Showing posts with label pakistan. Show all posts
Showing posts with label pakistan. Show all posts

Wednesday, March 30, 2022

March 30: Ukraine

AOC’s Warning for Democrats: ‘We’re in Trouble’ . I was never under the illusion that we can bring Manchin along.” ....... Ocasio-Cortez was one one of only six Democrats (including Representative Jamaal Bowman of the Bronx) — to vote against Biden’s $1.2 trillion infrastructure bill last November. She reasoned — correctly, it turned out — that severing the infrastructure spending from Biden’s much larger Build Back Better proposal would allow the bigger bill to be killed, in the closely divided Senate, by the defection of two conservative Democratic senators, Manchin and Kyrsten Sinema. ......... the Democrats face an uphill battle to keep control of Congress — a situation that requires firing up the party’s progressive base, Ocasio-Cortez said. ........ “We need to acknowledge that this isn’t just about middle of the road, an increasingly narrow band of independent voters. This is really about the collapse of support among young people, among the Democratic base, who are feeling that they worked overtime to get this president elected and aren’t necessarily being seen,” she said. ........ “I worked with some of our organizers out in East Elmhurst, and we created the largest-ever federal funeral-assistance program for COVID-19. And so I was able to author an $8 billion FEMA program. Now, every single person in the United States who loses a loved one due to COVID-19, can get completely reimbursed for funeral expenses and laying their loved ones to rest. That started with community organizers in East Elmhurst. It was picked up by myself and my office, Senator Schumer supported us in that effort, and it to date is the largest funeral-assistance program in history.” ......... Locally, Ocasio-Cortez is steadily remaking the mainstream of Democratic politics in her own image: younger, more diverse and digital, and more willing to break with tradition. ........ Ocasio-Cortez’s formidable social-media operation, which has nearly 13 million followers on Twitter and 8.5 million on Instagram. ........ “I have endorsed and invested in, I believe, 19 city council candidates that won their races this past cycle. ........ Through Courage to Change, a political action committee, Ocasio-Cortez supported 15 of the new council’s 51 members who took the Courage to Change pledge, a set of promises to adopt a progressive agenda that include advancing pro-worker policies, supporting environmental justice, refusing donations from real estate, fossil fuel and corporate interests, and championing community-based public-safety strategies. ........ she scored a bull’s-eye by backing Brad Lander, the new city comptroller, who has already begun pushing progressive policies like the Green New Deal law that mandates ambitious antipollution standards for city buildings. ....... In nearly every aspect of politics that matters — re-election itself, fundraising ability, grooming younger politicians, staying in the national spotlight — Ocasio-Cortez is considerably more powerful now than when she exploded onto the scene in 2018. .

. Putin’s War Is Complicating India’s Middle Path Among Powers India has been reluctant to criticize Russia, long an important ally. But China’s rise, and its closeness to Vladimir Putin, is creating new pressure. ....... Prime ministers of Japan and Australia, both part of that alliance, held meetings with India’s leaders. Israel announced that its prime minister would arrive soon. ...... India called for an end to hostilities and respect for the territorial integrity of states — an expression of displeasure with Russia’s war without calling it out as an aggressor. ...... an increasing clarity among India’s foreign policy strategists that the country cannot afford to take sides in what is increasingly a multipolar world ......... India’s vulnerabilities — including a slowing economy that is struggling to meet the demands of a growing population and an ill-equipped military stretched on two fronts by territorial disputes with China and Pakistan — are such that it needs allies far and wide ...... “Indian foreign policy decisions are made in Indian national interest, and we are guided by our thinking, our views, our interests.” ..... There was talk of a Western “double game” in pressuring India to stop oil purchases from Russia, just about 1 percent of its overall oil imports, while Europe continued buying Russian oil. ........ Dr. Jaishankar is in a unique position, at once the chief theorist of India’s vision for a path in this complicated new world order and the person responsible for the difficult work of implementing of that vision. ...... During his four decades in India’s foreign service, he held ambassadorial postings in Washington and Beijing before retiring in 2018 as the country’s highest-ranking bureaucrat in the service. He was chosen by Prime Minister Narendra Modi to become foreign minister a year later, but he used the gap to produce a book, “The India Way: Strategies for an Uncertain World,” on the country’s foreign policy doctrine. ...... Indian officials stressed that the meetings with Mr. Wang were aimed at expediting the disengagement of the tens of thousands of troops ........ Russia’s foreign minister, Sergey V. Lavrov, who has listed India and China among countries “who would never accept the global village under the American sheriff,” is expected to arrive in New Delhi later this week. ........ the legacy of decades of dependence on Moscow and mistrust of Washington. ...... India lagged far behind China in opening up its economy, missing out on the early benefits of globalization that turned Beijing into a giant. India’s smaller G.D.P. — about $3 trillion, one-sixth of China’s — and the needs of a population of 1.4 billion have constrained the country’s military spending. ....... “Ultimately, the real security lies in economic growth and, you know, quickly getting to something close to $10 trillion,” said Arvind Panagariya, an economics professor at Columbia University who formerly advised Mr. Modi. “Basically what China did. Who would have taken China seriously until 1990?” ......... For a large part of India’s independent history, its leaders have looked to Moscow not just for weapons’ supplies, but also for political support at the United Nations. Moscow remained a steady ally when Washington repeatedly upset New Delhi, including aiding Pakistan — India’s enemy — and imposing sanctions on India for developing nuclear weapons. .........

the United States is now India’s largest trading partner

....... the Taliban, which New Delhi has long seen as a proxy of a Pakistani military that is hand in glove with Beijing. ...... In its quest for “strategic autonomy,” India has been slow in creating distance from Moscow. While India has increased its weapon purchases from the United States from little to about $20 billion in the past decade, it still depends on Russia for about 60 percent of its military equipment. ........ New Delhi joined the Quad alliance despite strong opposition from Russia and China, which have both likened it to a NATO in the east aiming to encircle China. But India has maintained its balancing act, buying weapons from Russia, including a missile defense system, despite threats of U.S. sanctions. ........... There remains a “deep distrust of the U.S.” in the Indian bureaucracy because of a legacy of seeing Washington as patronizing and unreliable. ......... “The U.S. bureaucracy has a lot of ifs and buts before it signs anything, while you have Russia coming and saying, ‘OK, let’s do this co-production’ and it’s done,” Dr. Kartha said. “Unless the U.S. is able to get past its own bureaucracy and its own way of thinking, we will still continue to be dependent on Russia.”
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. General Strike Throws India Into Confusion The two-day strike, involving both public and private sector workers, was called to protest the Modi government’s economic policies, including a privatization plan. ........ The government of Prime Minister Narendra Modi has made a strong pitch for the privatization of some state-owned assets that it characterizes as underperforming. Government-backed financial institutions are protesting a federal move to privatize them and also protesting a bill that is expected to reduce the minimum government holding in public sector banks from 51 percent down to 26 percent. ...... The strikers’ list of 12 demands includes freezing all privatization plans and providing universal social security for workers in the so-called informal sector of the nation’s labor force, like rag pickers, street sweepers and rickshaw drivers. The informal sector makes up an estimated 80 percent of India’s 470 million workers. ....... “They are selling railways, airports, ports, oil industry and gas refineries and our power transmission sector, there is nothing left,” Mr. Saxena said. “Whatever our forefathers have built in this country is being now sold to big corporate and private entrepreneurs.” .

. Defection of Key Ally Gives Opposition the Votes to Oust Imran Khan Without the support of Muttahida Qaumi Movement-Pakistan, the country’s prime minister will lose the simple majority needed to survive Parliament’s no-confidence vote. ....... The announcement from Muttahida Qaumi Movement-Pakistan or M.Q.M.-P, issued a critical blow to Mr. Khan, 69, who has been embroiled in a political crisis for weeks since the country’s powerful military withdrew support for his government and a coalition of opposition parties moved to vote him out of power. ...... “He has no other option, he has to resign,” said Bilawal Bhutto Zardari, chairman of the opposition Pakistan Peoples Party. ........ and denounced his opponents as part of an American-influenced conspiracy to remove him from office. ....... The political crisis comes as Pakistan, with 220 million people, grapples with rising costs of living and double-digit inflation that has sent the prices of basic goods soaring and fueled criticism that Mr. Khan was failing to deliver on his touchstone promises of reviving the economy and creating an Islamist welfare state. ........ The announcement by M.Q.M.-P on Wednesday brought the expected number of votes against Mr. Khan in Parliament to 177 — enough for the opposition to win the simple majority needed in the 342-member National Assembly to oust him. ....... The party’s support also meant that the opposition does not need to secure the votes of Mr. Khan’s party defectors ....... He has also said there is a foreign conspiracy against his government, in retaliation for his independent foreign policy. ....... Mr. Khan’s political fortunes dwindled in recent months after the country’s powerful military withdrew support for his government following differences over key military appointments. ...... He has been critical of the military’s newfound position of “neutrality” in domestic political affairs, and during one political rally said “only an animal is neutral,” stressing that people have to take sides when it is a matter of good and evil. .

