Monday, November 30, 2020

A Successful U.S. Missile Intercept Ends the Era of Nuclear Stability - Bloomberg

A Successful U.S. Missile Intercept Ends the Era of Nuclear Stability - Bloomberg

A Successful U.S. Missile Intercept Ends the Era of Nuclear Stability

Deterrence no longer works when one power can shoot down incoming nukes. This makes disarmament talks even more urgent.

 

By Andreas Kluth

November 30, 2020, 1:00 AM EST

 

This month, an intercontinental ballistic missile was fired in the general direction of the Hawaiian islands. During its descent a few minutes later, still outside the earth’s atmosphere, it was struck by another missile that destroyed it.

 

With that detonation, the world’s tenuous nuclear balance suddenly threatened to come out of kilter. The danger of atom bombs being used again was already increasing. Now it’s grown once more.

 

The ICBM flying over the Pacific was an American dummy designed to test a new kind of interceptor technology. As it flew, satellites spotted it and alerted an Air Force base in Colorado, which in turn communicated with a Navy destroyer positioned northeast of Hawaii. This ship, the USS John Finn, fired its own missile which, in the jargon, hit and killed the incoming one.

 

At first glimpse, this sort of technological wizardry would seem to be a cause for not only awe but also joy, for it promises to protect the U.S. from missile attacks by North Korea, for example. But in the weird logic of nuclear strategy, a breakthrough intended to make us safer could end up making us less safe.

 

That’s because the new interception technology cuts the link between offense and defense that underlies all calculations about nuclear scenarios. Since the Cold War, stability — and thus peace — has been preserved through the macabre reality of mutual assured destruction, or MAD. No nation will launch a first strike if it expects immediate retaliation in kind. A different way of describing MAD is mutual vulnerability.

 

If one player in this game-theory scenario suddenly gets a shield (these American systems are in fact called Aegis), this mutual vulnerability is gone. Adversaries, in this case mainly Russia but increasingly China too, must assume that their own deterrent is no longer effective because they may not be able to successfully strike back.

 

For this reason defensive escalation has become almost as controversial as the offensive kind. Russia has been railing against land-based American interceptor systems in places like eastern Europe and Alaska. But this month’s test was the first in which a ship did the intercepting. This twist means that before long the U.S. or another nation could protect itself from all sides.

 

This new uncertainty complicates a situation that was already becoming fiendishly intricate. The U.S. and Russia, which have about 90% of the world’s nukes, have ditched two arms-control treaties in as many decades. The only one remaining, called New START, is due to expire on Feb. 5, a mere 16 days after Joe Biden takes office as president. The Nuclear Non-Proliferation Treaty, which has for 50 years tried to keep nations without nukes from acquiring them, is also in deep trouble, and due to be renegotiated next year. Iran’s intentions remain unknown.

 

At the same time, both the U.S. and Russia are modernizing their arsenals, while China is adding to its own as fast as it can. Among the new weapons are nukes carried by hypersonic missiles, which are so fast that the leaders of the target nation only have minutes to decide what’s incoming and how to respond. They also include so-called tactical nukes, with “smaller” (in a very relative sense) payloads that make them more suitable for conventional wars, thus lowering the threshold for their use.

 

The risk thus keeps rising that a nuclear war starts by accident, miscalculation or false alarm, especially when factoring in scenarios that involve terrorism, rogue states or conflicts in outer or cyberspace. In a sort of global protest against this insanity, 84 countries without nukes have signed a Treaty on the Prohibition of Nuclear Weapons, which will take effect next year. But neither the nine nuclear nations nor their closest allies will ever sign it.

 

Instead, the existing nuclear powers will interpret news of successful interceptor tests as an impetus for a new arms race. They will make even faster missiles with more decoys and countermeasures, new warheads for more flexible uses in a greater variety of strategic scenarios, and of course their own shields.

 

This must stop. And the best-placed world leader to take the initiative in halting the madness is the incoming U.S. president. Upon taking office, Biden should immediately propose that the U.S. and Russia roll over New START for another five years to buy time. He should simultaneously invite China and the other nuclear powers to the table.

 

The first goal should be a declaration by all nine that their nukes have the sole purpose of deterrence and will never be used aggressively. They should also give new assurances of security and help to non-nuclear nations, and create new communications protocols for crises. And yes, they must now agree to limit and monitor not only each other’s offensive weapons but also their defenses.

 

The era of MAD and mutual vulnerability was terrifying but in a surreal way also stable. The coming era of questionable deterrence and asymmetric vulnerabilities will be less stable and therefore even more frightening. Biden will have much in his inbox come January. He better make sure arms control isn’t at the bottom.

 

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

 

To contact the author of this story:

Andreas Kluth at akluth1@bloomberg.net

 

To contact the editor responsible for this story:

James Boxell at jboxell@bloomberg.net

 


Sunday, November 29, 2020

The Constitution of Knowledge | National Affairs

The Constitution of Knowledge | National Affairs

social epistemology

a general massacre of all who have not thought in a certain way has proved a very effective means of settling opinion in a country.

the decentralized, swarm-based version of disinformation that has come to be known as trolling. Trolls attack real news; they attack the sources of real news; they disseminate fake news; and they create artificial copies of themselves to disseminate even more fake news. 

Joe Biden Has Problems. The World Has Solutions. - Bloomberg

Joe Biden Has Problems. The World Has Solutions. - Bloomberg

Joe Biden Has Problems. The World Has Solutions.

From the founding fathers to Silicon Valley, the U.S. has a long tradition of borrowing the best ideas from around the globe.

 

By John Micklethwait and Adrian Wooldridge

November 29, 2020, 6:00 AM GMT

 

Adrian Wooldridge is the political editor of the Economist and author of its Bagehot column.

 

The worst thing that President-elect Joe Biden can do right now is to spend any more time with election lawyers. The irritations of President Donald Trump’s unseemly rearguard action are already fading away. The challenge of governing the country will only grow. The ugly truth is that the new president’s inheritance is a much tougher one than most of Biden’s supporters realize — on two counts.

 

First, as Covid-19 has revealed in painful detail, the U.S. is falling behind much of the world, not just in health care but also in most of the functions of government. Second, little of this falling behind is really Trump’s fault. The disruptive child being dragged out of the White House is more a symptom of what ails the U.S. than a cause. Merely removing him will not solve much.

 

From this perspective, Biden should do what other great U.S. presidents have done when their country has started to fall behind: Look abroad and copy what works.

