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Take Action: Stand with the Disneyland Entertainment Cast Members! | New York City Central Labor Council, AFL-CIO
The Character and Parade Cast Members who help bring the magic of Disneyland to life have been bargaining for their first union contract since October 2024. While there has been some progress at the negotiating table, Disneyland management will not come to terms for a deal. In fact, management is now trying to eliminate worker benefits!
Batman Makes You Nicer. Science Just Proved It.
A social experiment found that people acted more chivalrous when someone dressed as the Caped Crusader was nearby.
U.S. Lost 23,000 Jobs In July, But Entertainment Industry Saw An Uptick
The U.S. economy lost 23,000 in July, while the unemployment rate fell slightly to 4.1%. The figures showed declines in local government education and retail trade, according to the figures from the Bureau of Labor Statistics. The job loss was unexpected, with analysts estimating a gain of as much as 100,000. Jobs in movies and …
U.S. Lost 23,000 Jobs In July, But Entertainment Industry Saw An Uptick
The U.S. economy lost 23,000 in July, while the unemployment rate fell slightly to 4.1%. The figures showed declines in local government education and retail trade, according to the figures from the Bureau of Labor Statistics. The job loss was unexpected, with analysts estimating a gain of as much as 100,000. Jobs in movies and […]
US economy unexpectedly shed jobs in July
The Labor Department released the July 2026 jobs report, which showed the U.S. economy shed jobs unexpectedly last month amid uncertainty over inflation.
Business Restructuring Review Vol. 25 No. 4 July-August 2026
In This Issue New York Bankruptcy Court: Premature Allegations of Creditor Mistreatment Insufficient to Deny Chapter 15 Recognition of Foreign Restructuring Proceeding In In re ARD Finance, S.A., No. 25-12794 (MG), 2026 WL 817458 (Bankr. S.D.N.Y. Mar. 25, 2026), the U.S. Bankruptcy Court for the Southern District of New York was presented with a petition seeking chapter 15 recognition of Luxembourg's recently enacted bankruptcy law governing judicial reorganization proceedings. The court granted the petition, turning aside challenges to recognition voiced by a creditor group arguing that recognition should be denied based upon allegations of unfairness to creditors in the Luxembourg proceeding that would make recognition manifestly contrary to U.S. public policy. According to the bankruptcy court, recognition was warranted because: (i) the rules and procedures governing the proceeding under Luxembourg law were fundamentally fair; (ii) the petition otherwise satisfied chapter 15's recognition requirements; and (iii) the creditor group's allegations were premature, given the fact that the Luxembourg court presiding over the debtor's restructuring proceeding had not confirmed a restructuring plan, and all creditors had the right to participate fully and voice their objections in the proceeding (including the right to appeal an order approving a plan). [read more …] Florida Bankruptcy Court Examines Scope of Discovery in Chapter 15 Cases In In re Banco Master, S.A., No. 25-24568-SMG, 2026 WL 931729 (Bankr. S.D. Fla. Apr. 6, 2026), the U.S. Bankruptcy Court for the Southern District of Florida granted in part and denied in part post-recognition motions filed by an insider of a foreign debtor seeking to bar or limit discovery sought by the debtor's foreign representative concerning allegedly voidable transfers involving the debtors' U.S. real property. According to the court: (i) although chapter 15 includes its own discovery provisions among the relief that may be granted to a foreign representative, the expansive discovery available in cases under other chapters of the Bankruptcy Code is also available in chapter 15 cases; (ii) the discovery sought by the foreign representative was permissible; (iii) discovery regarding matters that were the subject of a pending adversary proceeding had to be undertaken under the more restrictive rules applicable to such proceedings; and (iv) a discovery request would be barred to the extent that it sought production of documents or testimony from a subpoenaed entity that exceeded the geographic limitations specified in such rules. [read more …] Delaware District Court Affirms Chapter 15 Recognition Order Enforcing Nonconsensual Third-Party Releases In U.S. Int'l Dev. Fin. Corp. v. Credito Real S.A.B. de C.V. SOFOM, E.N.R. (In re Credito Real S.A.B. de C.V. SOFOM, E.N.R.), 677 B.R. 192 (D. Del. 2026), appeal filed, No. 26-2356 (3d Cir. June 5, 2026), the U.S. District Court for the District of Delaware affirmed a bankruptcy court order granting chapter 15 recognition to a Mexican "concurso mercantile" proceeding and enforcing nonconsensual third-party releases approved by the Mexican court. Agreeing with the bankruptcy court that the releases were not manifestly contrary to U.S. public policy, the district court concluded: "It is well settled that U.S. bankruptcy courts can give effect to foreign orders in recognized foreign proceedings pursuant to the authority granted in Chapter 15, even when those orders contain relief unavailable under U.S. law. [The appellant's] arguments misconstrue the Supreme Court's narrow holding in Purdue, applicable in Chapter 11 cases, as well as the statutory framework of Chapter 15 and its core policy objectives. Accordingly, I will affirm the Enforcement Order." The ruling has been appealed to the U.S. Court of Appeals for the Third Circuit. [read more …] Fifth Circuit: Bankruptcy Court, Not State Court, Had Jurisdiction to Allow or Disallow Administrative Expense Claim In Storey Minerals Ltd. v. EP Energy E&P Co., LP (Matter of EP Energy E&P Co., LP), 169 F.4th 609 (5th Cir. 2026), the U.S. Court of Appeals for the Fifth Circuit affirmed lower courts' rulings disallowing a creditor's administrative expense claim. It also rejected the creditor's argument that, because the claims were predicated on state law, a state court should adjudicate the merits of the state law causes of action before the bankruptcy court could allow or disallow the claim as an administrative expense. According to the Fifth Circuit, even though the causes of action were based on state law, the bankruptcy court had jurisdiction to determine whether the creditor's claims should be conferred with administrative expense priority in the debtors' chapter 11 case. [read more …] New York Bankruptcy Court: Dismissal of Involuntary Chapter 11 Case Filed Prior to Commencement of Foreign Restructuring Proceeding Unwarranted In In re Xinyuan Real Estate Co. Ltd., No. 25-10745 (PB), 2026 WL 592250 (Bankr. S.D.N.Y. Mar. 3. 