered, out of date in some ways, and could use a good tuneup,”

“But it is still on the road, rolling along, and, ironically enough, Vladimir Putin has done more in a week to energize it than anything I can remember.”

Almost universally, from leaders in Europe and Asia to current and former American officials, Ukraine is being viewed as a test for the survival of a 75-year-old idea: that liberal democracy, American military might and free trade can create the conditions for peace and global prosperity.

Because the founder of that concept, the United States, continues to struggle — with partisanship, Covid and failure in distant war zones — many foreign policy leaders already see Ukraine in dire terms, as marking an official end of the American era and the start of a more contested, multipolar moment.

For at least a decade, liberal democracies have been disappearing. Their numbers peaked in 2012 with 42 countries, and now there are just 34, home to only 13 percent of the world population, according to V-Dem, a nonprofit that studies governments

In many of those, including the United States, “toxic polarization” is on the rise.

Mr. Biden, in his State of the Union address on Tuesday, spoke bluntly of the future risk, saying, “When dictators do not pay a price for their aggression, they cause more chaos.” He insisted that the free world was holding Mr. Putin accountable.

One lesson seems to be that alliances matter. But for many, the most important lesson echoes what Franklin D. Roosevelt and Harry S. Truman concluded about World War II: America cannot retreat into isolationism; its own prosperity depends on actively trying to keep the world’s major powers at peace.

today’s monetary policymakers understand that as we wait for supply constraints to ease, which they will eventually, the Fed can help reduce inflation by slowing growth in demand. Drawing on the lessons of the past, they also understand that by doing what is needed to get inflation under control, they can help the economy and the job market avoid much more serious instability in the future.

Markets and the public appear to understand how the Fed’s approach has changed from the earlier era I described

they suggest continued confidence that, over the longer term, the Fed will be able to bring inflation down close to its 2 percent target.

This confidence in turn makes the Fed’s job easier, by limiting the risk of an “inflationary psychology,” as Burns once put it, on the part of the public.

The degree to which the central bank will have to tighten monetary policy to control our currently high inflation, and the associated risk of an economic slowdown or recession, depends on several factors: how quickly the supply-side problems (high oil prices, supply-chain snarls) subside, how aggregate spending reacts to the tighter financial conditions engineered by the Fed and whether the Fed retains its credibility as an inflation fighter even if inflation takes a while to subside.

Some historians, however, believe that such grim depictions of the Middle Ages were greatly exaggerated,

Among its many principles, humanism promoted the idea that man was the center of his own universe, and people should embrace human achievements in education, classical arts, literature and science.

In 1450, the invention of the Gutenberg printing press allowed for improved communication throughout Europe and for ideas to spread more quickly.

Great Italian writers, artists, politicians and others declared that they were participating in an intellectual and artistic revolution that would be much different from what they experienced during the Dark Ages.

Although other European countries experienced their Renaissance later than Italy, the impacts were still revolutionary.

Leonardo da Vinci (1452–1519): Italian painter, architect, inventor, and “Renaissance man” responsible for painting “The Mona Lisa” and “The Last Supper.

Also known as the “Dark Ages,” the era is often branded as a time of war, ignorance, famine and pandemics such as the Black Death.

By the early 17th century, the Renaissance movement had died out, giving way to the Age of Enlightenment.

Raphael (1483–1520): Italian painter who learned from da Vinci and Michelangelo. Best known for his paintings of the Madonna and “The School of Athens.”

Michelangelo (1483–1520): Italian sculptor, painter, and architect who carved “David” and painted The Sistine Chapel in Rome.

Art, architecture and science were closely linked during the Renaissance.

For instance, artists like da Vinci incorporated scientific principles, such as anatomy into their work, so they could recreate the human body with extraordinary precision.

Renaissance art was characterized by realism and naturalism. Artists strived to depict people and objects in a true-to-life way.

Some of the most famous artistic works that were produced during the Renaissance include:The Mona Lisa (Da Vinci)The Last Supper (Da Vinci)Statue of David (Michelangelo)The Birth of Venus (Botticelli)The Creation of Adam (Michelangelo)

Also, changing trade routes led to a period of economic decline and limited the amount of money that wealthy contributors could spend on the arts.

