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(CNN)At the top of Dawn Staley's stacked trophy case is an orange and white basketball. The University of South Carolina women's basketball head coach said the ball was signed by every Olympic coach, and she finally added her own signature last month. It also serves as a reminder of just how much the game has given her.

On Friday at 7 p.m. ET, Staley will try to get one step closer to another national championship when she coaches her No. 1 seeded South Carolina team through their Sweet Sixteen game against No. 5 North Carolina. The Gamecocks dominated in the first two rounds of the tournament, beating Howard 79-21 and Miami 49-33. However, once again, Staley recognizes this tournament is about more than just winning.

"Those young ladies -- I saw on social media in their press conference -- they're like: 'You know, we're happy to be here. This is where Dawn Staley coaches. This is where they play their actual games.'

Despite the $300bn mega-bankruptcy of Evergrande, the risk of an immediate 2008-style crisis in China is slight.

let us linger over the significance of this point. What China is doing is, after all, staggering. By means of its “three red lines” credit policy, it is stopping in its tracks a gigantic real estate boom. China’s real estate sector, created from scratch since the reforms of 1998, is currently valued at $55tn. That is the most rapid accumulation of wealth in history. It is the financial reflection of the surge in China’s urban population by more than 480mn in a matter of decades.

Throughout the history of modern capitalism real estate booms have been associated with credit creation and, as the work of Òscar Jordà, Moritz Schularick and Alan M. Taylor has shown, with major financial crises.

China’s investment-driven, debt-heavy development model needs replacement. Its geopolitical and economic position will become more precarious if the globe’s authoritarian and liberal democratic blocs decouple, a threat made vivid by the war in Ukraine. Its demographics will be a drag on growth

Adam sees reasons for hope:

Similarly, the Chinese state’s recent intervention in the tech sector, while it has led to market volatility, is aimed at doing exactly what western regulators want to do, but can’t seem to do: stop huge companies from extracting monopoly rents from the economy. 

Governing during this era will require extraordinary levels of experienced statesmanship — running industrial programs that don’t become bloated, partially deglobalizing the economy without setting off trade wars, steadily outcompeting China without humiliating it. If China realizes it is falling further behind every year, then an invasion of Taiwan may be more imminent.

Miller was asked what were the odds that over the next five years a dangerous military clash between the United States and China would produce an economic crisis equivalent to the Great Depression. He put the odds at 20 percent.

Large language models are drafting screenplays and writing code and cracking jokes. Image generators, such as Midjourney and DALL-E 2, are winning art prizes and democratizing interior design and producing dangerously convincing fabrications. They feel like magic. Meanwhile, the world’s most advanced robots are still struggling to open different kinds of doors

the cognitive psychologist Steven Pinker offered a pithier formulation: “The main lesson of thirty-five years of AI research,” he wrote, “is that the hard problems are easy and the easy problems are hard.” This lesson is now known as “Moravec’s paradox.”

The paradox has grown only more apparent in the past few years: AI research races forward; robotics research stumbles. In part that’s because the two disciplines are not equally resourced. Fewer people work on robotics than on AI.

Block, a vehement crypto skeptic, has spent the past 18 months doing forensic blockchain research. He uses open-source tools to follow flows of money between crypto companies, repeatedly demonstrating how shadow banks and nefarious scammers inflate the value of worthless assets in order to generate enormous wealth that exists only on paper.

Crypto hides behind all this complexity, and people hear words like blockchain and get confused. You hear about decentralized networks and mining, and it sounds complicated. But you get right down to it, and it’s just a ledger. It’s just like somebody writing down numbers in a book, and it’s page after page of numbers. That’s all it is.

Block: There’s always stuff going on the blockchain, but these companies also have agreements off of the blockchain, right? Everything they have inside these exchanges is not on the blockchain. It’s using regular old database technology, and it’s not traceable at all. So yeah, a lot of the most important economic activity in crypto has nothing to do with blockchain at all. Huge percentages of people who do this kind of retail crypto trading, they don’t even know how to take what they bought off the exchange and put it in their own wallet.

To hear Bankman-Fried tell it, the idea was to make billions through his crypto-trading firm, Alameda Research, and FTX, the exchange he created for it — funneling the proceeds into the humble cause of “bed nets and malaria,” thereby saving poor people’s lives.

ast summer Bankman-Fried was telling The New Yorker’s Gideon Lewis-Kraus something quite different. “He told me that he never had a bed-nets phase, and considered neartermist causes — global health and poverty — to be more emotionally driven,” Lewis-Kraus wrote in August. Effective altruists talk about both “neartermism” and “longtermism.

