Michael Johnson is a music critic with particular interest in piano.
Johnson worked as a reporter and editor in New York, Moscow, Paris and London over his journalism career. He covered European technology for Business Week for five years, and served nine years as chief editor of International Management magazine and was chief editor of the French technology weekly 01 Informatique. He also spent four years as Moscow correspondent of The Associated Press. He is the author of five books.
Michael Johnson is based in Bordeaux. Besides English and French he is also fluent in Russian.
You can order Michael Johnson's most recent book, a bilingual book, French and English, with drawings by Johnson:
“Portraitures and caricatures: Conductors, Pianist, Composers”
Concert bookers around the world are lining up pianists and conductors for performances of Pictures at an Exhibitionnext year, the 140th anniversary of one of the most frequently performed, distorted, and some say “butchered” masterpieces of 19th-century Russian music. And yet it is sure to be a celebration of what the late pianist Sviatoslav Richter called the “best Russian work for piano, amen.” At least, he might have added, when performed as Modest Mussorgsky wrote it. Lesser performers and composers have never ceased tinkering with it, much to the detriment of the inspired original.
A suite of ten short pieces linked by a recurring “promenade,” Pictures renders in musical language a ramble through an art exhibit in Tsarist St. Petersburg. No piano writing of its period quite measures up to it for its oh-so-Russian sonorities, harmonies, and jolting changes of mood. Among the hundreds of recordings available, Richter’s 1958 recital in Sofia, Bulgaria, is regarded as the gold standard. “Here the piece has incredible pianistic color,” William Grant Naboré, director of the International Piano Academy on Lake Como, Italy, tells me. “It has Russian soul, yes, but it also looks beyond Russia.” The Richter performance is still a favorite of music-lovers:
Mussorgsky’s creative storm forPictureswas almost frightening in its intensity. Musical ideas from his viewing of the artwork flooded his mind over twenty days as he struggled to structure what he was hearing in his head. “I can hardly manage to scribble it down on paper fast enough,” he wrote in mid-composition; “I think it is working.”
As with most great classical compositions, the impression ofPictureson the listener deepens and broadens upon second and third hearings. Details emerge and images come to life as the music evokes bells, children on a playground, women quarreling at an open market, two Jews in conversation and a peasant singing as he drives a rumbling wooden cart, among other scenes. Audiences love it for its charm and easy accessibility. “Picturesis a truly Russian work in its directness of expression, its form arising from content, and its summing of parts rather than organic growth,” wrote British music academic Michael Russ in an extended monograph on the piece. “Mussorgsky prefers to depict real life rather than the spiritual, romantic, sensuous or erotic.”
The piece becomes more poignant when you consider its genesis: Mussorgsky wrote it shortly after his friend, the architect-artist Viktor Hartmann, had died at the age of 39 from sudden heart failure. The two men had found common ground over their views on the arts in Russia and were on a sort of crusade against excessive Western European influence.
Mussorgsky, an impulsive, temperamental genius with an appealing comic streak, began as a pianist and popular composer of songs. Voice gradually became his special interest. BesidesPictures, his other lasting contributions are his great operas –Boris GodunovandKhovanshchina. As a music innovator, he was a charter member of the group variously known as “The Five,” “The Mighty Handful,” and “The Mighty Coterie,” consisting of himself, Nikolai Rimsky-Korsakov, Mili Balakirev, Alexander Borodin and César Cui.
Artist Hartmann gets little credit forPictures, although without him the music would never have been composed. He was no Rembrandt, but he worked tirelessly during his short life and left a copious legacy. For one architectural competition he produced seven hundred sketches. He dabbled in stage sets, teacups, lamps, picture frames and jewellry but his most accomplished works were watercolors and pencil sketches. The sole extant Hartmann architectural construction is the Russian Milleniary Monument at Novgorod dating from 1862.
Only about sixty-five of his paintings and sketches have survived Russia’s diasporas, wars and revolutions. The teacups and other ephemera have long since vanished.
Hartmann’s architectural creations often featured carved-wood filigree and quaint, impractical peasant ornamentation. Columns and pilasters were replaced with wooden filigree under the eaves, roosters and colored tiles in complex patterns. Mussorgsky, for his part, exhumed country folk music and dances and then felt his way forward on instinct. His brother Filaret recalled that the composer, who was largely self-taught, had a love for “everything connected with the people and the peasantry. Even the Russianmuzhikwas a human being in his eyes.” For most of the educated or aristocratic population, the Russian peasant was then considered equivalent to a farm animal, bought and sold “like a sack of corn or a cart-horse,” wrote a Mussorgsky biographer.