Donatello (1386–1466): Italian sculptor celebrated for lifelike sculptures like “David,” commissioned by the Medici family.

While many scholars view the Renaissance as a unique and exciting time in European history, others argue that the period wasn’t much different from the Middle Ages and that both eras overlapped more than traditional accounts suggest.

What Friedman believed in was capitalism, or what he called “economic freedom.” Political freedom might come — but capitalism, he said, could do just fine without it.

the corporate funders of “Free to Choose” set out to make their case.

it was still a time when capitalism’s most enthusiastic supporters evidently felt the need to win the public over to a vision of free markets and minimal government

The documentary series “Free to Choose,” which aired on public television in 1980

He and other observers are trying to make sense of what might happen next — and, befitting our current bewilderment, they offer a range of perspectives. Some, like Wolf, hope the relationship can be repaired; others argue that the pairing has always been fraught, if not impossible.

he has also read his Marx and Engels, looking askance at their solutions while commending them for how “brilliantly” they described capitalism’s relentlessness and omnivorousness. Left to its own devices, capitalism expands wherever it can, plowing its way through national boundaries and local traditions — making it marvelously dynamic or utterly ruinous, and not infrequently both.

In Wolf’s case, his anguished tone reflects the scale of his own disillusionment. Born in 1946 in postwar England, he recalls in his preface how “the world seemed solid as I grew up.” He describes the feelings of “confidence” in democracy and capitalism that flourished with the collapse of the Soviet Union

Yet the “democratic capitalism” that Wolf wants to preserve was, even by his own lights, short-lived. Democracy itself — or “liberal democracy” with universal suffrage, which Wolf says is the kind of democracy he means — is a “political mayfly.” Democratic capitalism ended, in his account, with the financial crisis of 2008

Robert Reich has offered another measure, arguing that democratic capitalism, at least in the United States, began with Franklin D. Roosevelt’s New Deal and ended with Reagan, when “corporate capitalism” took over.

The left-wing German sociologist Wolfgang Streeck stakes out a decidedly different position, suggesting that the tendency to equate “democratic capitalism” with a few decades of postwar plenty is to misinterpret a “historical compromise between a then uniquely powerful working class and an equally uniquely weakened capitalist class

In “How Will Capitalism End?” (2016), Streeck argues that it’s not compromise but the cascade of crises following the postwar boom — inflation, unemployment, market crashes — “that represents the normal condition of democratic capitalism.” Where Wolf wistfully invokes a “delicate flower,” Streeck writes contemptuously of a “shotgun marriage.”

the historian Gary Gerstle explores in his fascinating and incisive “The Rise and Fall of the Neoliberal Order” (2022). Before the New Deal order started to falter in the late 1960s and ’70s, Gerstle writes, a majority of Americans believed that capitalism should be managed by a strong state; in the neoliberal order that followed, a majority of Americans believed that the state should be constrained by free markets. Each order began to break down when its traditional ways of solving problems didn’t seem to work

capitalism, according to Naomi Oreskes and Erik M. Conway, has obtained the status of civic religion. In “The Big Myth: How American Business Taught Us to Loathe Government and Love the Free Market,” the authors argue that industry groups and wealthy donors have engaged in a concerted campaign to promote “market fundamentalism” — “a vision of growth and innovation by unfettered markets where government just gets out of the way.”

The main implication of “The Big Myth” seems to be that “market fundamentalism” is so horrifically egregious — enriching the few and despoiling the planet — that Americans had to be plied with propaganda to believe in it.

as Gerstle’s book shows, neoliberal ideas proved so seductive because they also happened to dovetail with the stories that Americans wanted to tell about themselves, emphasizing individuality and freedom.

A new generation of swashbuckling billionaires entertain the prospect of secession, using their money to realize fantasies of escape, whether through seasteading or spaceships. The book quotes one seasteading enthusiast declaring, “Democracy is not the answer,” but merely “the current industry standard.”