 

For all the talk about American exceptionalism, the best American leaders have never been ashamed of learning from abroad, especially in times of trouble. The founding fathers carefully studied the world’s most successful political systems, particularly those of Britain, France and ancient Rome. James Madison pored over comparative constitutions while at Princeton, while John Adams and Thomas Jefferson drew on their experience as envoys to France.

 

A century ago, the Progressives stole ideas from Europe: President Woodrow Wilson even began writing a universal history of the state in order to redesign U.S. institutions for a post-laissez-faire age. During the Great Depression, President Franklin D. Roosevelt based Social Security on foreign pension systems and turned to John Maynard Keynes for economic ideas. President Lyndon B. Johnson borrowed the phrase “Great Society” from another British academic, Graham Wallas, while the Ronald Reagan administration borrowed “privatization” from Margaret Thatcher. America’s most influential statesman of the late 20th century, Henry Kissinger, based much of his diplomacy on the European concept of balance of power.

 

Nowadays, Kissinger still draws on Metternich and Talleyrand when he thinks about the U.S.-China relationship, but in terms of public policy he is a cosmopolitan exception. Washington, sadly, has stopped learning from abroad in terms of ideas and has become the rich world’s most parochial capital city.

 

The lobbyists and lawyers who infest the town are preoccupied with exploiting their knowledge of the intricacies of the U.S. system to win advantage for their clients. Of course, a president whose foreign policy was summed up by “America First” has not helped, but Trump’s blinkeredness is hardly unusual. With John McCain gone, can you name a senator who understands what is happening in the rest of the world?

 

No, neither could we.

 

The contrast with the private sector is especially stark. U.S. businesses still steal ideas from around the globe: Silicon Valley and Wall Street suck in foreign-born talent. But politicians in Washington are obsessed with their bases, which, given the U.S. primary system, means a highly ideological sliver of the population. Not that the media are much help: One U.S. newsroom assumed the fireworks that exploded over London on Nov. 5 were to celebrate Trump’s removal, apparently unaware that Guy Fawkes Day has been celebrated by Britons for centuries.

 

The history of great empires that have turned inward is not a happy one. The next president always needed to confront this — but Covid-19 has shown that this insular U.S. has fallen much further behind than even pessimists appreciated.

 

The global pandemic has been, among many things, a global test of government capacity. Last week Bloomberg News published its study of “virus resilience.” The U.S. came in 18th of 53 nations. It would have been far lower, if not for its private sector’s success in producing vaccines. On the basic Hobbesian test of keeping its people alive, the American Leviathan has failed.

 

The U.S. is closing in on 800 deaths for every million people. That is a slightly better record than Britain and Belgium, but it is far worse than most of its allies. Germany, with 170 deaths per million, has done six times better. But the really shocking comparative numbers come from East Asia, where plenty of governments that a generation ago looked across the Pacific to the U.S. as the great role model have now outperformed their erstwhile exemplar.

 

Japan has lost fewer than 2,000 people, or a hundredth of the U.S. death toll, despite having an elderly population and a supersized capital city. Taiwan has gone more than 200 days without a domestic case of Covid-19. Singapore is beating itself up because its mortality rate is edging close to five deaths per million.

 

Perhaps most pointedly of all, Even allowing for Beijing’s sluggish start in dealing with the virus, and throwing in some skepticism about its official death toll of just three deaths per million, it has plainly been far better at protecting its people from dying than the U.S. And the rest of the world has seen it.

 

There are two lame excuses for this — both of which Biden should dismiss. The first is that high U.S. mortality rates are part of the price you pay for freedom and democracy. Though China’s success certainly has something to do with autocracy, all the other countries at the top of the Covid-19 league tables are also freedom-loving democracies; they’re just better-organized freedom-loving democracies than the U.S. For instance, New York City and Seoul are both lively cities with crowded subways and a wild nightlife. But New York has lost more than 22,000 people, while Seoul has lost a few dozen.

 

East Asia’s supremacy at Covid-19 was not a fluke. Look at the global rankings for high schools and health care: East Asian countries are clustering at the top alongside the Scandinavians. Or look at infrastructure. The gap between Asian airports and New York’s La Guardia or JFK are obvious to any traveler, but just as striking is the gap in the underlying wiring: Some three-quarters of the world’s “smart cities,” which have updated their infrastructure for the internet age, are in Asia.

 

For nearly 50 years, Asian countries, led by Singapore, have been quietly building smarter and better governments in the same way that Toyota and Honda once built smarter and better cars. The difference is that, while Detroit and the rest of U.S. industry eventually copied Japan’s “lean manufacturing” so they could fight back, Washington’s politicians have not copied Singaporean lean government; indeed, they barely know what it is.

 

The second excuse that Biden should dismiss is that America’s failures are all Trump’s fault. The outgoing president may have actively obstructed U.S. attempts to deal with Covid-19, but he did not create a health system that was designed to help the old and the rich, not the poor. A pandemic was always bound to expose that. All those people who died in New York City did so under a Democratic mayor and a Democratic governor.

 

The same goes for many other things where the U.S. is falling behind the rest of the world. Trump said some unhelpful things after George Floyd’s death, but he did not invent racist policing — one of us covered the Rodney King riots nearly three decades ago. Polarized politics? Poor schools? A convoluted tax system? Trump hardly made any of these problems better, but the U.S. public sector started falling behind its peers long before he even became a reality TV star.

 

With a little reading, the president-elect could discover that other countries are doing plenty of clever things that the U.S. could copy. Formerly socialist Scandinavia is a world leader in contracting out parts of the public sector to the private sector, including in sensitive areas such as health care and education. Germany has an exemplary decentralized health system that covers everyone at a fraction of the cost of the U.S. system.

 

India has given every citizen — more than a billion people — a digital identity that can be used to deliver benefits to a population that has high levels of illiteracy. Tiny Estonia has made it possible to do a host of things online, including voting, filing tax returns, participating in the census and setting up businesses — enough to save about 2% of gross domestic product through efficiency.  

 

So many other governments are clearly doing better than Washington. But East Asia presents the most pressing challenge, not least because China has the potential to rival the U.S. as the center of the global economy. Its schools are following Singapore’s tactics of promoting good teachers, firing bad ones and using tests to monitor the system. Its 15-year-olds sit at the top of the Organization for Economic Cooperation and Development rankings for reading, science and math; their U.S. equivalents languish in 14th, 19th and 38th places, respectively. Yes, China cheats by including only four cities, but no one thinks American students come close — and the U.S. results look especially lousy given that it outspends most of its rivals.

