Author: Art Diamond

Rich Chinese “Moved Hundreds of Billions of Dollars Out of” China in 2023

(p. B1) Affluent Chinese have moved hundreds of billions of dollars out of the country this year [2023], seizing on the end of Covid precautions that had almost completely sealed China’s borders for nearly three years.

They are using their savings to buy overseas apartments, stocks and insurance policies. Able to fly again to Tokyo, London and New York, Chinese travelers have bought apartments in Japan and poured money into accounts in the United States or Europe that pay higher interest than in China, where rates are low and falling.

The outbound shift of money in part indicates unease inside China about the sputtering recovery after the pandemic as well as deeper problems, like an alarming slowdown in real estate, the main storehouse of wealth for families. For some people, it is also a reaction to fears about the direction of the economy under China’s leader, Xi Jinping, who has cracked down on business and strengthened the government’s hand in many aspects of society.

In some cases, Chinese are improvising to get around China’s strict government controls on transferring money overseas. They have bought gold bars small enough to be scattered unobtrusively through carry-on luggage, as well as large stacks of foreign currency.

Real estate is an option, too. Chinese have emerged as the main buyers of Tokyo apartments costing $3 million or more, and they often pay with suitcases of cash, said Zhao Jie, the chief executive of Shenjumiaosuan, an online real estate listing service in Tokyo. “It’s really hard work to count this kind of cash.”

Before the pandemic, he said, (p. B5) Chinese buyers typically bought Tokyo studio apartments for $330,000 or less to rent out. Now they are buying much larger units and obtaining investment visas to relocate their families.

All told, an estimated $50 billion a month has been taken out of China this year, mainly by Chinese households and private-sector companies.

For the full story, see:

Keith Bradsher and Joy Dong. “Suitcases of Cash: How China’s Money Flows Out.” The New York Times (Tuesday, Nov. 28, 2023): B1 & B5.

(Note: bracketed year added.)

(Note: the online version of the story has the same date as the print version, and has the title “Gold Bars and Tokyo Apartments: How Money Is Flowing Out of China.”)

Almost 50% of Modern Drugs Have Their Source in Folk Medicine

(p. 17) At the heart of “Most Delicious Poison” is an evolutionary oxymoron that sustains life as we know it: Poisons — in deserts or rainforests, at the corner bar or in your fridge — threaten life while offering possibilities for persistence, and the pleasures that we take from substances that would otherwise be deadly hint at the ways life on earth manages to thrive in a landscape of toxins.  . . .

“Scratch beneath the surface of a coffee bean, a red pepper flake, a poppy capsule, a Penicillium mold, a foxglove leaf, a magic mushroom, a marijuana bud, a nutmeg seed or a brewer’s yeast cell, and we find a bevy of poisons,” Whiteman writes.

Caffeine is another natural wonder best approached with caution. “Caffeine and the human mind,” says Whiteman, can seem like a match made in heaven. “Taken in the appropriate doses, caffeine not only feels life-giving but is: Drink a few cups a day and you won’t live forever but a little longer.” Whiteman sorts through data suggesting as much, though, anecdotally, on a fall morning in the dark, it sure feels true.

But caffeine can be deadly. In October of this year [2023], the parents of a University of Pennsylvania student with a congenital heart condition sued Panera Bread over their “Charged Lemonade,” on the grounds that a substance containing three Red Bulls’ worth of caffeine should have been marketed as an energy drink, potentially saving their daughter’s life.

And yet used in moderation, the poison that we drink in pumpkin spice lattes blocks adenosine receptors — adenosine being a brain-produced neurotransmitter that would otherwise encourage you to rest.

. . .

Big Pharma’s relationship to Indigenous knowledge is a recurring motif. “Indigenous healers have yielded nearly 50 percent of all modern drugs we use today,” writes Whiteman.

For the full review, see:

Robert Sullivan. “Toxic Relationships.” The New York Times Book Review (Sunday, December 24, 2023): 17.

(Note: ellipses added.)