2026), the U.S. Bankruptcy Court for the Southern District of New York considered the bona fides of an involuntary chapter 11 petition filed by certain holders of U.S. dollar-denominated notes against a holding company for a group of Chinese property development companies that filed a restructuring proceeding in the Cayman Islands after the noteholders filed the involuntary chapter 11 petition. The court denied the debtor's motion to dismiss the chapter 11 case. Given the timing of the filing of the Cayman Islands restructuring proceeding, the absence of any progress in the proceeding for seven months, the debtor's need to restructure notes governed by U.S. law, and the debtor's lack of any meaningful contacts to the Cayman Islands, dismissal of the chapter 11 case was unwarranted under the applicable provision of the Bankruptcy Code, international comity, or the doctrine of forum non conveniens. [read more …] Bankruptcy Court Evaluates Trustee's Authority to Sell Avoidance Actions and Right of Target Defendants to Object In In re Law Enf't Officers Sec. Union, No. 24-70277-JAD, 2026 WL 560452 (Bankr. W.D. Pa. Feb. 27, 2026), a chapter 7 trustee sought court approval to sell certain avoidance actions to a creditor of the debtor's estate. Potential targets of the subject avoidance actions objected, arguing that such claims were nontransferable powers of the trustee rather than saleable estate property and urging the court to approve their competing settlement with the trustee. The U.S. Bankruptcy Court for the Western District of Pennsylvania disagreed with the potential defendants, holding that they lacked standing to object to the proposed sale, that avoidance actions are indeed estate property, and that the sale—rather than the settlement—best served the estate's interests. [read more …] U.S. Supreme Court Bankruptcy Roundup in Brief In Keathley v. Buddy Ayers Construction Inc., No. 25-6, 2026 WL 1686028 (U.S. June 11, 2026), the U.S. Supreme Court overturned a Fifth Circuit decision judicially estopping a chapter 13 debtor from asserting a personal injury claim against a construction company because the debtor failed to disclose the claim during his bankruptcy case. In so ruling, the Court held that "[t]he Fifth Circuit erred by artificially narrowing its inquiry to whether the debtor had knowledge of the underlying facts or a potential motive to conceal the claim." It represents the first time that the Court has applied judicial estoppel in the bankruptcy context, although it has suggested in other contexts that it may be inappropriate where an inconsistent legal position resulted from "inadvertence or mistake." Also in June, the Court denied petitions for certiorari in a few notable bankruptcy cases. [read more …] Newsworthy Heather Lennox (Cleveland/New York) (Star Individual), Bruce Bennett (Los Angeles) (Senior Statesperson), Kevyn D. Orr (Washington) (Eminent Practitioner), Gregory M. Gordon (Dallas) (Band 1), Carl E. Black (Cleveland), Corinne Ball (New York) (Senior Statesperson), Brad B. Erens (Chicago), Jeffrey B. Ellman (Atlanta), T. Daniel Reynolds (Cleveland), and Dan T. Moss (Washington/New York) were recognized as leading lawyers in the practice area Bankruptcy/Restructuring in the 2026 edition of Chambers USA: The World's Leading Lawyers for Business. The 2026 edition of Lawdragon 500 Leading Bankruptcy and Restructuring Lawyers ranked the following lawyers: Corinne Ball (New York) (Hall of Fame), Bruce Bennett (Los Angeles), Carl E. Black (Cleveland), Jeffrey B. Ellman (Atlanta), Brad B. Erens (Chicago), Gregory M. Gordon (Dallas), Heather Lennox (Cleveland/New York), Joshua M. Mester (Los Angeles), and Kevyn D. Orr (Washington). Fabienne Beuzit (Paris) and Jasper Berkenbosch (Amsterdam) were among the "Leading Individuals" ranked in the 2026 edition of The Legal 500 EMEA guide in the field of Restructuring and Insolvency or Insolvency. Rodolphe Carrière (Paris) was named a "Next Generation Partner" in the practice area Insolvency. Sid Pepels (Amsterdam) was selected by Global Restructuring Review's 40 under 40 2026. He was identified as a Rising Star within the global cross-border restructuring community. Global Restructuring Review is a leading digital subscription service, news outlet, and information platform dedicated exclusively to cross-border insolvency and corporate restructuring law. Fabienne Beuzit (Paris), Rodolphe Carrière (Paris), and Isabelle Maury (Paris) were recognized in the 2027 edition of The Best Lawyers in France™ in the practice area Insolvency and Reorganization Law. An article written by Corinne Ball (New York) titled "Comity and Fairness are Critical to Granting Additional Assistance under Chapter 15: A Canadian Reverse Vesting Order and Related Releases in Proceedings Involving Canadian and U.S.-Affiliated Companies Are Approved" was published in the June 24, 2026, edition of the New York Law Journal. An article written by Caitlin K. Cahow (Detroit) titled "New York Bankruptcy Court Weighs In on Adequate Assurance of Future Performance under Assigned Leases and Chapter 11 Plan Exculpation Provisions" was published on June 8, 2026, in Lexis Practical Guidance. An article written by Trisha L. Mowbray (Real Estate; Chicago) and Ryan Sims (Washington) titled "Chapter 11 Plan that Abridged Non-Debtor Lessee's Rights to Remain in Possession After Rejection Unconfirmable as Having Been Proposed in Bad Faith" was published on June 16, 2026, in the Harvard Law School Bankruptcy Roundtable. An article written by Dan T. Moss (Washington/New York), Corinne Ball (New York), Isel M. Perez (Miami), and David S. Torborg (Washington) titled "Texas Bankruptcy Court Adopts Barnet Rule Requiring Foreign Debtor to Have U.S. Assets to Be Eligible for Chapter 15 Relief" was published on June 10, 2026, in Lexis Practical Guidance. An article written by Daniel J. Merrett (Atlanta) and Nathaniel Parr (Atlanta) titled "Southern District of Texas Clarifies Post-Purdue Course for Consensual Third-Party Releases and Gatekeeping Provisions" was published on June 11, 2026, in Lexis Practical Guidance. An article written by Corinne Ball (New York) titled "LMEs, Sophisticated Investors and Equitable Mootness: The Fifth and Third Circuits Warn Against Testing the Limits of Chapter 11" was published in the June 2026 issue of the American Bankruptcy Institute Journal. Nicholas J. Morin (New York) was quoted in an article titled "Serta Ruling Offers Damages Road Map in Lender-on-Lender Disputes," published by Bloomberg Law on July 7, 2026. The article discussed U.S. Bankruptcy Judge Christopher Lopez's July 7, 2026, ruling that participating lenders in Serta Simmons Bedding's 2020 non-pro rata uptier exchange breached the credit agreement's ratable-sharing provision, and awarding excluded lenders more than $261 million in damages. The opinion resolves six years of litigation related to Serta's 2020 