Monday, July 29, 2024

Property & Casualty: "US homeowners insurance underwriting loss in 2023 was worst this century"

From Artemis, July 25:

When the rising cost of property and catastrophe reinsurance in the United States gets called out as affecting the affordability of insurance, commentators would do well to remember just how poorly US homeowners property insurance underwriters have performed.

Reinsurance pricing is often cited as having a negative effect on the affordability of homeowners insurance in the United States, in particular in catastrophe exposed states such as Florida and California.

But the way reinsurance pricing has been rising is not at all surprising, when you consider just how unprofitable the homeowners insurance business has become.

Rating agency AM Best highlighted this today, in reporting that last year the United States homeowner’s insurance segment experienced its worst underwriting results since at least 2000.

In fact, the segment suffered a $15.2 billion underwriting loss in 2023, which was more than double the losses seen in the previous year.

AM Best explained that the 2023 loss was also the worst experienced this century, with $14.8 billion in losses in 2011 the next highest figure.

The rating agency notes that continued shifts in population towards catastrophe prone regions of the US, is a key driver.

“The U.S. population overall grew 7.4% between 2010-2020 but rose 10.2% in the South and 9.2% in the West during the period,” David Blades, associate director, Industry Research and Analytics, AM Best explained. “Population trends show residents increasingly moving toward regions that are more prone to hurricanes, severe convective storms or even wildfires.”

It’s not just the population shifts though, it’s also the increasing values-at-risk of natural catastrophes and severe weather, with inflation a further driver, that are driving loss potential higher in catastrophe prone regions.

“A growing population means an even larger rise in real property development and thus in insured values,” added Christopher Graham, senior industry analyst, AM Best. “Construction in catastrophe-prone areas adds to flood risk. It also increases the risk of wildfires in areas prone to them due to human activity, as well as utility companies.”....

....MUCH MORE

Sunday, July 28, 2024

"'Never going to be the same': How Nvidia is trying to revolutionize healthcare" (NVDA)

From Yahoo Finance, July 27:

Nvidia (NVDA), a pioneer in the semiconductor and artificial intelligence space, is increasingly looking to leverage those skills toward transforming healthcare.

“We are determined to work with you to advance this field,” Nvidia CEO Jensen Huang said during a chat at the JPMorgan Healthcare Conference in January. “We deeply believe that this is going to be the future of the way that drugs will be discovered and designed.”

Nvidia’s determination to establish itself in the healthcare industry actually predates recent successes with generative AI, according to Huang, having been in the works for over 15 years.

“A medical instrument is never going to be the same again. Ultrasound systems, CT scan systems, all kinds of instruments — they’re always going to be a device, plus a whole bunch of AIs," Huang added. "The value that you’ll create, the opportunities you’ll create are going to be incredible. So I think this is going to be one of the world’s great future industries; it’s going to be a technology industry, and we’re here to serve you.”

Pandemic forced healthcare 'into the virtual'
The COVID-19 pandemic laid a backdrop for companies like Nvidia to push forward and create value in the healthcare sector.

“I see [the pandemic] as the catapulting of healthcare into the virtual and digital transformative spheres, if you will, because it happened very quickly and with very little to no choice," Mutaz Shegewi, senior research director and digital strategist at IDC, told Yahoo Finance. "Companies like Nvidia and others, Microsoft, and Oracle and whatnot, have a lot to contribute in propelling that journey forward, and that’s what I think we’re seeing.”

Nvidia works closely with businesses like Johnson & Johnson MedTech (JNJ) and Microsoft (MSFT), and its clientele utilizes over a billion dollars in Nvidia GPU computing annually.

“There's no one vendor that can do it all, and I think the ecosystem is very important in terms of wanting to leverage different strengths of the vendors that are out there," Shegewi added. “[Nvidia] is democratizing the access, so it's both a technological play and there's a democratization of access to the tools through their software platforms and their partnerships.”....

....MUCH MORE

 If interested see also:

December 2023: Nvidia CEO Jensen Huang Says AI to See ‘Major Second Wave (NVDA) 

January 2024: We Are Going To Hear More And More About Digital Biology (NVDA) 

February: "Taking Nvidia's Jensen Huang Seriously: Paris-Based 'Bioptimus primed with $35m to unravel disease biology using AI'"'

February: "17 key takeaways from the 2024 J.P. Morgan Healthcare Conference"

March: "NVIDIA GTC Financial Analyst Q&A March 19, 2024 Video and Transcript"

April: "RAND: 'Artificial Intelligence and Biotechnology: Risks and Opportunities"

"Cyberattacks Present Shipping Industry’s Biggest Threat Since WWII"

That WWII thing was pretty rough on shipping all right.*

From PYMNTS.com, July 28:

The shipping sector is reportedly facing a spike in cyberattacks tied to state-sponsored hackers.

The industry saw at least 64 cyber incidents last year, the Financial Times reported Saturday (July 27), citing research by the Netherlands’ NHL Stenden University of Applied Sciences. That study found that there were three such incidents in 2013 and zero in 2003.

More than 80% of the incidents logged since 2001 that involved a known attacker originated in Russia, China, North Korea or Iran, the study showed.

“The international rules-based order … the great system [that benefited shipping] since the second world war is under threat like never before,” Guy Platten, secretary-general at the International Chamber of Shipping, which represents shipowners controlling about 80% of the world’s commercial fleets, told the FT.

The report also noted that shipping experts are warning that the industry — which has since its infancy dealt with the physical threat of pirates — is not prepared for the online variety.

“IT spend in the maritime sector is pretty low,” said Stephen McCombie, a maritime IT security professor at NHL Stenden. 

Shipowners, McCombie added, “are looking for people with maritime knowledge and cybersecurity knowledge,” though that is not a large group....

*One of the worst examples was a convoy hauling $500 million worth of war-fighting material to the Soviet Union in 1942. Of 34 merchant vessels, 23 were sunk in what the U.S. National WWII Museum calls Horror in the Arctic

The outro from a 2017 mention of the earlier phase of the war on merchant shipping:

Shipping: A Warning To Freight Forwarders, The Good Times Are Over
I, without thinking, initially headlined this post "...The Happy Time Is Over".
Then did a "Wait, what?" and quickly changed it.*

*****
*It's a WWII ref:

From June until October 1940, over 270 Allied ships were sunk: this period was referred to by U-boat crews as "Die Glückliche Zeit", the Happy Time.Followed by:

Second Happy Time
The Second Happy Time was the informal name for a phase in the Second Battle of the Atlantic during which Axis submarines attacked merchant shipping along the east coast of North America. The first "Happy time" had been in 1940/41.

