10 Items from the week | 24 Nov 24
News from the past week, and a few other things.
👋 Hello Reader,
Of the things that crossed my desk this week, below are items that stood out.
1. Texas Solar: New Data Says Solar Power Has Increased 6,900% in 10 Years
According to the data, Texas is the #1 state in the nation for wind power generation, #2 for solar power generation, and #3 in the nation for the number of electric vehicle registrations (through 2023). To reach these numbers, Texas has had to undergo massive growth in these fields. For solar energy production, Texas has seen a 6,900% increase since 2014. There's also been a huge increase in the ability to store this energy; Texas has had a 9,400% increase in battery storage capacity during the same decade. The battery capacity states are actually even more impressive, when you consider most of the growth has taken place after 2020. So just over the last 3 years.
2. Car-Loan Delinquencies Aren’t Scaring Off Wall Street
More Americans are falling behind on their car payments. Wall Street isn’t worried. Investors are snapping up bonds tied to car loans, betting that a strong U.S. economy will keep rising delinquency rates in check. Sales of bonds backed by the riskiest auto loans to subprime borrowers hit nearly $40 billion this year through October, up 17% from all of 2023, according to data from JPMorgan Chase. Bonds of all kinds have surged in popularity over the past year, with investors rushing to take advantage of interest rates while they remain high. Demand is also being fueled by money managers that have teamed up with insurers, which have piles of cash from annuities and insurance premiums to invest.
3. The Planning of U.S. Physician Shortages
The number of practicing physicians per person in the United States is lower than in just about any other developed country. Yet from 1980 to the early 2000s, the prevailing wisdom was that the number of physicians within the United States ought to be reduced. During this period, a series of ill-judged reports by the federal government warned of an impending physician surplus. These reports ushered in a period in which both private and public actors took actions to constrain the supply of U.S. physicians, the most significant of which was the medical school moratorium. The resulting dearth of physicians had the effect of making U.S. health care more intensive and less accessible than it otherwise would have been.
NOTE: This came out in 2020, but I’m just now seeing it.
4. Hong Kong jails 45 pro-democracy campaigners for subversion
A Hong Kong court has sentenced dozens of pro-democracy leaders to years in jail for subversion, following a controversial national security trial. This was the biggest trial under the national security law (NSL) which China imposed on the city shortly after explosive pro-democracy protests in 2019. Hundreds of thousands took to the streets in a months-long standoff against Beijing. Triggered by a proposed government treaty that would have allowed extradition to mainland China, the protests quickly grew to reflect wider demands for democratic reform. Observers say the NSL and the trial's outcome have significantly weakened the city’s pro-democracy movement and rule of law, allowing China to cement its control of the former British colony.
5. Elon Musk and Vivek Ramaswamy: The DOGE Plan to Reform Government
Following the Supreme Court’s guidance, we’ll reverse a decadeslong executive power grab.
NOTE: A letter from Elon Musk and Vivek Ramaswamy.
6. Pentagon fails 7th audit in a row but says progress made
The Pentagon on Friday failed its seventh audit in a row, with the nation’s largest government agency still unable to fully account for its more than $824 billion budget, though officials stress they are making good progress toward a clean audit in 2028. The Department of Defense technically earned a disclaimer of opinion, meaning it failed to provide sufficient information to auditors to form an accurate opinion. The goal is to earn an unmodified audit opinion, or a clean audit that says the financial statements are accurate. A qualified opinion says there are omissions and concerns but the finances are generally reliable. Michael McCord, under secretary of Defense comptroller and chief financial officer, said that despite the disclaimer of opinion, which he expected, the Defense Department “has turned a corner in its understanding of the depth and breadth of its challenges.”
7. Google’s Chrome Worth Up to $20 Billion If Judge Orders Sale
Alphabet Inc.’s Chrome browser could go for as much as $20 billion if a judge agrees to a Justice Department proposal to sell the business, in what would be a historic crackdown on one of the world’s biggest tech companies. The department will ask the judge, who ruled in August that Google illegally monopolized the search market, to require measures related to artificial intelligence and its Android smartphone operating system, according to people familiar with the plans.