transaction, where it raised $200 million in new financing and exchanged $1.2 billion of term loans for $875 million in superpriority debt. Judge Lopez found that the debt-for-debt exchange constituted a "payment" under the credit agreement, requiring proportional sharing among lenders, and dismissed various defenses raised by the participating lenders. The case is Serta Simmons Bedding LLC v. AG Centre Street Partnership (In re Serta Simmons Bedding LLC), 2026 WL 1968535 (Bankr. S.D. Tex. Jul. 7, 2026). The New York Law Journal has recognized Andrew M. Butler (New York) as a 2026 "Rising Star" in Restructuring/Bankruptcy as part of the New York Legal Awards. The Rising Star category recognizes New York's most promising lawyers age 40 and under who have distinguished themselves through exceptional legal work, leadership, and contributions to the profession. Lawyer Spotlight: Daniel J. Merrett Dan Merrett, a partner in the Atlanta Office, has spent nearly 20 years representing all manner of stakeholders in complex corporate restructurings and chapter 11 reorganizations. His practice extends to related transactions and disputes involving acquisitions; divestitures; credit facilities; securities; environmental obligations; and vendor, employee, and governance matters. Dan has substantial experience managing mass tort liabilities, including the restructurings and related chapter 11 cases of affiliates of Georgia Pacific and Johnson & Johnson, implemented to resolve asbestos and talc liabilities. He also represents key parties in energy and infrastructure matters, including facility owners, EPC contractors, and joint-venture parties. Dan was a key player in the restructuring teams in the historic bankruptcies of the City of Detroit and Chrysler. His other significant representations in chapter 11 cases include AFA Foods, Alpha Natural Resources, Dana Corporation, M&G Chemicals, McDermott International, Monster/CareerBuilder, Transtar Industries, and Westinghouse. He is licensed in both the United States and England & Wales and recognized in restructuring by Chambers USA and Best Lawyers.
Bond 2025 Project Update: Career & Technical Education (CTE) Center and Environmental Science Center (ESC)
The district is advancing planning and scheduling for the upcoming major capital projects.
Lancaster County public sales: Aug. 7, 2026
Martin & Rutt Auctioneers LLC, of New Holland, conducted a public auction of real estate July 28 for Tina Weaver at 5611 Meadville Road, Gap. A six-bedroom home with three-bay
Data center politics shape Virginia scrutiny of NextEra-Dominion deal
Gov. Abigail Spanberger isn't opposing the tie-up yet but says she is "deeply skeptical" that consumers and public policy priorities are protected through the proposed utility merger.
Nationals Make Waiver Claim, Get Bad News on Connelly Early
The Washington Nationals added one to the roster, updated the status of a projected starter while another cleared waivers
Hunter House is building a replica of its iconic restaurant, all the way down to the grill
The new Hunter House restaurant building in Birmingham is expected to open this fall.
How Has the Russia-Ukraine War Affected NATO?
It comes as no surprise that the Ankara Summit Declaration defines Russia as a long-term threat to Euro-Atlantic security and stability.
Scientists studied animal bones in South Australia’s underwater caves; those near light carried algae marks while bones in total darkness remained remarkably pristine
Animal bones resting on the floors of South Australia's underwater caves are revealing far more than the identity of the creatures they once belonged to. According to a new study published in PLOS One, the cave environment itself leaves distinct "fingerprints" on bones, helping scientists reconstruct how they were deposited, the environmental conditions they experienced after deposition, and the processes that affected their preservation over time.
A ‘clown show’ of carpetbaggers and characters has upended a Republican primary in Trump’s backyard
Two scandal-scarred former congressmen from other states. A pair of candidates who once competed against each other in Illinois. An adviser to an Indiana lawmaker and an ex-underwear model imprisoned for his role in the January 6 attack on the US Capitol.
🥐 Transfer market erupts, 5️⃣ stories shaping Friday
The transfer market explodes this August 7 with historic moves in the capital and Barcelona. Amid record-breaking figures in Chamartín, unexpected twists in negotiations involving the biggest stars, ...
Worrying Update On Former Canucks Captain Quinn Hughes’ Future
Minnesota dramatically reshaped its roster last December by acquiring former Norris Trophy-winning defenseman and Vancouver Canucks captain Quinn Hughes in one of the most significant trades in franchise history.Although many expected Hughes to end up with one of two Eastern Conference contenders, the Wild ultimately emerged as the surprise destination. He wasted little time becoming […] The post Worrying Update On Former Canucks Captain Quinn Hughes’ Future appeared first on HEAVY.
Penguins’ Bill Zonnon Reveals Sidney Crosby’s True Character
Longtime Pittsburgh Penguins captain and future Hall of Fame franchise icon Sidney Crosby is under contract for at least one more season, though he’s openly spoken about how he intends to continue his career with year-to-year contracts.In the meantime, Crosby managed to help lead the Penguins back to the Stanley Cup Playoffs earlier this spring […] The post Penguins’ Bill Zonnon Reveals Sidney Crosby’s True Character appeared first on HEAVY.
Thousands of Haitians lose immigration status, face deportation
The temporary protected status many Haitians had has been cancelled as the country remains unstable
Earth’s molten core suddenly reversed direction — and scientists don’t know why
Earth’s molten iron core unexpectedly reversed direction beneath the Pacific, revealing a dramatic change in the hidden engine that creates our planet’s magnetic field. Satellite data suggest the surge is already weakening, raising the possibility that the deep-Earth upheaval is part of a mysterious natural cycle.
Scientists find unexpected life on Ötzi the Iceman’s 5,300-year-old body
More than 5,000 years after his death, Ötzi the Iceman is still hosting a remarkable mix of ancient and modern microorganisms. Researchers separated microbes that lived in his body during his lifetime from those that arrived after his death, uncovering traces of his original gut bacteria and cold-loving yeasts that may have survived alongside him in the glacier for millennia.
Developer unveils plan for massive performing arts district in rural Johnson County
The 335-acre site sits at the northwest quadrant of 175th Street and Interstate 35. More details are expected to come later this month.
