Aug 28th 2019
EXTRACT: "Reminiscent of Don Quixote, Trump is tilting at windmills. His administration is flailing at antiquated perceptions of the Old China that only compound the problems it claims to be addressing. Financial markets are starting to get a sense that something is awry. So, too, is the Federal Reserve. Meanwhile, the global economy is fraying at the edges. The US has never been an oasis in such treacherous periods. I doubt if this time is any different.
Aug 24th 2019
EXTRACT: "In fact, with firms in the US, Europe, China, and other parts of Asia having reined in capital expenditures, the global tech, manufacturing, and industrial sector is already in a recession. The only reason why that hasn’t yet translated into a global slump is that private consumption has remained strong. Should the price of imported goods rise further as a result of any of these negative supply shocks, real (inflation-adjusted) disposable household income growth would take a hit, as would consumer confidence, likely tipping the global economy into a recession."
Aug 21st 2019
EXTRACT: "Climate change is real, and it is a problem. According to the IPCC, the overall impact of global warming by the 2070s will be equivalent to a 0.2-2% loss in average income. That’s not the end of the world, but the same as a single economic recession, in a world that is much better off than today. The risk is that outsized fear will take us down the wrong path in tackling global warming. Concerned activists want the world to abandon fossil fuels as quickly as possible. But it will mean slowing the growth that has lifted billions out of poverty and transformed the planet. That has a very real cost. "
Aug 20th 2019
EXTRACTS: "It is no exaggeration to say that Johnson has lied his way to the top, first in journalism and then in politics. His ascent owes everything to the growing xenophobia and English nationalism that many Conservatives now espouse................Johnson has chosen a government of like-minded anti-European nationalists. His principal adviser, Dominic Cummings, was described by David Cameron, Britain’s prime minister from 2010 to 2016, as a “career psychopath.” Cummings is, alongside Johnson, the most powerful figure in the new government; he is an unelected wrecker who earlier this year was ruled to be in contempt of parliament. Fittingly, if depressingly, he now is masterminding our departure from the EU with or without parliamentary approval."
Aug 19th 2019
EXTRACTS: "Back in May, a jury found Patrick Syring, a former State Department official, guilty of 14 counts of making threats against my life and my staff at the Arab American Institute. This week, a federal judge sentenced Syring to five years in prison to be followed by three years of court-ordered probation.................It gives me no pleasure to see this man going to jail for a long period, but it does provide us all with a sense of enormous relief. I've been threatened before. My wife, my children, and I have received death threats for the past 50 years – owing to my advocacy for Palestinian rights and the rights of the Arab American community. My office was fire-bombed and an Arab American colleague, whom I hired, was murdered. Two individuals who, in the past, made death threats against me and my children were convicted and sentenced to prison terms. But this case was different."
Aug 15th 2019
EXTRACT: "Gaslighting typically refers to intimate relationships. It’s a way of controlling someone by creating false narratives – for example, that they are irrational or crazy. If such lies are repeated constantly, victims may get confused and start believing there really is something wrong with them. Confusion, diversion, distraction and disinformation can similarly be used to gaslight an entire society. So how can you tell if you are being gaslighted, and how do you avoid it in the first place?"
Aug 14th 2019
EXTRACT: "Trump has once again painted himself into a corner. Since the latest massacres, he’s been at pains to present himself as a reasonable fellow who can get behind gun reform (and perhaps mollify suburban women, his most dangerous foes on this issue). But he’s also noticeably (and typically) anxious to maintain the loyalty of the rural voters who form an important part of his base. Trump has also taken the gamble of using racial politics and white supremacy as instruments for winning in 2020. When faced with the dilemma of trying to assuage suburban voters or keeping the base close, time after time his instinct has been to shore up the base. (That didn’t work very well in 2018.)"
Aug 5th 2019
Extracts: "it is impossible to model many of the most important risks. Global warming will produce major changes in hydrological cycles, with both more extreme rainfall and longer more severe droughts. This will have severe adverse effects on agriculture and livelihoods in specific locations, but climate models cannot tell us in advance precisely where regional effects will be most severe. Adverse initial effects in turn could produce self-reinforcing political instability and large-scale attempted migration........Achieving a zero-carbon economy will require a massive increase in global electricity use, from today’s 23,000 TW hours to as much as 90,000 TW hours by mid-century. Delivering this in a zero-carbon fashion will require enormous investments, but as the Energy Transitions Commission has shown, it is technically, physically, and economically feasible......Added up across all economic sectors, however, it’s clear that the total cost of decarbonizing the global economy cannot possibly exceed 1-2% of world GDP. In fact, the actual costs will almost certainly be far lower, because most such estimates cautiously ignore the possibility of fundamental technological breakthroughs, and maintain conservative estimates of how long and how fast cost reductions in key technologies will occur. In 2010, the International Energy Agency projected a 70% fall in solar photovoltaic equipment costs by 2030. It happened by 2017."
