A Theory of Media That Explains 15 Years of Politics

Last Friday, in the largest bank failure since 2008, Silicon Valley Bank failed.Banks fail all the time. But unless it’s a big or highly-connected bank, most of us don’t pay much attention. That’s because at the average bank, about half of all accounts are F.D.I.C.-insured. That means, if a typical bank fails, the F.D.I.C. will step in and pay every depositor back up to $250,000.But Silicon Valley Bank was not a typical bank. It seems that only around a single digit percentage of accounts were under $250,000. And the people who banked at Silicon Valley Bank are among the most powerful in the world. Nearly half of venture finance-backed tech and life-science companies had money in there. When these people start shouting, those in power listen.And so the Federal Reserve and the Treasury Department and the F.D.I.C. stepped in forcefully. They retroactively insured all the accounts, and created an emergency system to backstop other struggling banks, too. But that doesn’t mean this is over. Bank runs are narrative phenomena. Rising interest rates are revealing a financial system that had only planned for low interest rates — in perpetuity. And if, in practice, we’re going to make whole any depositor at any bank no matter how much money is in the account, shouldn’t we make that into actual policy, and charge banks for the privilege of full social insurance?Noah Smith is an economist, a former columnist at Bloomberg, and the author of the fantastic Substack Noahpinion, and he’s done some of the clearest writing and coverage of this mess. We talk about the above, as well as what the crypto boosters — many of whom were begging for a bailout here — got wrong about trust and finance, the problem the Fed now faces raising rates to fight inflation, whether this was a “bailout,” how a bank can be “narratively important” no matter its size, and much more.Mentioned:“How the Fed is ‘Shaking the Entire System’” by The Ezra Klein Show“Why the US Backstop After SVB’s Failure Is a Bailout” by Joe WeisenthalNoahpinionBook Recommendations:Chip War by Chris MillerHow Asia Works by Joe StudwellThe Invisible Bridge by Rick PerlsteinThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Rogé Karma and Kristin Lin. Fact-checking by Michelle Harris, Mary Marge Locker and Kate Sinclair. Mixing by Sonia Herrero and Efim Shapiro. Original music by Isaac Jones. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Pat McCusker and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

16 Maalis 202358min

In just a few years, the narrative on China has almost completely flipped. The dominant sentiments in America had been awe, envy and a kind of fear. China’s growth seemed relentless. Its manufacturing prowess was lapping ours. It weathered the pandemic without the mass death seen in the West. It could build housing and transit and infrastructure at a speed we could no longer even imagine.And then, as 2022 ticked over to 2023, things changed. China’s real estate bubble popped. Its Zero Covid policies turned pathological. Its leader, Xi Jinping, turned what many saw as a technocracy with autocratic characteristics into something closer to a plain old autocracy. Foreign investors began looking to diversify. Companies that had long relied on China, like Apple, began trying in earnest to build manufacturing chains elsewhere. And under President Biden, American policy toward China began to match Trumpian rhetoric toward China: Slowing China’s rise, and building America’s ability to manufacture crucial goods, became central goals.So what’s true about China right now? Which of these narratives, if any, hold water? Dan Wang is the technology analyst at Gavekal Dragonomics and a visiting scholar at Yale Law School’s Paul Tsai China Center. He focuses particularly on the core vector of U.S.-China competition: technological innovation and manufacturing prowess. Each year, his annual letter about what China can do, and how it does it, is eagerly awaited by many in the United States who are trying to understand that nation’s rise. In 2020 and 2021, those letters were profoundly bullish on China. In 2022, his sentiments turned. And so I wanted to explore the various sides of the China story with him.Mentioned:“China’s Hidden Tech Revolution” by Dan Wang2020 Letter by Dan Wang2021 Letter by Dan Wang2022 Letter by Dan WangBook Recommendations:The Jesuits by Markus FriedrichLast and First Men by Olaf StapledonDisturbing the Universe by Freeman DysonThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Roge Karma and Kristin Lin. Fact-checking by Michelle Harris and Kate Sinclair. Mixing by Efim Shapiro. Original music by Isaac Jones. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Pat McCusker and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