It lasted from January 1942 to about August of that year. German submariners named it the happy time or the golden time as defence measures were weak and disorganised,[1] and the U-boats were able to inflict massive damage with little risk. During the second happy time, Axis submarines sank 609 ships totaling 3.1 million tons for the loss of only 22 U-boats. This was roughly one quarter of all shipping sunk by U-boats during the entire Second World War, and constituted by far the most serious defeat ever suffered by the US Navy.
During this second happy time the Germans were sinking dozens of ships per month, peaking in May and June of '42 with 126 ships sunk in May and 135 sunk in June..
It is rather astounding to consider what the German Navy was doing.  Here's May.
Seven ships sunk on the 3rd and again on the 6th. Ten ships sunk on the 12th. Nine ships sunk on the 13th. and on and on.

So yes, that WWII thing was pretty rough on shipping all right.

"Erdogan says Turkey might enter Israel to help Palestinians"

The once and future Ottoman Empire?

From Reuters, July 28:

President Tayyip Erdogan said on Sunday that Turkey might enter Israel as it had done in the past in Libya and Nagorno-Karabakh, though he did not spell out what sort of intervention he was suggesting.

Erdogan, who has been a fierce critic of Israel's offensive in Gaza, started discussing that war during a speech praising his country's defence industry.
"We must be very strong so that Israel can't do these ridiculous things to Palestine. Just like we entered Karabakh, just like we entered Libya, we might do similar to them," Erdogan told a meeting of his ruling AK Party in his hometown of Rize.
 
"There is no reason why we cannot do this ... We must be strong so that we can take these steps," Erdogan added in the televised address.
 
AK Party representatives did not respond to calls asking for more detail on Erdogan's comments. Israel did not immediately make any comment.
 
The president appeared to be referring to past actions by Turkey.
 
In 2020, Turkey sent military personnel to Libya in support of the United Nations-recognised Government of National Accord of Libya....
....MUCH MORE

https://image.slidesharecdn.com/ottomanempirepalestinemaps-110120074127-phpapp01/75/Ottoman-Empire-Palestine-maps-3-2048.jpg

Bringing to mind a 2020 post (among others):

May 2020
"Turkey warns Libya's Haftar of military escalation"
What the hell is Turkey doing in Libya?
I seem to recall something about "We came, We saw, He died"
And a U.S. Predator drone hitting Gaddafi's escaping convoy and then the French Air Force came screaming in.
And then the British SAS-advised NTC rebels caught Gaddafi and sodomized him with a bayonet and Leading from Behind jokes made the rounds in D.C. and David Cameron joined the Council on Foreign Relations and tried to raise a $1 billion UK-China fund but proved he's no Tony Blair in the money game but
What the hell is Turkey doing in Libya? 

"How etiquette led dining-room knives to lose their sharp edges" (think Richelieu)

From Tedium, July 13:

Never A Dull Moment
How sharp knives disappeared from the dining room table, only to return, centuries later, in steak knife form. Kings, cardinals, and factories are involved. 

Today in Tedium: Obviously, knives, with their sharp blades for cutting through things, have been around forever—they’re a key ingredient of any horror film, slasher flick, or murder mystery that’s ever been created. But here’s a question that I don’t think a lot of people have pondered (mainly because they aren’t expected to like I am): Why do steaks get their own dedicated knives, and why do we shove them into giant blocks of wood for storage? And what about butter knives? What’s up with them? Tonight’s Tedium has all the answers to your dinner blade-related questions. — Ernie @ Tedium

Of course, before there was the steak knife, there was the table knife, or the butter knife. As blade designs go, it’s pretty weaksauce, and intentionally so.

The reason for this goes back nearly 400 years, and involves an annoyed French clergyman. Cardinal Armand Jean du Plessis, the Duke of Richelieu and Fronsac—or Cardinal Richelieu for short—became annoyed by table manners of those eating with pointed knives, which were used as a way of picking teeth.

He had his knife edges rounded, the legend goes, in an effort to discourage bad behavior by his guests.

This broke tradition around knife use. See, knife blades were long the primary way that people ate food—unlike napkins, which weren’t always a given, they were always a key element of the meal. Often, medieval cultures would eat meals using a single knife—their own, which they brought with them to dinner—and their hands. The introduction of the fork into European culture changed the way we interacted with knives, just as it did with napkins.

Cardinal Richelieu was a powerful, influential man, and his knife-dulling approach gained enough currency that in 1669, 27 years after he died, King Louis XIV issued a decree making pointed knives illegal in France, whether inside the home or out in public. Suddenly, a lot of sharp knives got pretty dull....

....MUCH MORE

Most recently on Richelieu:

"Biden camp suggests president quickly endorsed Kamala Harris to defy Barack Obama"

From the New York Post, July 26:

There’s buzz swirling within the Biden camp that the president’s swift endorsement of Kamala Harris was his revenge on prominent party leaders — including Barack Obama — who pressured him to bow out of the race against his will, sources told The Post.

Joe Biden, who said he was dropping out “in defense of democracy” during his public address Wednesday, had been told by Obama to allow delegates at next month’s Democratic National Convention in Chicago to decide a new candidate, a source close to the Biden family claimed.

“It was Joe’s big f–k you,” the source said. “Joe said, ‘If I’m out, then I am endorsing her.'”

Talk among insiders is that Biden saw this as a final way to assert some control over his ouster.

A well-placed Democratic Party source said they have heard the same, telling The Post that Obama, former House Speaker Nancy Pelosi and New York Senator Chuck Schumer wanted to hold “a mini primary” which Obama believed Harris would not win.

Multiple sources told The Post that Obama had wanted Arizona Senator and former astronaut Mark Kelly “at the top of the ticket” at the convention....

....MUCH MORE

For readers not versed in the Obama/Clinton/Biden factionalism it was Hillary supporters who were the original birthers, as she was flailing against Senator Obama in the 2008 campaign for the Democratic nomination. There was also the whole "racial tension" thing.

As President, Obama offered the olive branch of the office of Secretary of State to Mrs. Clinton but there is no love lost between the two families,

We noted in July 24's "U.S. Politics: Who Is Pushing For Arizona Senator Mark Kelly To Be Veep Or Even Prez?":

And ominously for Vice President Harris Kelly is rumored to be the Chicago crowd's preferred candidate for President. For what it's worth, former Obama Attorney General Eric Holder is in charge of vetting the potential Veep candidates while his former boss has not endorsed Harris and instead has called for an open convention.