Patriots’ Drake Maye Gets Honest About WR Trade Rumors
The New England Patriots and quarterback Drake Maye are heading into the 2026 NFL season with big expectations. After making a run to the Super Bowl last year, similar success is expected this year.Unfortunately, the Patriots were unable to come out on top in the Super Bowl last year. They came up short against the […] The post Patriots’ Drake Maye Gets Honest About WR Trade Rumors appeared first on HEAVY.
Flesh-eating bacteria has killed 5 in Louisiana this year, officials say
A flesh-eating bacteria found in warm coastal waters is responsible for at least five deaths so far this year in Louisiana, state health officials reported Thursday.
High school sports tryouts and practices kick off Aug. 17
Our high school fall sports season will kick off on Monday, Aug. 17, with tryouts and practices beginning for high school football. Tryouts and practices for all other high school sports, including cheerleading, boys' soccer, girls' soccer, boys' cross country, girls' cross country, girls' tennis, girls' swimming and diving and volleyball, will begin on Monday, Aug. 24. Tryouts and practice schedules Tryout and practice schedules are available via the practice schedules button located on the fall sports page of our website. Please note that practice schedules are subject to change due to inclement weather or unanticipated circumstances. Registration information As a reminder, students and parents must fill out all required paperwork on Final Forms to participate in tryouts and practices. A physical conducted within the last 12 months is mandatory for any student interested in trying out for an athletic team and must be uploaded into Final Forms platform. Families are encouraged to get a completed physical from their child's physician. If you are unable to get a physical from your child's physician, you can schedule a free physical with Whitney Young's school-based health center by calling (518) 573-2556. Additionally, the district physician will also be available to facilitate sports physicals at Albany High in room 4253 on the following dates: Monday, Aug. 17 from 10:30 a.m.-3 p.m. Thursday, Aug. 20 from 10:30 a.m.-3 p.m. Sports physicals on Aug. 17 and 20 are free and no appointment is necessary. Academic Eligibility As a reminder, students must be in good academic standing to participate in athletics. Academic eligibility will start at the beginning of each academic year. Eligibility is determined based on quarterly grades, and interim progress reports will serve as an important academic checkpoint for all student‑athletes. For additional details about academic eligibility, please see our Athletic Code of Conduct. Falcons, we can't wait to see you soar this fall season!
California's cyclosporiasis cases are 'higher than expected,' but officials aren't sure why
There are no known cyclosporiasis outbreaks in California, but officials say case numbers are higher than they expected for this point in the season.
WATCH: Trump signs executive orders imposing new limits on birthright citizenship
President Donald Trump said Thursday that he is once more trying to limit the number of people who are born in the country who can become American citizens, in a sign that even after his first attempt at limiting birthright citizenship was rejected by the Supreme Court, he's ready to try again.
Quantum research focus of summer training school for higher education students
The Penn State Center for Theory of Emergent Quantum Matter (C-TEQ), a center housed under the Institute for Computational and Data Sciences' Quantum Hub, recently hosted a summer school for 80 higher education students from across the country. The summer school brought in various quantum science experts and held activities such as lectures, student poster sessions and local excursions.
Video: How the Migrant Crisis in Ceuta Ignited a Backlash Against the Far Right
A sudden migrant surge from Morocco into the Spanish territory of Ceuta attracted the presence of far-right, anti-immigrant politicians. But many locals say they don’t want their multicultural home to be used as a political prop.
Protect College Sports Act debate has ‘failed’ to listen to Black Americans, CBC says - Live Updates
“The people most affected by this legislation have not been meaningfully included in shaping it,” CBC Chair Yvette Clarke said in a statement.
How Abdul El-Sayed rose from political oblivion to progressive breakthrough in Michigan
El-Sayed, 41, has never held elected office and entered the race seven years after losing Michigan’s Democratic gubernatorial primary by more than 20 percentage points.
Penn to replace much of David Rittenhouse Laboratory with $520M project
University of Pennsylvania is investing $520 million in a new Physical Sciences Building at 33rd and Walnut, expected to open in 2031.
New creative hub uptown draws hundreds of entrepreneurs, lands first office tenant (PHOTOS)
Sparkhouse Uptown, a 20,000-square-foot creative hub in Charlotte, has attracted hundreds of entrepreneurs since opening in June at 500 N. Tryon St.
Four Kentucky natives selected for 2026 Sports Hall of Fame class
Four Kentucky natives representing baseball, basketball, track and field, and officiating have been selected as the Kentucky Sports Hall of Fame Class of 2026, the Louisville Sports Commission announced Thursday.
Measles exposure reported at Universal Studios Hollywood
Health officials in Los Angeles County said a person infected with measles visited Universal Studios Hollywood and potentially exposed others to the virus.
Ball x Pit's final free Xbox update adds new balls, characters, and abilities
Developer Kenny Sun has rolled out the final free update for Ball x Pit, which Xbox Game Pass subscribers can check out now.
It looks like Dell’s initial Googlebook will be the XPS 13
As we continue to track the Googlebook devices currently in development ahead of Google’s expected fall launch window, watching the hardware picture come into focus has been pretty fascinating....
Leprosy cases climb in Florida: Here’s how to reduce your risk
Leprosy is considered rare in the U.S., and most Americans catch the disease while traveling abroad.
iPhone 18 Pro Launching Next Month With These 12 New Features
It is now August, and that means the iPhone 18 Pro and iPhone 18 Pro Max are just a month away. The devices are expected to look similar to the iPhone 17 Pro and iPhone 17 Pro Max, but there will still be many year-over-year changes, with rumored features including a smaller Dynamic Island, 5G via satellite, and more.
U.S. moves to shut a Kentucky organ donation group, citing safety failures
The U.S. moves to shut a Kentucky organ donation group that's been accused of continuing plans for organ retrieval from some patients who unexpectedly showed signs of life.
American Slaveholders Lost Their Wealth but Kept Their Political Power
In new research, Luna Bellani, Anselm Hager, and Stephan Maurer examine how the abolition of slavery after the American Civil War affected the political influence of former slaveholders. Despite the blow to their economic standing, former slaveholders maintained their electoral success, and once in office, their influence actually grew.
Portillo’s is cutting HQ staff by 18%
“While never an easy decision, it is imperative that we examine areas of the business where we can operate more efficiently and ensure our resources and future investments are directed at the right priorities,” CEO Brett Patterson said in a statement.
Bernie Sanders hails Michigan result as ‘most extraordinary victory that I can think of in modern American politics’
Abdul El-Sayed has never held elected office and entered the race years after losing the Democratic gubernatorial primary by over 20 percentage points.
