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Trying to make sense of the senseless

Noah Smith, an American columnist and Substacker, and historian Niall Ferguson both made the mistake last week of attempting to rationalise the Trump administration’s fumbling attempts to get Ukrainian peace talks underway.

Niall Ferguson appears to be making a completely reasonable point—one echoed by numerous other observers last week—that it was a mistake for the U.S. to publicly acknowledge that Ukraine can never become a full member of NATO and that the country must cede territory to Russia as part of any peace deal, even if both positions are widely accepted on the Western and Ukrainian sides of the negotiations. This, of course, was before Mr. Trump went on one of his ill-advised social media rampages, effectively accusing Ukraine of starting the war and labeling its sitting president a dictator.

Falling global fertility, how far and how fast?

It has been a while since I last delved into one of my favorite topics: global demographics. In this piece, I revisit the subject by examining high-level data on key global demographic indicators from the UN’s July 2024 Population Prospects database. I will begin with birth rates.

Scarcely a day goes by without an article, podcast, or both highlighting the accelerating decline in global fertility. As I explain in my essay on the fertility wars, this discussion tends to divide interlocutors into two increasingly polarized factions. On one side are those who believe falling fertility is a grave problem; on the other are those who remain more sanguine, viewing declining birth rates as a natural consequence of modernity—or perhaps postmodernism—and less of a threat to economic growth, government budgets, or humanity’s survival. If women choose to have fewer children and prioritize careers and personal freedom—long the exclusive domain of men—shouldn’t we support that choice?

Things to think about #9 - A Millennial's Manifesto (audio), Greenland, Neoliberalism, and Low-calorie information

My “Millennial’s Manifesto” is up as an audio essay on Apple Podcast. Go have a listen! Also consider subscribing to the podcast channel. The cadence of these audio essays is slow, one essay every one or two months, so you won’t be overwhelmed by content. I know many people prefer to listen to their content rather than reading (more about that below), and my decision to start publishing audio essays is my attempt to cater for that. Thanks again for reading and listening.

Is global inflation (re)accelerating?

This is the question everyone wants an answer to after another week where bonds have been beaten to a pulp, a trend which is now starting to bleed into equities. More specifically, the real question is whether US inflation is accelerating? It is too soon to tell, and for the record, we don’t think so. But for now, markets are being fed with headline macro data signalling that the US economy is more resilient than previously anticipated, as well as vulnerable to upside inflation risks. As a result, investors have kept buying the dollar and selling treasuries at the start of 2024. The latter, in turn, has spilled over into indiscriminate selling of bonds in other jurisdictions.

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