 

If a dysfunctional public sector is a geopolitical liability for the U.S., it is also a political liability for Biden’s Democratic Party. The Democrats can claim that, unlike the destructive Republicans, they believe in government and the good that it can do. But in practice, they are the political arm of public-sector unions that will move heaven and earth to save their members from being fired.

 

Democratic Presidents Bill Clinton and Barack Obama managed to introduce a few reforms, but they got far less than they wanted. Despite increased charter schools and merit pay, it’s still very difficult to reward good teachers and fire bad ones: Every year, incompetent and even criminal teachers are shuffled from school to school (“the dance of the lemons”) or allowed to spend their days doodling in city offices (“rubber rooms”).

 

Biden is in an unusually good position to break this dismal pattern. With 30 years on the Senate’s Foreign Relations Committee, he knows as much about “abroad” as anybody. As a moderate Democrat, he can position himself at the vital center, between the old left, which is tied to the unions, and the do-nothing Republicans.

 

At 78, he’s unlikely to run for a second term (which would mean asking Americans to keep him in the world’s most difficult job until he’s 86), so he probably has unusual freedom to reform the public sector. This is surely where most Americans also belong: More than 60% of voters, including a majority of Democrats, tell pollsters that they support serious structural reform of government.

 

So look around the world, Joe: Set up an office to study what works in other countries; copy the best and avoid the worst; build back better not just on the basis of U.S. examples, but foreign ones too. China is a particularly important example to study. Not only can it teach the U.S. a thing or two about how to build airports and harness the power of the internet of things, but it can also teach what happens when countries become complacent and parochial.

 

When Columbus reached the Americas on the Santa Maria in 1492, China accounted for a fifth of the world’s economy,  it and boasted the world’s most sophisticated government and its most powerful navy (some Chinese ships were more than 400 feet long, to the Santa Maria’s 70 feet). But eventually, complacency set in: While European states fiercely competed against each other, copying technology and ideas to improve their administrative and military machines, China atrophied, with mandarins learning the same Confucian texts decade after decade and century after century, and emperors turning their backs on the world.

 

In 1525, China destroyed its world-beating fleet, setting fire to some ships and leaving others to rot, in order to prevent the country’s purity from being contaminated by contact with other countries. In 1792, the Qianlong emperor famously dismissed a British envoy, George Macartney, who had come bearing a treasure trove of gifts in an attempt to persuade China to open up to trade: “We have never valued ingenious articles, nor do we have the slightest need of your country’s manufactures.”

 

Within a generation, China was a plaything of foreign powers. The modern Chinese have learned from that lesson. Has Joe Biden?

 

John Micklethwait is the editor in chief of Bloomberg; Adrian Wooldridge is the political editor of the Economist. They are the co-authors of “The Wake-Up Call: Why the Pandemic Has Exposed the Weakness of the West, and How to Fix It,” published by Harper Via and Short Books.

 

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

 

To contact the authors of this story:

John Micklethwait at micklethwait@bloomberg.net

Adrian Wooldridge at adrianwooldridge@economist.com

 

To contact the editor responsible for this story:

Tobin Harshaw at tharshaw@bloomberg.net

 


Monday, November 23, 2020

Trump, Giuliani and the GOP Stage a Damaging Circus Act, Not a Coup. - Bloomberg

Trump, Giuliani and the GOP Stage a Damaging Circus Act, Not a Coup. - Bloomberg

Trump’s Sound and Fury Will Signify Nothing

He’s just a bully, after all. They get thumped in the end.

 

By Timothy L. O'Brien

November 23, 2020, 11:00 AM GMT

 

A classic episode of “The Twilight Zone” from 1961, “It’s a Good Life,” features a telepathic, malicious 6-year-old brat named Anthony who holds an entire town hostage. Anthony transforms one adult who crosses him into a jack-in-the-box. Everybody else who wants to survive kowtows. “It’s real fine that you’ve done that, that’s real fine,” the local grocer tells Anthony after the boy gives a gopher three heads and then kills it.

 

Nobody musters the courage to take on Anthony, and the episode concludes with one of Rod Serling’s knowing voice-overs: “If, by some strange chance, you should run across him, you had best think only good thoughts. Anything less than that is handled at your own risk, because if you do meet Anthony, you can be sure of one thing: You have entered ‘The Twilight Zone.’”

 

Like little Anthony, Donald Trump is testing us — just as he did when he rolled down a Trump Tower escalator in 2015 to announce his presidential bid in a flurry of venom and dingbatics and just as he is now by gesturing toward a coup and convincing a nation of traumatized worrywarts that he might pull it off.

 

Let’s let go of these fears and anxieties, shall we?

 

President-elect Joe Biden will be ushered into the White House on Jan. 20 and President-reject Trump — the man who lost the recent election by more than 6 million popular votes and 74 Electoral College votes — will be sent packing.

 

Trump isn’t departing without a titanic fuss, of course, and given his druthers he’d be quite content burning down the house rather than leaving it intact for someone else. But he’s not going to burn it down. And not because he doesn’t want to, but because he can’t.

 

It’s worth recalling that none of Trump’s grotesque and damaging behavior of late was unexpected. He’s spent most of the year telegraphing his desire to stain the Constitution and stave off relinquishing the presidency. He labeled the electoral process fraudulent before the election even took place, and everything he’s done since has been in character: deploying a squad of incompetent, tragicomically bonkers stooges led by Rudy Giuliani, Jenna Ellis and Sidney Powell to challenge the legitimacy of the vote and continuing to threaten and corrupt the Republican Party so it enables his caudillo act.

 

At the end of the day, Trump at his core is who Trump has always been — a vaudevillian bully. His history is also chock full of examples of people and institutions that not only stood up to him but batted him back after he puffed his chest and swung his fists.

 

His parents shipped him off to a military academy when he was 13 because, as he once told me, he was “very bad” and “bratty.” None of the teachers at the school brooked his garbage. “They’d go pow! And smack you,” he confided. “And you know, all of the sudden a spoiled kid says, ‘Yes, sir!’”

 

When he became the enfant terrible of New York real estate in the 1980s he tried browbeating an entire neighborhood on Manhattan’s West Side and made ludicrous threats against the city’s mayor so he could build a sprawling development capped off by an abominable, ill-conceived skyscraper. New Yorkers and their mayor grounded the project.

