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What 3 million new documents tell us about Trump’s ties to Jeffrey Epstein
President Donald Trump is mentioned more than 1,000 times in the three million Jeffrey Epstein documents released Friday, after the president initially resisted the effort. While some of the references are benign, others include newly disclosed unverified sexual assault claims against Trump as well as fresh details about how some of Epstein’s victims described their interactions with the future president.
The 4 best wired earbuds for super-reliable sound, tested by editors
Wired earbuds can offer superior sound quality, and they never run out of battery. Here are the four best pairs our editors found after years of testing.
What does Lady Vols-UConn mean to women's basketball? Let Kim Caldwell tell you
Kim Caldwell on Lady Vols-UConn rivalry: "It’s one of the coolest rivalries in sports."
Israeli strikes kill at least 26 in Gaza, health ministry says, in deadliest day in months
Israeli strikes across Gaza killed at least 26 people on Saturday, according to the Palestinian Ministry of Health, the highest day’s death toll in over two months.
'Tell Me Lies' and why Gen Z is obsessed with sexy TV
'Tell Me Lies' and 'Heated Rivalry' are insanely popular. These shows are also filled with sex scenes.
How viewers around the world responded to Melania Trump’s documentary
Marla Ailor attended President Donald Trump’s inauguration last year with her family, and remembered thinking it was a long day.
Asking Eric: My son stopped speaking to me after ugly divorce - and won’t tell me why
I don’t know if I should keep trying to contact him. I have no idea why he cut me out of his life and he hasn’t told me.
‘Worst-case scenarios’: How Democratic election officials are preparing for potential Trump intrusion in the midterms
Democratic election officials are preparing for potential federal government intrusion in the midterms, as President Donald Trump’s appointees escalate their efforts to find evidence for his long-debunked election fraud claims.
Live results: Texas House 18 special election runoff
Follow live results from the Texas House 18 special election runoff.
A US House special election in Texas will narrow the GOP majority even further
Voters on Saturday will select one of two Democrats in a runoff election to fill a vacant US House seat, further narrowing Speaker Mike Johnson’s already razor-thin Republican majority.
Amazon’s layoffs are staggering. We’ve seen this before
Big Tech continues to wrestle with mass layoffs, most recently with Amazon’s announcement of 16,000 job cuts. It’s a trend that started long before the AI race: organizational change brought by the arrival of new technology.
Tulsi Gabbard inserts herself into 2020 election fraud probe
Director of National Intelligence Tulsi Gabbard has taken the extraordinary step of inserting herself into a federal probe of the 2020 election as she hunts for elusive evidence of voter fraud.
From a recalibration in Minnesota to an Epstein files release: Inside the Trump administration’s chaotic week
For a brief moment following the fatal shooting of Alex Pretti, President Donald Trump appeared to recalibrate.
Venezuela plans amnesty law for political prisoners and closure of notorious prison
Venezuela’s acting president has announced a proposed amnesty law that could lead to the release of hundreds of political prisoners, as well as the closure of a notorious detention center, in her latest concessions since the US capture of President Nicolas Maduro.
What 20 years of Arctic report cards can tell us about our changing planet
In 2006, scientists released the first version of the Arctic Report Card, now a staple at the Fall Meeting of the American Geophysical Union.
Analysis: 5 early takeaways from the DOJ’s big Epstein files drop
The Justice Department on Friday announced the long-awaited release of an enormous tranche of Jeffrey Epstein files, spanning more than 3 million pages, which it said fufilled its obligations under transparency legislation passed last year.
I’ve covered Melania Trump for more than a decade. Here’s what I learned from her new documentary
“Melania” the documentary is a big, beautiful coffee table book of a film, filled with glossy images, high fashion and a captivating soundtrack.
Unity, Video Game Stocks Fall as Google’s AI Tool Sparks Fears
Unity Software Inc. and video game stocks plunge Friday on fears of possible artificial intelligence disruption after Google began to roll out Project Genie.
Catherine O’Hara, ‘Home Alone’ and ‘Schitt’s Creek’ star, dead at 71
Catherine O’Hara, who starred in legendary films “Beetlejuice” and “Home Alone” before taking a star turn as Moira Rose on “Schitt’s Creek,” has died. She was 71.
He’s a Democratic mayor in a red state. Is he worried Trump will target his city next?
Scientists discover molecule in space that hints at origin of life
A 13-atom molecule containing sulfur has been discovered in interstellar space for the first time, providing insight into the origins of the chemistry of life.
Videogame stocks slide on Google's AI model that turns prompts into playable worlds
Shares of videogame companies fell sharply in afternoon trading on Friday after Alphabet's Google rolled out its artificial intelligence model capable of creating interactive digital worlds with simple prompts.