Big Walk simulates the strange, childlike sensation of being unexpectedly separated from your friends, and the joy and relief of finding your way back
It might be disconcerting to wander out of voice range in Big Walk, but half the fun is working out ways to regain contact.
Butterfly lilies wing their way to Science
Many animals and plants show left-right differences in how their bodies or organs are arranged, but we still know little about how such asymmetries evolve or how genes control them in natural populations. Mirror-image flowers, in which female and male sex organs are deflected to opposite sides in left- and right-handed forms, provide a notable example of such asymmetry. Here, we studied South African butterfly lilies, where individual plants produce only left- or right-handed flowers. Their mirror-image flowers promote outcrossing by depositing pollen from each floral form onto a specific region of a pollinator’s body that matches the stigma position of the opposite form. This suggests that selection for efficient pollen transfer between forms maintains this natural polymorphism. Our work uncovers a hemizygous supergene that coordinates the left-right orientation of female and male sex organs in mirror-image flowers by linking two independently acting genes for style and stamen handedness in a single, nonrecombining genomic segment. This architecture ensures the coinheritance of a matched pair of organ orientations that is essential for efficient cross-pollination between floral forms. At the developmental level, we show that floral handedness emerges from the interaction between an intrinsic tissue chirality and a gravitropic response that orients the style and median stamen relative to gravity. Together, these findings reveal how a supergene, hormone and microRNA signaling, tissue chirality, and an external physical cue combine to produce and maintain a stable left-right polymorphism in natural plant populations.
AI designs a novel E. coli killer
Using an AI model of their own creation that writes whole genomes, a team of Stanford scientists has engineered a novel bacteria-fighting phage. A new age of antibiotics could be on the horizon.
Alvarez, Elimelech elected to European Academy of Engineering
Pedro J.J. Alvarez and Menachem Elimelech, professors in Rice’s Department of Civil and Environmental Engineering, have been elected full members of the European Academy of Engineering.
As AI 'therapists' dish out advice, California lawmakers try to set some limits
A new bill would stop companies from marketing chatbots as therapy and force stricter oversight of AI in mental health care — as a labor union wages a parallel fight against Kaiser Permanente.
Coco Gauff appears to support WTA efforts to protect sport's fairness, laments 'attack' on trans community
Coco Gauff voiced support for the WTA's SRY gene-testing policy while expressing concern about animosity directed at the transgender community.
Nintendo's Switch 2 Console Sales Just Dropped Significantly
Nintendo's Switch 2 sales fell ahead of an expected price hike next month.
German factory orders rise faster than expected; Asian shares fall on tech pullback
Germany’s biggest arms maker Rheinmetall slashes outlook after cancelled government contract; crude oil prices hold below $80 a barrel
Merck KGaA raises profit guidance on momentum in Life Science, Electronics units
Germany's Merck KGaA lifted its earnings guidance range for 2026 on Thursday, citing a further gain in demand for its drug manufacturing supplies and semiconductor materials, while posting better-than-expected quarterly results.
‘Spectral lines’ and a giant plume: what science saw when the SpaceX rocket hit the moon
Sodium and lithium gas was detected in a plume thought to span tens of kilometres, created when part of a SpaceX rocket crashed into the lunar surface
Measles panic at popular SoCal theme park after infected guest roamed for hours
Julio Rodriguez and Colt Emerson homer, Dan Wilson ejected in Mariners win
Julio Rodriguez and Colt Emerson homered, Gabe Speier and Dan Wilson were ejected, and the Mariners got a much-needed win Wednesday night against the Tigers.
Leader of Myanmar's military-backed government arrives in Thailand seeking political legitimacy
BANGKOK (AP) — The head of Myanmar’s military-backed government arrived in Thailand on Thursday for an official visit that could serve as a major stepping stone in his effort to win political legitimacy more than five years after seizing power from an elected civilian government.
Viewpoint: Europe needs a new scientific contract
The White House's new science strategy should be required reading in the Berlaymont and every European capital.Not because Europe should copy it. Parts of it should concern Europeans deeply. But because it asks the question Europe has so far avoided while steadily losing ground in the global race for technological leadership.Europe already possesses many of the world's finest universities, scientists and research-intensive companies. It produces world-leading research in fields ranging from quantum technologies and biotechnology to climate science. Yet time and again Europe generates the scientific breakthroughs while others build the companies, industries and strategic advantages around them, particularly in digital technologies. Increasingly, we find ourselves regulating technologies whose underlying capabilities were developed elsewhere.This is not primarily a scientific failure. It is an institutional one.The settlement that shaped modern science policy emerged after the Second World War. In Science, the Endless Frontier, Vannevar Bush argued that governments should invest in fundamental research while protecting scientists from political direction. Public investment was justified precisely because no government, university or company could predict where the next transformative discovery would emerge.That scientific contract served liberal democracies extraordinarily well. It underpinned decades of advances in medicine, computing, energy and communications, but the world for which it was designed no longer exists.Artificial intelligence is transforming not only technology but the production of knowledge itself. Advanced chips, computing power, data and scientific instruments have become strategic assets. Scientific knowledge now diffuses globally almost instantly. Competitive advantage increasingly lies not in making discoveries first, but in possessing the infrastructure, capital, engineering capability and institutions required to translate those ideas into products, industries and strategic advantage.The old boundaries between science, industrial policy, national security and geopolitics have largely disappeared. Dual-use technologies now underpin both economic power and military deterrence.The US has recognised this shift. In July, the White House published Science: A New Golden Age, a comprehensive attempt to rethink the relationship between science and national power. The report builds on Bush's legacy, but departs from his framework in important ways. Science is no longer treated simply as the source of future discoveries. It is presented as the foundation of economic resilience, technological leadership and national security. AI, advanced infrastructure and the capacity to build become as important as discovery itself.Yet the report also reveals a striking paradox. The same administration calling for “a new golden age” of US science has simultaneously proposed deep cuts to the federal research enterprise while expanding political influence over the allocation of public research funding. Europe should therefore distinguish between the report's diagnosis and its prescription. The diagnosis, that science has become a strategic asset, is compelling. But the prescription is self-defeating. Long-term technological leadership depends on strong universities, academic freedom and the institutional autonomy that makes scientific discovery possible. This distinction matters. Bush's achievement was never simply to make science serve national strength. It was to establish a division of labour in which governments invested in research without attempting to direct discovery itself. Scientific breakthroughs emerge precisely because researchers retain the freedom to pursue questions whose value cannot yet be demonstrated and whose conclusions cannot be anticipated.Neither China, nor the USAs