Additionally, here's the Arizona Repuplic headline from July 8:

Biden said ‘challenge me.’ At the DNC, Arizona Sen. Mark Kelly should

If all these, admittedly ephemeral, points do indeed mean the Senator is being maneuvered into position, here's hoping for V.P. Harris' continued good health. The Chicago crowd can play rough.

Related July 22:
Your Quick 'Intentions of the Democratic Party' Cheat Sheet

If the powers-that-be, fronted by Barack Obama and James Clyburn representing the genteel wing of the Chicago mob, the Pritzkers and Crowns, put Michelle Obama forward as the party's nominee you'll know they are in it to win it.If not, whoever the party puts forward will be a stalking horse for 2028 and we will know a longer term plan is in play....

The Pritzkers and Crowns as much as Obama himself put Barack in the U.S. Senate in 2004 and then in the White House in 2008.

If interested see also:

"A Scientist’s Quest to Decode Vermeer’s True Colours"

Over the centuries Vermeer has captivated a lot of people, ourselves included.*

From The Walrus, July 9/22:

New techniques reveal hidden details in the Dutch master’s paintings

When Frederik Vanmeert stands in front of a Johannes Vermeer painting, the temptation to go close is irresistible. In Amsterdam’s Rijksmuseum, where he works as a heritage scientist, it’s not hard to satisfy this craving for intimacy; patrons are free to get personal with the art. Viewers of Rembrandt’s The Night Watch can approach within a metre of the canvas, while the museum’s four Vermeers, hanging nearby, offer an even more intimate experience. Viewers may, if the moment moves them, lean in within centimetres, though the security guard posted nearby will likely wag a disapproving finger.

Still, even millimetres are an interminable chasm for Vanmeert. He’s seen Vermeer’s work in finer detail than most—at the microscopic level, down to the crystal latticework of the pigments that structure the language of the seventeenth-century Dutch painter’s artistic vision. “These days, because of my work, when I look at a Vermeer, I can’t help but wonder: Are we really understanding what he intended?” Vanmeert tells me, approaching The Little Street, one of only two landscapes the artist is known to have painted. “I get drawn closer to, say, this area here—the dark area of the lady’s dress. It’s difficult to decipher which type of fabric Vermeer meant to depict here, and I wonder if this is the original colour.”

Fidelity of colour is Vanmeert’s professional obsession. As a chemist in the art world, he’s spent most of his career trying to understand colour: how it is produced, how it changes over time, how artists prepare the powders and substrates that become the medium through which they speak to us, and, ultimately, why they make the choices they do. If colour is the language of art, Vanmeert is its linguist.

As a scientist, though, he avoids such grand pretensions. It’s a touchy subject. The past two decades have seen an explosion of scientific enquiry into art, from chemical analysis for authentication and identifying forgeries to techniques for restoration and conservation. In the process, scientists have found themselves thrust into some of the art world’s most vexing debates, often controversially. Determining what an artist “intended,” for instance, can send art experts and enthusiasts into a tizzy. The artist’s intent is irrelevant, the purists say. Only the work matters, and what the work conveys.

Vanmeert is uninterested in these types of debates. What he means by “intention” is colour: Is the colour, as we see it today, the same colour the artist saw when they applied it to the canvas? And if it has degraded, what would the original have looked like? Vincent van Gogh’s The Bedroom, for instance, used many unstable pigments which degraded over time. Fortunately, in a letter to his brother, van Gogh described in detail the colours he used: “The walls are of a pale violet. The floor—is of red tiles. The bedstead and the chairs are fresh butter yellow.” Today, many of these colours have faded or, in the case of the walls, mutated into a different hue altogether. The colours van Gogh “intended” have been lost and, along with them, something of the feeling van Gogh was attempting to convey....

....MUCH MORE
*
Previously:  

Big Dollar Art: For Fervent Fans of the Dutch Masters, ‘It’s a Dream Come True’

14 of the 36:

"The Vermeer Road Trip"

The best Vermeer site on the web "Essential Vermeer". And from Vanity Fair Nov. 29:
Reverse-Engineering a Genius (Has a Vermeer Mystery Been Solved?)
David Hockney and others have speculated—controversially—that a camera obscura could have helped the Dutch painter Vermeer achieve his photo-realistic effects in the 1600s. But no one understood exactly how such a device might actually have been used to paint masterpieces. An inventor in Texas—the subject of a new documentary by the magicians Penn & Teller—may have solved the riddle.
In the history of art, Johannes Vermeer is almost as mysterious and unfathomable as Shakespeare in literature, like a character in a novel. Accepted into his local Dutch painters’ guild in 1653, at age 21, with no recorded training as an apprentice, he promptly begins painting masterful, singular, uncannily realistic pictures of light-filled rooms and ethereal young women. After his death, at 43, he and his minuscule oeuvre slip into obscurity for two centuries. Then, just as photography is making highly realistic painting seem pointless, the photorealistic “Sphinx of Delft” is rediscovered and his pictures are suddenly deemed valuable. By the time of the first big American show of Vermeer paintings—at the Metropolitan Museum of Art, in 1909—their value has increased another hundred times, by the 1920s ten times that.

Despite occasional speculation over the years that an optical device somehow enabled Vermeer to paint his pictures, the art-history establishment has remained adamant in its romantic conviction: maybe he was inspired somehow by lens-projected images, but his only exceptional tool for making art was his astounding eye, his otherworldly genius....MORE
"Vermeer as Scientist"
From the Times Literary Supplement:

https://upload.wikimedia.org/wikipedia/commons/a/a2/Vermeer-view-of-delft.jpg
 View of Delft
It is a truism of responses to the Dutch painter Johannes Vermeer’s life and works that what very little we know about the life stands in inverse relationship to how intimately we relate to the work....

Awwww, There Was A Hidden Cupid In One Of Vermeer's Most Famous Paintings And Now We Can See It

Van Gogh and Vermeer Together
It's a cult.
A very strange yet oddly compelling cult.
Together

"Rose Dugdale, The Woman Who Stole Vermeer"
One more Irish story...

Inventory of Hermann Göring art collection at Unterstein, Germany, 1945

The Museum of Online Museums
With the passing of Chicago's Coudal Partners, the MoOM is now relegated to the Internet Archive, itself an online repository, so the whole thing is getting a bit recursive....

Poor Kamala: "Jim Cramer comes out swinging for Kamala Harris"

Why would he want to doom her campaign before it's even started?

From MarketWatch, July 24:

 “Mega versus MAGA” – Jim Cramer comes out swinging for Kamala Harris 

Presumptive presidential nominee Kamala Harris picked up a huge endorsement on Monday, from CNBC’s Jim Cramer.