Jul 31st 2019
Extract: "I admire the US for its culture, entrepreneurialism, and universities, and I have many American friends. Furthermore, I know how grateful the rest of the world has to be for US leadership after World War II. Never before had a victorious power behaved so generously toward others, including the defeated. We owe so much to US policy in the second half of the twentieth century. But although I am no declinist regarding American economic, intellectual, and military power, the country’s soft power has certainly decreased, and its positive influence around the world has declined. The reason for this is simple: US President Donald Trump is a bad man surrounded by a bad team of incompetent and dangerous ideologues."
Jul 30th 2019
Extract: "This pattern holds true in every extremist movement I have studied, whether from the past or the present, or the West or the East. This abuse of religion that provides security and certainty to those who are experiencing a loss of control is a universal phenomenon. If merely left there, it would not be a danger. But when it masks a political agenda or when it justifies violence either by groups or state actors, it becomes a danger."
Jul 30th 2019
Extract: "......the day before Mueller testified, the current FBI director, Christopher Wray, told the Senate Judiciary Committee, “The Russians are absolutely intent on trying to interfere with our elections.” And the day after Mueller testified, the Senate Intelligence Committee issued a report stating that Russia would be involved in the next presidential election, and that countries like Saudi Arabia, Iran, and China have the capacity to interfere in US elections as well. Despite these warnings, Senate Majority Leader Mitch McConnell blocked Senate consideration of two bills aimed at strengthening US election security,....."
The ‘yield curve’ is one of the most accurate predictors of a future recession – and it’s flashing warning signs
Jul 15th 2019
".....one of the most accurate recession indicators, known as the yield curve, has recently been flashing warning signs. Every postwar recession in the US was preceded by an inversion of the yield curve, meaning that long-term interest rates had fallen below short-term interest rates, some 12 to 18 months before the outset of the economic downturn."
The New Right: how a Frenchman born 150 years ago inspired the extreme nationalism behind Brexit and Donald Trump
Jul 6th 2019
Extract: ".........growing poverty even when working, the collapse of stable and safe social identities linked to work, the increasing instability of employment security, and the rapid change of local communities due to emigration, migration, collapsing housing affordability, and redevelopment initiatives that displace communities. These provide precise and urgent electoral rallying points. They are particularly effective given that so many mainstream politicians ignore these basic grievances. In recent years, the lineup of politicians opposing the New Right – Hillary Clinton, the Remain campaign, Emmanuel Macron and Matteo Renzi – have been unwilling to even recognise these structural problems. This provided the New Right the opportunity to appear credible, simply by acknowledging them."
Jul 6th 2019
".........an openly Russophilic administration in the US may be one reason why Putin’s domestic support has been declining so sharply."
Jul 3rd 2019
"Extract: .........in a world of rapidly expanding automation potential, demographic shrinkage is largely a boon, not a threat. Our expanding ability to automate human work across all sectors – agriculture, industry, and services – makes an ever-growing workforce increasingly irrelevant to improvements in human welfare. Conversely, automation makes it impossible to achieve full employment in countries still facing rapid population growth........The greatest demographic challenges therefore lie not in countries facing population stabilization and then gradual decline, but in Africa, which still faces rapid population growth."
Jul 1st 2019
Trump’s personal style – vocal, expertise-averse, scandal-prone and driven by a focus on his partisan base – may be unusual, but aspiring Democratic presidential contenders may be making a serious error in allowing Trump’s “Wizard of Oz” act of big claims and small achievements to pass unchallenged. There is a massive gap between the pledges he made to voters and the reality of an outsider presidency thoroughly co-opted by its party. So far, the “Trump revolution” turns out to be an ordinary Republican presidency.
Jun 25th 2019
"Trump’s vindictive bluster has steamrolled economic-policy deliberations – ignoring the lessons of history, rejecting the analytics of modern economics, and undermining the institutional integrity of the policymaking process. Policy blunders of epic proportion have become the rule, not the exception. It won’t be nearly as easy to spin the looming consequences."
Jun 19th 2019
Solar energy is one of the fastest-growing energy sectors in the world, and has the great advantage of producing no carbon dioxide, a greenhouse gas that is raising the average surface temperature of the earth. India is now for the first time in history investing more in solar energy than in coal. There is a simple reason for this. Coal costs roughly 5 cents a kilowatt hour to generate electricity. India just let a bid for 1.2 gigawatts of solar energy and four companies scooped it up at 3.6 cents a kilowatt hour.
Jun 19th 2019
Extract: "Abe has reportedly nominated Trump for a Nobel Peace Prize – at the request of the US – for opening talks with North Korea. And he has offered to mediate in America’s dispute with Iran. (His recent visit to Tehran – where he reportedly asked Iran’s leaders, at Trump’s request, to release detained Americans – made clear that, even squeezed by sanctions, Iran has no interest in negotiating with a serial violator of signed agreements.) What Trump calls an “incredible partnership” is, in reality, a largely one-sided relationship. But, for Abe, appeasing Trump is not so much a choice as a necessity: he must prove to Japan’s people and their neighbors, particularly the Chinese, that he knows how to keep Trump on his side."
Jun 17th 2019
Extarct: "We know well the damage that corrupt leaders do to their people. We should therefore have much more to say about the quintessential corruption entailed by tolerating lies. Such tolerance allows the poison to spread through the body and soul of democracy, undermining democracy’s institutions by attacking the invisible norms and tacit understandings that support them."