 

When he stiffed his bankers in the 1990s for billions of dollars he couldn’t repay, he savaged them in the media and pretended they needed him more than he needed them. The bankers corralled him for a spell so they could use him to help liquidate his portfolio and then excommunicated him permanently as a client.

 

Trump spent his term as president flagrantly embracing financial conflicts of interest and abusing the powers of his office. When he tried to strong-arm Ukraine’s leader to dig up dirt on Biden, several civil servants and soldiers, including Alexander Vindman, William Taylor, Marie Yovanovitch and Fiona Hill, fought back and helped stop it. The House of Representatives impeached Trump for those misdeeds.

 

While Trump also used his time in the Oval Office to exploit racism and bigotry for his own political purposes, the Black Lives Matter movement took to the streets to protest systemic racism. While Trump threw his hat into the presidential ring again this year, voters denied him a second term — with Black voters in big cities providing a decisive push.

 

There are more examples of the bully being thumped, just as there are myriad examples of Trump manipulating institutions and making end runs around the law. At the end of the day, however, Trump didn’t make the media crumble, the courts acquiesce, law enforcement look away or Democrats succumb. He has inflicted long-term damage on public trust and leadership, visibly rendered in the nation’s failed response to the Covid-19 pandemic, but he hasn’t managed to fashion a throne for himself despite his fascination with dictators, propaganda and blunt force.

 

The end game that is afoot won’t conclude well for Trump. The flotilla of ridiculous lawsuits he and his cohorts have filed claiming voting fraud have been beaten back so steadily and consistently that Team Trump was forced to change tactics. They’re now openly pushing for a coup by seeking interventions from Republican-led state legislatures to simply overturn the popular vote and Biden’s victory. But ballot counting in the presidential election hasn’t been delayed, no ballots that were counted were subsequently tossed out and no court has yet to postpone any state’s certification of the results.

 

There have been ugly machinations in states such as Michigan that give cause for alarm, but the fabric has held. Michigan Secretary of State Jocelyn Benson, a Democrat, has taken on Trump’s legal trolls calmly and courageously. State and local Republicans nationwide, such as Georgia Secretary of State Brad Raffensperger, have also largely refused to acquiesce to Trump’s electoral skullduggery, even though their party’s leadership has. On Saturday, a federal judge in Pennsylvania who is an Obama appointee — as well as being a former GOP official and member of the conservative Federalist Society — dismissed a Trump lawsuit seeking to overturn the vote in his state. He excoriated the suit before punting it:

 

“One might expect that when seeking such a startling outcome, a plaintiff would come formidably armed with compelling legal arguments and factual proof of rampant corruption,” Judge Matthew Brann ruled. “In the United States of America, this cannot justify the disenfranchisement of a single voter, let alone all the voters of its sixth most populated state. Our people, laws, and institutions demand more.”

 

That’s how you talk to a bully: honestly, unflinchingly and without losing faith in the validity and importance of the fact pattern. Trump has appealed Brann’s ruling, so we’ll see what the federal appellate court, and possibly Supreme Court, are made of if these legal life rafts float that far.

 

Still, Trump, who seems to have gone into hiding lately, is merely playing for time, not for a coup, and the clock is running out. His “elite strike force” of legal misfits began fracturing Sunday night, with Giuliani and Ellis kicking Powell off their team and one Trump campaign official advising the Washington Post that Powell was “too crazy even for the president.” Former New Jersey Governor Chris Christie, a Republican and reliable Trump apologist, labeled the Giuliani crew a “national embarrassment.”

 

Like Anthony in “The Twilight Zone,” Trump is a dangerous and damaged punk with some unusual powers. Unlike the adults in Anthony’s fictional hometown, however, not everyone in the real world is letting Trump get away with a takeover. He’ll continue to pollute the federal bureaucracy to make Biden’s transition and early presidency painful. But he won’t be staying around.

 

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

 

To contact the author of this story:

Timothy L. O'Brien at tobrien46@bloomberg.net

 

To contact the editor responsible for this story:

Daniel Niemi at dniemi1@bloomberg.net

 


Coronavirus Vaccine Tracker: Race for a Covid-19 Cure

Coronavirus Vaccine Tracker: Race for a Covid-19 Cure

COMPANY
Moderna Inc.
NAME
mRNA-1273
PROGRESS
Phase 3

Moderna's mRNA-1273 uses messenger RNA to prompt the body to make a key protein from the virus, creating an immune response.

LATEST NEWS
A preliminary analysis of data from more than 30,000 volunteers showed the shot prevented virtually all symptomatic cases of Covid-19, and also appeared to be effective in preventing the most serious infections. Moderna expects an emergency authorization to be based on a final analysis containing 151 cases, along with two months of safety follow-up data. The program is backed by $955 million from the U.S. government, which separately reached a $1.5 billion deal for 100 million doses.

Sunday, November 22, 2020

Opinion: The only way Republicans can lead again - CNN

Opinion: The only way Republicans can lead again - CNN

...As I argued in "Burning Down the House," the Republican pursuit of partisan power has come to overwhelm the basic concerns for governance and the health of institutions. President Trump has exposed a party that is willing to abandon all guardrails in its effort to preserve the ability to push through court picks, deregulation and tax cuts. There is no effort from Republicans to hold the President accountable.
Right now, presidential power runs amok -- in ways that are fundamentally different than what we have seen from Democratic and Republican predecessors -- and the GOP cooperates. The party that allegedly hates big government sits by as the President wields virtually unlimited power against the nation's citizens.
The party won't be able to shake this legacy.
...There is no going back. Even when this anti-democratic campaign fails, the fact that it happened and the fact that one of our major parties allowed it to happen, is what matters the most.
    The only way to begin a reformation of the party would be for Republicans to take a stand now. They are the party that can put the brakes on this runaway President. While Senators Romney, Ben Sasse, and Lamar Alexander have called for a transition to the Biden presidency to begin, this is not enough. The party needs to acknowledge the Biden presidency, they need to denounce President Trump's actions and, yes, they need to threaten action if he doesn't stop this right away.

