North Atlantic Sea Surface Temperature

 

Quick Overview is up to date

Trains Save Ten Times the Emissions of Planes

 

The top 1%

US  Construction Boom

The slow collapse of the American middle class (FT chart)

 

Quick Overview is up to date

Notes Today:

• Russia has repeatedly attacked Ukraine from the air. Now that drones have apparently descended on Moscow, the Ministry of Defense speaks of Ukrainian terrorism.

• President  Biden and Kevin McCarthy, the Republican speaker of the House, expressed confidence that their deal to raise America’s debt ceiling would pass Congress. 

• Twitter’s Musk is hit with a bit of bad news as France’s Digital Minister threatens to ban Twitter from the ENTIRE European Union territory if Musk does not get serious about tackling Twitter’s growing wave of “disinformation.”
• He “can run,” but he “can’t hide” from the consequences of allowing Twitter to be overrun by far-right political disinformation.
• Disinformation is one of the gravest threats weighing on our democracies. If Twitter repeatedly doesn’t follow our rules, it will be banned from the European Union.” - Jean-Noël Barrot, France's Digital Minister 

• Tesla has failed to adequately protect data from customers, employees and business partners and has received thousands of customer complaints regarding the carmaker’s driver assistance system, Germany’s Handelsblatt has reported, citing 100 gigabytes of confidential data leaked by a whistleblower. 

• SARS‑CoV‑2 (COVID-19) Positive tests jumped 15% in Victoria, where 10,642 cases and nine deaths were recorded. South Australian cases climbed 28% to 4012 – up 1338 from the week before.

• China’s first domestically produced passenger jet began its maiden commercial flight.  So far, engines are still imported..

 

Problem with these notes: some tend to run up against a deeply rooted feature of human cognition - the desire not to think about anything unpleasant ... Sorry about that.

The Turkish Lira is at  20 per Dollar after Turkey loses its chance to restore democracy with Erdogan’s reelection.

Inflation is running at 40% +

Because here is the thing. Every. Single. Journalist. who was there (and there were many, from major outlets all over Europe and the world) that I spoke to, said "myeditor refuses to print any story critical of economic growth." Every. Single. One.

Topics covered planetary boundaries, trade, finance, fiscal policy, global South, decolonisation, gender, justice, well-being, social policies. Every panel included major advances in understanding. Together, the conference represents a monumental coming of age of post-growth.

Prof Julia S. 🌍🌹🌱 #ClimateAction #FightFascism

@JKSteinberger

 

There’s a one in four chance that the US will hit the date the government runs out of cash without a deal to raise the debt ceiling, so says JPMorgan.

mike luckovich @mluckovichajc

Notes Today: 

• Listening to McCarthy, it’s clear that Republican politicians refuse, are  unqualified, or incapable to understand the difference between household deficits and government deficits – and  probably never will...Some call it extortion.

• McCarthy comparing government spending to household debt. Never, ever comparable. Republicans raised debt ceiling 3 times under trump and did not demand spending cuts nor any demand to pay for $2 trillion tax cut. This is all fiction. (Ron Insana) 

• Particles from tires is a major source of microplastics that is polluting our oceans. Michelin estimates that globally tires emit around 3 million tons of particles annually - and create another 3 million tons of particles from road surfaces.
• Every German, on its own, makes 4 kg of microplastic. 1228 g from car tires, 16g from bicycle tires 230 from the road... Fraunhofer 2018

The Empty Library, Berlin. The memorial of the burning of books by the Nazis that took place in the German capital on May 10, 1933.

• May 2023, Elon the free speech absolutist endorses the book-banning DeSantis for president
• ...

Notes Today: 

• U.S. stocks rallied into the close on Thursday amid optimism about negotiations over raising the nation’s debt ceiling. Looking a bit more promising.

•  
  
  Some 42% of Americans aged 56-64 have zero retirement account savings, according to the US Census Bureau. 

• 2 poultry workers in England have tested positive for bird flu, officials say however no indication of human-to-human transmission. 

• Death toll mounts in Italy’s worst flooding for 100 years.
• Our planet is having 100 year something or other every other month now...

 

Quick Overview is up to date

 

Mehdi Hasan

@mehdirhasan

"You can't crown yourself the grand poobah of free speech while also cravenly caving to the demands of foreign autocracies where you also, conveniently, happen to have other business interests." My commentary tonight on Twitter, Turkey, censorship & Musk:

Now this:

Comments regarding Musk’s  Twitter ownership -  from ChatGPT

The ownership structure of a platform like Twitter can have several social implications, whether it is privately owned or publicly owned. Here are some key considerations:

Privately Owned:

1.     Concentration of Power: When a platform like Twitter is privately owned, all decision-making authority rests with the owners or the company's leadership. This concentration of power can lead to concerns about accountability, transparency, and potential biases in content moderation and platform policies.