(Note: the online version of the review was updated Dec. 4, 2023, and has the title “All Things in Moderation, Especially When They’re Toxic.”)

The book under review is:

Whiteman, Noah. Most Delicious Poison: The Story of Nature’s Toxins―from Spices to Vices. New York: Little, Brown Spark, 2023.

Slow Regulatory Approval Is “A Pretty Big Barrier to Entry” for Smaller and Safer Innovative Nuclear Reactors

(p. B1) . . ., the great hope for the future of nuclear power is to go small.

Nearly a dozen companies are developing reactors that are a fraction of the size of those at Vogtle, betting that they will be quicker and cheaper to build. As the United States looks to transition away from fossil fuels that have underpinned its economy for 150 years, nuclear power is getting renewed interest, billions of dollars from the Biden administration and support from Republicans.

One reason is that nuclear plants can run at all hours, in any season. To those looking to replace coal and gas with wind and solar energy, nuclear power can provide a vital backstop when the air is calm or the sky is cloudy.

“The United States is now committed to trying to accelerate the deployment of nuclear energy,” John Kerry, President Biden’s climate envoy, said in September. “It’s what we believe we absolutely need in order to win this battle.”

. . .

(p. B4) One recent Pew survey found that 57 percent of Americans favor more nuclear plants, up from 43 percent in 2016. Republicans have traditionally backed atomic energy, but the survey found rising support among Democrats.

While many environmental groups still oppose nuclear power, some skeptics are softening.

. . .

For nearly five decades, the Nuclear Regulatory Commission has regulated large light-water reactors. Now it has to consider a dizzying array of new technologies and their safety characteristics.

The approval process can be slow. To date, the N.R.C. has certified only one small reactor design, developed by NuScale Power. NuScale’s light-water technology is similar to existing plants, but the company argued that smaller reactors required different safety rules, such as smaller evacuation zones in case of accidents. Securing approval took a decade and cost $500 million.

“It’s a pretty big barrier to entry,” said Jose Reyes, NuScale’s chief executive. “And this was for a technology that regulators are already familiar with.”

At a recent House hearing, Republicans and Democrats alike complained that a draft rule meant to help license advanced reactors was 1,173 pages long and largely unworkable.

“Everyone agrees that reactors need to be safe,” said Adam Stein, director of nuclear innovation at the Breakthrough Institute, a pronuclear research organization. “But it’s also possible for a regulator to be too conservative and too risk-averse.”

For the full story, see:

Brad Plumer and Ivan Penn. “Going Small to Confront a Big Problem.” The New York Times (Tuesday, Nov. 28, 2023): B1 & B4.

(Note: ellipses added.)

(Note: the online version of the story has the date Nov. 12 [sic], 2023, and has the title “U.S. Bets on Small Nuclear Reactors to Help Fix a Huge Climate Problem.”)

Coral Reefs 100 Miles Off Texas Coast Are “Stunning,” “Massive,” and “Healthy”

(p. A5) OFF THE COAST OF GALVESTON, Texas — Divers descending into azure waters far off the Texas coast dip below a horizon dotted with oil and gas platforms into an otherworldly landscape of undersea mountains crusted with yellow, orange and pink coral as far as the eye can see.

Some of the world’s healthiest coral reefs can be found in the Gulf of Mexico, about 100 miles off the Texas coast. Sheltered in a deep, cool habitat far from shore, the reefs in the Flower Garden Banks National Marine Sanctuary boast a stunning amount of coral coverage. . . .

“To see that much coral in one place is really magnificent — an experience that most people don’t get on reefs in this day and age,” said Michelle Johnston, the acting superintendent and research coordinator for the federally protected area.

. . .

Sanctuary officials say even in the occasional years when Flower Garden Banks has experienced more serious bleaching than this year, it has bounced back quickly thanks to its overall health and depth, and it’s already recovering this year.

. . .

The Flower Garden Banks stands out for its amount of coral cover — an average of over 50 percent across some areas of the sanctuary — compared with around 10 percent cover in the Caribbean and Northwest Atlantic region, Manzello said. Its corals are also about 60 feet below the surface and surrounded by even deeper waters, compared with many reefs where corals are in shallower water just offshore.

. . .

The corals in the Flower Garden Banks were able to flourish so far from shore because of mountain-like formations called salt domes, which lifted the corals high enough to catch the light, Johnston said.

Divers travel from around the world to see the reefs at Flower Garden Banks, where colorful fish, manta rays, sharks and sea turtles waft through and worms that look like Christmas trees pop in and out of corals.

. . .

Lauren Tinnes, a nurse from Colorado, described rounding a bluff on her dive this fall and being surrounded by massive reefs as schools of fish darted through. She found the description from so long ago apt: “It’s like a field of flowers,” she said.

For the full story, see:

JAMIE STENGLE, LM OTERO and KENDRIA LaFLEUR, Associated Press. “Coral Reefs Off Texas Coast Thrive, Defying Trend.” Omaha World-Herald (Saturday, Nov. 25, 2023): A5.

(Note: ellipses added.)

(Note: the online version of the story was updated Jan. 1, 2024, and has the title “Climate change is hurting coral worldwide. But these reefs off the Texas coast are thriving.”)

An Observant Muslim Bears Witness to the Genocidal Slaughter of Israeli Jews on October 7, 2023

(p. A17) A fetal heartbeat flutters and then stills, a bullet lodged in the embryonic heart. The mother survives the shooting and her child’s stillbirth. A body that has been decomposing for almost three weeks lies on the autopsy table, riddled with knife and bullet wounds. Another is nearby, the man’s bluetooth receiver still clipped onto his shirt. Death came as a surprise.

This is Israel. I arrived on Oct. 19 [2023] to spend 10 days as a human-rights observer with the permission of the nation’s Foreign Affairs Ministry and help from Israel Defense Forces officer Kobi Valer. As an observant Muslim, I felt a duty to come and bear witness. What I saw will remain with me forever.

. . .

One word continually came to mind: genocide.

. . .

The Oct. 7 genocide was different, more barbaric than anything before it. The attacks were cloaked in the language and metaphors of Islam, yet corrupted with cosmic enmity for the Jewish people, Judaism, global Jewry and the Jewish state. They revealed again that Islamism is a virulent impostor of Islam with intentions anathema to the faith. And there was no doubt of Islamism’s guilt: I saw real-time footage generated by the Hamas commandos’ own GoPro cameras. I heard phone calls exclaiming the Shahadah—the Islamic declaration of faith—as they murdered, executed, burned, pillaged and then broadcast their crimes.

. . .

The Oct. 7 attack was premeditated, organized and targeted, seeking to destroy as many Israelis as possible. Hamas tortured and immolated its victims, including children, pregnant women and the unborn.

For the full commentary, see:

Qanta A. Ahmed. “The Scenes of Genocide I Saw in Israeli Morgues.” The Wall Street Journal (Saturday, Nov. 11, 2023): A17.

(Note: ellipses, and bracketed year, added.)

(Note: the online version of the commentary has the date November 10, 2023, and has the same title as the print version.)

Refusenik Sharansky Argues That Palestinians Have Human Rights but Not the Right to Murder Jews

(p. A15) An Israeli politician and human-rights advocate, Mr. Sharansky was once the best-known refusenik—a name for Soviet Jews who were denied permission to emigrate to Israel. In February 1986, he became “the first political prisoner released by Mikhail Gorbachev.” He served as a cabinet minister in every Israeli government from 1996 to 2005, including a stint as Ariel Sharon’s deputy prime minister from 2001 to 2003.

Before emigrating to Israel, he spent nine years in Soviet prisons accused of treason. He’s 75 but jokes that he’s 66: “My nine years in prison don’t count.”

. . .