    Saturday, November 21, 2020

    Keith Haring's 'Once Upon a Time' Bathroom Mural – New York, New York - Atlas Obscura

    Keith Haring's 'Once Upon a Time' Bathroom Mural – New York, New York - Atlas Obscura

    L.A. Home Sales Soar as California’s Housing Market Defies Covid - Bloomberg

    L.A. Home Sales Soar as California’s Housing Market Defies Covid - Bloomberg

    L.A. Home Sales Soar as California’s Housing Market Defies Covid

    By Alexandre Tanzi

    November 21, 2020, 11:00 AM GMT

     

     Millions of well-qualified millennials are shopping for homes

     2021 likely to be best year for sales since 2006, Zillow says

    Home-buyers across California’s biggest cities have shown no let-up when it comes to betting on real estate.

     

    When it comes to L.A. real estate, “Sunset” is still selling -- even nine months into the pandemic.

     

    With interest rates at some of their lowest levels ever, many renters are reassessing their housing options, said Jason Oppenheim, star of “Selling Sunset,” a Netflix reality series featuring a team of brokers and the glitzy properties they’re selling across Los Angeles.

     

    “Let’s face it, the 1% are doing very well right now, with markets at all-time highs and interest rates extremely low,” said Oppenheim, who runs his Oppenheim Group brokerage along Sunset Boulevard, which the show’s built around. “Houses are affordable right now and people want to get out of their cramped apartments.”

     

    Los Angeles isn’t alone. Since Covid-19 was declared a public health emergency in March, home-buyers across California’s biggest cities have shown no let-up when it comes to betting on real estate.

     

    Along with Los Angeles, San Jose, San Diego, Sacramento and San Francisco were the U.S. markets with the biggest jump in new mortgages during the third quarter, according to research by ATTOM Data Solutions, which tracked metro areas nationwide with at least 1 million people. And that happened in the three months that saw a record increase in the number of residential purchase mortgage originations in the country.

     

    What Pandemic?

    Nationally, lenders issued roughly 1.05 million home-purchase mortgages in the third quarter, up 25% from the same period in 2019, ATTOM’s data showed. New home loans accounted for about 34.5% of total mortgage activity last quarter.

     

    “The housing market is still operating as if the recession brought on by the pandemic didn’t exist,” said Todd Teta, ATTOM’s chief product officer. “Buyers and owners, lured by low mortgage rates, kept lining up for loans at levels not seen in more than a decade.”

     

    Along with renters, younger buyers are entering the market.

     

    “The simple fact is that millions of well-qualified millennials are seriously shopping for houses, and they are competing for a shortfall of homes for sale,” said Jeff Tucker, senior economist at the real estate company Zillow.

     

    Intense demand in a tight market has pushed month-over-month and quarterly home-value growth to levels not seen since 2005, according to Zillow.

     

    The tight supply is reflected in many California markets, where “for sale” signs quickly disappear from front yards. Listings in Los Angeles were down 17.5% from a year ago for the week ending Nov. 14. In San Diego, they’re 33% lower, and listings dropped 37.2% in Sacramento. In Riverside, east of Los Angeles, they declined by almost half, Zillow’s data showed.

     

    Some of the new buyers are going straight for high end after amassing fortunes from the technology boom. The tech-heavy Nasdaq Composite Index reached a record in the third quarter and is hovering near that level, while the S&P 500 Index hit a new high earlier in the week.

     

    “Instagram, TikTok, YouTube, young people are killing it out here,” Oppenheim said. “I am selling a ton of $5 million to $10 million dollar homes to people on social media.”

     

    Still, not all markets are outperforming, as job losses from the pandemic continue to weigh on consumer confidence elsewhere in the U.S. Teta at ATTOM cautioned that “the pandemic and other factors could come together and halt the market boom.”

     

    Pittsburgh, Upstate New York’s Rochester and Buffalo, Detroit, and New York City are among the large metro areas that registered declines in mortgages from a year earlier.

     

    Despite the mixed signals, Zillow anticipates 2021 will be the best year for home sales since 2006.

     

    “People have zero apprehension about buying into this market,” said Oppenheim. “We’re probably going to see a few good years ahead of us.”

     


    Creo Syndicate Is the Secret Club for Billionaires Who Care About Climate Change - Bloomberg

    Creo Syndicate Is the Secret Club for Billionaires Who Care About Climate Change - Bloomberg

    The Secret Club for Billionaires Who Care About Climate Change

    Creo Syndicate helps the world’s richest families invest in businesses fighting global warming.

     

    By Ben Steverman

    November 16, 2020, 10:00 AM GMT

     

    A few years ago, the hundreds of members of France’s Mulliez family, with a global retail empire worth more than $38 billion, decided they should take climate change more seriously—or rather, their investment portfolio should.

     

    But where to start? Climate change and the fight against it could transform almost every sector of the economy as companies clamor for ways to cut emissions and even pull carbon dioxide from the air. “This space is very broad, and it’s complicated,” says Delphine Descamps, managing director at Creadev, the Mulliez family office, which has about €200 million ($236 million) to invest each year.

     

    Then she met Régine Clément, the head of a small, secretive nonprofit called Creo Syndicate. An exclusive club of climate-focused investors, Creo’s mission is to speed up the flow of capital into investments that can slow global warming. The group focuses on the richest of the rich, working with about 200 families and investment outfits with a total of more than $800 billion under management. Prominent members include legendary investor Jeremy Grantham and Nat Simons, the son of Renaissance Technologies’ billionaire founder James Simons. Members must pay dues—a “very reasonable” flat fee, Clément says, that makes up about half the nonprofit’s revenue—and they must prove they’re serious by planning to make their first investment in climate and sustainability within six months. Members must also have assets of at least $100 million and get approved by the nonprofit’s board.

     

    When the Mulliez family joined, its staff met with experts, experienced climate-focused investors, and other family offices, who were surprisingly candid about what they’d learned. At online seminars and in-person meetings with carefully selected groups, often with fewer than 20 people, they discussed innovations in agriculture and other areas that may cut emissions while feeding a growing population. “People openly talk about their investments and what worked and what didn’t work,” she says.

     

    “This is not philanthropy, this is investment”

     

    Although it’s a nonprofit and doesn’t have any money of its own to deploy, Creo acts a little like an investment bank, vetting about 300 deals per year, connecting investors with possible partners, and conducting research on technologies. Members have invested in everything from batteries and hydrogen fuel to regenerative farmland and greener product packaging. Portfolios include still unproven technologies such as methods for carbon capture and true long shots like fusion reactors.