Slobodian’s excellent if discomfiting new book, “Crack-Up Capitalism” (forthcoming in April), explores other neoliberal evasions of the nation-state: tax havens, special economic zones, gated communities — enclaves that are “freed from ordinary forms of regulation.

in “Globalists” (2018) the historian Quinn Slobodian argues that neoliberals have found ways not just to liberate markets but to “encase” them in international institutions, thereby shielding capitalist activities from democratic accountability. He observes that neoliberals were especially alarmed after World War II by decolonization, adopting a condescending “racialized language” that pitted “the rational West,” with its trade rules and property laws, against a postcolonial South, “with its ‘emotional’ commitment to sovereignty.”

They coexisted in Europe for thousands of years, apparently trading tools and sharing cultures. Some groups survived the Ice Age, while others vanished,

when farmers arrived in Europe about 8,000 years ago, they encountered the descendants of this long history, with light-skinned, dark-eyed people to the east, and possibly dark-skinned and blue-eyed people to the west.

“We lack still an understanding of why these movements were triggered. What happened here, why it happened — it’s strange.”

Modern humans arose in Africa and expanded to other continents about 60,000 years ago

These early Europeans have almost no genetic link to younger remains of hunter-gatherers. It appears that the first modern humans in Europe may have disappeared along with the Neanderthals

he oldest DNA of modern humans in Europe, dating back 45,000 years, undermines such a simple story. It comes from people who belonged to a lost branch of the human family tree. Their ancestors were part of the expansion out of Africa, but they split off on their own before the ancestors of living Europeans and Asians split apart.

About 33,000 years ago, as the climate turned cold, a new culture called the Gravettian arose across Europe. Gravettian hunters made spears to kill woolly mammoths and other big game. They also made so-called Venus figurines that might have represented fertility.

When the glaciers retreated, some descendants of the Fournol continued living in Iberia. But others expanded north as a new population, which Dr. Posth and his colleagues called GoyetQ2. “It really seems like a peopling of Europe after the last glacial maximum,

Dr. Posth and his colleagues found DNA in Gravettian remains scattered across Europe. The scientists had expected all of the individuals to have come from the same genetic population, but instead found two distinct groups: one in France and Spain, and another in Italy, the Czech Republic and Germany.

“They were very distinct, and this was a very big surprise to us because they practiced the same archaeological culture,”

Dr. Posth and his colleagues named the western population the Fournol people, and found a genetic link between this group and 35,000-year-old Aurignacian remains in Belgium.

They called the eastern group Vestonice, and discovered that they share an ancestry with 34,000-year-old hunter-gatherers who lived in Russia.

That genetic gulf led Dr. Posth and his colleagues to argue that the Fournol and Vestonice belonged to two waves that migrated into Europe separately. After they arrived, they lived for several thousand years sharing the Gravettian culture but remaining genetically distinct.

It’s clear from the new study that they were not isolated entirely from each other. In Belgium, the scientists found 30,000-year-old remains with a mix of Fournol and Vestonice ancestry.

About 26,000 years ago, the two groups faced a new threat to their survival: an advancing wall of glaciers. During the Ice Age, from 26,000 to 19,000 years ago, European hunter-gatherers were shut out of much of the continent, surviving only in southern refuges.

the refuge of the Iberian Peninsula, the region now occupied by Spain and Portugal, by studying DNA in the teeth of a 23,000-year-old man found in a cave in southern Spain. His DNA revealed that he belonged to the Fournol people who lived in Iberia before the Ice Age. The researchers also found genetic markers linking him to a 45,000-year-old skeleton discovered in Bulgaria.

When these groups arrived in Europe, Neanderthals had already been living across the continent for more than 100,000 years. The Neanderthals disappeared about 40,000 years ago, perhaps because modern humans outcompeted them with superior tools.

The Vestonice, by contrast, did not survive the Ice Age. When the glaciers were at their most expansive, the Vestonice may have endured for a time in Italy. But Dr. Posth and his colleagues found no Vestonice ancestry in Europeans after the Ice Age. Instead, they discovered a population of hunter-gatherers that appeared to have expanded from the Balkans, known as the Villabruna. They moved into Italy and replaced the Vestonice.

For several thousand years, the Villabruna were limited to southern Europe. Then, 14,000 years ago, they crossed the Alps and encountered the GoyetQ2 people to the north. A new population emerged, its ancestry three parts Villabruna to one part GoyetQ2.