Their efforts were short-lived, however. “Russian music,” wrote one critic, “ had the vitality to break up the 18th century tradition but not the continuity to build up another. Like nomad Tartars, the Russians razed Western buildings to the ground but replaced them with gaily painted tents.” In retrospect, this seems a harsh indictment of the Russian tradition and the stalwart compositions that remain in the repertoire today. But without a doubt Russian music moved on: Stravinsky, most notably, came next.
Pictureswas slow to settle into the music scene after it was first published in 1886 – five years after Mussorgsky died and twelve years after it was completed. Even the initial published version was distorted. Rimsky-Korsakov, a former roommate and protector of Mussorgsky’s legacy, was the first to massage it. “With the best of intentions, Rimsky felt obliged to emend some of Mussorgsky’s more daring touches,” wrote German musicologist Manfred Schandert in his commentary on the urtext manuscript. It nevertheless remained little known for decades, rarely performed in recitals and too difficult for amateurs to play at home. (A pianist friend of mine in London today raises one eyebrow and warns of its “tight corners.”) Only in 1922, after Serge Koussevitsky commissioned Maurice Ravel for an orchestration, was it brought to life in a new orchestrated version, Westernized, Frenchified and popularized in the form most concert-goers know today. The accurate and “daring” piano original was then finally published in 1931.
In the years since, orchestrators, adapters and performers have never stopped trying to make it better, or at least leave their own stamp on it. Russian-born Vladimir Horowitz wrote a personalized version of it for piano in 1947, “wild, dirty and explosive,” says Naboré. The full suite à la Horowitz is still available here:
Roughly thirty-eight full orchestrations ofPicturesare catalogued and another forty or fifty adaptations—many of them on the goofy side—can be found by trawling the web. Eclectic versions for a synthesizer, electric guitar, seven trombones, 23 clarinets, various chamber combinations, three pipe organs and percussion, accordion, women’s choir, men’s choir, a glass harp, indeed nearly every instrument known to Western man including a Kentucky jug band – if a jug can be called an instrument. The effect on the ear ranges from stirring (the trombones) to outrageous (Emerson, Lake and Palmer rock band), to just too French for words (the Ravel orchestration, by far the most popular), to cotton candy (Cailliet). For an ear-bending kazoo and pennywhistle parody, Canadian musician Friendly Rich’s orchestra recorded this tribute, which he admits is a friendly butchering:
Such heavyweights as Ravel, Leopold Stokowski, Vladimir Ashkenazy, Lucien Cailliet (for Eugene Ormandy’s Philadelphia Orchestra), Sir Henry Wood and Leo Funtek produced orchestrations.
But it is Ravel’s version that causes the most controversy among the cognoscenti. Russians, who feel they own this music, find his treatment – especially the inclusion of a saxophone – grossly inappropriate. Worse, he is also accused of reproducing errors from an inaccurate piano score. These shortcomings have not prevented the Ravel estate from making millions in royalties, however, as the orchestration became integral to the repertoire throughout the world. Even today the fees can be prohibitive, depending on the orchestra and its audience. Swedish movie director Christopher Nupen recalled for me his decision to drop the costly Ravel version he planned to use in a documentary film on Ashkenazy. Instead he opted for the orchestration by Leo Funtek, the Slovenian-born composer who made his life and career in Finland. As a bonus, Funtek hewed closer to the piano score – and included no offending saxophone solo. Later, Russian-born Ashkenazy undertook his own orchestration to restore “complete loyalty to Mussorgsky’s idiom.” Besides, he adds, “in my version these mistakes can be put right.”
Sviatoslav Richter’s criticism went much further. He said in an interview shortly before his death that he consideredPicturesto be the “most profound masterpiece of Russian piano music”. But when the Frenchman tried to improve it, Richter felt, the results were disastrous. “I loathe and abhor” the Ravel piece, he said. The orchestration is “an abomination, a terrible, decorative travesty.” The interview was published in book form and as a DVD by documentary maker Bruno Monsaingeon asRichter: The Enigma, a rare extended conversation on Richter’s life and piano career that electrified the music world.
Julian Lampert, a U.S. composer-pianist of Russian descent, tells me he also finds the Ravel version a clash of opposites. It reminds him, he says, of “Grand Marnier poured over potatoes and kasha.”
