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Thursday, October 08, 2020
Essentials
Coronavirus News (255)
Goldman Sachs: A Democratic sweep would mean faster economic recovery polls "suggest a 'blue wave' in which Democrats gain unified control of Washington is becoming more likely" ............ Moody's Analytics found that Biden's economic proposals, if enacted, would create 7.4 million more jobs than would Trump's. The economy would return to full employment in the second half of 2022, nearly two years earlier than under Trump's plan, Moody's said.
Coronavirus News (254)
Covid-19 could be the start of a better era for women who work, writes Sarah O'Connor. The pandemic presents a chance to fix long-ignored problems https://t.co/kZA8lI3tG8
— Financial Times (@FinancialTimes) October 6, 2020
Piketty’s “Capital,” in a Lot Less than 696 Pages Over the two-plus centuries for which good records exist, the only major decline in capital’s economic share and in economic inequality was the result of World Wars I and II, which destroyed lots of capital and brought much higher taxes in the U.S. and Europe. This period of capital destruction was followed by a spectacular run of economic growth. ........ Over the two-plus centuries for which good records exist, the only major decline in capital’s economic share and in economic inequality was the result of World Wars I and II, which destroyed lots of capital and brought much higher taxes in the U.S. and Europe. This period of capital destruction was followed by a spectacular run of economic growth. ........... Piketty’s main worry seems to be that growing wealth in Europe will bring a return to 19th century circumstances in which most affluent people get that way through inheritance. ........... That’s why he spends so much time describing characters from the novels of Honoré de Balzac and Jane Austen who see inheriting money or marrying into it as the only path to a comfortable life. ............. he does offer evidence for his contention that the bigger the fortune, the faster it will grow in the future: the performance of university endowments in the U.S., where the largest endowments have earned dramatically higher percentage returns than the rest. ........... Since the 1970s, though, the U.S. has seen a sharp and unparalleled increase in the percentage of income going to the top 1% and especially 0.1%. ............ managers and financial professionals making up 60% of the top 0.1% of the income distribution in the U.S., and proposes that their skyrocketing pay is mainly the product of sharp declines in top marginal tax rates that made it worth managers’ while to bargain harder for raises. ............ this huge rise in relative income inequality has brought no discernible economic benefit ......... Per-capita economic growth has been almost identical in the U.S. and Western Europe since 1980, and because of the skew towards the top here, U.S. median income has actually lost ground relative to other nations. ............ Piketty proposes a progressive global wealth tax — at one point he suggests that it could start at 0.1% a year for small nest eggs and rise to 2% for fortunes of above 5 billion euros ($6.9 billion) — as the best response to the current dynamics of inequality. ....... central banks are redistributing wealth all the time, just not in a transparent, democratic manner .......... No longer will one be able to simply assert that rising inequality is a necessary byproduct of prosperity, or that capital deserves protected status because it brings growth.
Tuesday, October 06, 2020
Coronavirus News (253)
Trump Returns to ‘The Infest Wing’ “When she heard he was coming home, Melania immediately checked herself into Walter Reed,” Jimmy Fallon joked on Monday. ........... “And now at least 30 people in Trump’s circle have tested positive for Covid-19. You realize that means there’s been more infections at the White House over the last day than in New Zealand, Vietnam, Taiwan, Thailand and Australia combined. The White House Rose Garden is like the wet market of America right now.” — TREVOR NOAH ......... “Everyone from Trump’s campaign manager to Trump’s press secretary to Trump’s friends have been infected with coronavirus now. It’s almost like the writers of 2020 didn’t know how to wrap the story up so they were just like, ‘Uh, then they all get coronavirus, the end.’” — TREVOR NOAH ............ “Now look, I know some people are saying this was karma catching up to Trump, but guys, a massive outbreak at the White House is not karma, it’s consequences, all right? It’s not karma to get hit by lightning when you’re standing on the roof of a skyscraper holding a metal rod while there’s lightning. The universe didn’t do that [expletive] to you — you did that [expletive] to yourself.” — TREVOR NOAH ............. “Now, while the doctors were presenting a rosy picture, they also revealed that Trump has been put on two drugs: remdesivir and dexamethasone. I’m not a doctor, but I’m pretty sure it’s not a good sign when you get prescribed the high score in a Scrabble game.” — STEPHEN COLBERT
Fareed Zakaria Looks at Life After the Pandemic Not only has science learned a few things. So have governments, which went for penny-pinching and deflation after the Crash of 1929, but now pour out trillions. ............. Zakaria rightly celebrates “our resilient world.” States actually “gain strength through chaos and crises.” ........... The United States has proved neither competent nor cohesive. It is an archipelago of some 2,600 federal, state and local authorities charged with health policy. .............. America, Zakaria says, must learn “not big or small, but good government.” ......... Zakaria lays out the road from the pandemic to the transcendence of America the Dysfunctional. The to-do list is long. Upward mobility is down, inequality is up. The universities of the United States lead the global pack, but a B.A. at one of those top schools comes with a price tag upward of a quarter-million dollars. The country boasts the best medical establishment, but health care for the masses might just as well dwell on the moon. ............ Like Sweden long ago, Denmark is the new Promised Land, even when compared with the rest of Europe. Striking a wondrous balance between efficiency, market economics and equality, those great Danes embody an inspiring model; alas, it is hard to transfer. A small and homogeneous country on the edge of world politics, Denmark is the very opposite of the United States. Maybe its people should occupy America for a couple of generations to reform 330 million über-diverse citizens. ............ The world’s troubles ... are rooted in ultramodernity: globalization, automation, alienation, mass migration, the lure and decay of the world’s sprawling metropolises. These are the stuff of misery — and the fare of cultural critics since the dawn of the industrial age. ........ Nor does he spare his own liberal class, the “meritocracy” of the best educated and better off, which he fingers ever so gently as deepening the divide between urban and rural, elites and “deplorables.” ................ “This ugly pandemic has … opened up a path to a new world.” ......... “many rich societies” do not honor “a social contract that benefits everyone.” So, the neoliberalism of decades past must yield to “radical reforms.” Governments “will have to accept a more active role in the economy. They must see public services as investments. … Redistribution will again be on the agenda; the privileges of the … wealthy in question.” Now is the time for “basic income and wealth taxes.” ....... Covid-19 is merely accelerating the mental turn engendered by the 2008 financial crisis. We are all social democrats now. ....... Government in the West is back with industrial policy and trillions in cash. It is not a radical, but a consensual project. ....... After half a lifetime of retraction from the economy, big government is back — and looks as if it will stay. ......... May we all be as smart as the Danes. They have marvelously combined welfarism and individual responsibility. But they have not invented the PC, MRT, iPhone or Tesla, not to speak of Post-its and the microwave popcorn bag.
Vilified Early Over Lax Virus Strategy, Sweden Seems to Have Scourge Controlled After having weathered high death rates when it resisted a lockdown in the spring, Sweden now has one of Europe’s lowest rates of daily new cases. Whether that is an aberration remains to be seen. ......... “Our work lives should not be reduced to just the screen in front of us,” he said. “Ultimately, we are social animals.” ........... Almost alone in the Western world, the Swedes refused to impose a coronavirus lockdown last spring, as the country’s leading health officials argued that limited restrictions were sufficient and would better protect against economic collapse. .................... The per capita rate is far lower than nearby Denmark or the Netherlands (if higher than the negligible rates in Norway and Finland). ........... Its borders stayed open, as did bars, restaurants and schools. Hairdressers, yoga studios, gyms and even some cinemas remained open, as did public transportation and parks. ........... “The Swedes went into self-lockdown,” he said. “They trusted in their people to self-apply social distancing measures without punishing them.” .......... distancing provided overall better protection than masks ....... Sweden did not set out to achieve “herd immunity” ........... “We changed behavior. I don’t see anybody shaking hands, for example”
Virus lays bare the frailty of the social contract Radical reforms are required to forge a society that will work for all ............ to demand collective sacrifice you must offer a social contract that benefits everyone. ....... Despite inspirational calls for national mobilisation, we are not really all in this together. .......... Overnight millions of jobs and livelihoods have been lost in hospitality, leisure and related sectors, while better paid knowledge workers often face only the nuisance of working from home. .......... vast monetary loosening by central banks will help the asset-rich. Behind it all, underfunded public services are creaking under the burden of applying crisis policies. ......... every society must demonstrate how it will offer restitution to those who bear the heaviest burden of national efforts. ............. Radical reforms — reversing the prevailing policy direction of the last four decades — will need to be put on the table. Governments will have to accept a more active role in the economy. They must see public services as investments rather than liabilities, and look for ways to make labour markets less insecure. Redistribution will again be on the agenda; the privileges of the elderly and wealthy in question. Policies until recently considered eccentric, such as basic income and wealth taxes, will have to be in the mix .......... rightly compared to the sort of wartime economy western countries have not experienced for seven decades ....... Beyond the public health war, true leaders will mobilise now to win the peace.
Coronavirus Is Very Different From the Spanish Flu of 1918. Here’s How. The fear is similar, but the medical reality is not. ........... The 1918 flu pandemic, thought to be the deadliest in human history, killed at least 50 million people worldwide (the equivalent of 200 million today), with half a million of those in the United States. ............. a majority of those killed by the disease were in the prime of life — often in their 20s, 30s and 40s .......... “Nurses often walked into scenes resembling those of the plague years of the fourteenth century,” wrote the historian Alfred W. Crosby in “America’s Forgotten Pandemic.” “One nurse found a husband dead in the same room where his wife lay with newly born twins. It had been twenty-four hours since the death and the births, and the wife had had no food but an apple which happened to lie within reach.” ............... With a case fatality rate of at least 2.5 percent, the 1918 flu was far more deadly than ordinary flu, and it was so infectious that it spread widely, which meant the number of deaths soared. ............ In Albuquerque, where schools and theaters were closed, a local newspaper wrote, “the ghost of fear walked everywhere.”
A new stimulus deal is still possible.
Pompeo asks ‘Quad’ allies to stand against China’s ‘corruption, coercion’ Speaking with his Japanese, Indian and Australian counterparts in Tokyo, Mike Pompeo said cooperation against Beijing now more critical than ever The US, Australia and India are all at loggerheads with Beijing, while Japan walks a tightrope trying to preserve ties
Coronavirus News (252)
GOP U.S. Senate candidate in Delaware thanks Proud Boys for providing free security at the rally
Why Silicon Valley CEOs are such raging psychopaths The patron saint of Big Tech douches, the one who inspired an entire generation of start-up entrepreneurs to put their worst face forward, was late Apple co-founder and CEO Steve Jobs. He disliked wearing shoes (or showering), preferred parking in handicapped parking spots and once motivated employees by calling them “f–king d–kless assholes.” ......... “His legacy has cultivated an indelible association between being a jerk and a genius,” writes Gavet. “Which has ballooned to the point where many people believe that a founder-CEO, in particular, actually has to be a jerk to be a genius.” ........ She calls it the Steve Jobs Syndrome, and she’s witnessed both powerful and up-and-coming tech exes believing in the myth like it’s doctrine. ........... Former WeWork CEO Neumann was celebrated in the media for his audacious leadership style — from barefoot strolls through Manhattan to offering his employees tequila shots and Run DMC concerts in the office. ............... Not only is Musk still Tesla’s CEO, but his net worth also jumped this summer to $103 billion, up from $22.4 billion last year, making him the third-richest person in the world. ............ companies need to take a more empathetic approach. “They need to hire differently, promote differently, reward differently,” she says. “I’m an optimist, but I’m also a capitalist. I believe there are ways to make a company more empathetic, more reasonable, a force of good in the world. And I believe in the long run, that would actually be beneficial for the businesses.” ........... “Some of the CEOs I’m close to — and I still think they are, to a large extent, psychopaths — they’re struggling,” says Gavet. “They tell me, ‘It feels like I’m damned if I do, damned if I don’t.’ They get criticized for being too aggressive, but when they try to be empathetic, they’re criticized for being too soft.” The trend of psychopathy at the top of Big Tech won’t be “disrupted,” Gavet says, until we stop expecting the next Steve Jobs to be as abrasive and psychotic as, well … Steve Jobs.
बिपी, हर्क गुरुङ र गाउँमुखी विकासको मोडेल
Crisis Group Turns Focus to Risk of Electoral Violence in the U.S.
For the Secret Service, a New Question: Who Will Protect Them From Trump? Central to the job is a willingness to say yes to the president no matter what he asks. Now, that means subjecting an agent’s health to the whims of a contagious president.
As Trump Seeks to Project Strength, Doctors Disclose Alarming Episodes The president made a surprise outing from his hospital bed in an effort to show his improvement, but the murky and shifting narrative of his illness was rewritten again with grim new details. ............ his doctors once again rewrote the official narrative of his illness by acknowledging two alarming episodes they had previously not disclosed. ........ The doctors said that Mr. Trump’s blood oxygen level dropped twice in the two days after he was diagnosed with the coronavirus, requiring medical intervention, and that he had been put on steroids, suggesting his condition might be more serious than initially described. ........... officials acknowledged providing rosy assessments to satisfy their prickly patient. ........ his seeming energy may have reflected the fact that he was given the steroid dexamethasone ............ Others questioned the president’s statement in his video that he had met soldiers while at Walter Reed. ......... “Every single person in the vehicle during that completely unnecessary Presidential ‘drive-by’ just now has to be quarantined for 14 days,” Dr. James P. Phillips, an attending physician at Walter Reed, wrote on Twitter. “They might get sick. They may die. For political theater. Commanded by Trump to put their lives at risk for theater. This is insanity.” ............ the trip raised the alarming question of whether the president was directing his doctors. .......... it violated standards of care and would not be an option open to any other patient. “When I first saw this, I thought, maybe he was being transported to another hospital.” ............... Mr. Trump was put on supplemental oxygen during the Friday spell over the president’s strenuous objections .......... During his briefing on Sunday, Dr. Conley acknowledged that he had provided a rosy version of events to please his notoriously sensitive patient. ............. In addition to the steroids, Mr. Trump has received an experimental antibody cocktail and is in the midst of a five-day course of remdesivir, an antiviral drug. The White House has a medical unit capable of responding to a president’s health troubles but not with the sophisticated equipment available at Walter Reed. ................. Mr. Trump, who historically hates hospitals and anything related to illness, has been hankering to get released .......... some aides expressed fear that he would pressure Dr. Conley into releasing him by claiming to feel better than he actually does .......... a premature return could lead to a second trip to the hospital if his condition worsens. ........ The president has also been watching lots of television, even more than usual, and has been exasperated by coverage of Saturday’s calamitous handling of his medical information by Dr. Conley and Mr. Meadows, as well as speculation about whether he would transfer powers to Vice President Mike Pence. ......... He was also angry that no one was on television defending him, as he often is when he cannot inject his own views into news media coverage ............ In addition to Mr. Trump, a number of others who work or visit the building regularly have tested positive, including Melania Trump; Hope Hicks, a senior adviser to the president; Nicholas Luna, the director of Oval Office operations; Bill Stepien, the campaign manager; Ronna McDaniel, the chairwoman of the Republican National Committee; and Kellyanne Conway, the president’s former counselor. ................ a follow-up reception inside the White House on Sept. 26 for the Supreme Court nomination of Judge Amy Coney Barrett, the event seen as a likely source of the outbreak.