     

    Creo members make a wide variety of bets that might make a difference—and make money. “This is not philanthropy, this is investment,” Clément says. Superwealthy families, she says, have an advantage over other players: Managing money for future generations, they can afford to wait a decade or more for investments to bear fruit. Some members in Europe have been rich for hundreds of years. Families “are naturally inclined to think long term,” she says.

     

    Many of the investments aren’t mainstream, but “it’s fine, because these families are comfortable being pioneers,” says Spring Lane Capital managing director Christian Zabbal, who co-chairs Creo’s board. “What Creo is doing today is essentially a preview of what institutional capital will do very shortly.”

     

    The Mulliez family owns a giant supermarket chain, Auchan—basically France’s answer to Walmart. Their conversations with other Creo members led to a decision to concentrate on food in their climate-focused portfolio. Agriculture accounts for about 10% of global greenhouse gas emissions, and better farming practices could fight climate change by both reducing pollution and sequestering more carbon in soils. Sustainable forms of aquaculture, meanwhile, could satisfy demand for protein with far less pollution than other kinds of meat. The family invested in Gotham Greens, an indoor urban farming company, and two companies involved in aquaculture: Kingfish Zeeland, which runs high-tech fish farms, and InnovaFeed, which raises insects as feed for farm-raised seafood.

     

    “You’re talking about a complete reconfiguration of the global economy”

     

    This year the Mulliez family office led a fundraising round for Hungry Harvest, a startup that sends consumers weekly boxes of produce. When Descamps asked Creo if it knew of any other mission-driven investors looking for deals focused on reducing food waste, she was introduced to Quadia, a Geneva-based impact investor that helped close the $13.7 million investment round in September.

     

    Creo’s families want to “be at the front of the parade,” says Jason Scott, a board co-chair. He bristles when people suggest climate-focused investing is becoming a bubble. “You’re talking about changing the way food is grown and transported and what people eat, how energy is delivered to people’s homes, what people drive, the way people build cities,” he says. “You’re talking about a complete reconfiguration of the global economy.”

     

    When Creo was formed five years ago from the merger of two climate-focused investor networks, it was just an informal gathering for like-minded families. “People would throw down their credit cards for dinner. It was pretty low-rent,” Scott says. Clément became Creo’s founding chief executive officer in 2016. “She’s turned it into a powerful platform,” Scott says. “There’s almost an insatiable demand for the kind of support Creo is providing.”

     

    In four years, the nonprofit’s membership has quadrupled, and its members and affiliates’ assets have risen eightfold, from less than $100 billion in 2016. To keep up with the demand, Creo’s staff has doubled in the past year, to 10 in the U.S. and two in the U.K. The group doesn’t go out and recruit members. “We grow entirely through introductions. We never seek out a family,” Clément says. Although Creo doesn’t require applicants to divest from fossil fuels or other emitters, she wants to make sure all members are fully committed to the mission. Part of building trust with wealthy families is keeping their secrets. In addition to Grantham and Simons, the group’s ranks include other well-known billionaires whose names Creo won’t disclose. A mantra is “no tourists allowed.”

     

    The key to Creo’s success, members say, is how it gets very wealthy investors in the same room—or on the same Zoom call. “You have people with a decade of experience and people with a month of experience,” says longtime member Reuben Munger, a hedge fund manager who founded Vision Ridge Partners as his family office and later turned it into an investment firm. With more than $1 billion under management, it specializes in sustainable assets.

     

    It helps that families generally aren’t trying to pitch to each other and that Creo makes no fees on any deals. “There’s not a lot of hidden agendas,” Zabbal says. Creo has tried to unlock even more capital by venturing beyond families to large institutional investors that also want a head start on climate investing. The nonprofit is working with CDPQ, a Quebec pension fund with $333 billion in assets, which launched a $500 million investment strategy around climate and sustainability. The pension’s goal is to invest alongside families or firms in late-stage venture companies. The first deal, announced in September, is with S2G Ventures, a Chicago firm focused on food and agriculture that’s backed by Lukas Walton. An heir to the Walmart fortune, he has a net worth estimated to be more than $22 billion by the Bloomberg Billionaires Index.

     

    Creo members have seen their investments pay off. QuantumScape Corp., a battery tech company recently valued at $3.3 billion, received early funding from Prelude Ventures—co-founded by Simons—and Capricorn Investment Group, both Creo members. Participants in the nonprofit also invested in early rounds of Tesla Inc. and Beyond Meat, two of 2020’s best-performing stocks. This kind of success helps convince skeptical family members and advisers of what Creo can do.

     

    “The opportunities are tremendous, but it’s also overwhelming for someone who starts out,” Zabbal says. “By investing in collaboration with others who bring expertise, it allows more investors to take the leap.”

     


    Wednesday, November 18, 2020

    Brunch with Sifted: psychedelic investor Christian Angermayer | Sifted

    Brunch with Sifted: psychedelic investor Christian Angermayer | Sifted

    ...The art on the 29th floor London penthouse apartment of German tech investor and entrepreneur Christian Angermayer has two themes: psychedelics and gay emperors.

    One corner has a 2,300-year-old marble bust of Alexander the Great’s lover Hephaestion. To his right sits a 2,000-year-old bust of the Roman emperor Hadrian next to a picture of his lover Antinous.

    But the 42-year-old is most proud of his 2,400-year-old bust of Demeter, the ancient Greek goddess revered in an ancient ritual which, according to Angermayer and a growing body of research, involved dosing figures such as Plato and Socrates with powerful psychedelics.



    ...Next spring the biotech company he founded Atai Life Sciences — which is pursuing a large range of treatments for mental-health disorders using other more obscure drugs such as DMT, ar-ketamine and ibogaine — is set to go public as well at an expected $1bn-$2bn valuation, according to bankers familiar with the process.

    Second vaccine with high immunity - YouTube

    Second vaccine with high immunity - YouTube

    Trust & Will raises $15M as digital estate planning hits mainstream | TechCrunch

    Trust & Will raises $15M as digital estate planning hits mainstream | TechCrunch

    The company disclosed that it has had 160,000 users sign up for the company’s services since its launch in mid-2018. Trust & Will today has three products: a trust-based estate plan, a will-based estate plan, and “Guardian,” which is a sort of simpler setup for parents with kids. Customers pay an upfront setup fee based on which product they choose, and then they pay a smaller recurring annual subscription fee.