Music scholars argue in several biographies and monographs over the glories and tragedies of Mussorgsky’s artistic life, focusing first on the spelling and pronunciation of his family name. Variations through the ages had no letter “g,” hinting at the root “musor,” meaning garbage, mucous, or in current slang, “policeman.” One Russian friend tells me she recalls giggles in the classroom whenever Mussorgsky’s name was mentioned. The syllabic stress was eventually shifted and the letter “g” was inserted by Filaret, Modest’s “snooty” brother, to clean up the name, according to one scholar. Nevertheless, Modest took pleasure in jokingly signing lettersMussoryanin(in Russian, “he who lives in garbage”).
When Mussorgsky turned his talents toPicturesin 1874, shortly after finishing his great operaBoris Godunov, he selected ten works from the 400 on display at the Hartmann posthumous exhibit to portray in music. They provide one of the earliest and most direct examples of “program music”, the creative process for translating the visual into music. Ironically, six of the ten pictures in the “profoundly Russian” suite were produced during Hartmann’s travels in France, Italy and Poland.
Mussorgsky invented a unique structure to tie the ten pieces together. The pictures are linked by a recurring theme, a “promenade”, to evoke the wandering of an exhibit visitor. The viewer, Mussorgsky himself, first stops at a drawing entitled “The Gnome,” an awkward, jumping dwarf that in its musical depiction was considered “an incredible piece of audacity” in the way it departs from traditional piano writing. Next he stops atIl veccio castello(The Old Castle), painted during his trip to Italy. The music brings out a heart-rending melancholy line, evoking a troubador performing before the castle. The controversial saxophone appears in this part. A short promenade returns, then the viewer comes toTuileries, subtitledChildren’s Quarreling at Play. Here the music echoes the sound of animated young voices, one of Mussorgsky’s most effective translations of human sounds onto the piano. The frolic and romp of the children virtually leaps from the piano. Next comes a watercolor of a large wooden wagon, titled in Polish “Bydlo,” that combines thick, ponderous left-hand chords of the giant wooden wheels overlaid with a folk tune being sung by the driver.
A quiet promenade intervenes, then at No. 5 the visitor discovers theBallet of Unhatched Chicks, a sketch of costumes for a ballet called “Trilbi,” and it appears musically as a charming scherzino that breaks the heavy mood and substitutes a feeling of wild gaiety among privileged children. Next comes another watercolor, this one titled “Samuel Goldenberg and Schmuyle,” which Mussorgsky explained as his attempt to “get at Hartmann’s Jews” and to reproduce more “intonations of human speech.” The music replicates a comfortable Jew speaking in a deep, rumbling voice, alternating with the whining tremulo of the poor Jew.
The longest promenade of the set follows, as the listener imagines the viewer pausing, moving on from picture to picture, finally settling at Limoges, usually subtitled “The Market(The Big News)” which he called “a study in intonation,” again picking up sounds of animated chatter. The musical outbursts here were invented to mimic women bickering and exchanging their version of news of the day.
Without a promenade, Mussorgsky next takes directly on to theCatacombs(A Roman Sepulchre)” in Paris, that flows from a haunting introduction into a subtheme, “Con mortius in linua mortua, bastard Latin for “With the dead in a dead language.” The eerie melody is Mussorgsky’s translation of a visit to the “place of skulls,” as he wrote on his score, and as he calls out to the macabre scene, “the skulls begin to glow faintly from within”. And on to No. 9, a sketch known as “The Hut of Baba-Yaga,” one of the most exciting passages in the suite, a wild scherzo with unusual harmonies and halting melodies. Hartmann has borrowed “Baba-Yaga” from Russian folklore, a witch who lives deep in the woods in a hut on hen’s legs. This creature was best rendered by Pushkin in his introduction toRuslan and Lyudmila. Mussorgsky’s witches’ ride is one of the most interesting of the entire suite for its thumping rhythms and memorable melodies.