2020 Nobel Prize Winners: Full List
Saturday, October 03, 2020
Coronavirus News (251)
Friday, October 02, 2020
Coronavirus News (250)
Jacindarella A fairy-tale election result beckons for New Zealand’s prime minister But the more popular she gets, the less transforming Jacinda Ardern becomes ........... She closed their borders to foreigners and rallied a “team of 5m” (ie, everyone in the country) to support one of the toughest lockdowns in the world. As a result, New Zealand has seen only 25 deaths from covid-19. ........... All this puts the prime minister on track for a big victory in an election on October 17th. The latest polls suggest that Labour may win 47% of the vote, which would give it 59 seats in the unicameral parliament. It needs 61 seats in the 120-seat chamber for an outright majority—a feat never achieved since New Zealand adopted a proportional voting system in 1996. ............ before the pandemic, Ms Ardern was on track to lose the election. She came into office with lofty plans to “build a fairer, better New Zealand” by reducing child poverty, ending homelessness and erecting 100,000 cheap houses—none of which she has managed to do. .......... Ms Ardern positioned herself as a transforming leader. But to win enough seats to bring about sweeping change, she must secure votes from centrists who are wary of grandiose ideas. The more successful she becomes, the less radical she is likely to be.
ELON MUSK: I REFUSE TO GET A COVID VACCINE But it’s undeniably been a weird turn for the scientifically-minded entrepreneur, who’s spread misleading information about the virus and infamously tweeted in early March that he predicted there to be “close to zero new cases” by the “end of April.” He also opined that “the coronavirus panic is dumb.” ......... To Musk, it seems as though the pandemic is essentially just nature taking its course. When Swisher pushed him, telling him that “this storm is coming again,” Musk retorted with a blunt “everybody dies.”
CHINA PLANS TO LAUNCH AN ANTITRUST PROBE INTO GOOGLE In an echo of the Trump administration’s crackdown on the Chinese app TikTok, the Chinese government just took aim at Google — preparing to launch an antitrust probe into the tech giant over alleged monopolistic behavior. ........... The probe itself was launched at the request of the Chinese tech corporation Huawei .......... Google could face a similar fate as it did in 2018, back when the European Union fined it over $5.1 billion for stifling Android’s competitors.
NATIONAL WEATHER SERVICE WARNS OF “ZOMBIE STORMS” the rare weather phenomenon occurs when strong tropical climates cause storms to come back from the dead. .......... That’s essentially what happened to Hurricane Paulette. The storm landed in Bermuda weeks ago as a Category 1 storm, intensified to a Category 2, and then lost speed. Then last week, Paulette joined the living dead by strengthening into a tropical storm once more, according to the National Hurricane Center. She made yet another reappearance about 300 miles off the Azores islands.
This Tiny Electric Car Is Selling Like Hot Cakes in China The no-frills model of the Hong Guang goes for 28,800 yuan (about $4,200 at current exchange rates). That’s less than a tenth of the cost of a Tesla Model 3 (291,800 yuan). ......... GM markets the car as “small on the outside, big on the inside.” It’s 9.5 feet long by 4.9 feet wide, and 5.3 feet tall. .......... Its max speed is 62 miles per hour (100 kilometers per hour), which isn’t quite fast enough for long trips on highways, but works great for moving around a city and its environs. Drivers can go about 105 miles on a single charge, and can monitor and control the car’s battery functions on a smartphone app.
COVID VACCINES CAN HAVE SOME NASTY SIDE EFFECTS — BUT ONLY FOR A DAY BEATS DYING, THOUGH. .......... The entire world is waiting with bated breath for an effective and safe COVID-19 vaccine. ........... take the day off after receiving a second dose. Plenty of other participants only experienced mild symptoms ............. Experts also worry that young people simply will take their chances with the virus rather than experience the side effects of a vaccine — which, of course, leaves them at risk of passing it along to more vulnerable populations.