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PM Modi makes strong pitch for privatisation, asset monetisation Government has identified 100 assets whose sale could garner ₹2.5-lakh crore .

. Christophe Jaffrelot reviews “The India Way: Strategies for an Uncertain World” by Dr S. Jaishankar . India’s External Affairs Minister Dr S. Jaishankar is an unusual combination of diplomat, politician, and public intellectual. “The India Way” articulates his vision of India’s strategic choices. That he presently serves as India’s foreign minister makes the book an important primary document through which to understand the thinking of an influential architect of the country’s foreign policy. ......... he has a firm grasp on his subject: a career diplomat, he climbed all the ranks of the Ministry of Foreign Affairs, up to the supreme stage of Foreign Secretary – after having been ambassador in countries as important as China and the United States ....... Jaishankar emerges as not simply a spokesperson for Modi’s worldview but a believer ....... that Modi’s ascension to power in 2014 ushered India into a new era of expansion. ....... Firstly, the criteria for power are no longer the same. Access to technology, connectivity, and trade are now paramount. Secondly, all the regions of the world – and in particular the large countries have entered into unbridled competition: the planet is thus governed by an unprecedented multipolar logic. ........ He recommends exploiting the new circumstances in a realpolitik mode that is the polar opposite of what he describes as the “political romanticism” (p. 4) of yesteryear, a phrase implicitly associated with Jawaharlal Nehru and his sense of moralpolitik. ........

“the real obstacle to the rise of India is not any more the barriers of the world, but the dogmas of Delhi”

.......... the answer is to apply a purely transactional logic in its relations with a world that everyone is already doing, where there are no allies or friends, but only “frenemies” (p. 39): “In a world of more naked self-interest, nations will do what they have to do with less pretense” (p. 26) and “even partners will always strive for better terms of transactions” (p. 27). ........ “realism” (p. 12), “realpolitik” (p. 5), “hard security” (p. 74), but also “management of differences” (in order to exploit tensions between countries) and “pragmatic settlement” (p. 27). ....... In the “transactional bazaar” (p. 39) that the concert of nations has become, India must maximize its interests, guided unashamedly by the mantra of “advancing [its] national interests by identifying and exploiting opportunities created by global contradictions” (p. 11). ....... India must first establish a favorable balance of power. This requires a rise in economic power and genuine international activism. Economic growth is a categorical imperative, especially since, in Jaishankar’s eyes, India has already “emerged among the major economies of the world…” (p. 78). But the pursuit of all-out diplomacy occupies a more important place in the book. Early on, Jaishankar outlines his diplomatic agenda: “It is time for us to engage America, manage China, cultivate Europe, reassure Russia, bring Japan into play, draw neighbours in, extend the neighbourhood and expand traditional constituencies of support” (p. 10). ......... avoid alliances, exploit conflicts inherent in the multipolar world, and accept the contradictions that result. ......... “If India drove the revived Quad arrangement, it also took membership of the Shanghai Cooperation Organization. A longstanding trilateral with Russia and China now coexists with one involving the US and Japan” (p. 14). ....... if the West does not understand that India does not see it as an ally, but only as a partner – and even then not on all issues -, “much of that arises from an ignorance of its thought processes. That is hardly surprising when much of the West was historically so dismissive of our society. It is revealing that the standard American introduction to Indian strategic thought does not even refer to the Mahabharata, though that epic so deeply influences the average Indian mind” (p. 47). ..........

it is India’s rediscovered nationalism that mandates the preference for multilateralism over alliances

........ an ethnic nationalism based on Hindu culture of which the Mahabharata is one of the flagships ........ “As an epic, [the Mahabharata] dwarfs its counterparts in other civilisations, not just in length but in its richness and complexity” .......... thanks to Narendra Modi, whose electoral victory in 2014 was a turning point for the country (p. 77). It was from this point on, according to Jaishankar, that “India set out to deliberately raise its global profile, consciously influence international gatherings and negotiations, purposefully increase high-level contacts and ambitiously invest in building linkages and connectivity” (p. 93). Such nationalism is the foundation of India’s success: “In emotional terms, nationalism obviously contributes to a stronger sense of unity. In political terms, it signifies a greater determination to combat sub-national and supra-national challenges to it. In policy terms, it focuses on how to maximize national capabilities and influence” (p. 114).2 ........... he trusts “the Indian street” more than “Lutyens Delhi” ...... his favourite target, the Indian senior civil service, because, for him, “Mandarins can no longer be impervious to the masses” (p. 110). The populist national rejection of yesterday’s cosmopolitan establishment is also explicit, as for Jaishankar “an elite created in a Western mould has now outlived its relevance” (p. 129). ........ For the moment, India refuses to choose sides and for its Western partners, one of the main lessons of Jaishankar’s book is precisely the low esteem in which he holds the West, the hegemon of yesterday that Asia will be called upon to replace. ......... The objective is to “engage competing powers like the US, China, the EU or Russia at the same time” (p. 15). ....... Jaishankar could have mentioned Indian ‘soft power’, but he does not believe in it. Instead, he attributes India’s bargaining power to its geopolitical position. India’s main asset today is to appear as a key element in the efforts of the West, Japan, Australia, and other Asian countries to counterbalance China – a country that Jaishankar is careful not to name here ........ For Jaishankar, the great powers see only advantages in India’s rise, which must in turn take full measure of this reliance: “If the world has developed stakes in India’s prominence, the latter, in turn, can utilize that sentiment to the fullest” (p. 41). For India, it is a question of offering a point of support to the great powers in the Indo-Pacific which “undeniably is a priority for all of them” (p. 182).3 “By maintaining a strong posture there, India’s value rises…” (p. 185), writes Jaishankar. The main target, in this respect, is none other than the West because, for him, “A stronger partnership with the West will lead to considerable political benefits and economic gains…” (p. 123). .......... “a parallel pursuit of multiple priorities, some of whom could be contradictory” (p. 16). ......... “To the uninitiated or the anachronistic, the pursuit of apparently contradictory approaches may seem baffling. How does one reconcile a Howdy Modi gathering [the Houston rally where Modi campaigned for Trump in 2019] with a Mamallapuram [named after the small town where Modi met with Xi Jinping also in 2019] or a Vladivostok Summit? Or the RIC (Russia-India-China) with JAI (Japan-America-India)? Or the Quad and the SCO (Shanghai Cooperation Organization)? An Iran with the Saudis, or Israel with Palestine? The answer is in the willingness to look beyond dogma and enter the real world of convergences. Think of it as calculus, not just as arithmetic.” (p. 100) ......... A critical assumption here is that India has become so indispensable on an international scene marked by extreme fluidity that its partners will not be offended if it also deals with some of their adversaries. ......... “There is much that India can learn from China. One important lesson is demonstrating global relevance as the surest way of earning the world’s respect” (p. 8). But China shows India the way from another point of view: “China, as the first non-Western power to seriously rise in the post-1945 era, has drawn on its cultural heritage to project its responsibility and shape the narrative. It is but logical that India too should follow suit” (p. 47). ........ Jaishankar argues that China is not in fact hostile to India because it “sees India as inherent to the rise of Asia and the larger rebalancing of the power distribution” (p. 40). ......... “The ability of India and China to work together could determine the Asian century” (p. 133). Thus, when he praises nationalism, Jaishankar adds that it is “represented by the rise of nations like China and India, of a continent like Asia and the consequent rebalancing of the global order” (p. 112). ......... “China is the great disrupter here since unlike Japan, South Korea or the ASEAN, its emergence cannot be accommodated in the old framework. The rise of India will only reinforce this pressure for change” (p. 113). ....... “India should not underestimate the influence that the West still retains” (p. 121). Dismantling Western dominance must occur by attacking the architecture of the international system: ......... “The key of Western durability till now is the set of institutions and practices that it progressively but firmly established in the period of its dominance. There is virtually no sector of human activity that in some form or the other is not shaped or regulated by it. Rules are set for the entire world, as well as for the global commons. These are supported by narratives that serve the West well, while diminishing its competitors. The mix of institutions, regimes, regulations and understandings is such a complex web that creating alternatives is truly a formidable challenge. However, as global power redistribution progresses, this will inevitably happen.” (p. 121) ........... the fact that the fight against climate change is a bone of contention between India and Western countries has rarely been articulated so clearly by an Indian minister. ........

India expects China to show better feelings towards it regarding its membership of the Security Council and the Nuclear Suppliers Group.

...... the uncompromising defense of Indian interests in a realpolitik mode, underpinned and legitimized by a strong ethnic nationalism; the certainty of attaining a form of power, fueled by the fact that many major countries are courting India; and the corresponding refusal to choose sides in order to maximize one’s transactional advantage. This triptych is generally perceived as a rupture with the past brought about by Narendra Modi, which Jaishankar also affirms. ......... competent stewardship is lacking, growth is at half-mast, and India does not have the means to accomplish its foreign policy ....... For the moment, India refuses to choose sides and for its Western partners, one of the main lessons of Jaishankar’s book is precisely the low esteem in which he holds the West, the hegemon of yesterday that Asia will be called upon to replace. His approach is reminiscent of that of the Pakistani leaders who made themselves indispensable to the West against the USSR, China, and then Al Qaeda by pursuing a double game. Here again, Chinese strategy is the decisive variable: India will have to give up its Asian dream and move closer to the West if China threatens its interests more directly in the future.
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What if Putin Didn’t Miscalculate? . Putin’s miscalculations raise questions about his strategic judgment and mental state. Who, if anyone, is advising him? Has he lost contact with reality? ......... Russia’s sieges of Mariupol and Kharkiv — two heavily Russian-speaking cities that Putin claims to be “liberating” from Ukrainian oppression — resemble what the Nazis did to Warsaw, and what Putin himself did to Grozny. ........ “For God’s sake, this man cannot remain in power.” .......... tends toward the conclusion that the best outcome is one in which Putin finds some face-saving exit: additional Ukrainian territory, a Ukrainian pledge of neutrality, a lifting of some of the sanctions. ....... In the early phases of the war, motivated Chechen fighters wiped out a Russian armored brigade, stunning Moscow. The Russians regrouped and wiped out Grozny from afar, using artillery and air power. ........ Since when has Putin ever played clean? ........ Suppose for a moment that Putin never intended to conquer all of Ukraine: that, from the beginning, his real targets were the energy riches of Ukraine’s east, which contain Europe’s second-largest known reserves of natural gas (after Norway’s). ....... Combine that with Russia’s previous territorial seizures in Crimea (which has huge offshore energy fields) and the eastern provinces of Luhansk and Donetsk (which contain part of an enormous shale-gas field), as well as Putin’s bid to control most or all of Ukraine’s coastline, and the shape of Putin’s ambitions become clear. ........ He’s less interested in reuniting the Russian-speaking world than he is in securing Russia’s energy dominance. ..........

“Under the guise of an invasion, Putin is executing an enormous heist”

......... It also makes sense of his strategy of targeting civilians. More than simply a way of compensating for the incompetence of Russian troops, the mass killing of civilians puts immense pressure on Zelensky to agree to the very things Putin has demanded all along: territorial concessions and Ukrainian neutrality. The West will also look for any opportunity to de-escalate, especially as we convince ourselves that a mentally unstable Putin is prepared to use nuclear weapons. ......... Within Russia, the war has already served Putin’s political purposes. Many in the professional middle class — the people most sympathetic to dissidents like Aleksei Navalny — have gone into self-imposed exile. The remnants of a free press have been shuttered, probably for good. To the extent that Russia’s military has embarrassed itself, it is more likely to lead to a well-aimed purge from above than a broad revolution from below. Russia’s new energy riches could eventually help it shake loose the grip of sanctions.
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. Yes, There Is a Clash of Civilizations . the backbone of Huntington’s book “The Clash of Civilizations and the Remaking of World Order,” which was seen as a sweeping interpretive alternative to Francis Fukuyama’s “end of history” thesis, with its vision of liberal democracy as the horizon toward which post-Cold War societies were likely to converge. ......... the Ukraine war as “definitive proof (because we have many others) that the ‘Clash of Civilizations’ theory does not work” — mostly because Huntington had predicted that countries that share Orthodox Christianity would be unlikely to go to war with one another, but instead here we have Putin’s Russia making war, and not for the first time, against a largely Orthodox Christian neighbor, even as he accommodates Muslim constituencies inside Russia. ....... the civilizational model has been a useful framework for understanding events over the last 20 years, but lately we have been moving back to a world of explicitly ideological conflict — one defined by a Western elite preaching a universal gospel of “neoliberalism” and “wokeness,” and various regimes and movements that are trying to resist it. ......... American power didn’t seem to be obviously declining. China was integrating with the Western world and liberalizing to some degree, not charting its own civilizational course. Russia in Putin’s first term seemed to aspire to alliances with America and Europe and to a certain kind of democratic normalcy. .......... China’s one-party meritocracy, Putin’s uncrowned czardom, the post-Arab Spring triumph of dictatorship and monarchy over religious populism in the Middle East, the Hindutva populism transforming Indian democracy — these aren’t just all indistinguishable forms of “autocracy,” but culturally distinctive developments that fit well with Huntington’s typology, his assumption that specific civilizational inheritances would manifest themselves as Western power diminishes, as American might recedes. ......... .

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Why Bitcoin Mining Is Great for The Planet Turns out bitcoin mining can solve our energy concerns rather than contribute to them ...... Bitcoin makes no apology for the power it consumes. ....... if we agree — just for the duration of this article if nothing else — that bitcoin’s POW solution will continue for as long as the network itself does and accept that bitcoin itself has value, then there is a no question that using power to create and run it is justified. ....... Not only does bitcoin have the opportunity to radically and completely change the entire global financial system as we know it for the better, it also has the potential to deliver substantial benefits for the environment at the same time. ...... It surprises people to learn that we have enough energy to fulfill all of the planet’s current and future needs. ....... all of this energy comes from one single, clean source — the sun ...... Bitcoin, almost certainly by accident rather than design, provides us with an opportunity we have never had before to accelerate renewable energy networks in a way that is both reliable and cost effective. ....... 0.05% of all power produced on the planet is used for bitcoin mining, and the entire industry produces only 0.08% of global CO2 emissions. ....... miners are “non-rival” consumers of energy. In the vast majority of cases and on an increasing basis, miners use power that is unwanted by others, stranded, wasted, produced in the wrong place or even at the wrong time. ........ truly mobile. They can set up anywhere there is room to stack a few ASICS (Application Specific Integrated Circuits — the specialist equipment used by miners) and a power connection. The only other requirement, internet, can be provided via satellite. ......... Since miners are incentivized to use power that is cheap to maximize margins and can be set up in any location, they are able to absorb these significant pockets of extra power that would otherwise be generated, but lost. .......... Some have offered the analogy of bitcoin miners being the “dung beetles” of the energy world, slipping into places where other industries can’t (or won’t) go, finding pockets of wasted power deep in the crevices of over supplied substations and local networks. ........ connect generators directly to the well caps, use the excess gas to generate electricity and install mining apparatus next to it, literally right there on the site. ...... Not only are bitcoin miners incredibly flexible in terms of where they set up, they are also incredibly flexible about how they operate. .



BITCOIN’S MONETARY SUPERIORITY IS GUARANTEED BY PHYSICS The properties inherent to Bitcoin are deterministic, not probabilistic, and rely on the natural laws which make up our world...... . One of the least thought of ways that energy is present in our world today, until the advent of proof-of-work in Bitcoin, is how the concept of energy applies to money. ...... The distinct problem that we have today is that the monetary energy in the world is fundamentally distorted to the point where the signal is completely broken. Central banks have routinely bailed out Cantillon insiders and distorted the real cost of capital through interest rate manipulation. This has caused all understanding of monetary value to be lost. ...... Bitcoin combines the first and third law of thermodynamics. ....... Bitcoin isn’t a perfect monetary system. It’s simply the best monetary system the world has ever seen. This is why, on a long enough time scale, the majority of the world’s monetary energy will be stored on the Bitcoin network. It’s simply the natural laws of the universe that make this inevitable. .

BITCOIN IS A SAVINGS ACCOUNT WITH AN AVERAGE GROWTH OF OVER 100% A YEAR The solution to the problem facing billions of people around the world: access to a cheap, secure and reliable savings account. ...... With its fixed supply, open-source software and peer-to-peer (p2p) structure, bitcoin is the global money of the people, by the people, for the people. ........ Bitcoin is a fascinating entity which sits at the intersection of cryptography, economics and money, open-source software and computer science, game theory, politics and law, and more. Because of bitcoin’s multifaceted nature, it means different things to different people. .......... a rational choice by an increasing number of individuals and institutions to benefit from the best savings technology the world has ever seen ........ each bitcoin consists of a hundred million satoshis, meaning you can buy a fraction of a bitcoin. ...... Bitcoin’s meteoric rise fits in with the broader digital revolution which is dematerializing the physical world. ....... it is not the “Myspace of crypto” ....... In its 12-year existence, bitcoin has already eaten a $1 trillion-sized chunk out of the legacy financial system. ......... and consider bitcoin’s total addressable market is in the many hundreds of trillions of dollars, it is only getting started ......... At its core bitcoin is the soundest money ever invented by human civilization. ........ To date, despite having $1 trillion on the network, Bitcoin has not been hacked. ......... on August 16, 2018, in Caracas, Venezuela, a roll of toilet paper cost 2.6 million bolívars (the equivalent of $0.40). In Zimbabwe, in 2009, 100 trillion Zimbabwe dollar bills were introduced, and, at the time, when in a bar, it was not uncommon for the price of the drinks to double by the time of the second round. .......... it has had 99.98% of uptime since going live in 2009 and is accessible 24/7 and 365 days per year. Unlike traditional banking, bitcoin does not have inconvenient opening times as it does not sleep. ......... the broad measure of the stock of dollars, known as the M2 money supply, rose from $15.34 trillion at the start of 2020 to $18.72 trillion in September 2020. The increase of $3.38 trillion equals 18% of the total supply of dollars. ......... nearly one in five dollars was created in 2020. ...... at a stroke of a computer key, every other dollar in existence had an 18% reduction in purchasing power. ......... since inception, bitcoin’s volatility trends to the upside. Consequently, the longer people have held a portion of their savings in bitcoin the more it has increased in purchasing power. ............ No other altcoin can compete with bitcoin’s superior monetary properties, established market cap, network effects, mining and hardware infrastructure, ATMs and so forth. ....... increased transaction throughput and speed can be achieved on the second layer of Bitcoin, such as the Lightning Network. This way the decentralization of bitcoin’s base layer is not compromised. ........ I would recommend looking no further than bitcoin. ........ “Bitcoin is as green as an electric car. Nothing about Bitcoin requires emissions. It will take whatever electricity you feed it. If the world goes green, so does Bitcoin.” ........ bitcoin enables a deflationary (meaning a reduction in global prices) economic system which would allow us to break out of the current, “endless growth” economic model. ........ With CBDCs, central banks will be able to offer digital dollars, pounds or yuan directly to citizens. Some people think this will threaten bitcoin’s rise, the short answer is “no” as they will still be a form of unsound money — meaning endless units can be printed — unlike bitcoin’s fixed supply of 21 million. ........... People have been saying this since the bitcoin price was $1, $100, $1,000 and $10,000 per coin and the same will be said when the price is $100,000, $1 million and beyond. .......... Global bitcoin adoption currently stands at around 2% of the world’s population and bitcoin solves a problem facing billions of people around the world — that of unsound money and the lack of a cheap, secure and reliable savings account. ......... Bitcoin’s market cap is $1 trillion and its addressable market is in the hundreds of trillions. ....... bitcoin can already be seen to be eating into gold, owing to its superior monetary technology ........

bitcoin is on track to becoming the primary store of value for global citizens.

......... bitcoin’s fixed supply of 21 million coins, decentralized nature and unstoppable code make it the soundest money invented by human civilization. ........ Currently, people around the world are working increasingly harder for ever-devaluing national currencies. Bitcoin’s growth at over 100% per year for the last 10 years offers global citizens the choice to store their wealth in the latter and not the former.
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‘Russian soldiers raped me as my terrified son cried’ The woman whose case could be the first heard in a war crimes investigation tells Catherine Philp in Kyiv what happened ........ Natalya speaks in a hushed voice, fearful that Oleksii, her young son, will wake and learn the terrible truth. Of why they had to flee the little house by the pine forest that his father built for them. Of what the men with guns did to her while the boy sat sobbing in the darkened boiler room. Of who the man was lying lifeless in their front yard as they left home for the last time. ...... “He doesn’t understand much,” she explains down the phone line from the western city where mother and son fled three weeks ago from their village near Kyiv. “In the playground here, he goes up to people and says that we had to leave our house because there was war .

Am I Too Late for Bitcoin? . it is still very, very early. ........ Those who deeply under­stand Bitcoin tend to view its poten­tial as at least that of gold (~$13T) but theoret­i­cally more like $200T (about half the world’s total value). ....... the ~$100T in total value sitting in the world’s various curren­cies. ....... Since it’s unprece­dented for a store of value commodity to attain a value greater than gold, it’s simply uncharted terri­tory. ....... There are endless examples of people lamenting how late they were in 2011 or 2013 or 2016, when Bitcoin’s price was $5, $100, and $600, respectively. ............ latecomers to the California gold rush would have been disap­pointed to find the rich gold fields already spoken for, and might have settled instead for a few hundred acres of ranch land now worth a fortune. ........ To match gold’s valua­tion, Bitcoin still has to grow 26x. ........... And if the high-end outcome ends up being the case, a full 99.7% of Bitcoin’s total wealth gener­a­tion remains ahead. This would mean Bitcoin still has 400x to grow, dwarfing the gold milestone. ........ 2.2B people in the world have at least $10k in net worth ........ impov­er­ished commu­ni­ties will also use Bitcoin as a store of value, and will arguably derive greater utility from it as a result of marginal access to tradi­tional banking infra­struc­ture as “low value” bank customers. ........ Signif­i­cant believers .... most of the people who count themselves as believers in Bitcoin, including most of Bitcoin Twitter, are somewhere in this group. ....... ~820k addresses have at least 1 Bitcoin. ........ 125k maximal­ists. ..... it seems to me that there are maybe 10k actively engaged Bitcoin maximal­ists on Twitter, the primary home of maximalist commu­ni­ca­tion . ........ Bitcoin is on a path to become the dominant store of value and preferred money for the world .

The Bullish Case for Bitcoin . Never in the history of the world had it been possible to transfer value between distant peoples without relying on a trusted intermediary, such as a bank or government. ........ The ramifications of the creation of Bitcoin are so profound for both economics and computer science that Nakamoto should rightly be the first person to qualify for both a Nobel prize in Economics and the Turing award. ....... By design, only 21 million bitcoins will ever be mined and most of these already have been — approximately 16.8 million bitcoins have been mined at the time of writing. Every four years the number of bitcoins produced by mining halves and the production of new bitcoins will end completely by the year 2140. .......... An apple grower may desire trade with a fisherman, for example, but if the fisherman does not desire apples at the same moment, the trade will not take place. ......... Achieving a Nash Equilibrium for a store of value is a major boon to any society, as it greatly facilitates trade and the division of labor, paving the way for the advent of civilization. .......... the 19th century was the first time when most of the world converged on a single store of value — gold — and this period saw the greatest explosion of trade in the history of the world .......... Bitcoins are the most portable store of value ever used by man. ....... The attribute that most clearly distinguishes Bitcoin from fiat currencies and gold is its predetermined scarcity. By design, at most 21 million bitcoins can ever be created. ........ Nation-states have shown a persistent proclivity to inflate their money supply to solve short-term political problems. ........ No monetary good has a history as long and storied as gold, which has been valued for as long as human civilization has existed. Coins minted in the distant days of antiquity still maintain significant value today. ....... The use of inflation as an insidious means of invisibly taxing a citizenry has been a temptation that few states in history have been able to resist. ....... If Bitcoin exists for 20 years, there will be near-universal confidence that it will be available forever, much as people believe the Internet is a permanent feature of the modern world. ......... every transaction transmitted on the Bitcoin network is forever recorded on a public blockchain. The historical record of transactions allows for later forensic analysis to identify the source of a flow of funds. ....... A classic example of regulated money transmission is capital controls. A wealthy millionaire, for instance, may find it very hard to transfer their wealth to a new domicile if they wish to flee an oppressive regime. ............ Many have criticized Bitcoin as being an unsuitable money because its price has been too volatile to be suitable as a medium of exchange. This puts the cart before the horse, however. Money has always evolved in stages, with the store of value role preceding the medium of exchange role. ......... In the earliest days of Bitcoin, many people did not appreciate the huge opportunity cost of using bitcoins as a medium of exchange, rather than as an incipient store of value. The famous story of a man trading 10,000 bitcoins (worth approximately $94 million at the time of this article’s writing) for two pizzas illustrates this confusion. .......... The monetary premium of silver disappeared almost entirely in the late 19th century when governments across the world largely abandoned it as money in favor of gold. ....... Money acts as the foundation for all trade and savings, so the adoption of a superior form of money has tremendous multiplicative benefits to wealth creation for all members of a society. ......... $0–$1 (2009–March 2011): The first hype cycle in the Bitcoin market was dominated by cryptographers, computer scientists and cypherpunks who were already primed to understand the importance of Satoshi Nakamoto’s groundbreaking invention and who were pioneers in establishing that the Bitcoin protocol was free of technical flaws. ......... $1–$30 (March 2011–July 2011): The second cycle attracted both early adopters of new technology and a steady stream of ideologically motivated investors who were dazzled by the potential of a stateless money. .......... $250–$1100 (April 2013–December 2013): The third hype cycle saw the entrance of early retail and institutional investors who were willing to brave the horrendously complicated and risky liquidity channels from which bitcoins could be bought. ....... In the first hype cycle, there were no exchanges available, and acquisition of bitcoins was primarily through mining or by direct exchange with someone who had already mined bitcoins. In the second hype cycle, rudimentary exchanges became available, but obtaining and securing bitcoins from these exchanges remained too complex for all but the most technologically savvy investors. Even in the third hype cycle, significant hurdles remained for investors transferring money to MtGox to acquire bitcoins. ......... By the time the fourth hype cycle began in 2016 it was relatively easy for retail investors to buy bitcoins and secure them. .......... $1100–$19600? (2014–?): ...... The entrance of the first state to officially add bitcoins to their reserves will likely trigger a stampede for others to do so. ........ The states that are the earliest in adopting Bitcoin would see the largest benefit to their balance sheets if Bitcoin ultimately became a global reserve currency. ............ There is a great irony that the US is currently one of the nations most open in its regulatory position toward Bitcoin, while China and Russia are the most hostile. The US risks the greatest downside to its geopolitical position if Bitcoin were to supplant the dollar as the world’s reserve currency. In the 1960s, Charle de Gaulle criticized the “exorbitant privilege” the US enjoyed from the international monetary order it crafted with the Bretton Woods agreement of 1944. ......... the banking industry and the US Federal Reserve are finally having their first inkling of the existential threat Bitcoin poses to US monetary policy if it were to become a global reserve currency ........ There is another danger, perhaps even more serious from the point of view of the central banks and regulators:

bitcoin might not crash

. If the speculative fervor in the cryptocurrency is merely the precursor to it being widely used as an alternative to the dollar, it will threaten the central banks’ monopoly on money. .......... Not only does a sovereign money enjoy the advantage of a constant source of demand, by way of taxes being remittable only in it, but competing monetary goods are taxed whenever they are exchanged at an appreciated value. This latter kind of taxation creates significant friction to using a store of value as a medium of exchange. .......... the replacement of the Zimbabwe dollar with the US dollar. ....... The ability to easily transmit bitcoins across borders and absence of a need for a banking system make Bitcoin an ideal monetary good to acquire for those afflicted by hyperinflation. ........ When a nation’s money is abandoned and replaced by Bitcoin, Bitcoin will have transitioned from being a store of value in that society to a generally accepted medium of exchange. ......... As Bitcoin surpasses the market capitalization of gold, its volatility will decrease to a level that will make it suitable as a widely used medium of exchange. ......... once the opportunity cost of trading bitcoins is at a level at which it is suitable as a medium of exchange, most trades will not occur on the Bitcoin network itself but on “second layer” networks with much lower fees. Second layer networks, such as the Lightning network, provide the modern equivalent of the promissory notes that were used to transfer titles for gold in the 19th century............ The development of the Lightning network is a profoundly important technical innovation in Bitcoin’s history and its value will become apparent as it is developed and adopted in the coming years. ............ Binance, a prominent exchange that started in China, moved to Japan after the Chinese government halted its operations in China. ........ National governments are also wary of smothering a nascent industry that may prove as consequential as the Internet, thereby ceding a tremendous competitive advantage to other nations. ......... As a non-sovereign monetary good, it is possible that at some stage in the future Bitcoin will become a global money much like gold during the classical gold standard of the 19th century. ........ the brilliant cryptographer Hal Finney, the recipient of the first bitcoins sent by Nakamoto ...... [I]magine that Bitcoin is successful and becomes the dominant payment system in use throughout the world. Then the total value of the currency should be equal to the total value of all the wealth in the world. Current estimates of total worldwide household wealth that I have found range from $100 trillion to $300 trillion. With 20 million coins, that gives each coin a value of about $10 million. ............ It is more likely, and unfortunate, that tin-pot dictatorships and kleptocracies will be the first nations to enter the Bitcoin market. ........... Bitcoin rose like a phoenix from the ashes of the 2008 global financial catastrophe — a catastrophe that was precipitated by the policies of central banks like the Federal Reserve. ........ A global, non-inflationary reserve currency will force nation-states to alter their primary funding mechanism from inflation to direct taxation, which is far less politically palatable. States will shrink in size commensurate to the political pain of transitioning to taxation as their exclusive means of funding.
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The two types of Altcoins, an investor's view The vast majority of alt-coins are Degenerators. Their price chart has a measurable half-life, like radioactive decay. Plotted on a log chart, it's a straight line down. ....... Oscillators are proving store of value (SoV) properties. To qualify they need to keep up with BTCUSD gains. To find them, plot their BTC value. It must oscillate around a horizontal line, for at least one full bull-bear cycle (around 4yrs). More cycles are better. ....... Let me bring up this Oscillator. It's DOGE, a coin that was created as a joke, it has had no active development for years. It's a humour fork of Bitcoin offering no technical innovation.

Friday, January 28, 2022

January 28: Omicron, Krugman, Afghanistan, Pakistan

Omicron’s Radical Evolution Thirteen of Omicron’s mutations should have hurt the variant’s chances of survival. Instead, they worked together to make it thrive...... Whereas earlier variants had differed from the original Wuhan version of the coronavirus by a dozen or two mutations, Omicron had 53 — a shockingly large jump in viral evolution. ......... 13 of those mutations were rarely, if ever, found in other coronaviruses, suggesting they should have been harmful to Omicron. Instead, when acting in concert, these mutations appear to be key to some of Omicron’s most essential functions. ............... In December 2020, British researchers were jolted to discover a new variant in England carrying 23 mutations not found in the original coronavirus isolated in Wuhan a year before. That variant, later named Alpha, soon swept to dominance worldwide. Over the course of 2021, other fast-spreading variants emerged. While some remained limited to certain countries or continents, the Delta variant, with 20 distinctive mutations, ousted Alpha and became dominant over the summer. And then came Omicron, with over twice as many mutations. .................. Two of the clusters change the spike near its tip, making it harder for human antibodies to stick to the virus and keep it out of cells. As a result, Omicron is good at infecting even people who have antibodies from vaccinations or a previous Covid infection. ................ Because an immunocompromised host doesn’t produce a lot of antibodies, many viruses are left to propagate. And new mutant viruses that resist the antibodies can multiply.



Wonking Out: Are We in Another Housing Bubble? . people have been building houses for thousands of years; what could justify those extraordinary prices? ......... ........ Anyway, the bubble eventually burst, taking a large part of the financial system down with it. That is a worrying precedent, because housing prices have once again been rising rapidly. In fact, the average real price of housing in major markets is now higher than it was at its 2006 peak ......... America was effectively divided between Flatland — places where it was easy to increase the housing supply — and the Zoned Zone, where “a combination of high population density and land-use restrictions” made it hard to build new houses. And the big price increases took place only in the latter. ....... By the mid-2000s, real home prices at a national level were up by “only” about 50 percent, a number you could, with painful intellectual contortions, try to justify on the basis of low interest rates. But there was no way to justify the 100 percent or more increases we were seeing in places like Miami and San Diego. ........ the reason the national average is so high is that prices are surging everywhere — even in small towns that used to be bargains. ........ This time, however, record home prices haven’t led to a boom in housing construction ......... It’s the supply chain, stupid. Look at what is happening to the price of building materials ........ Real estate people I know tell me that there’s still a feeling of unhealthy frenzy, and people who paid high prices for small-town houses may regret it once supply chains get unsnarled and more houses get built.



Let Innocent Afghans Have Their Money . The Afghan government had been heavily dependent on foreign aid, which was largely cut off when the Taliban took power. .........

International assistance made up 45 percent of Afghanistan’s gross national product and funded 75 percent of the government’s budget.

Doctors, nurses, teachers and other essential government workers haven’t been paid in months, and it’s not clear when they will ever be. The Taliban remain on the U.S. sanctions list, so the international community has refused to give them money. .......... Right now the entire financial system in Afghanistan risks collapse. Ordinary people who have nothing to do with the Taliban have been largely cut off from the international banking system, simply because they live in Afghanistan. Even though U.S. Treasury Department officials say that the central bank of Afghanistan is not under sanctions, financial institutions around the world are treating it as if was. Foreign banks are refusing to wire money to Afghanistan, not only because they don’t want to deal with the reputational risk, but also because they fear that the long arm of the U.S. Treasury might one day punish them for it. Many banks say it is not worth the hassle. As a result, it has been difficult to get cash into the country. .......... If the formal banking system in Afghanistan collapses, then the entire economy could be driven into the shadows, where illicit activities like kidnapping and drug trafficking would play an even bigger role than they do now. Entrepreneurs who could be a counterweight to the Taliban would struggle to survive. ......... The Biden administration was right to offer aid to stave off the immediate humanitarian crisis caused by hunger, drought and a harsh winter. The administration has also issued a flurry of licenses to allow personal remittances and humanitarian aid to pass through banks unmolested. But the very existence of those licenses implies that the rest of Afghanistan’s economy is off limits. That means shopkeepers can’t open lines of credit to import goods, and farmers can’t receive payment for their crops through international banks. Aid is not enough. Commercial activity is what feeds a nation. .........

“The economy is not just in free fall; it’s being strangled”

......... The entire banking system could fall apart. ....... Since commercial banks in Afghanistan are required to keep some reserves in the central bank, hundreds of millions of dollars in the frozen overseas accounts are part of the life savings of Afghan citizens, which should not be rendered inaccessible because the Taliban took over the country. ......... the world will be treated to the spectacle of Americans and Europeans paying to mitigate a humanitarian disaster caused, in part, by the fact that many Afghans have been cut off from their own money. ......... When banks splinter and fail, they exacerbate crises, as happened in Yemen ...... Small efforts now could avoid big problems later — such as another mass migration in Europe. They could also preserve a toehold in the country. The war has been lost, but that doesn’t mean every institution that Americans worked with is destined to disappear. There’s still time to save Afghanistan’s central bank.
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The U.S. Needs a Reset With Pakistan . For decades, U.S. policy toward Pakistan has been predicated on America’s goals in Afghanistan. Pakistan both helped and hindered the U.S. war on terror, making for a notoriously dysfunctional relationship. .......... The United States must treat Pakistan as a country in its own right, not as a fulcrum for U.S. policy on Afghanistan. That starts with America disentangling itself from the close military relationship with Pakistan. ......... Resentment is rife. America sees Pakistan’s support for the Taliban as one reason it lost in Afghanistan; Pakistan sees the Taliban insurgency it faced at home as blowback for partnering with America next door. In Washington the grim mood has led to talk of disengagement and sanctions. Neither approach will work or be satisfactory in the long run. ........ Pakistan, meanwhile, wants a broad-based relationship with the U.S. focused on geoeconomics — which is not realistic. ........ a repetition of the old, failed cycle, missing the opportunity to steer Pakistan away from its own harmful overreliance on the military to a more productive future. ........ It would be smarter and safer for the United States to pivot to a multidimensional approach that acknowledges the realities of the country and its neighborhood. Pakistan is a nuclear-armed country with a population of more than 220 million, neighboring not just Afghanistan but also Iran and Pakistan’s close friend China and nuclear-armed rival India. Pakistan faces immense domestic challenges, including with governance and terrorism. It also has unrealized economic potential. ........... military spending accounts for about 16 percent of Pakistan’s annual expenditures. (U.S. military spending accounts for 11 percent.) .........

Pakistan’s dominant military has kept active the specter of potential conflict with India, and its intelligence services have cultivated relationships with an array of dangerous nonstate armed actors.

......... Once America’s reliance on Pakistan’s military is explicitly and clearly reduced, U.S. policy toward Pakistan can be steered toward economic and other forms of engagement. ....... The United States is Pakistan’s top export destination .......... Mr. Biden’s focus is on the Indo-Pacific. ....... Pakistan is simultaneously important and complicated.
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Four critical ingredients that Pakistan needs to rev up its economy and realize its potential Pakistanis working abroad sent home about $18.5 billion in FY2014/15 which contributed to financing the trade deficit. ........ The share of investment to GDP remains minimal at 15%, about half of the South Asian average at 30% and one of the lowest in the world. This means not that enough infrastructure is being built, people don’t have access to sufficient levels of energy and water, the quality of schools and hospitals are not optimal. ........... One of Pakistan’s biggest assets is its large and young labor force. But this young population will contribute to higher and sustainable growth only if it’s healthy and well educated. .

Afghanistan Is in Meltdown, and the U.S. Is Helping to Speed It Up . The United States should swallow the bitter pill of working with the Taliban-led government in order to prevent a failed state in Afghanistan. Kneecapping the government through sanctions and frozen aid won’t change the fact that the Taliban are now in charge, but it will ensure that ordinary public services collapse, the economy decays and Afghans’ livelihoods shrink even further. ....... Afghans are already on a countdown to calamity. Their cash-based economy is starved of currency, hunger and malnutrition are growing, civil servants are largely unpaid, and essential services are in tatters. ......... It’s no surprise that the United States and its allies responded to the Taliban takeover with punitive measures: halting the flow of aid that had been paying for three-fourths of public spending, freezing Afghan state assets abroad, cutting the country off from the global financial system and maintaining sanctions on the Taliban — which now penalize the entire government they head. That playbook is how Washington typically tries to punish objectionable regimes. But the result has been catastrophic for civilians. ....... Devastating droughts, the pandemic and the Taliban’s incompetence in governing have all played roles in creating what may be the world’s worst humanitarian crisis. But the West’s immediate steps to isolate the new regime triggered Afghanistan’s meltdown. This was especially the case because the countries that shut off the aid spigot had, over 20 years, enabled the Afghan state’s dependency on it. ......... I’ve seen over the past two decades how Western powers have consistently overestimated their ability to get Afghan authorities — whoever they are — to acquiesce to their demands.

Governments that were utterly dependent on U.S. security and financial support brushed off pressure to adopt Washington’s preferred peacemaking, war-fighting and anti-corruption strategies.

......... The Taliban are never going to have a policy on women’s rights that accords with Western values. They show no signs of embracing even limited forms of democratic governance. Nor is it likely they will ever take active measures to destroy or hand over remnants of Al Qaeda
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January 28: Slavery, Polarization, Moon, Pakistan, Putin

Democrats Moved the Filibuster Overton Window Joe Manchin and Kyrsten Sinema may be the last in their party to support maintaining the procedure. .......... for activists, the long battle over voter protections hasn’t been entirely in vain: It’s fundamentally changed the center of gravity in the Democratic Party to the point where those two holdouts are likely to be the last Democrats ever elected to the Senate who support maintaining the filibuster, at least for voting rights. ............ The leading Democratic Senate challengers for 2022, even in tough swing states such as Wisconsin and Pennsylvania, have already indicated support for changing the rules. ......... Key party constituencies are pledging to withhold support for Democrats who do not back filibuster reform. The movement has been as striking among incumbents, including those from tough swing states. ......... If Democrats lose unified control of Congress in November, it’s not clear when they will regain it and the power to implement their new consensus on retrenching the filibuster. But it is clear that Manchin and Sinema are holding to a position that leaves them almost completely isolated in the party. “I think it is very likely they are the last two elected Democrats who support the filibuster,” Eli Zupnick, the spokesperson for Fix Our Senate, a group advocating for filibuster reform, told me. “It is no longer a tenable position to defend the broken status quo.” ........... All of this may be cold comfort to advocates smarting from last night’s defeat—and facing the prospect that

red states could have almost unfettered freedom to restrict voting rights over the next few years if Republicans regain one or both Congressional chambers this fall

. ............. by forcing the voting-rights fight to a climactic, if doomed, vote, Senate Majority Leader Chuck Schumer has accelerated the development of a new consensus position in the party. ......... EMILY’s List, the fundraising behemoth that supports female Democratic candidates who endorse abortion rights, said in an unusually pointed statement that it would no longer support Sinema if she maintained her opposition to changing the filibuster. ......... “Sen. Sinema’s decision to reject the voices of allies, partners and constituents who believe the importance of voting rights outweighs that of an arcane process means she will find herself standing alone in the next election,” the group wrote. ........... “If the Senate cannot even begin to debate and vote on something as foundational as voting rights, we must reform Senate rules” ........

Sinema’s Arizona colleague, Senator Mark Kelly, announced that he would support changing Senate rules for voting-rights issues “to pass them with a majority vote.”

.......... It’s easy to lose sight of how big a change this represents for Democrats. Zupnick said that when the party won the Senate majority last January, “we had a list of 10 Democratic senators who were reluctant or flat-out opposed” to changing the filibuster, or who would not commit to any position on the issue. At that time, another prominent former senator, the newly elected President Joe Biden, was openly resistant to changing the rules too. ...... “This is no longer just a progressive issue—it is a consensus Democratic position” ....... solidified the Democratic consensus on changing the filibuster by demonstrating how completely the congressional GOP has turned against virtually any federal role in protecting voters ........ The League of Conservation Voters alone spent about $52 million supporting Democratic Senate candidates over the past three elections, including nearly $4 million for Sinema in 2018. EMILY’s List recorded nearly $46 million in direct contributions and outside spending for Democrats in the 2020 election cycle and, two years earlier, was among Sinema’s biggest donors ......

Republicans need a net gain of only five seats to win back the House majority in November’s election and the party out of the White House has won at least that many in all but four midterm elections since the Civil War.

...... November, Republicans could post considerable gains in both chambers ......... by blocking any federal response to the voter-suppression legislation advancing across so many red states, the two Democratic holdouts are increasing the chances that it will be Republicans who next seize unified control of Washington.




We Still Can’t See American Slavery for What It Was . An estimated 12.5 million people endured some version of this journey, captured and shipped mainly from the western coast of Africa to the Western Hemisphere during the four centuries of the trans-Atlantic slave trade. Of that number, about 10.7 million survived to reach the shores of the so-called New World. ......... “After every deduction, the trade retains its gigantic character of crime.” ....... A large majority of people taken from Africa were sold to enslavers in either South America or the Caribbean. British, Dutch, French, Spanish and Portuguese traders brought their captives to, among other places, modern-day Jamaica, Barbados, Cuba, Puerto Rico, Brazil and Haiti, as well as Argentina, Antigua and the Bahamas. A little over 3.5 percent of the total, about 389,000 people, arrived on the shores of British North America and the Gulf Coast during those centuries when slave ships could find port. ..........

by 1787, most of the states of the newly independent United States had banned the importation of slaves, although slavery itself continued to thrive in the southeastern part of the country.

........ Slavery remained a big and booming business, driven by demand for tobacco, rice, indigo and increasingly cotton, which was already on its path to dominance as the principal cash crop of the slaveholding South. .......... Within a decade of the invention of the cotton gin in 1793, annual cotton production had grown twentyfold to 35 million pounds in 1800. By 1810, production had risen to roughly 85 million pounds per year, accounting for more than 20 percent of the nation’s export revenue. By 1820, the United States was producing something in the area of 160 million pounds of cotton a year. .......... spectacularly violated, objectified, disposable, hypersexualized, and silenced ........ information about the people, the humans, who actually bore the brunt of this violence. And that’s important. It is important to humanize this history, to understand that this happened to African human beings.” .........

a young man sold for the purpose of “breeding” more people.

........... to have this visual in your head of these young people, chained on a boat, not really knowing where they were going.” ..... “I actually want to understand tiny moments of violence, because that’s what I see as adding up to a kind of numbness — a numbness of empathy, a numbness to human interconnection.” .......... W.E.B. Du Bois once called the trans-Atlantic slave trade “the most magnificent drama in the last thousand years of human history”; a tragedy that involved “the transportation of 10 million human beings out of the dark beauty of their mother continent into the newfound Eldorado of the West” where they “descended into Hell”; and an “upheaval of humanity like the Reformation and the French Revolution.”
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America Has Split, and It’s Now in ‘Very Dangerous Territory’ . Polarization has become a force that feeds on itself, gaining strength from the hostility it generates, finding sustenance on both the left and the right. A series of recent analyses reveals the destructive power of polarization across the American political system. ......... None of the wealthy, consolidated democracies of East Asia, Oceania or Western Europe, for example, have faced similar levels of polarization for such an extended period. ......... “the United States is the only advanced Western democracy to have faced such intense polarization for such an extended period. The United States is in uncharted and very dangerous territory.” ......... there are “a number of features that make the United States both especially susceptible to polarization and especially impervious to efforts to reduce it.” .............

The United States is perhaps alone in experiencing a demographic shift that poses a threat to the white population that has historically been the dominant group in all arenas of power, allowing political leaders to exploit insecurities surrounding this loss of status.

........... “The Senate is highly disproportionate in its representation,” they add, “with two senators per state regardless of population, from Wyoming’s 580,000 to California’s 39,500,000 persons,” which, in turn, “translates to disproportionality in the Electoral College — whose indirect election of the president is again exceptional among presidential democracies.” .......... aggressive redistribution policies designed to lessen inequality must be initiated before polarization becomes further entrenched. The fear is that polarization now runs so deep in the United States that we can’t do the things that would help us be less polarized. ......... a deeply polarized electorate is highly unlikely to support redistribution that would benefit their adversaries as well as themselves. ......... Interactions with more diverse out-group members pool greater knowledge, applicable to a wider variety of situations. These interactions, when successful, generate better solutions and greater benefits. However, we also assume that the risk of failure is higher for out-group interactions, because of a weaker capacity to coordinate among individuals, compared to more familiar in-group interactions. ..........

after Levi Strauss & Co. pledged over $1 million to support ending gun violence and strengthening gun control laws, the jean company became progressively aligned with liberals while conservatives aligned themselves more with Wrangler

........... the stereotypes of “Tesla liberals” and “bird hunting conservatives” ........... “cultural products are four times more polarized than any other segment.” .......... greater levels of prejudice among conservatives .......... “people high in cognitive ability are prejudiced against more conservative and conventional groups,” while “people low in cognitive ability are prejudiced against more liberal and unconventional groups.” ........ those on the extreme right and extreme left exhibited cognitive rigidity on neuropsychological tasks, in comparison to moderates. .........

the electorate as a whole is moving farther and farther apart into two mutually loathing camps.

.......... By the 2000s, party explained about 80 percent of the variance in senators’ racial conservatism and nearly 100 percent of the variance in the mass public. ......... Today, across all offices, conservative states are largely dominated by Republicans, whereas the opposite is true of liberal states.

The ideological nationalization of the party system thus seems to have undermined party competition at the state level.

................ the pool of people that run for office is increasingly extreme. ........... only 16 of the 52 countries that reached levels of pernicious polarization succeeded in achieving depolarization and in “a significant number of instances later repolarized to pernicious levels. The progress toward depolarization in seven of 16 episodes was later undone.”
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Joe Manchin Thinks James Madison Is on His Side. Nope. . .



Why is Ukraine such an economic failure? . Ukraine is a middle-income country. Its GDP per capita (PPP) is somewhere around $13000, which is similar to Libya or Paraguay. That’s not terrible, but what is terrible is how Ukraine has stagnated since the fall of the Soviet Union. By the World Bank’s reckoning, Ukraine is about 20% poorer now than it was in 1990! ......... If Ukraine had experienced growth similar to that of Poland or Romania since the fall of communism, it would now have a GDP in the $30,000-$35,000 range, and would essentially be a developed country. ......... Putin’s portrayal of Ukraine as a basket case has been a key part of his justification for aggression. ........ In general, the rule for countries is that they’re poor until something happens to make them rich. Thus, many disappointing growth stories (e.g. Pakistan) can be explained simply by a lack of pro-development policy. ......... Ukraine proceeded with shock therapy, and in proportional terms it had the most to shock. ........ exporting manufactured goods is the best way to boost a country out of poverty ....... Countries that specialize in resource extraction or agriculture, or which fail to make their products competitive in global markets, tend to fall behind in the development race. ........ Poland, Romania, or Turkey — three countries that have enjoyed rapid growth and are now on the cusp of developed-country status — and you’ll see that they all export a lot of cars car parts and some electronics, with Germany and the other rich countries of Europe as their biggest markets. ....... they’ve become a sort of Tennessee/Kentucky for Europe — a cheap zone for high-value manufacturing. ........ Ukraine, and we see that it mostly exports very basic, simple, low-value stuff — food, metals, and minerals. ........ in the 2000s, Ukrainian policy tended to reserve manufacturing industries for domestic oligarchs — most of whom had gotten rich by owning Ukraine’s old inefficient Soviet-era manufacturing industries. It thus tried to discourage foreign investment in the manufacturing sector — a huge, tragic mistake. The oligarchs didn’t do much with Ukraine’s manufacturing sector; they just kept collecting their checks and allowed the sector to slowly decline. Meanwhile, the country’s leaders encouraged foreign investment in sectors like finance and real estate. .......... But Ukraine also hit another big shock right around this same time: The end of cheap Russian gas. In Soviet times Russia had piped cheap gas to Ukraine to subsidize the area’s inefficient heavy industry, and this policy basically continued after 1991. But from 2007 through 2009, Russia mostly ended this sweetheart deal, raising the prices Ukraine would have to pay for gas. This dealt a blow to Ukraine’s inefficient, oligarch-controlled manufacturing sector. In 2010 the cheap gas subsidy was partly restored when Ukraine elected a pro-Russian president (Yanukovych) who negotiated a new discount. But of course that ended in 2014 when Yanukovych was ousted and the war began. ...........

So Ukraine made a big mistake in its FDI policy, which left it vulnerable to the twin shocks of the global financial crisis and the end of cheap Russian gas.