14 Maalis 20231h 20min

In 1972, when Congress passed Title IX to tackle gender equity in education, men were 13 percentage points more likely to hold bachelor’s degrees than women; today women are 15 points more likely to do so than men. The median real hourly wage for working men is lower today than it was in the 1970s. And men account for almost three out of four “deaths of despair,” from overdose or suicide.These are just a sample of the array of dizzying statistics that suffuse Richard Reeves’s book “Of Boys and Men.” We’re used to thinking about gender inequality as a story of insufficient progress for women and girls. There’s a good reason for that: Men have dominated human societies for centuries, and myriad inequalities — from the gender pay gap to the dearth of female politicians and chief executives — persist to this day.But Reeves’s core argument is that there’s no way to fully understand inequality in America today without understanding the ways that men and boys — particularly those from disadvantaged backgrounds — are falling behind.So I wanted to have Reeves on the show to take a closer look at the data on how men and boys are struggling and explore what can be done about it. We discuss how the current education system places boys at a disadvantage; why boys raised in poverty are less likely than girls to escape it; the fact that female students are twice as likely to study abroad and serve in the Peace Corps as their male peers; Reeves’s policy proposal to have boys start school a year later than girls; why so few men are entering professions like teaching, nursing and therapy — and what we can do about it; why so many boys look to figures like Jordan Peterson and Andrew Tate for inspiration; what a better social “script” for masculinity might look like and more.Mentioned:"Gender Achievement Gaps in U.S. School Districts" by Sean F. Reardon, Erin M. Fahle, Demetra Kalogrides, Anne Podolsky and Rosalia C. Zarate"Redshirt the Boys" by Richard ReevesBook recommendations:"The Tenuous Attachments of Working-Class Men" by Kathryn Edin, Timothy Nelson, Andrew Cherlin and Robert FrancisCareer and Family by Claudia GoldinThe Life of Dad by Anna MachinThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Rogé Karma and Kristin Lin. Fact-checking by Michelle Harris, Mary Marge Locker and Kate Sinclair. Mixing by Sonia Herrero. Original music by Isaac Jones. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Carol Sabouraud and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

10 Maalis 20231h 58min

In the 2023 legislative session alone, Republican state legislators have introduced more than a hundred bills seeking to restrict transgender people’s freedoms, rights and health care access. To put that in perspective, in the 2018 legislative session, fewer than 20 such bills restricting transgender rights were proposed.Over the weekend, at the Conservative Political Action Conference, the commentator Michael Knowles said that “transgenderism must be eradicated from public life entirely.” These bills have many different aims and often conflicting rationales, but taken together, they reveal the Republican Party’s ambitions to do nothing less than what Knowles suggested.So what are these policies intended to do to the people they target? And why are there so many of them now?Gillian Branstetter is a communications strategist at the American Civil Liberties Union’s Women’s Rights Project and L.G.B.T.Q. and H.I.V. Project. She’s been tracking and studying this wave of legislation, and she guides me through it here. We discuss the attempt by Gov. Greg Abbott of Texas to classify some forms of gender-affirming care as child abuse, why the Republican Party has united around anti-trans policy, how North Carolina’s unsuccessful “bathroom bill” in 2016 transformed the modern right, what gender-affirming care actually is, how Ron DeSantis is trying to build his brand atop this fight, where one might find grounds for hope in trans politics today and much more.Mentioned:“Texas’ Attempt to Tear Parents and Trans Youth Apart, One Year Later” by Brian Klosterboer“What’s so scary about a transgender child?” by Emily St. James“They Paused Puberty, but Is There a Cost?” by Megan Twohey and Christina Jewett“G.O.P. State Lawmakers Push a Growing Wave of Anti-Transgender Bills” by Maggie AstorBook recommendations:Homintern by Gregory WoodsCaliban and the Witch by Silvia FedericiCan the Monster Speak? by Paul B. PreciadoThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Rogé Karma and Kristin Lin. Fact-checking by Michelle Harris, Mary Marge Locker and Kate Sinclair. Mixing by Efim Shapiro. Original music by Isaac Jones. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Dr. Jason Rafferty, Lisa Black, Carole Sabouraud and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

