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The European Project Is Now at the Mercy of the Weather

This winter, Europe may be facing a crisis without any clear solution. Right now, the sobering truth is that the future of Europe hinges on the weather. It seems absurd. But whether the winter ahead is cold or warm will determine if Europe gets through the next six months without major economic, political, and social stress. We are in this situation because, thanks to the clash with Russia over Ukraine, Europe has lost roughly a third of its regular gas supply. Much of Europe, particularly in the former Soviet bloc, relied on Russian gas for electricity generation, home heating, cooking, and industrial purposes. Germany and Italy, the largest and third-largest economies in the Eurozone, were also heavily dependent on Russian gas. Since the spring, as the scale of the conflict became clear, Europe has been bracing for the worst. While buying as much Russian gas as it can, Europe has been scrambling to sign new gas deals and make up the impending shortfall by buying up cargos of liquefied natural gas, or LNG. Over the

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Bruno Latour and the philosophy of life: For the late French intellectual in an age of ecological crisis it was crucial to understand ourselves as rooted beings.

As Bruno Latour confided to Le Monde earlier this year in one of his final interviews, philosophy was his great intellectual love. But across his long and immensely fertile intellectual life, Latour pursued that love by way of practically every other form of knowledge and pursuit – sociology, anthropology, science, history, environmentalism, political theory, the visual arts, theatre and fiction. In this way he was, above all, a philosopher of life in the comprehensive German sense of Lebensphilosophie. Lebensphilosophie, whose leading exponents included figures such as Friedrich Nietzsche and Martin Heidegger, enjoyed its intellectual heyday between the 1870s and the 1930s. It was a project that sought to make sense of the dramatic development of modern science and the way it invaded every facet of life. In the process, it relentlessly questioned distinctions between the subject and knowledge and the foundations of metaphysics. It spilled over into the sociology of a Max Weber or the Marxism of a György Lukács. In France, writer-thinkers such as Charles Péguy or Henri Bergson might be counted as advocates

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As good as gold: How the dollar has ruled the global economy no matter the crisis at home.

The dollar is king. This year the strength of the US currency has humbled the yen, the euro and the pound sterling. US interest rates are putting pressure on dollar debtors around the world. This is not a surprise. It is often said that the dollar wins whatever the state of the world economy. It is a safe haven in crisis; in a boom, money surges into the dollar because US business is the prime generator of profits. But what is increasingly hard to ignore is how the dollar’s monetary pre-eminence is out of proportion to America’s actual economic standing in the world. Thanks to the explosive growth of emerging markets such as China and India, the world economy is increasingly multipolar. As a result, the US accounts for little more than 20 per cent of global GDP and yet its share of currency reserves is closer to 60 per cent and the dollar is involved in 85 per cent of all foreign currency transactions. If currency is conventionally thought of as an attribute of

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Chartbook #172: Finance and the Polycrisis (3) US Treasuries – how fragile is the world’s most important market?

If there is one financial market that could put in doubt the stability of the entire global financial system it is the $23 trillion US Treasury market. Source: Fed Financial Stability Report The housing market may be the biggest single macroeconomic force. US residential real estate alone is worth $53 trillion. But it is illiquid. US equities are valued at $46 trillion. They can be

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Ones & Tooze: Farewell to the French Philosopher Bruno Latour

Adam and Cameron discuss the work of French philosopher Bruno Latour, who died last month. Labour was not an economist but his ideas touched on related issues, including climate change, economic growth, and the relationship between scientific inquiry and facts. His work had a profound influence on Adam. Find more episodes and subscribe at Foreign Policy

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Jacobin – Inflation and the Cost-of-Living Crisis

On the occasion of Jacobin’s “Inflation” issue release party, Samir Sonti interviewed historian Adam Tooze at the Mayday Space in Brooklyn. This is audio from that recent live conversation. Samir and Adam discuss the causes, threats, and nuances of inflation, as well as ways to combat the cost-of-living crisis in such a way that puts the needs of people before capital. Get the new “Inflation”

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at the mic
on bookshelves

Look out for Adam’s next book, Carbon, out in 2023.

on air

Discussion with Wolfgang Schäuble

WEF 2020: Why Protests Are An Integral Part Of Democracy

GZERO World with Ian Bremmer – Is a 2nd Great Depression Coming?

on record
on the blog