Though whether that turns out to be a good thing or a bad thing is another matter. 

A president Harris would “absolutely, absolutely, no doubt about it” be good for the stock market and American business, Cramer said, adding that her ties to Silicon Valley mean she’d be very supportive of the big technology companies that dominate Wall Street.

“Let’s not forget her brother in law is Tony West, who is a former general counsel of Pepsico, then was with the Justice Department, and is now the general counsel of Uber,” Cramer said. “And you tell me if there’s someone who’s more sophisticated [about business and the stock market] and knows more about business and the west coast than her brother in law, who would be an amazing adviser. They’re close.”....

....MUCH MORE

He may think it's all fun and games* but his words have an effect - he is the perfect contrary indicator:

February 2024
Cramer Called It
From Tim Knight at Slope of Hope, February 22—the chart goes back to the November 10 2022 IPO which raised $12 billion at an $80 billion valuation. It popped...then dropped...then dropped:

Rivian Down 94% From High

By -

If only there had been some way to see this coming………

In other news Slope is looking at going long something more pedestrian.

November 2023
Meanwhile, In Jim Cramer's World...
From Mr. Cramer's employer, CNBC, November 20:

Cruise CEO Kyle Vogt resigns from GM-owned robotaxi unit

And from Cramer:

July 2023
Mass Panic As Jim Cramer Predicts Giant Bug Mutants Will NOT Attack Earth Next Tuesday At 2:17 PM

June 2023
Jim Cramer On Coinbase (COIN)

Via Tim Knight at Slope of Hope:

https://slopeofhope.com/wp-content/uploads/2023/06/coinfall.png


April 2023
Jim Cramer Defends His Favorite Bank, First Republic (FRC)

The stock closed down 49.37% today.

April 2023
Here's Another One: Early Jim Cramer Call Discovered
The tweeter used to run some money ($14 billion) for BlackRock, among other places. These days he beats up on Pfizer and has a boutique called Phinance Technologies as a side hustle.

March 2023
"Jim Cramer Isn’t Worried About Credit Suisse. Does That Mean We Should Be?"
That was the headline at CryptoBriefing, October 3, 2022.
They continue:

Mad Money host Jim Cramer dismissed comparisons between Credit Suisse and Lehman Brothers today on CNBC. He has a history of getting things wrong.

March 2023

Previously: 

And Wachovia two weeks before it failed (but didn't fail because it was the first bank named systemically important i.e. too big to fail):
Jim Cramer Admits: "I Screwed Up" In Recommending Wachovia Stock Two Weeks Ago Because I Liked The CEO

And:
"Jim Cramer Takes Issue With Own Investing Tips Being Thrown Back At Him, Demands Apology, More Gentlemanly Conduct (On The Internet)" GS; TSCM
*From the outro to May 2024's "Tajikistan and Kyrgyzstan taking action to curb sorcery and charlatanism":

....The Cramer Exemption in New York Penal Code, Section 165.35:

§165.35 reads -
A person is guilty of fortune telling when, for a fee or compensation which he directly or indirectly solicits or receives, he claims or pretends to tell fortunes, or holds himself out as being able, by claimed or pretended use of occult powers, to answer questions or give advice on personal matters or to exorcise, influence or affect evil spirits or curses; except that this section does not apply to a person who engages in the aforedescribed conduct as part of a show or exhibition solely for the purpose of entertainment or amusement. Fortune telling is a class B misdemeanor.

Saturday, July 27, 2024

"Vaclav Smil and the Value of Doubt"

From The New Yorker, February 20:

A ruthless dissector of unwarranted assumptions takes on environmental catastrophists and techno-optimists.

Not long ago, I randomly opened Vaclav Smil’s recent book “Size: How It Explains the World.” The first paragraph I read, in a chapter about good and bad design, concerned rubber flip-flops, which Smil described as among the world’s most widely owned individual possessions even though “they provide neither good lateral support nor basic vertical stability.” The following paragraph, about furniture, mentioned “the steadily diminishing share of the rich world’s population that grows food, catches fish, cuts wood, mines minerals and builds structures.” The next touched on religious pilgrimages, airports, and commuting to work. In 2018, Elizabeth Wilson, who is the founding director of the Arthur L. Irving Institute for Energy and Society at Dartmouth, told Science, “You could take a paragraph from one of his books and make a whole career out of it.”

Smil is an emeritus professor of environmental studies at the University of Manitoba, in Winnipeg. He is best known for his writing about global issues, among them energy, agriculture, population, economics, and climate. He has served as a consultant with the World Bank, the U.S. Agency for International Development, and other institutions. His scholarly interests are eclectic, and he is prolific. “Size,” which was published last May, is not his most recent book; the second edition of “Materials and Dematerialization,” which was first published a decade ago as “Making the Modern World,” came out a month later. Altogether, by his count, he has published forty-eight, beginning with “China’s Energy: Achievements, Problems, Prospects,” in 1976. He has four more under way: one about globalization, one about food, a “Size”-like study of speed, and a combined reissue, by Oxford University Press, of two earlier books, which examine the years between 1867 and 1914, the period that he believes did more than any other to shape the modern world. His books typically begin at a trot and maintain the same daydream-defying pace until the final paragraph. The fifth chapter of “Size” includes a detailed critique, with formulas, of what he identifies as the impossible proportions of various characters in “Gulliver’s Travels”: “Properly scaled, an adult Lilliputian would thus have a body mass more than 10 times larger than Swift’s erroneous attribution, and instead of being equivalent to a tiny shrew he would be more like an eastern gray squirrel.” Smil has a sense of humor, but he uses it sparingly; even passages that seem at first to be personal or anecdotal sometimes turn out to be footnoted.

Smil is a ruthless dissector of what he believes to be unwarranted assumptions, and not just those of eighteenth-century Anglo-Irish satirical novelists. The first book of his that I read, twenty years ago, was “Energy at the Crossroads,” published by the M.I.T. Press, in which he wrote that the power under the direct control of an affluent American household, including its vehicles, “would have been available only to a Roman latifundia owner of about 6,000 strong slaves, or to a nineteenth-century landlord employing 3,000 workers and 400 big draft horses.” He was making a characteristically vivid point about the impact of modern access to energy, most of it produced by burning fossil fuels. No one can doubt that twenty-first-century Americans’ lives are easier, healthier, longer, and more mobile than the lives of our ancestors, but Smil’s comparison makes it clear that most of us underestimate, by orders of magnitude, the scale of the energy transformations that have made our comforts possible.