8. AI’s Future and Nvidia’s Fortunes Ride on the Race to Pack More Chips Into One Place
Tech titans have a new way to measure who is winning in the race for AI supremacy: who can put the most Nvidia chips in one place. Companies that run big data centers have been vying for the past two years to buy up the artificial-intelligence processors that are Nvidia’s specialty. Now some of the most ambitious players are escalating those efforts by building so-called super clusters of computer servers that cost billions of dollars and contain unprecedented numbers of Nvidia’s most advanced chips. Elon Musk’s xAI built a supercomputer it calls Colossus—with 100,000 of Nvidia’s Hopper AI chips—in Memphis in a matter of months. Meta Chief Executive Mark Zuckerberg said last month that his company was already training its most advanced AI models with a conglomeration of chips he called “bigger than anything I’ve seen reported for what others are doing.” A year ago, clusters of tens of thousands of chips were seen as very large. OpenAI used around 10,000 of Nvidia’s chips to train the version of ChatGPT it launched in late 2022, UBS analysts estimate. Such a push toward larger super clusters could help Nvidia sustain a growth trajectory that has seen it rise from about $7 billion of quarterly revenue two years ago to more than $35 billion today. That jump has helped make it the world’s most-valuable publicly listed company, with a market capitalization of more than $3.5 trillion.
9. Memorize Nearly 1,000 Bible Verses? For These Young Christians, It’s Game On.
At the senior level, ages 15 to 18, participants memorize 938 Bible verses, adding up to more than 20,000 words. In some rounds of competition, making even a single error in a long passage — an errant plural or wrong verb tense — leads to elimination. Parents and children devote considerable time and resources to the Bee, and find meaning and life lessons that go beyond the thrill of competition. Memorization of sacred texts is embedded in many religious traditions. For conservative Protestants in particular, memorizing Bible verses has long played a role in Sunday school classes and church youth clubs like Awana. But memorization seems to be having a resurgence, through events like the Bible Bee and ScriptureFest, a series of regional performances. The rise coincides with a broader emphasis on recitation in many home-school and classical school curriculums, which have shaped many Bible Bee competitors. Participation has grown significantly since its first gathering in 2009, and it has doubled since 2021, according to Mr. Mullins. This year, almost 13,000 young people took part in the summer training program that feeds into the competition, a record “by far,” he said.
10.National-level and state-level prevalence of overweight and obesity among children, adolescents, and adults in the USA, 1990–2021, and forecasts up to 2050
In 2021, an estimated 15·1 million children and young adolescents (aged 5–14 years), 21·4 million older adolescents (aged 15–24 years), and 172 million adults (aged ≥25 years) had overweight or obesity in the USA. Texas had the highest age-standardised prevalence of overweight or obesity for male adolescents (aged 15–24 years), at 52·4% (47·4–57·6), whereas Mississippi had the highest for female adolescents (aged 15–24 years), at 63·0% (57·0–68·5). The prevalence of obesity has outpaced the increase in overweight over time, especially among adolescents. Between 1990 and 2021, the percentage change in the age-standardised prevalence of obesity increased by 158·4% among male adolescents and 185·9% among female adolescents (15–24 years).
And, a few others…
North America
Congestion Pricing Plan Set to Come to New York City on Jan. 5
Come January, most drivers will pay $9 to enter the heart of Manhattan, after New York City was granted federal approval for a tolling plan, decades in the making, that will be the first of its kind in the nation. New York will now join a small club of global capitals around the world that includes London, Stockholm and Singapore that have installed similar tolling restrictions around their gridlocked centers and seen traffic and air quality improve.
Jeff Bezos Cracks Down on the Washington Post
Even before 250,000 digital readers unsubscribed from the Washington Post in protest, the paper was on track to lose at least as much money as it lost last year: $77 million. A deputy managing editor shared the figure in a recent meeting with reporters and editors, per multiple sources. The editor did not say what the added impact of the non-endorsement exodus would be, according to those present. “Mind-blowing,” as one staffer put it. “The level of anger is through the roof, and fear is also through the roof. There’s huge concern that Bezos is going to pull the plug.” That doesn’t seem likely, at least in the near term. Instead, owner Jeff Bezos — and his already controversial publisher pick, Will Lewis — seems determined to fix the paper, whether the current staff likes it or not. Meanwhile, there has yet to be an official acknowledgment of the 250,000 canceled subscriptions that came in response to Bezos spiking a planned Kamala Harris endorsement shortly before the election, a figure first reported by NPR and later confirmed by the Post’s own media reporter.
Associated Press to Cut Staff by 8%
The Associated Press said Monday that it was cutting its staff by 8 percent as part of a plan to adapt to fast-changing conditions in the media industry. The news organization said the cuts, which would be done through buyouts, were part of a plan to meet “the evolving needs of our customers.” The cuts will affect both news and business employees. The Associated Press — a news cooperative that licenses its content to member organizations — has come under financial pressure over the last year as some news organizations have abandoned the service.