....... it makes it hard to raise tax revenue, which forces tax rates to be higher, which forces much of the economy off the books. In 2014, Ukraine’s shadow economy was estimated to comprise a whopping 50% of the total. That in turn encourages a pervasive culture of bribe-taking and extralegal means of property protection and contract enforcement (i.e. organized crime), which exacts its own toll on the economy in myriad ways. ......... What’s good for enriching the country is not always the same as what’s good for enriching oligarchs. ....... Official corruption also inhibits good governance. The Yanukovych administration is thought to have been especially corrupt, with tens of billions vanishing from government coffers during his rule. Those kinds of “rents” reduce the leadership’s incentive to invest in public goods; why build roads and schools and export industries to make your country rich, when you can just raid its treasury to enrich your own family and depend on Russia for protection? .......... Becoming a rich country like Poland is Ukraine’s best chance for standing up to a domineering neighbor three times its size. External military threat has been a catalyst for development for countries throughout the ages, most notably Japan and South Korea. Hopefully it will do the same for Ukraine now.
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Why would Pakistan grow? Bangladesh’s startling and encouraging economic growth......... countries are poor until they get rich. India and Bangladesh have been doing things that have made them grow steadily richer; Pakistan, in general, has not. ........ The average Pakistani household consumes as much as the average Indian household, and more than the average Bangladeshi household. ........ Pakistan is eating its proverbial seed corn instead of planting it in the ground. Bangladesh and India, in contrast, are planting their seed corn — foregoing current consumption in order to build productive capital and be richer tomorrow. ........ Pakistan is behaving like a lot of natural resource exporters behave — but without the natural resources. Instead of a middle-income or high-income consumption society, it’s a low-income consumption society — keeping its people barely treading water, with lots of help from external largesse. That largesse is doubtless partly motivated by Pakistan’s strategic importance; it sits at the confluence of the War on Terror and Asian geopolitics, and it has nuclear weapons that no one wants to see fall into the wrong hands. ....... the “selectorate” — is some elite subset of the populace, rather than the whole populace at large ....... If Pakistan’s leaders chose to do what Bangladesh does, and divert another 16% of its GDP to building capital instead of giving people the necessities of life, they might be kicked right out of power by a disgruntled populace. Bangladesh, with its greater political stability, is able to make the far-sighted choice instead. ......... Push-button superweapons greatly reduce the need for a state to be rich and effective — or even particularly stable — in order to maintain security from external threats. Perhaps we can see this with North Korea as well, or possibly even Russia...... the right political incentives for growth-oriented policy are not in place yet. Perhaps a long period of stable civilian rule, or nationalistic envy of Bangladesh’s success, can change the calculus.

Bangladesh is the new Asian Tiger . It's succeeding using the classic formula, and defying the skeptics. ......... Bangladesh has now surpassed both India and Pakistan in terms of GDP per capita. That’s an astonishing milestone. ........ Bangladeshi growth is accelerating, from around 5% in previous years to 7% in 2019 .......... Pakistan is mostly stagnant, languishing in poverty ........ it’s doing the very same thing that Britain did when it became the first country to industrialize, over two centuries ago.

It’s making and selling a bunch of clothes.

.......... Bangladesh has become known as a hub of the world’s garment industry. ........ This transformation through garment exports did not occur in a vacuum: the government decided very early on to promote the sector and to provide incentives to get it where it needed to be. As in many countries, an important part of that strategy entailed designing special economic zones, areas in which regulations, incentives, and basic infrastructure could be provided to ensure conditions for success. This also made it easier for FDI to engage in production… .......... Bangladesh picked a traditional labor-intensive light manufacturing industry, laid out plans for promoting that industry, and successfully built a dominant position in that industry. ............. Bangladesh ignored the dire warnings that labor-intensive manufacturing was about to be automated away, and ignored the skepticism about whether a country outside Europe or East Asia could pull off manufacturing-led industrialization, and simply powered ahead with a traditional development strategy. And dammit, it’s working. .......... Bangladesh needs to diversify into other light manfuacturing industries like toys and furniture, etc. And to really climb up the value chain, Bangladesh needs to start making electronics. ........ growth seems to have taken on something of a life of its own ......... this is still a very poor country, with a per capita GDP (PPP) of only around $5800, similar to that of Ghana or Honduras. It’s going to be many decades yet before Bangladesh can reach developed-country status ........ Bangladesh’s growth should remind us that globalization is still an incredibly powerful force for good. Access to European and U.S. export markets has been crucial. ......... far away from our bickering culture wars and policy debates, the lifting of the world’s indigent masses to the safety and comfort of material plenty is still the biggest and most important story in the world.


Republicans Think There Is a ‘Takeover’ Happening. They Have Some Reading to Do. . Congress has absolute, unbending power to regulate federal elections as it sees fit. ...... it has been strange to see Republican politicians — including some self-described “constitutional conservatives” — denounce the Democrats’ proposed new voting rights legislation as an illegitimate “federal takeover” of federal elections. ......... overall voter turnout has increased significantly since the Supreme Court undermined the Voting Rights Act in 2013. ........ There are times when the federal government needs to take election rules out of the hands of the states. Looking at the restrictions and power grabs passed by state Republican lawmakers in the wake of Donald Trump’s defeat, I’d say now is one of those times.

It’s 2086. This Is What American History Could Look Like. . President Andrew Jackson’s dueling pistols — once proof of the aggressive populism of a fighter honored in Democratic banquets and the names of generations of boys — now could not be displayed without mention of the ethnic cleansing of Native Americans for which he often fought. ........ The elections in 2022 and 2024 will help determine whether the big lie becomes the official truth. ...... more than 30 percent of respondents said they do not accept the legitimacy of President Biden’s 2020 victory, and 25 percent opposed investigating those who sought to overturn the election. .........

As curators, as historians, as citizens, we are frequently reminded that the past is a foreign country. But so is the future.



Putin Is Caught in a Trap of His Own Making . The question is on everyone’s lips. Will President Vladimir Putin go to war against Ukraine? To judge by Russia’s propaganda machine, where media moguls are predicting a victory “in 48 hours,” the answer is an emphatic yes. ........ While Mr. Putin undoubtedly regards Ukraine as little more than a Russian province, as he argued in a lengthy pseudo-historical treatise in July, it’s far from clear his aim was war. Outright conflict — as opposed to sudden swoops, covert operations or hybrid warfare — isn’t really Mr. Putin’s style. ....... It’s probable that the troop buildup in November was an attempt to force the West to relinquish any claims over Ukraine. That would be a great P.R. victory at minimal cost. ......... Instead of trapping the United States, Mr. Putin has trapped himself. Caught between armed conflict and a humiliating retreat, he is now seeing his room for maneuver dwindling to nothing. He could invade and risk defeat, or he could pull back and have nothing to show for his brinkmanship. What happens next is unknown. But one thing is clear: Mr. Putin’s gamble has failed. ....... Mr. Putin — whose instinctive cautiousness I’ve observed at close quarters for two decades — has a record of withdrawing at the first sign of real conflict. When Russian mercenaries were killed by U.S. troops in Syria in 2018, for example, he had the perfect opportunity to retaliate. Instead, Russia denied the slaughter ever took place. .......... Tellingly, Russia’s major successful military operations under Mr. Putin — the defeat of Georgia in 2008 and the annexation of Crimea in 2014 — happened when the West was looking the other way. In both cases, the world was caught unawares and Russia could complete its designs without the threat of armed international opposition. That is not the case now. ....... What’s more, there are no internal reasons for pursuing a war. Yes, Mr. Putin’s ratings are down and prices are up, but there’s no major domestic unrest and elections are two years away. ........ Russia would not be assured of victory. The Ukrainian Army is much improved, having upscaled its equipment and preparations for a ground invasion, and the Russian troops deployed near the border are most likely insufficient to conquer the country. ........... Without the usual bargaining chips — no sound economy, no superior weapons, no fanatical followers — he fell back on unpredictability. The more irrational his behavior, went the thinking, the more likely the United States would accept his demands. ....... Those demands, published in mock-treaty form in December, were in many cases absurd. ......... The core request — that NATO deny membership to Ukraine — was silly in a different way. There was no chance of Ukraine becoming a member any time soon, ultimatum or not. But that was Mr. Putin’s point: By demanding something that was already happening, Mr. Putin aimed to claim a victory over the West. ............ he could test the waters with a deniable provocation undertaken by supposedly private Russian citizens, those Mr. Putin once called “coal miners and tractor drivers.” That may be a small way to save face, but it could easily spill out of control. The risk of outright war is enormous. ...... one certainty to hold on to: Mr. Putin will never start a war he’s likely to lose.