    Monday, November 16, 2020

    Republican senators on Donald Trump's increasingly erratic behavior - CNNPolitics

    Republican senators on Donald Trump's increasingly erratic behavior - CNNPolitics

    The deafening silence of Republican senators on Donald Trump's increasingly erratic behavior

    (CNN)Over the weekend, President Donald Trump issued a fusillade of falsehoods -- from erroneous claims about voting machines changing votes to unfounded claims that he actually won the election. His Twitter feed read like the a delusional conspiracy theorist. He continued to play golf and, well, not do much else.

    Surely this increasingly erratic behavior -- particularly concerning the necessary transition to the oncoming administration of President-elect Joe Biden -- would lead Republican elected officials to step in, en masse, to condemn him and insist that the time has come for him to step aside? Right? RIGHT?!?!
    Uh, wrong.
      "We invited every single Republican senator to appear here on @MeetThePress this morning," NBC's Chuck Todd said Sunday morning. "They all declined."
      In fact, according to Sunday show guests aggregated by Politico, there wasn't a single Republican member of Congress -- senator or House members -- on the major shows on any network. (The only show where Republican members appeared was "Sunday Morning Futures," which is hosted by pro-Trump anchor Maria Bartiromo.)
      That is absolutely remarkable. Sunday talk shows are the bread and butter of aspiring politicians. They scrap and fight for coveted slots on those shows, knowing that the permanent political class watches them religiously -- and that if you want to get your name out top donors, the media and the rest, doing a series of Sunday show appearances is a really good way to do that.
      ADVERTISING
      And yet, not one Republican appeared on any of the major shows. And this is less than two weeks after the 2020 election! With lots and lots of people still paying close attention to politics!
      Why? Simple: None of them wanted to a) defend Trump's tweets or b) tell the President to tone it down, thereby incurring the wrath of the man who is, without question, still the most powerful person in GOP politics.
      This is, in a word, gutless. Republicans are still running scared of Trump despite that a) in less than 10 weeks he will be an EX-president of the United States and b) by any objective measure, his words and actions post-election have been at best deeply irresponsible and at worst dangerous to our democracy.
      Normally, you can't walk 50 feet in the US Capitol without a member of Congress reminding you that the legislative branch is a co-equal branch of government with the executive. (Senator-elect Tommy Tuberville, pay attention!) Senators, in particular, bristle at the idea that they are lesser than the President. They actually write and pass the legislation, all the President does is sign it (or not), after all!
      And yet, when given the chance to reclaim the Republican Party (or at least begin the reclamation process) from a soon-to-be-former president who has exploded many of the pillars on which the GOP was built, not ONE GOP senator stepped forward.
      Which is a bigger problem for the Republican Party than even what Trump has done to tarnish the GOP brand over his four years in office. Because it suggests that there is no one willing to lead the party into any sort of post-Trump era. Or even to try. Because they are all cowed by Trump and afraid that taking him on -- even as it's totally clear that he has lost the presidency -- amounts to a political kamikaze mission.
      This is not what leadership looks like. Hiding in the shadows and hoping someone else steps forward to say something isn't what we expect in our elected officials. Cowering in fear of your party's base isn't, either.
        What Republican senators are doing here is ceding the field to the President and his barrage of braggadocio and, well, bull. That vacuum of leadership means that millions of Americans are either convinced or on their way to being convinced that the election really was stolen from Trump despite the total lack of evidence to back up that claim.
        That stance may reap short-term dividends for Republicans by keeping their base fired up in advance of the two Senate runoffs in Georgia in January. But the longer-term consequences for the party are not just bad for Republicans but for the country. If Trump continues to be unchallenged in his untruths, he will just do it more. And our inability as a country to agree on an objective set of facts will erode even further than it already has.

        A Minority Stakeholder Wants to Take Control of ARK. Cathie Wood Is Pushing Back. | Institutional Investor

        A Minority Stakeholder Wants to Take Control of ARK. Cathie Wood Is Pushing Back. | Institutional Investor

        A Minority Stakeholder Wants

        to Take Control of ARK.

        Cathie Wood Is Pushing Back.

         

        Resolute Investment Managers said it will exercise its option to take a controlling stake in the ETF company known for betting on Tesla.

         

        Amy Whyte

        November 13, 2020

         

        Cathie Wood grew ARK Investment Management to more than $18 billion in assets in just six years. Now, an early backer of the exchange-traded fund company wants a bigger piece of the start-up it helped rise to prominence.

         

        Resolute Investment Managers, a distributor for mutual fund and ETF companies including ARK and American Beacon Advisors, plans to exercise its option to purchase a controlling stake in ARK early next year, according to a regulatory filing. This option was included as part of the minority stake in Wood’s firm that Resolute took in July 2016.

         

        At that time, ARK was a small start-up operating out of what Resolute chief executive office and president Gene Needles has described to II as a small midtown office without working air conditioning. Earlier that year, in March 2016, the ETF company had raised its first big institutional allocation, when the State of Michigan Retirement Systems invested $200 million. Before that, Wood told II that ARK only had about $40 million under management.

         

        Since then, ARK has grown dramatically, thanks in large part to an unflinchingly bullish position in Tesla. In this year alone, the firm’s flagship ARK Innovation ETF has grown from $1.86 billion at the end of December to nearly $9 billion at the end of September.

         

        In a statement provided to media outlets, Wood said she and the firm’s other employee-owners were “disappointed that Resolute Investment Managers, Inc., and its private equity owner, Kelso & Company, have chosen to issue this unwelcome notice that they intend to seize control of our business.”

         

        “The remarkable success of our team is rooted firmly in a culture of transparency, collaboration, and employee ownership,” Wood added. “We do not believe that equity ownership by a party tangential to our business is in the best interest of ARK’s stakeholders.”

         

        The response from ARK — pushing back against an option that was in the original contract — is “not common at all” in these kinds of deals, according to an executive at a firm that buys stakes in asset and wealth managers. He spoke anonymously because he was not familiar with the specifics of ARK’s deal with Resolute.

         

         “A minority deal is only a minority deal if these sorts of stipulations and conditions are not attached to it,” he said. “When you do a deal where someone takes a stake with the option to buy more, you’re selling a strategic stake to someone who ultimately can control the business.”

         

        In the regulatory filing, ARK said that Resolute notified the ETF company of its plans on October 29. Just a few days before, on October 26, ARK had put out a press release announcing a request for proposal process to potentially replace Resolute Investment Distributors, a Resolute affiliate, as the distributor of ARK’s U.S. retail and institutional products.