Central Asia
Putin lowers the threshold for using his nuclear arsenal after Biden’s arms decision for Ukraine
President Vladimir Putin on Tuesday formally lowered the threshold for Russia’s use of its nuclear weapons, a move that follows U.S. President Joe Biden’s decision to let Ukraine strike targets inside Russian territory with American-supplied longer-range missiles. The new doctrine allows for a potential nuclear response by Moscow even to a conventional attack on Russia by any nation that is supported by a nuclear power. Russia’s Defense Ministry said Ukraine fired six U.S.-made ATACMS missiles early Tuesday at a military facility in Russia’s Bryansk region that borders Ukraine, adding that air defenses shot down five of them and damaged one more. Ukraine’s military claimed the strike hit a Russian ammunition depot.
Southeast Asia
Fake alcohol deaths highlight SE Asia's methanol problem
Suspected methanol poisoning from tainted drinks has reportedly killed six tourists in a Laos holiday town in the past fortnight. A British woman, two Australian women, a US man and two Danish nationals have died. The deaths remain under police investigation, but reports suggest they may have consumed drinks tainted with methanol, a deadly substance often found in bootleg alcohol. Methanol poisoning has long been a well-known issue across South East Asia, particularly in the poorer countries along the Mekong river. But despite foreign governments posting warnings about alcohol consumption in these places, there is still little awareness among the backpacker party scene. Flavourless and colourless, methanol is hard to detect in drinks and victims typically don’t see symptoms of poisoning straight away. And in countries like Laos - one of the poorest and least developed in Asia - the problem arises from alcohol suppliers exploiting an environment where there is low law enforcement and almost no regulation in food and hospitality industries.
Business
Farms, Meat Plants Brace for Trump Immigration Crackdown
America’s food-supply chain relies on a predominantly immigrant workforce for some of its most challenging jobs, such as picking fruit, applying pesticides on crops, operating machinery and slaughtering livestock. About two-thirds of U.S. crop-farm workers are foreign-born, and 42% aren’t legally authorized to work in the country, according to a Labor Department report. Agriculture trade groups are lobbying the incoming administration for the expanded use of temporary work visas. Some farms and meatpackers are forging deeper ties with recruiters who can ensure a steady labor supply.
Real Estate
Home Sales Rose in October Following Decline in Mortgage Rates
Sales of existing homes rose in October, reflecting a short-lived drop in mortgage rates that improved affordability for buyers and produced the first year-over-year gain in sales in more than three years. The average rate for a 30-year fixed mortgage slid throughout the summer and reached a two-year low in late September, according to Freddie Mac. Lower rates lured some home buyers off the sidelines and sparked some hope among real-estate agents that a boost in activity during the fall could salvage another slow year for sales activity.
Mortgage Rates Tick Up
Mortgage rates ticked back up this week, continuing to approach 7 percent. Heading into the holidays, purchase demand remains in the doldrums. While for-sale inventory is increasing modestly, the elevated interest rate environment has caused new construction to soften.
Cyber
Germany suspects sabotage after undersea internet cables are severed
Germany’s defense minister said the cutting of two undersea internet cables appeared to be deliberate acts of “sabotage.” An underwater communications cable connecting Finland and Germany was cut Monday morning, its operator Cinia said, a day after damage was reported to a separate internet cable linking Lithuania and Sweden, also in the Baltic Sea.
Education
M.I.T. to Offer Free Tuition to Families Earning Less Than $200,000
The Massachusetts Institute of Technology announced on Wednesday that it would eliminate tuition costs next fall for all undergraduate students whose families earn less than $200,000 per year — following a national movement to try to make higher education more accessible. For students whose families earn less than $100,000 per year, the university will also cover all other costs, including housing, dining, fees and an allowance for books and personal expenses.
UT system approves plan to cover tuition for Texas students of families making $100,000 and less
Starting next year, the University of Texas System will waive tuition costs for students whose families make $100,000 or less following a Thursday vote by the Board of Regents. This will apply to eligible students beginning in fall 2025.
Indian Students Rush to US Colleges, Driving Attendance Record
The number of Indian students at US colleges surged 23% last academic year, overtaking China to become the top sender of international students for the first time since 2009 and driving enrollment to an all-time high. India sent 331,602 students to study at US colleges in the 2023-2024 school year, according to Open Doors data from the Institute of International Education. Overall, the number of foreign students rose 7% to more than 1.1 million, surpassing the all-time high set just prior to the pandemic. China posted a 4% decline to 277,398 students, but still sent the second most students to the US.
Have a great week!
The Curator
Two resources to help you be a more discerning reader:
AllSides - https://www.allsides.com/unbiased-balanced-news
Media Bias Chart - https://www.adfontesmedia.com/
Caveat: Even these resources/charts are biased. Who says that the system they use to describe news sources is accurate? Still, hopefully you find them useful as a basic guide or for comparison.