2.     Profit Motive: Private ownership often means the primary goal of the company is to generate profit for its owners or shareholders. This can impact the platform's priorities and decision-making, as profit considerations may take precedence over other social or public interest concerns.

3.     User Rights and Control: Private ownership gives the company significant control over user data and platform policies. This can raise concerns about privacy, data security, and censorship. The company may have the discretion to enforce certain rules and restrictions on user behavior, potentially affecting freedom of speech and expression.

4.     Innovation and Responsiveness: Privately owned platforms may be more agile and responsive to market demands, allowing them to innovate and adapt quickly. However, their actions may be driven by profit motives rather than broader social or public interests.

Publicly Owned:

1.     Public Accountability: Publicly owned platforms may be subject to greater scrutiny and accountability, as they are answerable to a wider range of stakeholders, including government bodies, regulatory authorities, and the general public. This accountability can help ensure more transparent decision-making and protection of user rights.

2.     Democratic Participation: Public ownership may provide opportunities for more democratic participation in platform governance. Publicly owned platforms could potentially involve users, experts, and public representatives in decision-making processes, fostering diverse perspectives and collective decision-making.

3.     Public Interest Focus: Publicly owned platforms can prioritize public interest goals and societal well-being over short-term profit motives. This could include considerations such as promoting freedom of expression, addressing misinformation, and protecting user privacy, with a greater emphasis on the common good.

4.     Potential for Political Influence: Public ownership can introduce political dynamics and government influence into platform operations. This may raise concerns about political interference, censorship, or biased content moderation decisions. Striking the right balance between independence and government oversight is crucial.

It is important to note that the actual social implications can vary depending on various factors, such as the specific ownership structure, legal frameworks, and the company's approach to governance and decision-making.

 

Fears of a US debt default are rising, but  investors remain untroubled as the low Vix shows.

Cost of insuring US debt  

 Code of Ethics

Policy blunder:

Food Price Inflation

• 
  
  
  
• Many more Americans now are going hungry than at the peak of the pandemic aid. Some 24.6 million adults didn’t have enough to eat in early April versus 16.7 million the same month two years ago, the Census Bureau estimates.
• And Republicans are seeking new restrictions on food aid and cuts to safety-net programs as a price for raising the debt ceiling. 

Quick Overview is up to date

Notes Today: 

• The world’s largest battery manufacturer CATL has announced a new “condensed” battery with 500 Wh/kg which it says will go into mass production this year." Batteries with 400 Wh/kg energy density  could enable competitive commercial airplanes. 

• China raised its gold holdings by about 8.09 tons in April, according to data from the State Administration of Foreign Exchange on Sunday. Total stockpiles now sit at about 2,076 tons, after the nation increased reserves by about 120 tons in the five months through March.

• The U.S. self-reported rate of mental health distress is similar to Canada’s (27%) and Sweden’s (24%). And yet… Annual gun homicides: Canada: 300 Sweden: 60 United States: 15,500 It’s the guns.

• Meanwhile:  Texas has banned more books than *any* state in America.

US debt to US GDP ratio = Problematic Zone..

• Only possible Solution: grow GDP (working harder/smarter and or more people working) "and" raise taxes - see below. Top "marginal" rate in 2022 = 37%
• Take a moment and compare the two charts, and you’ll quickly see when the ratio started to go in the wrong direction -(correlation)

Now this from ChatGPT  (Chat Generative Pre-trained Transformer): 

There are several ways that a country can lower its debt to GDP ratio: Increase economic growth: When a country's economy grows, its GDP increases, which can help to reduce the debt to GDP ratio. This can be achieved through measures such as increasing productivity, investing in infrastructure, and promoting trade.

Reduce government spending: By reducing government spending, a country can reduce the amount of debt it accumulates and improve its debt to GDP ratio. This can be achieved through measures such as cutting back on unnecessary programs, reducing waste, and streamlining government operations.

Increase tax revenue: By increasing tax revenue, a country can reduce its reliance on borrowing and improve its debt to GDP ratio. This can be achieved through measures such as increasing tax rates, broadening the tax base, and cracking down on tax evasion.

Sell assets: Another way to reduce debt is to sell government assets such as land, buildings, and state-owned companies. This can generate revenue that can be used to pay down debt and improve the debt to GDP ratio.

It is important to note that reducing the debt to GDP ratio often requires a combination of these measures, as well as other structural reforms aimed at promoting long-term economic growth and stability. Additionally, the specific strategies used to address debt and fiscal policy will depend on a country's unique circumstances and political context.

 Circle of AI life: