The fall of Silicon Valley Bank (SVB) generated several different media narratives. All seem to agree that SVB failed because it was dependent on low-yield long-term US treasury bonds. These bonds were safe in the years following the global financial crisis of 2008, but they lost value when interest rates increased in 2022. The disagreements are over what this fact means.
Read the rest of this entry »In recent weeks, there’s been a great deal of media attention on a train that derailed in Ohio. The derailment highlights a contradiction that has haunted American politics. On one hand, there is an increasingly vocal set of progressives and libertarians who have dreams of revitalizing American cities with big infrastructure projects. They want high-speed rail, fifteen minute cities, lots of cycling, walkable streets, and tall apartment buildings. These movements often rally around acronyms – YIMBY, NUMTOT, and the like. On the other hand, there is the infrastructure that actually exists in the United States. It’s crumbling, and it’s expensive to maintain, let alone replace. Between urbanist dreams and rusty realities there sits President Biden. Biden was faced with a pivotal decision. He could shore up the existing infrastructure, fighting back against the rust. He could commit America to a new paradigm, replacing what’s decaying with new ideas. He could not do both. He chose to do neither.
Read the rest of this entry »A journalist has alleged that the United States sabotaged the Nord Stream pipelines. The United States has suggested that Russia blew up the pipeline, but it has not provided evidence to substantiate this claim. The attack on the pipeline makes it much harder for the European Union to import gas from Russia, making the EU more dependent on expensive liquified natural gas from North America. By removing the prospect of resuming Russian gas imports in the near-term, the attack on the pipeline gives the EU less reason to seek a swift end to the war in Ukraine. It diminishes Russian leverage. The American narrative – that Russia destroyed the pipeline to deny Europe gas – doesn’t make a lot of sense. Russia controls the tap. It can turn the gas on and off as it pleases. The sabotage destroys Russia’s capacity to turn the gas back on, and therefore it takes away Russia’s diplomatic option to offer to turn the gas back on as part of a settlement.
Given these facts and the absence of conclusive evidence as to who is responsible for the attack, it is reasonable to question the US government’s narrative and to demand the US government provide evidence to support its account of what happened. The journalist is just one of many people who have asked questions about Nord Stream. But a funny thing has happened. Instead of discussing the issues at hand – the pipeline, the energy crisis, the war – media outlets are increasingly focused on the journalist’s character. He’s accused of being a crank, a conspiracy theorist, a crazy person. Those who think it’s important to question the US government’s narrative have increasingly become preoccupied with defending the journalist. Many people now know the journalist’s name and can tell you all sorts of things about the journalist’s career. But what does this have to do with anything?
Read the rest of this entry »I have a new journal article out on Plato. It’s really humbling to have my reading of the Republic and the Phaedrus accepted as part of the Platonic tradition. If you have institutional access, you can read it here:
https://doi.org/10.1163/18725473-bja10030
If you don’t have institutional access and you want to read it, you’re very welcome to email me about this at bmstudebaker@gmail.com.
Benjamin Studebaker 