The finale is the now-familiar “Bogatyr Gate, the Great Gate of Kiev,” based on one of the better-known Hartmann sketches, a monument to Tsar Alexander II’s escape from an assassination attempt. He won the design competition for Kiev Gate, with a Slavic war helmet atop it instead of the usual onion dome. He regarded it as his finest work. The monument was never built but the music made it memorable in different artistic terms. The gate provides a finale that calls on the full range of the keyboard and its arpeggios, including bell-like chiming in the upper register – rendered in most orchestrations as a mighty climax with sets of bells hammered by percussionists. The effect, even for critics of Ravel, can be breathtaking. In this version, Gustavo Dudamel conducts a Venezuelan youth orchestra in the Ravel version:
Late in life, Mussorgsky’s tragedies multiplied. His operas were dormant or unfinished, his piano suite unpublished and his own creative talents in remission. He ended his life as an unpaid assistant teacher at a school for singers, and was reduced to accompanying them on tour. He suffered bouts of depression and struggled with alcoholism. Epileptic seizures became more frequent. Virtually dysfunctional, he was sacked from a civil service post that had provided a subsistence income in 1881.
His last public appearance as a soloist was at a January 25, 1881, commemoration of Dostoevsky’s death, where he improvised a funeral march. The audience stood in respect – as much for the music as for the deceased.
Mussorgsky was destitute and close to begging in the street when he sat for a portrait by his friend the renowned painter Ilya Repin. The portrait depicts a man in distress, clothed in a dressing gown, disheveled, disoriented, uncombed. His nose is painted red, reflecting a long period of alcoholism. Mussorgsky died March 16, 1881, at 42 just 11 days after the painting was finished, alone in a hospital where he was being treated for a stroke.
“Pure as crystal, against the dark background of his tragic destiny, the soul of this incomparable artist stands out,” concluded biographer Oskar von Riesemann.
The story of Modest Mussorgsky contains many of the elements of the tortured Russian soul of 19th century fiction – a majestic natural talent, the rise to public acclaim, then a loss of creative power, descent into alcoholism and despair, and a pathetic, lonely death. Scholars and musicians today agree on Mussorgsky’s greatness as a creative force. His legacy is validated by his continued presence in opera houses and concert halls around the world, and popularity 130 years after his death that has inspired a broad spectrum of interpreters.
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EXTRACT: "So it could well be that, despite the faster spread of the infection, its ultimate health, social and economic impact proves negligible. We simply do not know at this point. But detecting more uncertainty than before, financial markets have reacted with panic. For example, the S&P500 tumbled 2.3% on Friday November 26 only to rise 1.1% on Monday November 29. Most markets gave up between 2% and 4%, which is a pretty substantial one-day fall."
EXTRACT: "Momentous changes are casting a long shadow on China. The country’s political system will soon undergo a profound reform, pending final approval (a quasi-formality) at next year’s congress of the Communist Party of China (CPC). President Xi Jinping, the Party chairman and the “navigator” of the country, has decided on a new course, abandoning the principle of collective leadership. Xi is leading China away from the path taken by Deng Xiaoping after the terror of the Cultural Revolution, and back toward a system of absolute rule by one person without term limits, as under Mao Zedong."
EXTRACTS: "”The biggest disappointment in Glasgow was the last-minute watering down of the proposed (and widely supported) agreement to “phase out” the use of coal in energy production. With India providing political cover for China in vetoing this language, the final conference proposal was to “phase down” coal”. ----
“China accounts for more than half of the world’s coal consumption, and has the largest amount of coal-fired generating capacity under construction. Pressed about why his country would not do more in Glasgow to help save the planet, China’s chief negotiator pointed to the commitments in the Communist Party of China’s current Five-Year Plan.
So, our future now depends on the CPC’s program. The tragedy for the world is that the Party cannot be phased down, much less phased out, despite the fact that it is a huge threat to the future of all of us.” ------
“To save the planet, robust democratic leadership must be phased up – not phased down, let alone phased out. Rather than merely keeping our fingers crossed and hoping for the best, we should start by calling out the appalling behavior of dictatorships such as China and Russia.”
EXTRACT: "The transitory inflation debate in the United States is over. The upsurge in US inflation has turned into something far worse than the Federal Reserve expected. Perpetually optimistic financial markets are taking this largely in stride. The Fed is widely presumed to have both the wisdom and the firepower to keep underlying inflation in check. That remains to be seen."
EXTRACT: "S&P projects that companies are planning to install 44 gigawatts of new solar in 2022.
The year 2020, despite the onset of the pandemic, saw a record-breaking 19 gigawatts of new solar capacity installed in the U.S.