         

        “In the best interest of shareholders and stakeholders, ARK is commencing a process to evaluate potential strategic partners for U.S. distribution,” ARK said in the October 26 statement. The firm added that Resolute Investment Distributors would be considered in the evaluation and RFP process.

         

        In a statement provided to II, a spokesperson for Resolute noted that the net assets of ARK’s ETFs have grown from $60 million to $18 billion since Resolute’s affiliate became the ARK’s sole U.S. selling agent in November 2016.

         

        “Resolute Investment Managers remains the largest non-employee shareholder of ARK Investment Management and its affiliated entities and sits on the boards of directors of ARK Investment Management and its affiliated entities,” the statement continued. “As such, we remain committed to the mutual success of both ARK and Resolute Investment Managers.”


        Sunday, November 15, 2020

        Cumberland Advisors Market Commentary -  Flying to Florida - btbirkett@gmail.com - Gmail

        Cumberland Advisors Market Commentary -  Flying to Florida - btbirkett@gmail.com - Gmail

        The middle seat is not the problem. The lack of gate-based ventilation is.” One important question flyers will want to ask an airline about a flight is whether a gate-based ventilation system will be in use when the plane’s own ventilation system is turned off at the gate before departure and after arrival. COVID-19 safety for travelers is not just about the big, obvious things that airlines and airports can get right or wrong. It’s about risk along all stages the journey….

         

        But nearly 100 U.S. air marshals have been infected with COVID-19,” https://news.yahoo.com/the-airlines-insist-flying-is-safe-but-nearly-100-us-air-marshals-have-been-infected-with-COVID-19-192022228.html)

         

        The CDC tells us that 1600 COVID-infected passengers have boarded planes, potentially exposing almost 11,000 people. However, because flight-based contact tracing isn’t really happening in the US, no one can say how many people might have been infected as a result.

         

         

         

         

         


        Here at Last Is the Killer App for Hydrogen Energy - Bloomberg

        Here at Last Is the Killer App for Hydrogen Energy - Bloomberg

        How Hydrogen Is and Isn’t the Future of Energy

        Forget powering cars with fuel cells and the like. The killer app for hydrogen is helping to electrify everything.

         

        By Andreas Kluth

        November 9, 2020, 6:00 AM GMT

         

        Surely hydrogen is the future of energy. Why else would the European Union, as part of its Green Deal, plan to shovel 470 billion euros ($550 billion) into infrastructure to electrolyze and use the stuff? Why else would China, Japan and South Korea be placing their own huge bets on the gas?

         

        The enthusiasm about hydrogen has a simple reason: Whether it’s used in a fuel cell or burned to create heat, the only “exhaust” it emits is innocently clean water. Therefore, wherever hydrogen replaces fossil fuels, it helps slow global warming. That explains the worldwide race to dominate the various niches of a market projected by some banks to be worth trillions of dollars by 2050.

         

        Then again, perhaps this is just the latest of several hydrogen bubbles, destined to pop like all the others. A first one, inflated by a seminal essay from 1970, ballooned the following decade before going pfft in the 1980s. A second expanded and popped along with the tech bubble around 2000. Maybe hydrogen is the future … and always will be.

         

        It certainly has daunting disadvantages. Yes, it’s the most common element in the universe. But it doesn’t appear in its pure form on earth. So it must be separated by running an electric current through water to split the oxygen and hydrogen atoms apart. That takes energy, which better be “green” — that is, captured from the sun, wind or other renewables. Otherwise, what’s the point?

         

        This process makes green hydrogen expensive relative to both fossil fuels like natural gas and hydrogen captured in less clean ways. BloombergNEF, our parent company’s energy institute, reckons that technological improvements will rapidly make it cheaper in the coming years. But even then, it’s still hard to transport and store. Unless combined with other chemicals, it must be compressed to 700 times atmospheric pressure or refrigerated to minus 253 degrees Celsius. Hydrogen also likes to explode.

         

         

        These drawbacks all but disqualify hydrogen from the application that currently gets the most hype: as a fuel to power cars, vans and trucks. On almost every count, vehicles powered by hydrogen fuel cells lose against their “clean energy” rivals — electric cars running on batteries.

         

        For a start, the hydrogen cars are only half as efficient. If an electric car converts 86% of the energy originally harnessed by a wind turbine into moving the vehicle forward, the hydrogen car has access to only about 45%. A car with a fuel cell also has more moving parts and is more expensive to maintain than one with a battery. And, unlike the battery car, it can’t be “reloaded” at home.

         

        This is bad news especially for Toyota Motor Corp., Hyundai Motor Co. and Honda Motor Co. Ltd., the carmakers that are placing the biggest bets on hydrogen in transportation. The case for hydrogen trucks is also weak.

         

        Michael Liebreich, BloombergNEF’s founder, reckons hydrogen doesn’t even make sense for trains. It would merely eliminate the need to electrify the track, while locking in a more complex and less efficient solution. It’s only in long-haul aviation or oceanic shipping where hydrogen might beat electric batteries, thanks to its higher energy density. The batteries to get a plane to the other side of the world would be too big and heavy.

         

        Hydrogen doesn’t work much better in heating residential buildings: It’s usually easier to use green electricity to power heat pumps, which can also be “reversed” for cooling. In most industrial uses for heat, hydrogen also loses out to electricity.

         

        The long-term solution to slow global warming is therefore to electrify everything, as long as that electricity comes from renewable sources. Aye, there’s the rub. We simply can’t run everything on electricity. And we won’t ever have sun and wind amply and reliably enough to keep the lights on all the time and everywhere.

         

        So here at last is the killer app for hydrogen. It could be the fuel that picks up the slack whenever the clean power grids of the future can’t keep up. For once, the gas seems unequivocally superior to all other options, including nuclear energy.

         

        We can electrolyze the hydrogen whenever we have excess sun or wind. As Liebreich predicts, we will then store it in massive underground caverns near the central nodes of our power grids, where it can be fired up at short notice during lulls in direct electricity generation. Hydrogen is thus the plug-in technology to make the overall project of electrification and decarbonization possible.

         

        That’s huge. It also means that, while some of today’s investments in hydrogen will flop, others will pay off spectacularly. And part of their return may be saving our planet.

         

        This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

         

        To contact the author of this story:

        Andreas Kluth at akluth1@bloomberg.net