More recently, Smil has written about ongoing efforts to address climate change, and about the feasibility of achieving “net zero” by 2050. In “How the World Really Works,” published in 2022, he writes that, in the first two decades of the twenty-first century, “despite extensive and expensive expansion of renewable energies, the share of fossil fuels in the world’s primary energy supply fell only marginally”—from eighty-six per cent to eighty-two per cent—and that, during the same period, global consumption of fossil fuels actually increased, by forty-five per cent. Those numbers surprise people whose sense of environmental progress is shaped by car commercials and by news stories about breakthroughs in solar panels, algae-based fuels, and organisms that turn carbon dioxide into stone. They also annoy environmentalists who view Smil’s observations as backward-looking and counterproductive, and they contribute to what one journalist described to me recently as Smil’s reputation as “a sourpuss.”

Smil dislikes giving interviews. He believes that his books contain everything that anyone needs to know about him, and he told me that he had agreed to be profiled in Science, in 2018, only as a favor to his publisher—a gesture he later regretted. When I approached him about this article, I did so with trepidation. We exchanged e-mails almost daily for most of a month, and we had a lengthy telephone conversation. But when I suggested meeting in person, he replied, “As for flying to Manitoba, nobody ever does that (much like nobody ever flies to Topeka).” A quality that runs through all his writing, and that I find both appealing and challenging, is his stubborn skepticism. Toward the end of “How the World Really Works,” he quotes a line, usually attributed to Descartes, that could serve as his own guiding principle: de omnibus dubitandum. Doubt everything.

Smil was born in 1943 in what today is the Czech Republic but at the time was the Protectorate of Bohemia and Moravia, which the Nazis had established after invading four years earlier. He deflected my questions about his upbringing other than to say that his childhood,“if a label has to be chosen,” was “normal and happy.” Between 1960 and 1965, he was a student at Charles University, in Prague. He described his student years and the ones immediately following them as “a long prelude to the Prague Spring of 1968.” The Prague Spring was a period of liberalization that began with Alexander Dubček’s election as the head of the country’s Communist Party, on January 5th, and ended, seven and a half months later, with a full-scale invasion by Soviet bloc soldiers and tanks. Until the Soviets intervened, Smil said, “even ordinary students could access Western papers and journals in the university library.” He studied a broad range of topics related to energy, among them biology, geology, meteorology, demography, economics, and statistics. The subject of his undergraduate thesis was “the environmental impacts of coal-fired electricity generation, particularly the effects of air pollution.” His scholarly skepticism, he said, came to him naturally, beginning when he was a teen-ager, and was “mightily reinforced by getting trained as an old-fashioned scientist (in what the Germans call in one of their beloved compounds Naturwissenschaften) beholden to demonstrable realities, strengthened daily by living (until 1969) under the Commies (with their endless lies about everything).”

Smil met his wife while both were students, she in medical school. Like thousands of other Czechs, they fled the country before travel restrictions made emigration virtually impossible. They arrived in the United States on August 31, 1969, and he spent two years earning a doctorate, in the geography department at Penn State. (The subject of his dissertation was global energy development.) In 1972, the University of Manitoba offered him a job, and he took it. He is fluent in four languages and has studied half a dozen others. His recent reading, he told me, has included Mandelstam and Pasternak in Russian, and the New Testament in Latin. His English is excellent but accented, and he speaks it even faster than he writes—so fast that there were parts of our telephone conversation that I didn’t understand until I had listened to a recording with the speed reduced by twenty-five per cent.

A dozen years ago, I interviewed a highly regarded chemistry professor at a major American university. He surprised me by saying that his job forced him to spend so much time travelling that he had the same better-than-first-class status on American Airlines that the character played by George Clooney has in the 2009 movie “Up in the Air.” He needed to travel, he explained, because in many ways the most important and time-consuming part of his job was soliciting funding, all over the world, for the research that his graduate students performed in his lab. When I mentioned this to Smil, he said that what I had described was the modern ideal of the scientist, “just flying around, drumming up monies,” and that he detested it. He has never relied on grad students. “I used to run madly among libraries,” he said, but he now makes heavy use of online resources, among them the Web of Science, to which the university still gives him access, and Gallica, a multicentury digital archive created by the National Library of France. He loves classical music, but is “absolutely tone-deaf” and plays no instruments. He has a good memory for big numbers and can do many calculations in his head. His ideas come to him, he said, when he walks, reads, wakes up in the morning, sits on airplanes, or cooks, including favorite Japanese dishes. (He began visiting Japan in 1978, and co-wrote a book about the evolution of the modern Japanese diet). “I just write my books, much as a plumber fixes pipes and garbagemen haul away junk,” he said. “I mean it, no introspection; it is just a kind of work I like and can do.”

Smil has written a great deal about renewable-energy technologies, and he has said that their implementation cannot continue to grow quickly enough to fully negate the global increase in over-all energy demand during the next two or three decades. Unrealistic expectations for such technologies, he has written, arise in part from inappropriate extrapolation from the extraordinarily fast and sustained evolution of solid-state electronics, beginning, roughly seventy-five years ago, with the invention of the transistor. In 1965, Gordon Moore—later a co-founder of Intel—observed that the number of components that could be etched on a single microchip doubled roughly every two years. The number of such components grew from a few thousand in the nineteen-seventies to tens of billions today, a phenomenon that’s often referred to as Moore’s Law. Even for microchips, that rate may be slackening, but its application in most other areas has always been problematic. In “Invention and Innovation,” which M.I.T. published last year, Smil writes, “We are told that rapid exponential growth, driven by digitization and advances in AI, already prevails in such fields as solar cells, batteries, electric cars, and even urban farming.” Such growth, where it actually does exist, can’t continue permanently, he argues. Belief that it can, in his view, is consistent with what he described to me as “America’s Barnumian approach to science and innovation, where every dubious claim is treated as ‘transformative change’ and where every patently impossible promise”—nuclear fusion, high-temperature superconductivity, the colonization of Mars—“is worshipped as another effusion of history’s most brilliant minds.”

In “Growth,” which M.I.T. published, in 2019, Smil takes the same expansive approach to his subject that he does in “Size”—the subtitle is “From Microorganisms to Megacities”—but he does so in smaller type and at almost double the page count. In a brief review in Foreign Policy, Keith Johnson wrote that “the best way to appreciate Vaclav Smil’s latest doorstopper is to take a deep breath, walk across the room, and pick up the book from wherever it landed after being tossed away for the umpteenth time as impenetrable, incomprehensible mush.” But Johnson did pick it up, and, in the next paragraph of his review, he describes “Growth” as “fascinating, compelling—and ultimately convincing.”....