So given the bids out there already, it appears that in 2022 solar installers will more than double their best year ever so far. The U.S. currently has 100 gigawatts of solar electricity-generating capacity, so in just one year we are poised to add nearly 50% of our current total. A gigawatt of power can provide electricity to about 750,000 homes. So the 44 new gigawatts we’ll put in next year have a nameplate capacity that would under ideal conditions allow them to power 33 million homes." ----- "Not only is there a lot of good news on the green energy front but there is good news in the bad news for fossil fuels. S&P finds that coal plants are being retired way before the utilities had expected. Some 29 gigawatts of coal retirements are expected from 2020 through 2025. "
EXTRACT: "Zemmour’s way of thinking stems from a tradition going back to the French Revolution of 1789. Catholic conservatives and right-wing intellectuals, who hated the secular republic that emerged from the revolution, have long fulminated against liberals, cosmopolitans, immigrants, and other enemies of their idea of a society based on ethnic purity, obedience to the church, and family values. They were almost invariably anti-Semitic. When Jewish army Captain Alfred Dreyfus was falsely accused of betraying his country in the notorious scandal of the 1890s, they were on the side of Dreyfus’s accusers. ----
Germany’s invasion of France in 1940 gave reactionaries of this kind the chance to form a French puppet-government in Vichy. Zemmour has had kind things to say about the Vichy regime. He also has expressed some doubt about the innocence of Dreyfus. ---- None of these views would be surprising if they came from a far-right agitator like Jean-Marie Le Pen. But Zemmour is the son of Sephardic Jewish immigrants from Algeria who lived among the Muslim Berbers."
EXTRACT: "performed strongly in last month’s parliamentary and regional elections.
Officially, Communist Party candidates took 18.9% of the popular vote for the State Duma (parliament), compared to nearly 49.8% for the Kremlin’s United Russia party. But the Communists refused to recognize the results, insisting that the vote was rigged. And, indeed, some experts estimate that they should have gotten around 30% of the vote, with United Russia taking about 35%."
EXTRACT: "Powell was charismatic in the true sense of the term. Nowadays, this description is too often used to indicate an ability to attract supporters or generate celebrity interest. Internet lists of those who are regarded as charismatic include characters as varied as Adolf Hitler, Bono, Donald Trump, George Clooney, and Rihanna. But the ancient Greeks and Saint Paul used “charisma” to describe values-based leadership infused with a charm capable of inspiring devotion. The Greeks believed that this quality was a gift of grace, while Christian theology regarded it as a power given by the Holy Spirit."
EXTRACTS: "But property-sector woes are not the only economic danger China faces in 2021-22. The Chinese government’s mounting crackdown on the country’s burgeoning tech sector may pose an even greater threat." ---- "According to a recent study by McKinsey & Company, the share of Chinese urban employment supported by private enterprises more than quadrupled between 1995 and 2018, from just 18% to 87%. The share of exports generated by the private sector more than doubled over the same period, from 34% to 88%. And private-sector fixed-asset investment jumped from 42% to 65% of the total. The message in the data is clear: clamping down on the private sector and threatening innovators is not the way to ensure sustained rapid growth. Chinese entrepreneurs can read the writing on the wall. They understand that their political and regulatory room to maneuver is shrinking, and that the balance has shifted in favor of state-owned firms and public officials. And they understand that this uneasy atmosphere is likely to persist."
EXTRACT: "We designed a programme that incorporated data from over 300 million buildings and analysed 130 million km² of land – almost the entire land surface area of the planet. This estimated how much energy could be produced from the 0.2 million km² of rooftops present on that land, an area roughly the same size as the UK."
EXTRACT: "Britain in the 1950s was wedded to the US, acting as a partner rather than leading the charge. Now, while the UK continues to support the US, the influence it has seems negligible. While it may bring comfort to the UK to feel it is a partner to a superpower, being its stooge or subordinate is an unpleasant place to be, no matter how much you tell yourself it values your opinion."
EXTRACT: "That was then. Now, the Chinese government has doubled down, with President Xi Jinping throwing the full force of his power into a “common prosperity” campaign aimed at addressing inequalities of income and wealth. Moreover, the regulatory net has been broadened, not just to ban cryptocurrencies, but also to become an instrument of social engineering, with the government adding e-cigarettes, business drinking, and celebrity fan culture to its ever-lengthening list of bad social habits.