Mr. Sharansky abhors Oslo. Still regarded in some circles as the touchstone of Israeli-Palestinian compromise, the agreement handed control of Palestinian land to Yasser Arafat’s Palestinian Authority in the belief that he would be able to subdue Hamas. “I’m not against compromises with the Palestinians,” Mr. Sharansky says. “I’ve said I’m for a two-state solution from the moment I came to Israel. I want Palestinians to have the same rights as I, but they should never have an opportunity to destroy me.”

At Oslo, he says, Israel foisted “a ruthless dictator on the Palestinians. We told them, “Like it or not, he will be your leader.’ With [Bill] Clinton and all the free world, we gave Arafat the power to destroy all the beginnings of freedom of the Palestinian people and helped build a generation of haters.” Mr. Sharansky says it’s “absolutely ridiculous” that a “fifth generation” of Palestinians lives in refugee camps, but he says “their leaders are to blame. And the free world, that gives money to these leaders—a lot of money.”

Mr. Sharansky is certain that Israel’s security can be assured only by a free Palestinian society, in which people “enjoy a normal life, normal freedom, the opportunity to vote and have their own human rights.” In “The Case for Democracy” (2004), he wrote: “I remain convinced that a neighbor who tramples on the rights of its own people will eventually threaten the security of my people.” The book was published a year before Israel “disengaged” from the Gaza Strip, withdrawing the army and forcibly uprooting Jews who had settled there.

That decision led Mr. Sharansky to resign from Sharon’s cabinet. Arafat had failed to tame Hamas, and Mr. Sharansky believed Gaza would be taken over by the terrorist group, whose ideology is “suicide for the sake of destroying the state of Israel.” He resigned before disengagement took effect, because he didn’t want to “take responsibility for the fact that we, by our own hands, were creating the biggest terrorist base in the Middle East, and that missiles will come one day to Ashkelon,” a coastal city less than 10 miles from the Gaza border.

For the full interview, see:

Tunku Varadarajan, interviewer. “THE WEEKEND INTERVIEW; A Refusenik in a Country at War.” The Wall Street Journal (Saturday, Oct. 28, 2023): A15.

(Note: ellipsis added.)

(Note: the online version of the interview has the date October 27, 2023, and has the title “THE WEEKEND INTERVIEW; Opinion: A Refusenik in a Country at War.” In the original the word “refusenik” was italicized in the body of the interview.)

Natan Sharansky’s book mentioned above is:

Sharansky, Natan. The Case for Democracy: The Power of Freedom to Overcome Tyranny and Terror. New York: PublicAffairs, 2004.

Americans Buy SUVs, Rejecting Limited Space in Their Vehicles

(p. A6) Not all consumers think of the energy consumption and environmental benefits the same way, especially in the U.S. While EV sales accounted for 15% of the global car market last year, that was only 7.3% in the U.S.

Meanwhile, smaller vehicles, or sedans, lost a lot of ground in the U.S. market over the past decade. In 2012, sedans accounted for 50% of the U.S. auto retail space, with SUVs at just over 30%, and trucks at 13.5%, according to car-buying resource Edmunds. By 2022, U.S. sedan share dropped to 21%, while SUVs hit 54.5% and trucks grew to 20%.

“People don’t want to be limited by their space in their car,” said Eric Frehsée, president of the Tamaroff Group of dealerships in southeast Michigan. “Everyone wants a 7-passenger.”

For the full story, see:

ALEXA ST. JOHN, Associated Press. “Big Cars Erase Gains from Cleaner Tech.” Omaha World-Herald (Wednesday, Nov. 29, 2023): A6.

(Note: the online version of the story has the date Nov. 28, 2023, and has the title “Buyers go for bigger cars, erasing gains from cleaner tech. EVs would help.”)

California Regs Requiring Electric Trucks at Ports, Raise Supply Chain Costs, Fueling Inflation for Consumers

(p. B1) Neri Diaz thought he was ready for a crucial juncture in California’s ambitious plans, closely watched in other states and around the world, to phase out diesel-powered trucks.