science becomes more strategically important, the temptation to politicise it inevitably grows. But scientific freedom is not an obstacle to technological leadership, it is an essential precondition.China represents the opposite model. For decades it has integrated science, manufacturing, infrastructure and industrial policy into a single national strategy. Its ability to mobilise resources around critical technologies is formidable. But it does so within an authoritarian system where scientific priorities are increasingly inseparable from political power.Europe should imitate neither model. It should learn from the strategic ambition of the US without importing its growing politicisation of science. And it should learn from China's capacity to build without adopting its concentration of power.Instead, Europe needs a scientific contract of its own. Bush's scientific contract protected the freedom to discover because the defining challenge of the 20th century was producing new knowledge. Europe's next scientific contract must preserve that freedom while ensuring that scientific discoveries can be converted into technological, industrial and strategic capability. Because in a transactional world, Europe's freedom to shape its own future depends on its capacity to build it.Related articlesThe US ‘golden age’ science strategy: what Europeans need to knowEuropean researchers sound the alarm that Trump rule changes will hit cooperationNIH turmoil risks reciprocal EU-US access to health research fundingThis does not mean subordinating free science to competitiveness or industrial policy. On the contrary. Scientific autonomy remains the first principle of Europe's next scientific contract. Governments should not direct scientific discovery. Their responsibility is to ensure that Europe's scientific, industrial, financial and regulatory institutions work together rather than in isolation.Meeting that responsibility requires far more than research funding. European researchers need access to world-class computing infrastructure, advanced laboratories, shared datasets and scientific facilities. Innovative companies need patient capital, testing environments and a genuine single market in which they can scale without facing 27 different regulatory regimes. Public procurement must evolve from purchasing existing technologies to creating markets for new ones. Regulators must become partners in experimentation rather than guardians of yesterday's rules.A connecting architectureEurope does not need to invent the Defense Advanced Research Projects Agency (Darpa) model from scratch. Britain's Aria, Germany's Sprind and Wellcome Leap already show that Europe can build institutions capable of taking high-risk, mission-oriented bets while preserving democratic accountability. The challenge now is not to create more isolated initiatives, but to connect them to Europe's broader scientific, industrial and financial system so that breakthrough discoveries can scale.Above all, Europe must stop treating research, innovation, industrial policy, finance and security as separate policy domains. The challenge is no longer to create excellent institutions in each of these fields, but to make them work as one European innovation system. Europe's strength will increasingly depend not on excellence within institutions, but on excellence across them.Europe's ambition should be neither to imitate the US nor to emulate China. It should demonstrate that scientific freedom, democratic legitimacy and technological capability are not competing objectives, but mutually reinforcing strengths. In an age of geopolitical rivalry, Europe's greatest advantage may ultimately be its ability to attract the world's best talent by combining scientific freedom, democratic openness and technological ambition.Bush's scientific contract helped define the 20th century because it protected the freedom to discover. Europe's challenge is not to abandon that achievement but to extend it. The defining task of Europe's next scientific contract is to preserve the freedom to discover while building Europe's capacity to translate scientific discovery into technological power.Kaare Nielsen is founder of Pomus, a Danish think tank on science and innovation.
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Chartbook 464 The"China squeeze" - the politics of development counterfactuals.
There are three types of China shock discourse. Each has a distinct temporal register. China shock 1.0 was a phrase coined by US academics in the 2010s to retrospectively summarize the impact on particular US labour markets, which they identified through painstaking empirical investigation. China shock 2.0 on everyone’s lips in Europe in the mid 2020s is an alarm raised by trans-Atlantic policy thinkers warning of a coming disaster which they project onto Europe’s ailing car industry. The third type of China shock discourse - commonly known as the “China squeeze” launched most recently by Indian economists Shoumitro Chatterjee and Arvind Subramanian in the pages of Foreign Affairs - mobilizes a different, more speculative temporal register: the counterfactual realm of alternate history. The China squeeze argument asks not what has happened, or what is going to happen, but what might have been. Specifically, what options for economic development might have been open to Global South economies like India or the economies of sub-Saharan Africa, had it not been for China’s spectacular industrialization since the late 1990s and the persistent competitiveness of China’s manufacture in low-skilled segments. Chatterjee and Subramanian’s argument is that whilst China has built a powerful position in electrical machinery and other high-skill manufacturing, which is now delivering China Shock 2.0, it also continues to run a trade surplus in low-skill, labour-intensive manufacturing. This surplus is large and has remained largely unchanged in fifteen years. Indeed, in the 2010s, in trade with low-income countries, China’s surplus rapidly increased. On their reading, this squeezes low-income producers in low-skill sectors in which they “should” be able to compete. Source: “China’s Mercantilist Squeeze on Developing Countries” Shoumitro Chatterjee and Arvind Subramanian. Peterson Institute for International Economics 26-7 May 2026 Chatterjee and Subramanian’s wording is telling: (emphasis mine) The canonical trajectory of economic development in the post-World War II period is for countries to transition from agriculture to manufacturing, first in low-skilled manufacturing and then later on to high-skill manufacturing (Herrendorf, Rogerson, and Valentinyi 2013). At the global level, this implies that high-income countries (HICs) that once specialized in low-skilled activities cede manufacturing export space to poorer countries that come along to occupy that space. In 1965, advanced economies accounted for about 60 percent of global value-added exports in four key low-skilled manufacturing sectors, i.e., apparel, leather, textiles, and footwear. Over time this share declined and began to be occupied first by the East Asian tigers and, beginning in the late 1990s, by China. Today China accounts for about 50 percent of the global market. The question is whether China, with its rising prosperity, is continuing to behave like its richer counterparts and ceding export space to poorer followers or to behave unlike them and continuing to occupy space. In terms of the conceptual maneuvers it performs, of the three China shock discourses, the “China squeeze” argument is by far the most ambitious. After all, it bases its critique of China on a counterfactual imagining of the world. Like any counterfactual argument, to construct this alternative reality it must rely on a heuristic model. To make their argument Chatterjee and Subramanian mobilize two key claims. The first reference point is the actual history of rich-country industrialization, what they refer to as the “canonical path”. The idea is that countries transition from agriculture to light industry and low-skilled manufacturing and from there up the value chain. To make this useful as a standard of comparison and a means to construct a normative standard, they adjust sectoral export shares for two factors: 1. the underlying level of economic development of the exporting country, as measured by national income and 2. the degree to which the sector in question