7 Maalis 20231h 6min

“Poetry is the attempt to understand fully what is real, what is present, what is imaginable, what is feelable, and how can I loosen the grip of what I already know to find some new, changed relationship,” the poet Jane Hirshfield tells me. Through poetry, she says, “I know something new and I have been changed.”Hirshfield is the award-winning author of many books of poetry and two illuminating essay collections about what poetry does to us and in the world: “Nine Gates: Entering the Mind of Poetry” and “Ten Windows: How Great Poems Transform the World.” Her book “Ledger” is one I gift to people most often. Hirshfield’s true talent as a poet is her singular ability to imbue the ordinary, the invisible, the forgotten with a sense of majesty and wonder. Her work is littered with lines that force you to stop, to slow down, to notice what you might have missed or overlooked.Hirshfield’s work also raises some profound questions: What does it mean to grapple with our complicity in the climate crisis? Where does the self end and the rest of the world begin? How do we learn to desire what we previously dreaded or despised?This is one of those conversations that is hard to describe in words. But it was truly a delight for me to be a part of. And I think you’ll enjoy it too.Mentioned:The Iliad by HomerThe Odyssey by HomerGilgameshThe Beauty by Jane HirshfieldHow Emotions Are Made by Lisa Feldman BarrettFlow by Mihaly CsikszentmihalyiLiving with a Wild God by Barbara EhrenreichThe Two Cultures and the Scientific Revolution by C.P. SnowBook recommendations:Metaphors We Live By by George Lakoff and Mark JohnsonLess Than One by Joseph BrodskyThe Fire Next Time by James BaldwinThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Rogé Karma and Kristin Lin. Fact-checking by Kate Sinclair. Mixing by Sonia Herrero. Original music by Isaac Jones. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Carol Sabouraud and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

3 Maalis 20231h 20min

Our society’s dominant narrative is that body size is a product of individual willpower. We are skinny or fat because of the choices we make: the kinds of food we buy, the amounts we eat, the exercise regimens we follow.Research has never been kind to this thesis. It’s a folk narrative we use to punish people, not an empirical account of why residents of most rich countries are getting heavier over time. But, then, what account does fit the data?In his 2017 book, “The Hungry Brain,” Stephan Guyenet, a neurobiologist, argues that weight gain is less about willpower than it is the product of an evolutionary mismatch between our brains, our genetics and our environments. Now a new class of weight loss drugs is raising the possibility that we can change our brains to fit this new environment.Paired with diet and exercise, Ozempic and Wegovy caused anywhere from about a 15 percent to 18 percent loss of body weight over the course of just over a year in people classified as obese or overweight. And they do this in a way that aligns exactly with Guyenet’s research: They don’t make our bodies burn more calories, they make our brains crave less food.So I asked Guyenet on the show to talk me through his model of weight gain, the research on these new drugs and the strange implications of living with old brains in a new world.Mentioned:“Relationship between food habituation and reinforcing efficacy of food” by Katelyn A. Carr and Leonard H. Epstein“Dietary obesity in adult rats: Similarities to hypothalamic and human obesity syndromes” by Anthony Sclafani and Deleri Springer“Why Have Americans Become More Obese?” by David M. Cutler, Edward L. Glaeser andJesse M. Shapiro“Persistent metabolic adaptation 6 years after “The Biggest Loser” competition” by Erin Fothergill, Juen Guo, Lilian Howard et al.“The future of weight loss” by Stephan GuyenetUnder a White Sky by Elizabeth KolbertBook recommendations:Burn by Herman PontzerSalt Sugar Fat by Michael MossThe Secret of Our Success by Joseph HenrichThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Rogé Karma and Kristin Lin. Fact-checking by Michelle Harris and Kate Sinclair. Mixing by Sonia Herrero. Original music by Isaac Jones. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Pat McCusker and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