His company, Harbor Pride Logistics, acquired 14 electric trucks this year to work alongside 32 diesel vehicles, in anticipation of a rule that says diesel rigs can no longer be added to the list of vehicles approved to move goods in and out of California’s ports. But in August the manufacturer of Mr. Diaz’s electric vehicles, Nikola, took back the trucks as part of a recall, saying it would return them in the first quarter of the new year.

“It’s a brand-new technology, first generation, so I knew things were going to happen, but I wasn’t expecting all my 14 trucks to be taken back,” he said. “It is a big impact on my operations.”

. . .

(p. B5) Large companies, with deep pockets and big facilities, are best positioned to make the green transition. Mike Gallagher, a California-based executive at Maersk, the Danish shipping giant, said the company had a fully electric fleet, comprising some 85 vehicles made by Volvo and BYD, the Chinese automaker, for transporting goods up to 50 miles out of the ports of Southern California. And it has worked with landlords to install scores of chargers at its depots.

“We’re well ahead of the curve,” he said.

But smaller trucking fleets do most of the port runs — accounting for some 70 percent at the Los Angeles port — and they are going to find the transition hard. The California Trucking Association has filed a federal lawsuit against the state’s trucking rules, including the one focused on port trucks, contending that they represent “a vast overreach that threatens the security and predictability of the nation’s goods movement industry.”

Matt Schrap, the chief executive of the Harbor Trucking Association, another trade group, said the port truck rules lacked exemptions that would help smaller businesses survive the transformation. Getting access to chargers is particularly difficult for smaller fleets, he said: They are expensive, and the truck yard landlords may be reluctant to install them, forcing the operators to rely on a public charging system that is only just getting built.

“The landlord is, like, ‘There’s not a snowball’s chance in Bakersfield that you’re going to tear up my parking lot to put in some heavy-duty charging,’” Mr. Schrap said.

Concern exists beyond the trade groups. Mr. Gallagher, the Maersk executive, said that if the clean truck rules caused serious problems for smaller operators, it could be “a significant disruption to the supply chain.”

. . .

Mr. Diaz, the operator whose Nikola trucks were recalled, said that charging the trucks cost roughly 40 percent less than diesel, and that he was impressed with their performance. Even with the help of state grants, he estimates that the electric trucks cost him as much as 50 percent more than diesel models. During the recall, Nikola has been covering the payments on the loans Mr. Diaz took out to buy the trucks, but he said he was concerned about the truck maker’s financial situation.

. . .

Rudy Diaz, president of Hight Logistics, said the new regulations had pushed up some of his costs as his company brought drivers onto its payroll and reduced its reliance on contract drivers using their own diesel trucks.

“It’s extra headaches, extra costs,” he said. “But consumers are asking for products that are more sustainable, and they’re willing to pay the price.”

For the full story, see:

Peter Eavis and Mark Abramson. “California Is Pushing E.V.s As the Future of Freight.” The New York Times (Saturday, December 30, 2023): B1 & B5.

(Note: ellipses added.)

(Note: the online version of the story was updated Dec. 29, 2023, and has the title “California Pushes Electric Trucks as the Future of Freight.”)

Cancel Culture Makes It Tougher to Be “Intellectually Interesting”

(p. B6) John Cleese is “not bothered about getting cancelled.”

. . . while he is too “old” and established to worry about it, he admitted if he was just starting his career he’d be more hesitant about his writing.

. . .

“Cancel culture tends to make people less broad in their thinking, more literal-minded. It is tougher to make funny — or intellectually interesting — associations.

When The Life of Brian was released in 1979, the Monty Python troupe faced calls for it to be banned or censored, and John, 84, thinks they were “early targets” of cancel culture.

For the full story, see:

Bang Showbiz. “Cleese ‘Too Old’ to Worry about Being Canceled.” Omaha World-Herald (Thursday, Nov. 2, 2023): B6.

(Note: ellipses added.)

Planners of Megaprojects Almost Always Over-Promise and Under-Deliver

(p. B5) Bent Flyvbjerg is an expert in the planning and management of “megaprojects,” his name for huge efforts that require at least $1 billion of investment: bridges, tunnels, office towers, airports, telescopes and even the Olympics. He’s spent decades wrapping his mind around the many ways megaprojects go wrong and the few ways to get them right, and he summarizes what he’s learned from his research and real-world experience in a new book called “How Big Things Get Done.”