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"The Scramble for AI Computing Power"

From American Affairs Journal,  :

“What is your moat?” That’s Silicon Valley-speak for “what defends you from the competition.” As investors hunt for the next big AI company, it’s also one question that the hundreds of start-ups launched in the wake of ChatGPT increasingly can’t avoid.

How do you profit off intelligence once it’s been commoditized? Will the AI transition let a thousand flowers bloom, or will the returns largely flow to a few tech behemoths and their infrastructure providers? If there is anything we’ve learned from the social media era, it is that the rules governing AI today have the potential to shape the distribution of economic and cultural power for decades to come. We better get it right.

The way value gets captured in the post-AI economy has implications for domestic competition as well as America’s technological com­petition with China. Just as AI could lead to monopolization domestically, the first country to develop AI systems advanced enough to auto­mate most existing forms of human labor could unlock productivity growth so explosive as to secure indefinite economic and technological supremacy. Alternatively, AI’s deflationary effects could paradoxically undermine U.S. economic leverage by eroding key areas of comparative advantage—higher education, cultural exports, financial services, and R&D—while pushing value into a handful of scarce inputs over which we have limited control.

Artificial intelligence comes in many flavors, but what sets modern systems apart is their dependence on large amounts of computing power. Take large language models. By predicting text sequences from large corpora of training data, systems like ChatGPT not only discover the rules of natural language, but also learn common sense reasoning and other forms of abstract thought. There’s only one catch: the computing cost required to train a model grows exponentially with its raw capability.1

ChatGPT was created by OpenAI, one of only a handful of compa­nies with the technical talent and data centers (courtesy of Microsoft) needed to train frontier models—best-in-class language, image, and audio models that developers can then build apps on through an applica­tion programming interface (API). Yet if you want to disparage a start-up founder, just call their new application a “wrapper on GPT-4.” Developers can only get so rich building appendages on a technology that someone else controls. Like a remora fish attached to the underbelly of a basking shark, where goes the API, so goes your company. You have no moat. You are, in a word, replaceable.

AI’s stark implications for market power were brought home last year when a pitch deck from OpenAI’s chief competitor, Anthropic, found its way online.2 The presentation revealed the company’s billion-dollar, eighteen-month plan to train a frontier AI model ten times more powerful than GPT-4—the digital brain behind OpenAI’s ChatGPT. What caused heads to turn in Silicon Valley, however, was how An­thropic laid out the stakes: “These models could begin to automate large portions of the economy,” the deck reads. “We believe that companies that train the best 2025/26 models will be too far ahead for anyone to catch up in subsequent cycles.”

It’s always worth taking claims geared toward prospective investors with a hefty grain of salt. The company with the best AI model in a few short years will gobble up whole sectors of the economy and leave their competitors in the dust? Talk about “big, if true.”

But suppose it is true. The best multimodal models can already do everything from pass the bar exam at the 90th percentile to autonomously plan and book your next vacation. By some estimates, over half of the code programmers produce is now AI generated. And while the current generation of models suffers from certain limitations—the propensity to hallucinate facts, the lack of a long-term memory—researchers are working furiously to iron out the remaining kinks.

In the very short run, AI will largely augment the work we already do. Average programmers with a coding copilot can become 10x software engineers; doctors with a medical chatbot can get an instant second opinion; and lawyers can use customized models to draft docu­ments and summarize evidence, letting them take on more clients. Overtime, however, AI is trending toward agent-like systems that surpass human experts at a wide variety of tasks, if not entire categories of work. And while Anthropic’s timeline may be ambitious, it is consistent with independent forecasts that project the arrival of AIs competitive with most college-educated labor around 2026.3 What hap­pens next is anyone’s guess.

In March 2023, researchers at OpenAI released estimates of the likely labor market impact from the current generation of GPT models.4 Their findings indicate “approximately 80% of the U.S. workforce could have at least 10% of their work tasks affected by the introduction of GPTs, while around 19% of workers may see at least 50% of their tasks impacted.”

If these estimates pan out, AI will be a massive boon for both pro­ductivity and some measures of income equality, as the jobs facing near-term automation span “all wage levels, with higher-income jobs poten­tially facing greater exposure.” Nonetheless, if proprietary models continue to crush open-source alternatives in their power and reliability, these same estimates raise the spectre of a significant cross-section of GDP suddenly flowing through models created by a single, dominant company. This is why OpenAI made the unusual decision to cap their investors’ profits at 100x, while Anthropic plans to shift control of its “public benefit corporation” to a board of trustees shielded from the profit motive.5 A world where the first company to build truly super­human AI realizes unbounded market power is, by these companies’ own admission, a real possibility.

The economy is made of people, at least for now. But if AI progress continues at its current pace, “what is your moat” could soon become a question humans start asking themselves.

The Geopolitics of Chips

In The Wealth of Nations, Adam Smith noted an apparent paradox: water is essential to life but nearly free to consume, while diamonds are mostly useless but exorbitantly priced. The resolution to the paradox is to realize that water is plentiful while diamonds are rare, and market prices simply reflect that relative scarcity. (The wrinkle is that diamonds are kept artificially scarce because a single company, De Beers, has his­torically controlled over 80 percent of the world supply, but leave that aside.)

Futurists have long dreamt of AI ushering in a “post-scarcity” world, but such a thing does not exist. Even in a world where most labor is automated, value will continue to flow to what remains scarce: the capital. For AI, that means the owners of large data centers and leading chip makers.

Demand for semiconductors already vastly outstrips supply, par­ticularly for the specialized hardware needed to efficiently train and run the most advanced models. The top chip designer, Nvidia, controls 80–95 percent of the market for the most advanced AI chip designs and has thus seen its stock price rise over 400 percent in just the past five years. With an interconnect bandwidth of nine hundred gigabytes per second (the rate individual chips share information with their supercomputing neighbors), Nvidia’s flagship H100 tensor core GPU is a technological marvel—surpassed only by the company’s newest chip family, Blackwell, which can pack a petaflop of computing power into a single GPU. Nvidia’s GPUs are also the result of one of the most complex and closely guarded design and manufacturing processes in human history—in other words, a moat.

Nvidia just designs the chips and the software to run them. The actual fabrication occurs at TSMC—a factory whose literal moat, the Taiwan Strait, provides only 110 miles of separation from mainland China. With an AI transformation on the horizon, access to advanced chips has thus taken on the crushing gravity of geopolitics.