This new people, which Dr. Posth and his colleagues called Oberkassel, expanded across much of Europe, replacing the old GoyetQ2 population.

another climate shift could explain this new wave. About 14,000 years ago, a pulse of strong warming produced forests across much of Europe. The Oberkassel people may have been better at hunting in forests, whereas the GoyetQ2 retreated with the shrinking steppes.

To the east, the Oberkassel ran into a new group of hunter-gatherers, who probably arrived from Russia. The scientists named this group’s descendants, who lived in Ukraine and surrounding regions, the Sidelkino.

in Iberia, there were no great sweeps of newcomers replacing older peoples. The Iberians after the Ice Age still carried a great deal of ancestry from the Fournol people who had arrived there thousands of years before the glaciers advanced. The Villabruna people moved into northern Spain, but added their DNA to the mix rather than replacing those who were there before.

When the first farmers arrived in Europe from Turkey about 8,000 years ago, three large groups of hunter-gatherers thrived across Europe: the Iberians, the Oberkassel and the Sidelkino. Living Europeans carry some of their gene

The Sidelkino people in the east had genes associated with dark eyes and light skin. The Oberkassel in the west, in contrast, probably had blue eyes and may have had dark skin

These three groups of hunter-gatherers remained isolated from each other for about 6,000 years, until the farmers from Turkey arrived. After this advent of agriculture, the three groups began mixing, the scientists found. It’s possible that the spread of farmland forced them to move to the margins of Europe to survive. But over time, they were absorbed into the agricultural communities that surrounded them.

every continent will likely have its own history of hunter-gatherer migrations.

it is now possible to extract human DNA from cave sediments rather than searching for bones and teeth.

a new generation was coming to the fore.  This generation had been born between 1965 and 1980 constituting some 65 million individuals.  Self- righteous outrage that had not been considered cool in an earlier generation had begun to change to more than acceptable.

America had been consumed with non-stories while ignoring foreboding signs of impending danger for some time.  The decade would end according to Klosterman, not with the last day of the decade but in 2001.  The Nineties collapsed with the World Trade Center Towers.

it is wise yet humorous, thoughtful yet fun, insightful yet unpredictable. So, if you are interested in reliving the decade in a totally unconventional manner, I would suggest you read it with your seatbelt on, because you are in for a bumpy ride.

Riding the waves of mutability has always been possible if the frame of mind in government and society is adequately supple and responsive. Reliance on ancient nostrums, and expectations that old solutions will remain good enough, are almost inevitably fatal.

Civilisations that become dependent on large, widespread and complex supply networks and reciprocal markets usually generate their own fragilities. If one part of such a network fails, the effects cascade in a series of chain reactions through all apparently powerful participants in the system

The end of the Bronze Age c.1200 BC, perhaps triggered by drought in Anatolia, may have precipitated one such domino collapse, as the Hittite empire, the Mycenaeans, the Mesopotamian states and Pharaonic Egypt all either fell apart or shrank to an unrecognisable impotence.

Volcanoes are the unexpected killers. Their spewing of ash into an atmosphere whose winds distribute it around the globe has repeatedly destroyed summers, devastated crops, induced famines and collapsed societies

In his hands, the triumph of the West, with the unconscionable horrors of the Atlantic slave trade at its heart, takes on the appearance of an alarming fusion of Faust and Midas. For centuries, Europeans felt they could do no wrong. They could use the world, its people and beauties. They could transform it as they wished, shifting its plants, animals and populations where they wanted, and there would be no consequences. Or at least, as in those two myths of the cult of ‘entitlement’ – a word Frankopan repeatedly uses of the transforming empires – the consequences were hidden from the perpetrators.

His story of destruction over the past two centuries is one of arrogant myopia which led in the 20th century to ‘a sequence of catastrophes unparalleled both in human history and in that of the natural world. The suffering of the past 100 years has been by far the greatest in recorded history in terms of its scale and its horror’.