28 Helmi 20231h 26min

Adrian Tchaikovsky’s “Children of Time” is about an advanced civilization built by sentient spiders. A sequel, “Children of Ruin,” is about a society run by superintelligent octopuses. I love these books. They’re remarkably serious about their premises, and by the end, it’s human civilization and our limited sensorium that come to seem strange.But Tchaikovsky’s latest book, “Children of Memory,” ostensibly about crows, read as something very different to me: the best fictional representation I’ve read of what it is like to interact with, and perhaps even be, an artificial intelligence system like ChatGPT. It was a very strange read at this moment. And it made possible an episode I’ve been wanting to do for months.Long before we have to face the question of whether A.I. is sentient, we will have to face the question of whether it is creative, and that will turn into the question of whether we, truly, are creative. And so Tchaikovsky and I talk about whether there’s a meaningful difference between human creativity and A.I. problem solving, why he believes this is a “profoundly scary time” to be a writer or a designer, what an explosion of A.I.-produced content would mean for human society and the human spirit, whether the advancement of A.I. could exhaust avenues for human originality and much more.Mentioned:"Melancholy Elephants" by Spider RobinsonArrival, directed by Denis VilleneuveBook Recommendations:Soldier of the Mist by Gene WolfAfter Atlas by Emma NewmanBabel by R. F. KuangThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Rogé Karma and Kristin Lin. Fact-checking by Michelle Harris. Mixing by Sonia Herrero. Original music by Isaac Jones. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Carol Sabouraud and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

24 Helmi 20231h 2min

Physical pain is a universal human experience. And for many of us, it’s a constant one. Roughly 20 percent of American adults — some 50 million people — suffer from a form of chronic pain. For some, that means having terrible days from time to time. For others, it means a life of constant suffering. Either way, the depth and scale of pain in our society is a massive problem.But what if much of how we understand pain — and how to treat it — is wrong?Rachel Zoffness is a pain psychologist at the University of California, San Francisco, School of Medicine and the author of “The Pain Management Workbook.” We tend to think of pain as a purely biomechanical phenomenon, a physical sensation rooted solely in the body. But her core argument is that pain is also produced by the mind and deeply influenced by social context. It’s a simple-sounding argument with vast implications not only for how we experience pain but also for how we treat it. She points to numerous underused tools — aside from pills and surgeries — that can help lessen our pain.We discuss how pain serves as “the body’s warning signal”; how our mood, stress levels and social environment can amplify or dial down our pain levels; what phantom limb syndrome says about how the brain “makes pain”; how our emotions and trauma influence our pain levels; the crucial difference between “hurt” and “harm”; why studies on back pain have yielded such bewildering results; how to figure out and improve your personal “pain recipe”; the roots of our chronic pain crisis; how our health care system could be better set up to treat chronic pain; why Zoffness says, “If the brain can change, pain can change”; and more.Mentioned:“Sham Surgery in Orthopedics” by Adriaan Louw, Ina Diener, César Fernández-de-las-Peñas and Emilio J. PuenteduraBook Recommendations:Why Zebras Don’t Get Ulcers by Robert M. SapolskyThe Body Keeps the Score by Bessel van der KolkPain by Patrick WallThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld, Roge Karma and Kristin Lin. Fact-checking by Michelle Harris and Kate Sinclair. Mixing by Sonia Herrero and Isaac Jones. Original music by Isaac Jones. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Carole Sabouraud and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

21 Helmi 20231h 4min