is internationalized. The idea being that for a high income country to have a high export share in low-skill sectors is anomalous and even more so if that particular product is highly internationalized and thus suitable for being “conceded” to lower-income competitors. Where should this process end? Here Chatterjee and Subramanian introduce their second benchmark. Their normative idea of a global development path is one in which, in due course, low-skill manufacturing exports are distributed in proportion to a country’s share in the global labour force. They imagine, in other words, a world of proportional, polycentric global development without much national specialization in low-skill manufacturing. A useful benchmark is that, in labor-intensive manufacturing sectors, a country’s share of world exports should be broadly commensurate with its share of the world’s low-skilled labor endowment. … In the Heckscher-Ohlin model, this would be true if value added per worker and export propensities, i.e., fraction of output that is exported, are the same across countries. It is this pleasant liberal vista of orderly global development, progressing towards a general distribution of low-skilled manufacturing against which they judge reality and conclude that the low-income countries are suffering a “China squeeze”. China is not exiting low-skill sectors fast enough Allowing for its gdp level and the degree of globalization, China’s share of low-skill manufacturing exports is far higher than it “should” be. Relative to population, its low-skill share of exports is far too high. That in turn yields the conclusion that huge numbers of jobs - the authors suggest tens of millions - are being hoarded by China. For the four sectors captured in figure 4, this excess in value-added exports is $110 billion in 2022. For all low-skilled sectors overall captured in appendix figure D.1, excess value-added exports amount to $365 billion. The crowding out of LMIC exports by China is therefore substantial. Both these claims have in common that they are strong structuralisms. The first is that development paths ought to resemble each other. The second is that broadly speaking as far as low-skilled manufacturing is concerned, all countries are alike. If the world currently diverges from the distribution of trade implied by these assumptions, if China is not following the advanced economy path and has huge exports, this must be the result of “policy”, which the authors then put in question as illegitimate or unfair. Thus the naturalistic construction of a canonical path leading to a “level” distribution of low-skilled manufacturing reveals itself to be a polemical tool. From the point of view of China shock polemics, this discourse is no doubt welcome. But as an account of economic history, it must surely be regarded as nothing short of bamboozling. Development paths do not follow a regular, natural sequence. As David Fishman put it aptly, “development is not a queue”. They are always and everywhere, through and through political. Development is not so much a process, as a project. Each such project is more or less well adjusted to its context. As Gerschenkron taught uneven and combined development implies differentiation rather than simple imitation on a single parth. It may be true that Europe and the US exited relatively early from low-skill work. But clearly technology has changed. As C&S themselves point out, China no longer enjoys a low wage environment. Do they really believe that such huge differences can be accounted for either by industrial policy, which as they admit does not operate powerfully in low-skill sectors, or by exchange rate manipulation? What is overwhelmingly dominant in explaining the persistence of “low-skill” manufacturing in China are surely the network effects of complex supply chains. Indeed the label of “low-skill” may miss the point. The degree of globalization which Chatterjee and Subramanian decide to conjure away in their model of the development path - to allow for the fact that Europe and American textiles exporters did not enjoy just-in-time logistics in the 1950s - obscures the point that the networks through which Chinese factories supply the world are themselves key parts of the low-skill industrialization project. China isn’t knocking out 1970s style “cheap”. It has redefined the entire product cycle. C&S’s casual reference to “T-shirts” is telling. In today’s “fast fashion”, there is weight on both terms. Fashion and fast. China’s success in delivering on both at unprecedentedly high speed and at unprecedentedly low cost, isn’t a low-skill operation at all. If we see development trajectories not as the serial repetition of the same, but as distinctive, crafted projects that cumulate in complex agglomerations of skill, technology and labor, then this explains why the assumption that low-skilled manufacturing should follow the distribution of population flies in the face of all experience. As countless cases attest, low-wage, low-income developed economies are not by themselves the makings of a competitive production base. As Leon Liao puts it quite fairly: “International trade has never been allocated according to population. A country’s population gives it no natural claim to an equivalent share of global exports." And the remarkable fact is that Subramanian alone and with co-authors has long been making this point, not to pillory China, as is the case of the tendentious _Foreign Affair_s and Peterson pieces, but to highlight the great counterpart to China’s industrial success, namely India’s relative failure. The much-quoted Foreign Affairs piece showed low-skill export shares only for China, not for India. If you put both countries in the picture as Chaterjee and Subramanian have done on other occasions, the picture looks like this. China is far above the line, but India, almost as large in terms of population, is no less anomalous, just in the opposite direction. As far as global populations are concerned, and the imagining of tens of millions of “squeezed” jobs, it is this Sino-Indian pair that account for a huge share of the action. What this graph reveals is not China’s cheating, but India’s “greatest development failure”, at least this is the argument made Arvind Subramanian, this time in co-authorship with Devesh Kapur, in their major book, A Sixth of Humanity. Independent India’s Development Odyssey which appeared with Oxford University Press earlier this year. In this highly critical work on India’s development, China is repeatedly evoked, not to criticize but as a benchmark against which to illuminate what India’s political economy has not delivered i.e. large-scale formal employment for hundreds of millions of citizens. Kapur and Subramanian leave no doubt, if you want to understand why China, not India was the main driver of manufacturing globalization from the 1980s, don’t look to slots opening up in the division of labour thanks to the liberal mindedness of advanced economies, look to the contrasting political economy of the Maoist PRC and India’s post-independence political economy. As Kapur and Subramian note: The great divergence between China and India did not begin in 1978 with the Deng reforms—it was well underway by then. In one of the great ironies of modern history, the conditions created by Maoism turned out to be a great launching pad for industrial globalization. As the comparison of India and China in 1980 makes clear, to imagine manufacturing would be equally distributed when populations are so differently endowed in terms of educational and nutritional is fanciful. Here is the data from Kapur and Subramanian, data which I explored back at the very beginning of Chartbook. As Kapur and Subramanian insist, the striking fact is that even as India’s growth accelerated from the 1980s, structural change has not. Formal employment in India lags woefully behind. Why? As Kapur and Subramanian note, the path-dependent impact of India’s poor early start was devastating. The list of factors they mention is long and weighty: We argue for a new five-fold explanation applicable at different stages of Indian history: in the initial stages, the legacy of two key pre-1980s policies, the neglect of agriculture and the strangling of the domestic private sector, were critical. The failure of broad-based agricultural growth militated against rural industrialization, which would have