Schumer says both parties ‘working to get it done’ as Senate GOP works to resolve funding holdup ahead of midnight deadline
Senate Minority Leader Chuck Schumer said as he entered the US Capitol on Friday that Democrats are pushing ahead on a funding deal to avert a prolonged government shutdown.
The Department of Justice announces release of more than 3 million pages of files related to Epstein investigation
Stellantis orders US staff back to the office 5 days a week
The Jeep and Ram owner has told all US employees they must come into the office five days a week from March 30.
Live updates: More Jeffrey Epstein files released by Justice Department
Kristi Noem treated FEMA as an adversary. Then came a massive winter storm
When Homeland Security Secretary Kristi Noem strode into the Federal Emergency Management Agency headquarters last week, ahead of a monster winter storm set to wallop much of the country, she caught staffers buzzing around the agency’s response center off guard.
Trump-appointed judges are letting his immigration enforcement blitz continue
As President Donald Trump’s immigration crackdown has whisked through major US cities, trial-level judges attempting to restrain the frenzied actions of federal agents have been repeatedly slapped down by higher courts – sometimes with the help of judges the president put on the bench in his first term.
Apple buys secretive Israeli AI company Q.ai for $1.6 billion in biggest acquisition of its history
With the move, Apple aims to improve its access to AI technology, which has suffered recent setbacks, especially after several delays in deploying Apple Intelligence's full announced capabilities.
'Our nursery rhyme business began in a bedroom'
The founder of a children's music firm tells how their songs have travelled from cassette to YouTube.
Ex-Attorney General Eric Holder speaks out on the FBI’s seizure of 2020 election ballots
Inside the premiere of Melania Trump’s not-documentary documentary
First lady Melania Trump wants you to know that her new documentary is not a documentary.
Trump expected to nominate Kevin Warsh for Federal Reserve chair
President Donald Trump is expected to announce Friday his intent to nominate Kevin Warsh to be the next Federal Reserve chair, according to two people involved in the process.
Poll: So, Will You Be Getting Tomodachi Life: Living The Dream For Switch?
Go on, tell us
Scott Jennings calls President Trump’s border czar ‘a masterclass’
Philadelphia nonprofit helps people with mental health, intellectual challenges find job opportunities
A Philadelphia nonprofit is finding job opportunities for people with mental health and intellectual challenges.
Expert Comment: Computers can help us to do science, but they can’t
Dr Heloise Stevance, Schmidt AI in Science Fellow in Oxford University’s Physics Department, is a computational astrophysicist developing intelligent recommendation systems for sky surveys. In this
CNN’s Manu Raju breaks down the deal reached to avert government shutdown
How Tesla’s grand robotic vision shapes their future business - and how much Musk gets paid
Minority Leader Hakeem Jeffries provides an update on the latest government funding negotiations
Science Politics communicates science, tech and policy to a broad audience | School of Foreign Service
Science Politics, a new STIA publication, blends academic rigor with journalistic storytelling to reach scholars, policymakers and the general public.
Science Politics communicates science, tech and policy to a broad audience | School of Foreign Service
Science Politics, a new STIA publication, blends academic rigor with journalistic storytelling to reach scholars, policymakers and the general public.
Google disrupts IPIDEA residential proxy networks fueled by malware
IPIDEA, one of the largest residential proxy networks used by threat actors, was disrupted earlier this week by Google Threat Intelligence Group (GTIG) in collaboration with industry partners.
Dispute over the Olympic medal stripped from US gymnast Jordan Chiles goes back to Swiss court
A gymnastics medal disputed by the United States and Romania at the 2024 Paris Olympics is heading for a fresh legal review in a Swiss court.
Trump is scared of the politics of ICE. And it’s showing.
Even after a press conference Thursday morning from the new leader of President Donald Trump’s immigration crackdown in Minneapolis, Tom Homan, it’s still not clear exactly how much the mission will change in the aftermath of Alex Pretti’s killing.
Night owls may face higher risk of heart disease
Adults — especially women — who stay up late have a worse cardiovascular health score and a higher risk of heart attack or stroke, according to a new study.
John Leguizamo under fire for demanding fans choose between him and ICE
John Leguizamo sparks controversy telling ICE supporters not to follow him or watch his movies. Fans remain divided over the actor's bold stance.
Healey tells business leaders she's focused on driving down costs in Mass.
Gov. Healey spoke to business leaders Thursday to share her focus on affordability.
cbdMD Strengthens Regulatory Science Platform to Support Emerging Regulatory Cannabinoid Evaluation Pathways
cbdMD, Inc. (NYSE American: YCBD), a leading innovator in hemp-derived wellness products, today announced a strategic initiative to integrate and expand its regulatory science, safety, and intellectual property assets to establish a differentiated cannabinoid compliance and evidence platform aligned with evolving federal healthcare evaluation frameworks, including emerging CMS and CMMI innovation initiatives.
