Adam Tooze in Foreign Policy:
2022 has been a year of dollar power—power that manifests itself in both overt and subtler forms.
In the spring, the financial sanctions slapped on Russia’s Central Bank following Russian President Vladimir Putin’s invasion of Ukraine demonstrated the extent of U.S. financial sway, especially when it is exerted in cooperation with America’s European partners. If you export far more than you import and thus hold really large foreign exchange reserves—like Russia’s $500 billion—there really is nowhere else to hold them other than dollars or euros. If it comes to a confrontation, that puts you at the mercy of the financial authorities of the United States and its alliance partners. NATO reveals itself to be a financial power.
Russia has, so far, ridden out the storm, but to do so it has had to close its financial system to the outside world. Its imports have been squeezed to barely more than half their pre-crisis level.
When the sanctions were applied, the shock to Russia provoked the question of whether a monetary system that conferred such one-sided power on the United States could possibly be sustainable.
More here.

In 1982, a fifty-four-year-old
I learned about Augustine of Hippo from my mother. She had memorized lines from his Confessions as a Catholic schoolgirl in the Caribbean village of Manatí in Colombia. “Our hearts are restless until they rest in God,” she would tell me. Even after she immigrated to the United States and became a born-again Protestant, she kept reciting him. When I left my home on Long Island to study philosophy at a liberal arts college out of state, her prayers followed me just as Monica’s trailed her son, Augustine, when he boarded a ship heading for Italy. I joked that she was my Monica. But I gradually developed my own relationship to Augustine. As I encountered him in a predominantly white academic setting, I latched on to him. He became more than the metaphysical or doctrinal positions parsed in class. Augustine was the symbol of a more diverse and global Christianity that had been covered up by white-supremacist lies. “The greatest thinkers of the early Church came from Africa!” I declared to amused peers. My Augustine was Black.
It was a geographical mystery that had befuddled explorers, astronomers, and philosophers for two millennia: Where did the Nile begin? In “River of the Gods: Genius, Courage, and Betrayal in the Search for the Source of the Nile,” historian Candice Millard recounts the adventures of two ambitious, Victorian-era rivals who spent years trekking through East Africa, enduring unimaginable hardships, in an effort to be the first to solve the puzzle.
The ability of the brain to create consciousness has baffled some for millennia. The mystery of consciousness lies in the fact that each of us has subjectivity, something that is like to sense, feel and think. In contrast to being under anesthesia or in a dreamless deep sleep, while we’re awake we don’t “live in the dark” — we experience the world and ourselves. But how the brain creates the conscious experience and what area of the brain is responsible for this remains a mystery. According to Dr. Nir Lahav, a physicist from Bar-Ilan University in Israel, “This is quite a mystery since it seems that our conscious experience cannot arise from the brain, and in fact, cannot arise from any physical process.”
The Satanic Verses, Rushdie’s fourth novel, was as much an exploration of the migrant experience as it was about Islam, as savage in its indictment of racism as of religion. What mattered, though, was less what Rushdie wrote than what the novel came to symbolise. The 1980s was a decade that saw the beginnings of the breakdown of traditional political and moral boundaries, an unravelling with which we are still coming to terms.
Let us retreat again quickly into the more distant past. So much varied research has contributed to this excellent book that it is a treasure-trove of many more significant facts than one can cite. There are long excursions into the growth of the spa and into the wildly varying and often scientifically groundless advice on water, air (good and bad), exercise (ditto), diets, purges, rest (too much or too little) and underwear, elevated by Gustav Jaeger into something of a belief system. There is the rebranding of mountains from places full of only semi-enjoyable danger and dread into over-visited international playgrounds. Similarly, the sea moved through the centuries from being an object of respect and fear (Joseph Addison wrote in 1812 of the ‘pleasing Astonishment’ of seeing the ‘Heavings of this prodigious Bulk of Waters’) to one of enthusiasm, a focus of the cult of bathing. And there is the more recent shift in concepts of beauty, from the Rossetti pallor of the True Woman to the class-free obsession with sunburn, which came with the tourism boom of the 1950s and 1960s instigated by cheap airfares.
I met the novelist Anuradha Roy in Delhi in the mid-nineties, when she was an editor at Oxford University Press and I had just published my first book. Not long after that, she moved to a Himalayan town to set up Permanent Black, now India’s premier intellectual publisher, with her husband, Rukun Advani. She also began to write fiction. Her fifth novel, The Earthspinner, which was released in the United States this summer, is about the war on reason and on imagination in a world consumed by political fanaticism.
Peter Singer has been making the case for extending human rights to chimpanzees, gorillas and orangutans for over three decades. Singer outlined his argument in 1993’s
In a remarkable document from the 13th century, a Sufi writer records his epiphany about the prophet Muhammad granting permission to music in India. Quoting an enigmatic utterance of the prophet (“I sense the breath of the Merciful coming from Yemen”), he speculates that the “Yemen” in question is not just the region in the Arabian peninsula, but possibly also the popular Indian raga of the same name. These days, such an innocuous interpretation, linking the founder of
Most of us over the age of 30 can remember the family doctor we had when we were kids. They met us as babies and watched us grow up. They knew our stories, those of our siblings, our parents and often our grandparents, too. These stories were fundamental to the bond of trust between doctors and their patients. We are now learning that this deep, accumulated knowledge was also palpably beneficial in medical terms.
Know thyself” is a terrific idea. It’s one of the Delphic maxims—alongside “certainty brings insanity” and “nothing to excess”—that you can find inscribed on the Temple of Apollo. Such knowing could well begin with an evolutionary conundrum: menopause. It’s as if natural selection took “nothing to excess” strangely to heart in the realm of human reproduction. Very few mammals—excepting short-finned pilot whales and possibly Asian elephants—experience anything like a prolonged life stage during which they are alive yet nonbreeding. So long as they draw breath, our fellow mammals release eggs. But not Homo sapiens.
The logic behind [interest] rate rises is that making the credit of the nations’ poor more, while they are already struggling with food and fuel bills, will make them in the long run better off.
Last year, the particle physicist