Bankman-Fried said he wanted his money to address longtermist threats like the dangers posed by artificial intelligence spiraling out of control. As he put it, funding for the eradication of tropical diseases should come from other people who actually cared about tropical diseases: “Like, not me or something.”

There’s an important lesson here, applicable to pyramid schemes, politics, and a host of cultural challenges where people find hope and purpose in all the wrong places. You can’t fact-check a person out of hope and purpose. They’ll resent you even if you’re right.

Instead, it’s always preferable, if at all possible, to replace something bad with something better. That’s a key reason Trump is losing altitude now.

the technological accomplishment of Bitcoin is that it invented a decentralized way to create scarcity on computers. Bitcoin demonstrated a way for me to send you a computer message so that you’d have it and I wouldn’t, to move items of computer information between us in a way that limited their supply and transferred possession.

The wild thing about Bitcoin is not that Satoshi invented a particular way for people to send numbers to one another and call them payments. It’s that people accepted the numbers as payments.

That social fact, that Bitcoin was accepted by many millions of people as having a lot of value, might be the most impressive thing about Bitcoin, much more than the stuff about hashing.

The two nations share several historical parallels. The last time they traded places in population, in the 18th century or earlier, the Mughals ruled India and the Qing dynasty was expanding the borders of China; between them they were perhaps the richest empires that had ever existed

But as European powers went on to colonize most of the planet and then industrialized at home, the people of India and China became among the world’s poorest.

As recently as 1990, the two countries were still on essentially the same footing, with a roughly equal economic output per capita. Since then, China has shaken the world by creating more wealth than any other country in history. While India, too, has picked itself back up in the three decades since it liberalized its economy, it remains well behind in many of the most basic scales.

French President Emmanuel Macron might have been too blunt about his worries about Europe becoming a “vassal” of the United States, but his views are in fact widely shared in Europe and beyond. The war in Ukraine has hurt Europe by raising its energy costs while benefiting the United States, which is the world’s top producer of hydrocarbons and sells many at low cost. European companies are shifting investment to the United States, lured in part by the Inflation Reduction Act’s generous subsidies. A German CEO said to me recently, “You cannot expect us to forgo cheap Russian energy as well as the Chinese market. That would be suicide for Europe.”

More broadly, if geopolitical tensions win out and economic ties continue to weaken, we will move into a very different world, marked by much greater chaos and disorder at every level. One sign of this can be seen in the impasse over debt restructuring. Dozens of the world’s most vulnerable economies are in or at high risk of debt distress. (Lebanon, for example, has been in default for three years.) Yet the International Monetary Fund cannot bail out these countries because China (which is one of the world’s largest creditors) cannot come to an agreement with Western nations on the terms of relief. The two sides blame each other and hundreds of millions of people suffer.

The last time two major world powers tried to manage a relationship of economic interdependence and rising geopolitical rivalry was Britain and Germany in the period from the 1880s to 1914. That experiment ended very badly, with a war that destroyed much of the industrialized world. Both sides should try to ensure we do better this time

The most salutary aspect of this whole affair is that it has really helped expose the core disagreement in our current culture war. One side believes, as I do, that individual merit exists, and should be the core criterion for admission to a great university, regardless of an individual’s racial or sexual identity, and so on. The other side believes that merit doesn’t exist at all outside the oppressive paradigm of racial and sexual identity, and that membership in a designated “marginalized” group should therefore be the core criterion for advancement in academia.

so they discriminate against individuals on the grounds of their race before they consider merit.

For example: If you are black and in the fourth lowest decile of SATs and GPAs among Harvard applicants, you have a higher chance of getting into Harvard (12.8 percent admitted) than an Asian-American in the very top decile (12.7 admitted). It’s rigged, which is why it was shut down by SCOTUS.

June 2024 Issue

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it is impossible to know, in the first few years of any novel intervention, whether its success will last.

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.’”

WHAT DOES IT MEAN IF WE CAN’T even trust the institutions in our imagined utopias?

Starfleet’s exact role was left intentionally vague in the original series (1966–69); the writer’s guide for the original Star Trek explicitly encourages writers to “stay away from it as much as possible,” partly to avoid getting into the details of Earth’s future politics. But by the time of Star Trek’s heyday in the mid-1990s, Starfleet was established as an elite institution composed of brilliant and dedicated people (human and otherwise) who served in an organization resembling NASA, the Coast Guard, the Navy, and the Department of State all bundled together, with all of the opportunities for incoherence and mission creep that jumble implies.