been devoted to satisfying local needs that would have necessarily been labour intensive. Then, when the boom came after 1980, the thicket of regulation and broader labour protections that were legislated prematurely in a nascent democracy, underpinned by a deep ideological aversion to private capital in general and big capital specifically, became a barrier to attaining the size that would be necessary to compete globally. Similarly, the reforms after 1991, while wide-ranging, did not quite encompass non-tradeable inputs critical to manufacturing, namely, land, logistics infrastructure and power. A combination of low investment (logistics infrastructure), regulation (land) and the continued monopoly supply by state governments (power), combined with residual socialism, kept costs at 75–100 per cent above efficient supply. These factors were compounded on the supply side by the government, which dominated the formal labour market and established exorbitantly high wages at the lower end of the skill spectrum. This made their employment in the labour-intensive sector by the private sector less attractive. Finally, when the services sector and its exports boomed, wages soared even further via a Dutch Disease effect: one successful tradeable sector killed and cannibalized another less-skilled tradable sector, namely, manufacturing. Thus, scarcity-inducing policies of the planning era, precocious democracy and a Gandhian aversion to size; inefficient, monopolistic supply of critical non-tradable inputs; the behemoth of government; and super-successful skill-intensive services successively undermined India’s unskilled labour employment opportunities. The employment failure seems to have been over-determined. … Less quantifiable but no less important are some of the sociological factors that have undermined manufacturing and factory jobs. Take the impact of the success of the IT sector—located in urban areas with better working conditions, such as air-conditioned offices, good schools for children and attractive entertainment options. It became a more attractive place for engineering and management graduates to flock to. … Consider manufacturing and female employment. Indian society makes it difficult for women to work, reflected in India’s unusually low female labour force participation (elaborated in Chapter XIII). Indian society, in particular the routine harassment of women in public spaces, makes it even more difficult for them to travel long distances to take up work.37 Combined with onerous regulations on creating hostels and dormitories for women—which, in turn, prevents multiple shifts of operation—factories need to be located in areas with a large female labour pool. While firms can take apparel plants to female labour or bring them to the plants by building large-scale dormitories, this raises costs. If there was a case for subsidies to encourage labour-intensive manufacturing, housing subsidies to build dormitories for women workers would be a good place to start. All of this meant, that when opportunities did open up, in part thanks to adjustments in China, India was in no position to take advantage. Here is the account of the 2020s from Kapur and Subramanian. It stands in dizzying contrast to the one-sided, “China squeeze” argument delivered in the Peterson and Foreign Affairs pieces: In 2022, for example, India’s share of global exports in clothing (the canonical labour-intensive sector) was 3.1 per cent compared to 32 per cent for China. This is extremely disappointing because China started vacating export space in this sector after the Global Financial Crisis as its wages started rising; it then vacated further space in the aftermath of geopolitical developments that led investors to seek alternative investment locations. Between its peak and today, China lost about 7.5 percentage points of global export share (worth about $43 billion in 2022); over this period, India’s export share remained stagnant at 3 per cent, while that of Vietnam and Bangladesh rose by 3.5 to 4 percentage points. China’s loss did not translate into any gain for India in terms of low-skill exports and employment. Put differently, when the conditions for dynamism and prosperity were established after 1991, and even more tantalizingly when the global export opportunities opened up, it was as if India was a high-wage economy and only skilled labour could benefit from the dynamism. It had converted its physically abundant unskilled workforce into an economically expensive resource, penalizing its use. It is not my mission here to argue for or against Kapur and Subramanian’s interpretation of India’s development trajectory. The point in this context is simply that the “China squeeze” such as it is can only be understood, in relation to the heavy burden of domestic constraints that Kapur and Subramanian so unsparingly enumerate. I am concentrating here on India because it is the great counterpart to China and the unspoken reference point of the “China squeeze” discourse. But the point is more general. Can anyone with a straight face suggest that the main problems afflicting the development of South Africa or Nigeria, the great centers of mass underemployment in sub-saharan Africa, are cheap competition from China driven by Beijing’s industrial policy and an undervalued RMB? Likewise, is the main problem of the American working-class the threat of Chinese competition or the manifest crisis of social reproduction in the United States itself? The point here, as in the discourse around China shock 2.0 in Europe, is to insist that we should not normalize the world and pathologize China, without actually investigating what is going on in America’s industrial wastelands, the German car industry, or India’s lopsided labour market. One-sided pathologization should be understood for what it is, a polemical gesture. Concepts like China shock and China squeeze are, what Reinhart Koselleck, following Carl Schmitt, would have described as “asymmetrische Kampfbegriffe”, or “asymmetrical counter-concepts” or “asymmetrical combat concepts”. If the function of arguments like the “China squeeze” is to alert elites in the rest of the world of the need to rejuvenate and energize their development projects, so be it. But let us see the resulting discourses as the mobilizing interventions that they are. Interestingly, a significant slice of China’s public sphere - the so-called industrial party - have been obsessed for the last twenty years with precisely these questions of counterfactual economic history. Since the mid 2000s, a massive online discourse developed around an alternative history in which Chinese techno-patriots were asked to imagine how they would proceed if they had the possibility of traveling back in time to transport modern technology into the Ming dynasty (1368-1644) thus averting the “great divergence” of the 18th and 19th centuries. It is a fantasy of course, but also a goad. The point was not directed at Westerners. The alternate history is dramatically nationalist, but few n the West had even heard of it until recently. The adherents of the industrial party are not liberal moralists. They don’t project natural ladders of international development and ask why others don’t cede space. They take the Realpolitik of global economic development for granted. Their pointe was directed against fellow Chinese. The rallying cry of the alternative narrative was this: Now that we are beginning to gain steam and push forward on our national development path, now that we are breaking out of the inferior position assigned to us even in the early years following WTO accession, do not lose yourself in humanistic imaginings about better futures. In the spirit of Deng, they called on China to embrace the hard truth of development. Perhaps one might of the Industrial Party as a cultural trend born out of desire for symbolic revenge against those who had inflicted the century of humiliation. In terms of the various temporalities of the “China shock” - retrospective, prospective and counterfactual - one might think of the Industrial Policy discourse as truly speculative, conjuring up the China shock that never was. Or perhaps one might better think of it as imagining a world in which a powerful China was no shock at all, but simply a defining fact of modern history. I love putting out Chartbook. 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