Senate blocks massive funding bill, with critical talks underway to avoid government shutdown
Bipartisan senators blocked a massive spending bill Thursday, as eleventh-hour talks continue to avoid a costly partial government shutdown that looms at the week’s end.
Apple acquires audio AI startup Q.ai
Apple on Thursday said it has acquired Q.ai, an Israeli startup working on artificial intelligence technology for audio.
AI helps expand medical response capacity for treating Bay Area's homeless
The Future Communities Institute and its partners in the San Francisco Bay plan to use artificial intelligence to act as a force multiplier for street medical teams that help to improve patient outcomes and social referrals for the region's homeless.
Live updates: Trump weighs Iran strike, government shutdown looms
Xevant Named a 2025 Modern Healthcare Best in Business Company for AI
Xevant, a leader in real-time pharmacy benefits intelligence, today announced it has been named a 2025 Modern Healthcare Best in Business company in the Artificial Intelligence (AI) category. The recognition honors healthcare suppliers and technology partners whose innovations delivered measurable impact across the healthcare ecosystem in 2025.
After assault on Ilhan Omar, Trump responds with another blame-the-victim conspiracy theory
President Donald Trump did it after the 2021 attack on the US Capitol. He did it after the 2022 attack on the husband of then-House Speaker Nancy Pelosi. He did it after the murder last month of filmmaker and Democratic activist Rob Reiner. And he did it again on Tuesday after an attack on another Democrat, Rep. Ilhan Omar of Minnesota.
Sen. Amy Klobuchar launches her bid for Minnesota governor
Sen. Amy Klobuchar launched a Democratic bid for governor on Thursday, pledging to unify her state and move beyond a deadly battle with the federal government over immigration.
Civic Science Media: Reimagining How We Communicate Science
A 2022 award winner of the National Academies’ Eric and Wendy Schmidt Awards for Excellence in Science Communications, J.D. Allen discusses his civic science media framework, his nuclear energy broadcast initiative, and how incorporating community engagement and solutions-focused journalism improves science storytelling.
Actor Paul Dano responds to Quentin Tarantino’s criticism of him
Actor Paul Dano has broken his silence about Quentin Tarantino’s harsh criticism of him.
Trump directs team to beef up his public schedule to combat questions about his stamina
Vague descriptions of presidential signing ceremonies, policy meetings and industry executive sit downs — mostly behind closed doors — began peppering President Donald Trump’s public schedule at the end of last year.
‘What if I told you this school had no teachers?’: Is AI schooling the future of education — or a risky bet?
Alpha School, which purports to teach children academics using AI for two hours a day, has got the support of the Trump administration, but leaves some education experts and parents unimpressed.
How Do Climate Scientists Use Artificial Intelligence?
The AI used in climate research right now is much less energy intensive than the large language models like ChatGPT.
What to know about the Melania Trump documentary
As Melania Trump prepares to walk the red carpet at the newly rebranded Kennedy Center Thursday evening, she is proving that a peek behind the curtain of her life isn’t just a historical record, but a multi-million-dollar commodity.
How Stephen Miller micromanages Trump’s immigration policies
Stephen Miller has sought this week to distance himself from the recent fatal shootings in Minneapolis and the administration’s miscalculated response. But more than anyone, Miller has been the overall architect of Trump’s aggressive deportation push, encouraging heavy-handed operations in blue cities, and urging agencies to cast a wide net to meet hefty arrest quotas.
Analysis: Trump 2.0 sees terrorism all over the place
The Trump administration is living in a state of perpetual terror, both foreign and domestic.
Trump’s National Guard deployments have cost taxpayers nearly $500 million dollars
President Donald Trump’s sweeping deployment of National Guard troops to several major cities across the United States cost taxpayers approximately $496 million from June through December last year, according to an estimate from the Congressional Budget Office.
The accidental climate scientist who uncovered an unexpected force of global warming
The Swedish Royal Academy of Sciences has awarded the Crafoord Prize to climate scientist Veerabhadran Ramanathan. He discovered a powerful force of global warming.
Xi-Starmer meeting: Chinese leader tells PM he hopes both countries can ‘rise above differences’
At Beijing talks, British prime minister Keir Starmer tells Xi he wants a ‘more sophisticated’ relationship with China
Analysis: Why the Minnesota deportation impasse will be so hard to solve
What happens now that the tough Minnesota deportation crackdown has turned tragic depends on whether President Donald Trump concludes he simply has an optics problem or whether he’s ready to make genuine changes to unpopular hardline policies that are central to his political identity.
Are men being misled over testosterone?