One of the greatest episodes of Deep Space Nine (1992–99), “In the Pale Moonlight,” is entirely about how, in times of crisis, moral compromise may be necessary, even for Starfleet. But such cases are treated as exceptional, unusual circumstances far beyond the norm; as a rule, Starfleet is good, and the best way to be a good servant of the true and just in the world of Star Trek is by being a good Starfleet officer. How does one be a good Starfleet officer? By doing one’s job, by being a professional, by following one’s duty.

Founded in 2013, the AfD isn’t brand new, nor is its provocative, thinly veiled racism and Islamophobia. But over the course of the past five years—and in the face of damning revelations last week about a secret meeting that took place in November—it has radicalized dramatically. The AfD is now more extreme than many fellow far-right parties across Europe, such as the Sweden Democrats, the Finns Party, and the Dutch Party for Freedom, among others.

Germany’s foremost expert on the subject, sociologist Wilhelm Heitmeyer, said the AfD now stands for an “authoritarian national radicalism,” namely, an ideology that propagates a hierarchically ordered, ethnically homogeneous society overseen by a strong-arm state. What’s particularly radical, he said, is the party’s communication with and mobilization of misanthropic groups that rain violence on select minorities

Its victims are refugees, foreign nationals, Jews, Muslims, and LGBTQ+ people.

Mr. Biden has abdicated his obligation to build bipartisan support for U.S. assistance to Ukraine. He has made no show of outreach to the Republicans who have voted for U.S. support to Ukraine.

Voters hold Presidents responsible for trouble on their watch, and they know Mr. Biden has framed the fight in Ukraine as an inflection point in history in the struggle between freedom and autocracy. The White House is so far indicating that it won’t abide a trade on natural gas, but is the President’s election-year LNG sop to the climate lobby really worth an historic blow to U.S. credibility if Ukraine falls to Mr. Putin?

n the end we hope he will let the House work its will in a floor vote on the Senate’s aid bill. House Republicans can rightly sell the vote as a down payment on U.S. rearmament on everything from 155mm ammunition to Patriot missiles. Ditto for more funding for Israel’s air defenses and Taiwan that is also part of the Senate bill thanks to Republicans like Alaska’s Dan Sullivan.

President Biden’s effort to build American security alliances in China’s backyard is likely to reinforce the Chinese leader Xi Jinping’s view that Washington is leading an all-out campaign of “containment, encirclement and suppression” of his country. And there is not much Mr. Xi can do about it.

To China, Mr. Biden’s campaign looks nothing short of a reprise of the Cold War, when the world was split into opposing blocs. In this view, Beijing is being hemmed in by U.S. allies and partners, in a cordon stretching over the seas on China’s eastern coast from Japan to the Philippines, along its disputed Himalayan border with India, and even across the vast Pacific Ocean to a string of tiny, but strategic, island nations.

The summit ended with agreements to hold more naval and coast guard joint exercises, and pledges of new infrastructure investment and technology cooperation. It builds on a groundbreaking defense pact made at Camp David last August between Mr. Biden and the leaders of Japan and South Korea, as well as on plans unveiled last year to work with Australia and Britain to develop and deploy nuclear-powered attack submarines.

Bernanke’s 80-page assessment, the result of more than seven months’ work, is the most comprehensive independent analysis of a big central bank’s performance since an inflationary crisis hit the world economy in early 2022. He offers a dozen recommendations for change at the Bank, the strongest of which is for the MPC to begin publishing “alternative scenarios” that show how its inflation forecasts stand up in extreme situations, for example in the face of an energy price shock.

The review lays bare how the Bank and its international peers all failed to model the impact of the huge energy price shock that followed Russia’s invasion of Ukraine in early 2022, the disruption in global trade during the pandemic after 2020 and how workers and companies would respond to significant price changes.

In choosing Bernanke, one of the most respected central bankers of his generation, to lead the review, the Bank has ensured that his findings will be difficult to ignore. The former Fed chairman carried out more than 60 face-to-face interviews with Bank staff and market participants and sat in on the MPC’s November 2023 forecasting round to assess where the Bank’s forecasts and communication were failing short, from the use of computer models to the role played by “human judgment”.

In recent days, giants of the financial world including JPMorgan, State Street and Pimco all pulled out of a group called Climate Action 100+, an international coalition of money managers that was pushing big companies to address climate issues.

Wall Street’s retreat from earlier environmental pledges has been on a slow, steady glide path for months, particularly as Republicans began withering political attacks, saying the investment firms were engaging in “woke capitalism.”

But in the past few weeks, things accelerated significantly. BlackRock, the world’s largest asset manager, scaled back its involvement in the group. Bank of America reneged on a commitment to stop financing new coal mines, coal-burning power plants and Arctic drilling projects