Spoiler alert! Big things get done very badly.

They cost too much. They take too long. They fall too short of expectations too often. This is what Dr. Flyvbjerg calls the Iron Law of Megaprojects: “over budget, over time, under benefits, over and over again.”

The Iron Law of Megaprojects might sound familiar to anyone who has survived a home renovation. But when Dr. Flyvbjerg dug into the numbers, the financial overruns and time delays were more common than he expected. And worse. Much worse.

His seminal work on big projects can be distilled into three pitiful numbers:

• 47.9% are delivered on budget.

• 8.5% are delivered on budget and on time.

• 0.5% are delivered on budget, on time and with the projected benefits.

. . .

Humans are optimistic by nature and underestimate how long it takes to complete future tasks. It doesn’t seem to matter how many times we fall prey to this cognitive bias known as the planning fallacy. We can always ignore our previous mishaps and delude ourselves into believing this time will be different. We’re also subject to the power dynamics and competitive forces that complicate reality, since megaprojects don’t take place in controlled environments, and they are plagued by politics as much as psychology. Take funding, for example. “How do you get funding?” he said. “By making it look good on paper. You underestimate the cost so it looks cheaper, and you underestimate the schedule so it looks like you can do it faster.”

For the full review, see:

Ben Cohen. “SCIENCE OF SUCCESS; 99% of Big Projects Fail. Lego Is the Fix.” The Wall Street Journal (Saturday, February 4, 2023): B5.

(Note: ellipsis added.)

(Note: the online version of the review has the date February 2, 2023, and has the title “SCIENCE OF SUCCESS; 99% of Big Projects Fail. His Fix Starts With Legos.”)

The book under review is:

Flyvbjerg, Bent, and Dan Gardner. How Big Things Get Done: The Surprising Factors That Determine the Fate of Every Project, from Home Renovations to Space Exploration and Everything in Between. New York: Currency, 2023.

Disabled Civil Rights Leader Removed from Audience of “The Color Purple” Because the Chair He Brought Fails to Comply with the Americans with Disabilities Act

Presumably the Reverend William J. Barber II knows what chair designs reduce the chronic pain he feels from the ankylosing spondylitis he has endured “for almost 40 years.” He has what Hayek called “local knowledge” that is not possessed by the government legislators and enforcers of the Americans with Disabilities Act. Regulations keep individuals from using their local knowledge, with results that can be outrageously unfair.

(p. A15) AMC Theaters has apologized to the Rev. William J. Barber II, a civil rights leader, after he was escorted from a Greenville, N.C., theater after employees refused to allow him to use a chair he needs to manage a painful medical condition, he said.

Mr. Barber, 60, was attending a Tuesday afternoon screening of “The Color Purple” with his mother, Eleanor Barber, 90. He said he tried to use the chair, which an assistant carried for him, by placing it in an area reserved for handicapped seating, saying he had done so before in theaters, at Broadway plays and even on a visit to the White House.

He said a theater employee told him that he would not be able to use the chair, which looks like a small stool, because it did not comply with guidelines in the Americans with Disabilities Act.

. . .

Mr. Barber has a condition called ankylosing spondylitis, and walks slowly with the aid of a cane. He said the disease attacks his joints “like a guided missile” and has forced him to live with chronic pain for almost 40 years. “I describe it like that because it’s a war to live with it,” he said.

He added that people with disabilities often fight invisible battles that can be difficult for people not living with disabilities to understand.

For the full story, see:

Clyde McGrady. “Rights Leader Gets Apology For Removal From Theater.” The New York Times (Saturday, December 30, 2023): A15.

(Note: ellipsis added.)

(Note: the online version of the story has the date Dec. 28, 2023, and has the title “AMC Theaters Apologizes to Civil Rights Leader Removed From Movie Theater.”)