In part one of a miniseries exploring the popularity of testosterone, Madeleine Finlay hears from Professor Channa Jayasena of Imperial College London, who is chair of the Society for Endocrinology, about how this craze is manifesting in NHS clinics, and from ‘Sam’ who tells Madeleine about his own journey with the hormone
Laura Coates assesses the new video showing Alex Pretti clashing with agents days before his death
Talks intensify to avert shutdown as White House and Senate leaders eye last-ditch deal
The White House and Senate leaders are moving closer to a deal to avert a government shutdown but are seeking to resolve final sticking points in eleventh-hour negotiations ahead of Friday’s deadline, according to several sources familiar with the talks.
Justice Department bracing for more resignations in Minnesota
The Justice Department is bracing for a new wave of resignations in the Minnesota federal prosecutors’ office over recent immigration enforcement efforts in the state, sources familiar with the matter said.
Matt Damon and Ben Affleck in ‘The Rip’
Mayor Frey apologizes to a constituent
Takeaways from CNN’s Minnesota town hall
Minneapolis Mayor Jacob Frey, in a CNN town hall Wednesday night, stood by the city’s sanctuary policies and repeated his demand that federal immigration agents leave the city.
Tiny mammals are sending warning signs scientists can finally read
Small mammals are early warning systems for environmental damage, but many species look almost identical, making them hard to track. Scientists have developed a new footprint-based method that can tell apart nearly indistinguishable species with remarkable accuracy. Tested on two types of sengi, the system correctly identified them up to 96% of the time. It offers a simple, ethical way to monitor ecosystems before they quietly unravel.
Case of measles confirmed in Arizona ICE facility
The US Department of Homeland Security says a person in detention at an Arizona Immigration and Customs Enforcement facility has measles, a highly contagious virus that can cause high fevers and a distinctive rash.
Democrats demand major overhaul to ICE, as government shutdown risk skyrockets
Democrats in Congress are digging in against any funding deal with President Donald Trump this week that doesn’t include major changes to federal immigration enforcement – dramatically increasing the odds of a shutdown at week’s end.
Tesla
Telsa’s revenue and profits tumbled in the fourth quarter, capping off the most difficult year for the electric automaker since it became profitable six years ago.
Meta Says Revenue to Beat Estimates, Supporting AI Spending
Meta Platforms Inc.’s better-than-expected sales outlook helped ease Wall Street concerns about plans for unprecedented spending on artificial intelligence this year.
Dispatch Is Censored on Nintendo Switch Due to Platform 'Content Criteria', Developer Says
Dispatch, the superhero workplace comedy made by Telltale veterans at AdHoc Studio, is out now on Nintendo Switch. But a number of excited new and returning players aren't super happy about the release, as it turns out the game has been pretty aggressively censored on the system.
Sacramento Bee adds political reporting firepower at California Capitol
Ben Paviour will join The Bee next month as California Political Power Reporter, delivering exclusive storytelling on Statehouse politics.
Some of ‘Star Search’s’ biggest losers became megastars. Can the revival live up to its past?
Aaliyah, Britney and Beyoncé famously lost when they appeared on “Star Search” back in the day. Those who bested them look back as a new reboot takes off.
Fact check: Trump says Democrats don’t talk about affordability anymore (they do) because inflation is over (it isn’t)
President Donald Trump tried Tuesday to concoct an alternative reality on the subject of “affordability” – piling lie on top of lie to try to convince Americans that the issue has vanished.
What is HRV? What the smartwatch and Oura ring metric can really tell...
Trump’s immigration approach is gumming up the courts, frustrating his DOJ and judges
The Justice Department and federal courts are struggling to keep up with the exponential increase in federal court cases of immigrants in custody who are challenging their detentions, another result of the Trump administration’s aggressive immigration enforcement policies across the country.
The Odds: Is DHS Secy. Noem becoming an unavoidable political problem for President Trump?
Health officials scramble to contain largest measles outbreak to hit U.S. in decades
The Unsettling Experience of Reporting on Trump’s Health
Chatting with Intelligencer’s Ben Terris about presidential hand bruises and White House sycophancy.
Live updates: Trump issues warning to Iran as Rubio testifies before Senate on Venezuela
Claire Danes says she freaked out when she found she was pregnant at 44
Claire Danes has said she went into “meltdown” when she discovered she was pregnant with her third child at age 44.
5 things to know for Jan. 28: Minnesota ICE crackdown, Political violence, Severe weather, Social media trial, Epstein files
CNN’s 5 Things AM brings you the news you need to know every morning.
Centrist ideas no longer wanted in Conservative party, says Kemi Badenoch
Party leader tells MPs that one-nation Tories doubting her rightward direction ‘need to get out of the way’
Analysis: Trump’s team almost never backs down from its false claims. This past week has been different
From the start, this has been a say-anything presidential administration.
Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs
In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash
Thousands of Californians move to Idaho every year. Who are they?
They’ve faced, at times, a chilly welcome from Idahoans. What the data tell us about the state’s largest group of newcomers.