All this only compounds the concerns I raised two months ago. The new dual thrust of Chinese policy – redistribution plus re-regulation – strikes at the heart of the market-based “reform and opening up” that have underpinned China’s growth miracle since the days of Deng Xiaoping in the 1980s. It will subdue the entrepreneurial activity that has been so important in powering China’s dynamic private sector, with lasting consequences for the next, innovations-driven, phase of Chinese economic development. Without animal spirits, the case for indigenous innovation is in tatters."
EXTRACT: "Wartime nostalgia plays an important part in Britain’s instinctive fondness for the special relationship. Like former Prime Minister Tony Blair in the run-up to the invasion of Iraq in 2003, some British politicians might believe that the United Kingdom is the only European country with serious armed forces and the political will to use them. Prime Minister Boris Johnson, like Blair before him, seems to fancy himself a modern-day Churchill.
Unfortunately (or not), Britain’s military power is insignificant compared to what Churchill could command in 1944. Wartime nostalgia has drawn Britain into several foolish American wars, which other European countries were wise to avoid."
EXTRACTS: "We have found that 47 million American adults – nearly 1 in 5 – agree with the statement that “the 2020 election was stolen from Donald Trump and Joe Biden is an illegitimate president.” Of those, 21 million also agree that “use of force is justified to restore Donald J. Trump to the presidency.”
Our survey found that many of these 21 million people with insurrectionist sentiments have the capacity for violent mobilization. At least 7 million of them already own a gun, and at least 3 million have served in the U.S. military and so have lethal skills. Of those 21 million, 6 million said they supported right-wing militias and extremist groups, and 1 million said they are themselves or personally know a member of such a group, including the Oath Keepers and Proud Boys." ----- "..... the Jan. 6 insurrection represents a far more mainstream movement than earlier instances of right-wing extremism across the country. Those events, mostly limited to white supremacist and militia groups, saw more than 100 individuals arrested from 2015 to 2020. But just 14% of those arrested for their actions on Jan. 6 are members of those groups. More than half are business owners or middle-aged white-collar professionals, and only 7% are unemployed."
EXTRACT: "That long path, though, has from the start had within it one fundamental flaw. If we are to make sense of wider global trends in insecurity, we have to recognise that in all the analysis around the 9/11 anniversary there lies the belief that the main security concern must be with an extreme version of Islam. It may seem a reasonable mistake, given the impact of the wars, but it still misses the point. The war on terror is better seen as one part of a global trend which goes well beyond a single religious tradition – a slow but steady move towards revolts from the margins."
EXTRACTS: "Is it not extraordinary that in a country that claims to be as enlightened and advanced as ours, the combined wealth of three individuals – Amazon founder Jeff Bezos, Microsoft founder Bill Gates, and investor Warren Buffett – exceeds the total wealth of the bottom half of Americans? One has to return to the days of the pharaohs of Egypt to find a parallel to the extreme wealth inequality that we see in in America today." ...... "The top tax rate remained above 90 percent through the 1950s and did not dip below 70 percent until 1981. At no point during the decades that saw America’s greatest economic growth did the tax on the wealthy drop below 70 percent. Today it is somewhere around 37 percent. President Biden’s American Families Plan would increase the top tax rate to 39.6 percent – a fairly modest alteration, albeit in the right direction. It is true that there was a time when the top marginal tax was even lower than it is today: in the years leading up to the Great Depression it hovered around 25 percent."
EXTRACT: "But Biden can’t be blamed for the rise of the Taliban, or the fragile state of a country that has seen far too many wars and invasions. The US should not have been there in the first place, but that is a lesson that great powers never seem to learn."
EXTRACT: "The world is only starting to grapple with how profound the artificial-intelligence revolution will be. AI technologies will create waves of progress in critical infrastructure, commerce, transportation, health, education, financial markets, food production, and environmental sustainability. Successful adoption of AI will drive economies, reshape societies, and determine which countries set the rules for the coming century." ----- "AI will reorganize the world and change the course of human history. The democratic world must lead that process."
EXTRACT: "Although the Fed is considering tapering its quantitative easing (QE), it will likely remain dovish and behind the curve overall. Like most central banks, it has been lured into a “debt trap” by the surge in private and public liabilities (as a share of GDP) in recent years. Even if inflation stays higher than targeted, exiting QE too soon could cause bond, credit, and stock markets to crash. That would subject the economy to a hard landing, potentially forcing the Fed to reverse itself and resume QE."
---- "After all, that is what happened between the fourth quarter of 2018 and the first quarter of 2019, following the Fed’s previous attempt to raise rates and roll back QE."