In a bipartisan show of techno-nationalism, Congress allocated $54 billion to the rebuilding of America’s domestic chip-making capacity in the chips and Science Act of 2022. Multiple U.S.-based semiconductor projects are now underway or under consideration that represent capital expenditures of over $260 billion through 2030. Nevertheless, federal grants have been slow to move given bureaucratic inertia and the litany of mandates imposed on awardees. Delays have thus ensued, from Intel’s $20 billion chip factory in Ohio to the first of Samsung’s eleven planned fabs in Texas. TSMC’s $40 billion fab in Arizona was even forced to spend months wrangling with the local construction union after bringing in five hundred Taiwanese workers with the highly specialized skills needed to wire up semiconductor “cleanrooms”—skills local construction workers simply lack. While some have blamed the setbacks on the Act’s DEI provisions6 (from minority set-asides to workforce training programs for “justice-involved individuals”) they more broadly reflect what legal scholar Nicholas Bagley has dubbed the “procedure fetish” afflicting the U.S. government at every level.7

As if to buy time, the U.S. government, in concert with Japan and the Netherlands, followed up the chips Act by imposing sweeping export controls on the sale of advanced AI chips and semiconductor manufacturing equipment to China. The message is clear: if AI is the ultimate winner-take-all technology, anything that stymies China’s access to the most advanced chips—and bolsters our own—is imperative to U.S. national security.

One gets the sense that this is only the start. As the main currency in a post-AI economy, the future will be determined by those with access to large computing clusters and the energy needed to power them. Those clusters will ideally be located in the West, but with the monopoly risk looming in the background, it may not suffice to cede control to purely private hands. The power unleashed by future AI models will challenge our basic governance structures to their core, busting through decadent procedures and driving demands for new controls over the distribution of compute—if not outright public ownership.

Nationalization is certainly one answer to AI’s monopoly problem. On our current trajectory, it may even be a likely one. Yet Nvidia, for its part, has no interest in becoming a national champion, as China represents an enormous market for its GPUs. Shortly after export controls were introduced on the high-bandwidth GPUs used for train­ing large AI models, Nvidia unveiled new chip designs—the A800 and H800—tailored for China, with specs tweaked to fall just under the line. A year later, the Bureau of Industry and Security (the home of the U.S. Export Enforcement Office within the Department of Commerce) was forced to update the controls to retroactively account for Nvidia’s workaround. The latest controls are incredibly strict, including a new “performance density threshold” that is essentially impossible to game....

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"Should Consumers Expect to Find Bones in 'Boneless Wings'?"

A small rip in the fabric of reality that will lead to humanity becoming untethered from all that has gone before.

Or something.

From the legal eagles at the Volokh Conspiracy, July 25:

"Boneless wings" aren't wings, so does that mean they don't have to be boneless either? The Ohio Supreme Court weighs in.

If a restaurant customer finds a bone in an order of "boneless wings" can they sue? What if the bone causes them an injury?

Today, in Berkheimer v. REKM L.L.C., the Ohio Supreme Court affirmed a lower court judgment concluding that a customer could not sue a restaurant for negligence over an injury allegedly sustained by a chicken bone found in an order of "boneless wings."

Here is how Justice Deters opens his opinion for the four-justice majority:

Michael Berkheimer sued a restaurant, its food supplier, and a chicken farm after he suffered serious medical problems resulting from getting a chicken bone lodged in his throat while he was eating a "boneless wing" served by the restaurant. The trial court determined that as a matter of law, the defendants were not negligent in serving or supplying the boneless wing, and the Twelfth District Court of Appeals affirmed that judgment.

Berkheimer contends that the court of appeals focused on the wrong question—whether the bone that injured him was natural to the boneless wing—in incorrectly determining that the restaurant did not breach a duty of care in serving him the boneless wing. Berkheimer maintains that the relevant question is whether he could have reasonably expected to find a bone in a boneless wing. And he argues that the resolution of that question should be left to a jury.

We conclude that the court of appeals got it right. In a negligence case involving an injurious substance in food, it is true—as Berkheimer argues—that whether there was a breach of a duty of care by a supplier of the food depends on whether the consumer could have reasonably expected the presence of the injurious substance in the food and thus could have guarded against it. But that consideration is informed by whether the injurious substance is foreign to or natural to the food. The court of appeals correctly applied this blended analysis in determining that there was no material question of fact about whether Berkheimer could have reasonably expected a bone to be in the boneless wing and thus could have guarded against it. We therefore affirm the judgment of the Twelfth District.

And from the part of the opinion discussing what one should expect from an order of "boneless wings":....

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Marc Chandler Writing At Barron's: "The Dollar’s Supercycle Is Over. Where It’s Headed"

From Barron's. July 25:

A long-anticipated downturn in the U.S. currency has begun, but don’t confuse it with a shift in the dollar’s global role, writes Marc Chandler in a guest commentary.

About the author: Marc Chandler is chief market strategist for Bannockburn Global Forex, a division of First Financial Bank.

The dollar’s long-anticipated downturn has begun, but don’t confuse it with the talk of dedollarization. That remains exaggerated.

The greenback’s structural function in the global economy remains intact and does not stem from its leading role in invoicing or settling trade. It ultimately arises because many countries and foreign companies have borrowed dollars not from the U.S. government but in the offshore market.

The dollar is on one side of about 90% of the trades in the $7.5-trillion-a-day foreign exchange market. Trends there often last five to 10 years, unlike stock and bond markets, which seem more closely tied to the business cycle. The dollar’s bull market, which we think has ended, has gone long and far.

On a broad, trade-weighted basis, there have been three significant dollar rallies since the end of Bretton Woods on Aug. 15, 1971. The most recent began toward the end of the 2008-09 financial crisis. According to the Organization for Economic Cooperation and Development’s measure of purchasing-power parity, the dollar has recently reached historic heights against several currencies, including the Japanese yen and the euro.

The dollar wasn’t this overvalued in September 1985, when France, Japan, the United Kingdom, the U.S., and West Germany met at the Plaza Hotel in New York and agreed to jointly drive it down, ending the first post–Bretton Wood’s dollar rally. Incidentally, coordinated intervention also helped mark the end of the second post–Bretton Woods dollar rally in 2000.

This year, Japanese and other central banks intervened to stem the dollar’s rise, providing a pushback against race-to-the-bottom narratives. But there was no coordinated effort. The dollar’s supercycle isn’t being murdered. It is dying of old age. 

A favorable mix of easy fiscal policy and tight monetary policy has fueled the dollar’s rally in the past few years. That is coming to an end as economic growth slows and price pressures moderate. While neither the presidential candidates nor Congress seem ready to tackle fiscal policy, monetary policy is about to change.... 