The assumption that man must conquer nature was allied to the capital and industrialised capacity to bring it about. Humanity became its own climate. Its own actions created the world in which it lived

The value of this book is as an act of deep understanding, recognising not only scientifically but culturally and philosophically that we are epiphenomena – not dominators of the Earth but products of it

Bleakly and soberingly, Frankopan recognises from the long line of precedents that the prospects are for a world of war and suffering. The destructive changes are already ‘baked in’. Success does not breed success, he says, but more often than not ‘sows the seeds of ruin’.

Mr. Biden appeared content to keep North Korea on the back burner, even though President Barack Obama told Mr. Trump in November 2016 that North Korea should be Washington’s top national security priority. Mr. Biden has yet to name a candidate to be ambassador to South Korea. The special envoy for North Korea, Sung Kim, is a veteran diplomat who has dealt with these issues before, but he is doing the job part-time — he is also ambassador to Indonesia.

China and Russia blocked the proposal last week in the U.N. Security Council. And Kim Jong-un, the leader of North Korea, appears unfazed by the threat of more U.N. and Treasury Department sanctions — he fired off two cruise missiles on Tuesday and two more ballistic missiles on Thursday, for a total of six weapons tests this month, equal to the number for all of last year.

Siegfried Hecker, a nuclear scientist at Stanford University who has visited North Korea, estimated the country very likely has enough nuclear material for about 45 warheads, an increase of about 20 since the end of the Obama administration. He also gave an upper-end number of 60.

But the leaders of those two East Asian nations are divided in their approach and remain embroiled in bitter disputes over separate issues of history and war. Japanese officials are critical of Mr. Moon’s North Korea policy. In November, Wendy Sherman, the deputy secretary of state and an experienced negotiator on North Korea and Iran, hosted a meeting with her South Korean and Japanese counterparts in Washington, but long-running hostilities resulted in an awkward news conference.

One of the biggest dilemmas is how to work with China to curb North Korea’s weapons program. The Chinese leader, Xi Jinping, and his colleagues are balancing various goals: They want to end the disruption caused by Mr. Kim’s weapons while also seeking to avoid a failed state on their border or Pyongyang growing close to Washington or Seoul.

China is by far North Korea’s biggest trading partner. Although it has approved of U.N. sanctions on occasion, it and Russia began asking in 2019 for partial relief of the Obama- and Trump-era sanctions. For a period, it was enforcing those sanctions, but then it began helping North Korea circumvent them as Beijing-Washington relations deteriorated.

The Ambassador Bridge is the busiest U.S.-Canadian border crossing, carrying 25% of all trade between the two countries.

The Freedom Convoy has been promoted and cheered on by many Fox News personalities and attracted support from the likes of former President Donald Trump.

On Friday, amid signs that authorities might be prepared to get tough, police in Windsor and Ottawa awaited reinforcements from the Royal Canadian Mounted Police, the federal police force.

Ottawa’s mayor has asked for 1,800 additional police officers, nearly doubling the manpower available to the the city’s police force, which has 2,100 officers and civilian members.

The reaction to the protests has also been marked by disagreements over who’s in charge. Canada’s emergency preparedness minister said this week that Ontario has ultimate responsibility, while the province’s transport minister said it is the federal government’s job to secure the border.

Also, the leadership of the opposition Conservative Party on the federal level has openly supported the truckers, apparently happy to make this Trudeau’s problem.

Russia and Ukraine are major wheat exporters, while Russia and Belarus (a Russian proxy) are big in potash, an input into fertilisers.

Their delivery might be disrupted if physical infrastructure such as pipelines or Black Sea ports are destroyed. Alternatively, deeper sanctions on Russia’s commodity complex could prevent Western customers from buying from it.

Sanctions after the invasion of Crimea did not prevent BP, ExxonMobil or Shell from investing in Russia, while American penalties on Rusal, a Russian metals firm, in 2018 were short-lived.

Russia may retaliate by deliberately creating bottlenecks that raise prices. America may lean on Saudi Arabia to increase oil production and prod its domestic shale firms to ramp up output.

America is thus likely to put much tougher Huawei-style sanctions on Russian tech firms, limiting their access to cutting-edge semiconductors and software, and also blacklist Russia’s largest two banks, Sberbank and VTB, or seek to cut Russia off from the SWIFT messaging system that is used for cross-border bank transfers.

