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Inside and outside America today
In a multi-topic interview, sprinkled with insight and neat phrases, historian Timothy Snyder and foreign correspondent Terry Moran debate Trump, Hungary’s election, Pope Leo and the Iran war. See - https://snyder.substack.com/p/thinking-live-with-journalist-terry It’s worth watching because of how they both ā€˜think big’ - meaning a big picture, deep perceptions and open minds. At one point Snyder says ā€œIt’s about thinking ahead, thinking positively and finding a new languageā€. Though Skool isn’t geo-politics, that attitude seems relevant.
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The end of the beginning of US decline?
It was Churchill’s phrase, when the tide of events in WW2 turned in favour of the Allies, that it wasn’t the beginning of the end, only the end of the beginning. It looks that way for the decline of American economic and political hegemony today, as a journalist Behr writes - see https://www.theguardian.com/commentisfree/2026/apr/08/europe-lesson-donald-trump-era-us-sanity Behr’s point is that Trump is a symptom not the disease, saying - ā€œThere is a psychological need to believe that the havoc unleashed by Trump, while extreme, is exceptional – a singular event, like the Covid pandemic; painful and costly, but not a permanent change to the order of things.ā€. He continues - ā€œAmerican conservatism is steeped in the paranoid, apocalyptic thinking that equates European traditions of liberal democracy with civilisational decline and the erasure of white, Christian culture by Muslim immigration.ā€. I feel that European tradition has been the powerhouse of peace and relative prosperity for generations, in both Europe and the US. Behr concludes by saying that the only democracy that any nation can save is its own. History suggests that economic and political power can readily be gained by authoritarian regimes through force and coercion, but not sustained that way. Voluntary cooperation is an essential ingredient of a vigorous society; competition on its own makes a society weak.
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Is private equity what comes after capitalism?
Hettie O’Brien is the author of a book just published called - ā€˜The Asset Class - how private equity turned capitalism against itself’. She gives an overview at - https://www.theguardian.com/commentisfree/2026/apr/07/capitalism-endgame-private-equity-captured-nurseries-care-homes Her story seems a simple but disturbing one - private luxury with copious debt and public austerity without debt. She sees the absence of reporting structures in private equity as its key advantage, saying - ā€œAs a style of ownership, private equity resembles the opposite of democracy. It concentrates power among a small group of exceptionally wealthy dealmakers who reap the benefits of society’s failure to hold them accountable.ā€. She also says - ā€œFor the last 80 years, capitalism’s principal claim to legitimacy was the idea that the economy would keep on growing, offering everyone a share in its spoils.ā€ and - ā€œInstead, those on top have discovered an even easier formula for building wealth: buy up the basic tenets of our lives, heap them with debt, and push the consequences on to the little people.ā€. She quotes Stefano Sgambati, an academic who has studied the behaviour of private equity firms - ā€œThe game is that you borrow, and try to have others pay for your debts.ā€. Does this sound like taking a rigged game and rigging it further?
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The Lesson of the Sandwich Board
Younger Skool members may not believe it but, at the weekends around town when I was young, there would often be someone walking around carrying a sandwich-board-frame on their shoulders with the message, written in big, bold letters ā€œRepent - for the End is Nighā€. Of course, the intent was a religious one. A recent article makes me wonder if any Californians are soon going to be doing likewise, carrying the same message but with a different interpretation and target attached to the word ā€œRepentā€. California is set to experience climate change in big, bold reality. See - https://www.theguardian.com/us-news/2026/apr/01/snowmelt-american-west
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Climate change - acceptance but no responsibility
Big oil and gas may still be doubting human-induced climate change in public, but it seems now they’re accepting it when in a court of law. See - https://www.theguardian.com/environment/2026/mar/26/fossil-fuel-companies-accept-climate-crisis-just-not-their-role-in-it However, an end to the denial of climate change doesn't mean the start of taking responsibility for it. The article describes ingenious legal arguments that are being employed to evade responsibility. Some are subtle, others seem meritless. For example, the blame is said to lie with - a) the government, for lax regulation that failed to enforce moves away from fossil fuel. That’s a strange claim - implying the government was at fault by being swayed by the lobbying of the fossil-fuel fuel sector. ā€œIt’s their fault because they let us do itā€. b) the customers, for burning the petroleum liquids rather than using them in other ways. ā€œOur customers make the decision to release the carbon into the atmosphere, so it’s their faultā€. The article concludes - ā€œIn courtrooms across the world, the same pattern holds: fossil fuel companies now accept the science but refuse responsibility. The central battleground in climate litigation will no longer be whether climate change is happening, but who, legally and financially, bears responsibility for it.ā€.
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@Richard Corin I take your point, but I'm not enough of a lawyer to know whether being complicit in someone else's guilt would be enough of a defence. But it would surely affect the scale of any award of damages if convicted. At the root of the situation you describe seems to be something akin to 'cognitive distance', which is large when hierachies become tall. I've been impressed by how organisations with relatively flat hierachies are much better at holding and expressing common purpose that are ones with tall hierarchy. Nonetheless, I feel the change of industry-mind is significant, even though it's currently limited to the legal level.
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@alwyn-lewis-1564
Retired signal-processing engineer, university lecturer. Interested in money system post '08 via Positive Money, economics interest grew thereafter.

Active 1d ago
Joined Jan 11, 2023
UK
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