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"Astronauts stuck in space for 49 days by malfunctioning Boeing spacecraft can’t return home for weeks" (BA)

 From the New York Post, July 25:

Two astronauts stranded in space for 49 days — 41 days longer than their planned mission — because their Boeing-built ride home is full of leaks will have to spend at least a few more weeks aboard the International Space Station, officials said Thursday. 

Astronauts Butch Wilmore and Suni Williams were meant to spend just eight days in space following their launch aboard the Boeing Starliner — the maiden crewed voyage for the spacecraft. 

Once in space, astronauts found a series of concerning helium leaks and have been testing whether the ship can be used to return them to Earth.

Now they’re expected to stay in orbit until sometime in August, Steve Stich, NASA’s Commercial Crew Program manager, told reporters....

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Probably not related: 

Statement for President Nixon to Read in Case the Astronauts Were Stranded on the Moon, July 18, 1969

Previously on Boeing's Starliner

June 26:  SpaceX May Have To Rescue Astronauts Stranded By Boeing Starliner Failures

June 28: NASA and Boeing deny Starliner crew is ‘stranded’: “We’re not in any rush to come home”

July 12: "Failed Thrusters, Helium Leaks, and a Hard Deadline: Inside NASA’s Decision to Keep Boeing’s Starliner At the ISS" (BA) 

Friday, July 26, 2024

"Why did Chinese President Xi Jinping ask to be ready for “black swan” and “gray rhino”? Is Beijing heading toward crisis?"

That's the headline at the Economic Times (India). I don't think President Xi is referring to any specific thing, this is the third time since 2019 he has mentioned both the Gray Rhino and Black Swan in the same speech.

From the ET, July 25:

Addressing the third Plenary Session of the 20th CPC Central Committee, Chinese President Xi Jinping took a tough stance to counter the Western pressures led by the US in the economic field as well as security, particularly in the Taiwan Strait and South China Sea.

Releasing a document during the third Plenary Session of the 20th CPC Central Committee, Chinese President Xi Jinping warned his countrymen to be prepared for “black swan” and “gray rhino” risks, reports Xinhua. Emphasizing that the world is experiencing an extreme transformation, and increasing regional conflicts, he is supposed to have indicated that China may face a crisis as well. According to MSN, by “black swan” Xi Jinping meant an unexpected event with significant consequences, while a “gray rhino” is a foreseeable risk often overlooked. He first used these terms in January 2019, when China’s economic growth rate plummeted to 6.6%, the lowest in the last 28 years.
China braces for strategic challenges

These terms are related not only to economic crises but strategic issues as well. He might have hinted at the Taiwan crisis and the South China Sea, which is slowly becoming a major security and geostrategic hotspot.

CPC Document
The document, released in Beijing, has 60 provisions and 300 reform tasks and deals with developing advanced technology and securing security through military and supply chain enhancements. The document emphasized the role of the government-controlled companies and indicated that Beijing would continue to support private companies and finance under state leadership and dominance.

Xi Jinping emphasizes on security
According to Xinhua, Xi Jinping emphasized the importance of national security and made it clear that the security of China’s key industrial networks and its strategic military deterrence is necessary.

China to counter Western pressure....

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If interested here is Xinhua's "Explanation of resolution of CPC Central Committee on further deepening reform comprehensively to advance Chinese modernization" via Theory China.

Previously at the zoo:
November 2018
Société Générale's Albert Edwards Sees 'Grey Rhinos', Regales With Tales of Other Members of The Bestiary (also sectoral balances)

September 2023
Is probably the even-more-dangerous Gray Rhino....
 
The outro from that post concluded with:

...Here's the State Council of the People's Republic of China highlighting a March 2021 China Daily article:

'Gray rhino' real estate risks need to be tamed

Lewis H. Lapham | 1935-2024

 By Lapham’s Quarterly

 Wednesday, July 24, 2024

We all have many vivid memories of our founder and friend, Lewis H. Lapham, who died near Rome on the night of July 23-24 at eighty-nine.

He was of course celebrated for his elegant essays and incisive editing, most famously as the editor of Harper’s Magazine, followed by his work at the helm of Lapham’s Quarterly, which many have called a work of art. His ingenuity, skepticism, formidable work ethic, vast reading and often droll sense of fun, drew our admiration even in those cases when we might have disagreed with his contrarian and unpredictable opinions—political or otherwise.

Lewis was also one of the few major American literary and journalistic figures whose work spanned all the major media—print (newspapers and magazines), books, radio, TV, film (The American Ruling Class), and the internet; he was wisely wary about the last.

We laud his passion for showing readers the great value of historical knowledge, to individuals and the citizenry as a whole. He had come to see citizens’ knowledge of history as essential for a healthy democracy, and wide ignorance of it as ominous. That’s why he embarked on the arduous task of founding and preserving Lapham’s Quarterly—a publication like no other. And note that he was passionate not only about the selection of words but about the look of Harper’s and LQ. He had a strong eye for design, the apotheosis of which is the gorgeous Quarterly, to which he attracted a brilliant staff.

Others in the media in the past few days have published long and detailed descriptions of Lewis’ career and told of his memorable style, including the bespoke suits on his lean frame, his gold cufflinks, and his Parliament cigarettes. (His relentless smoking, however unhealthy, added a rather exotic and alluring layer to his patrician voice.)....

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We tried to visit Lapham's Quarterly at least once a month and some months once a week.

"Maken Engelond Gret Ayeyn"

And most recently:
Lapham's Quarterly Energy Issue

Because civilization is not natural, sustaining it entails a continuous input of matter, energy, 
and morale, without which it would necessarily decline or even collapse.
—William Ophuls

"Butter made from CO2, not cows, tastes like ‘the real thing’, claims startup"

From The Guardian, July 16:

Savor, backed by Microsoft billionaire Bill Gates, says product has lower carbon footprint as it doesn’t need cows

Butter made from air instead of cows? A California-based startup claims to have worked out a complex process that eliminates the need for the animals while making its dairy-free alternative taste just as good.

Savor, backed by the Microsoft billionaire Bill Gates, has been experimenting with creating dairy-free alternatives to ice-cream, cheese, and milk by utilising a thermochemical process that allows it to build fat molecules, creating chains of carbon dioxide, hydrogen and oxygen. The company has now announced a new animal-free butter alternative.

Reducing meat and dairy consumption is one of the key ways that humanity can reduce its environmental impact, as livestock production is a significant source of greenhouse gases, and Savor says its products will have a significantly lower carbon footprint than animal-based ones. The “butter” could potentially come in at less than 0.8g CO2 equivalent per calorie. The standard climate footprint of real unsalted butter with 80% fat is approximately 2.4g CO2 equivalent per calorie....

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Mmmm, Mmm triglycerides.