The banking restrictions will bite immediately, causing a funding crunch and impeding financial flows in and out of the country.

Russia will turn to China for its financial needs. Already trade between the two countries has been insulated from Western sanctions, with only 33% of payments from China to Russia now taking place in dollars, down from 97% in 2014.

two uncomfortable facts

First, a number of influential people, both in business and in politics, are deeply financially enmeshed with Russian kleptocrats. This is especially true in Britain.

Second, it will be hard to go after laundered Russian money without making life harder for all money launderers, wherever they come from — and while Russian plutocrats may be the world champions in that sport, they’re hardly unique: Ultrawealthy people all over the world have money hidden in offshore accounts.

The two argued that democracy “can be realized in multiple ways” and isn’t the prerogative of any one country or group of countries. It called China “a whole-process, socialist democracy” and said democracy was the fundamental principle of Russia’s “democratic federative law-governed state.”

The Feb. 4 joint statement said both countries “have profound democratic traditions rooted in a thousand years of development,

It was Beijing that suggested including that the two countries’ friendship has “no limits”—wording read with apprehension in the West—according to the officials and advisers. The intention was less a declaration China would stand by Russia in case of war than a strong message to the U.S. about the resolve the two have in confronting what they see as increased American threats, the people said.

“China’s eagerness to present a strong alignment with Russia to counter the U.S. caused it to miss all the signs and to go in a dangerous direction,” said Yun Sun, director of the China program at the Stimson Center, a Washington think tank focused on promoting peace and security.

Beijing has refrained from coming to Moscow’s aid in a significant way. China is taking steps to buy Russian farm and energy products. But it is complying with the more damaging financial sanctions the U.S. has imposed on Russia, for fear of losing access to the dollar-dominated global trading system, say some Chinese bankers. They say their default position is to comply with the sanctions unless higher-ups tell them otherwise.

“We believe they chose not to weigh in in advance.”

“It’s undeniable that right now, China is occupying an awkward nexus in which they’re trying to sustain their deep and fundamental relationship with Russia,”

China’s ambiguous stance on the Russia-Ukraine war will likely speed up moves by countries from the U.K. and Australia to Japan to guard against Beijing,

a planned summit between China and the EU for April, if it isn’t canceled, is now likely to be dominated by discussions of China’s position on Ukraine.

Beijing’s most difficult contortions are on territorial sovereignty. China has built its foreign policy around the principle that a country’s territory is inviolable and its internal affairs should be free from interference by others.

China’s commitment to that principle seemingly would force it to condemn Russia’s invasion of Ukraine, something it has refrained from doing. Its policy statements have called for dialogue to resolve the crisis, avoiding the word invasion. Meanwhile, Western officials worry that Russia’s actions based on the argument that Ukraine is historically a part of Russia could embolden China to step up its own long-stated goal to bring Taiwan into its fold.

Since rising to power in late 2012, Mr. Xi has made himself the dominant force in China’s foreign policy and put emphasis on what he calls “big-power diplomacy”—a marked change from the relatively unassuming foreign-policy agendas of previous Chinese leaders that featured compromise and focused on building up ties with the U.S.

Today, despite Chinese state media’s pro-Russia rhetoric, some advisers privately question whether the partnership could cut China off from Western technologies and other resources and hurt its development, according to the foreign-policy advisers. After all, they have noted in private discussions, it is China’s opening to the U.S. and its allies that has propelled enormous Chinese growth in the past four decades.

China and Russia’s shared interest in confronting the U.S. has helped drive their relationship to its closest point since early in the Cold War. Part of that is due to the personal ties between Messrs. Xi and Putin, authoritarians who have visions of restoring their countries to past glory, even if in China’s case that past was centuries ago.

Sergey Radchenko, an international-relations professor at Johns Hopkins School of Advanced International Studies, pointed to instances where Mr. Putin would be deliberately late for meetings with foreign dignitaries. On one occasion, he brought out his dog to a meeting with then-German Chancellor Angela Merkel who, Mr. Putin knew, was terrified of dogs.

“He would never let himself do anything like that to Xi,” Mr. Radchenko said. “He’s extremely respectful to Xi because he sees a close relationship with China as one of Russia’s most valuable political assets.”