Today’s video is about something that seems quite boring on the surface. The folks who are pushing SPACs, or Special Purpose Acquisition Companies, desperately want you to believe that they are boring. Just another way to structure capital markets! They’re anything but that. They’re exactly the sort of thing that blows up markets and sinks economies. This may not look like geopolitics on the surface, but it’s likely that SPACs will have world-wide significance. I suspect you’ll be getting ahead of the game if you understand them now.
Trying out a new format today! Folks may have noticed that traffic has been declining a bit on the channel. I’d been wondering about this for a while, but over the holiday season I did a deeper dive, and decided to figure out why. The simple fact seem to be that YouTube’s requirements have changed. It’s true that they are less likely to point to controversial topics from small channels, but my videos are no longer algorithm friendly in a more important way as well: They’re just too short.
People may prefer short videos, I certainly do. But YouTube wants people to watch for longer. Long established YouTuber Veritasium maintains that you need to have an average watchtime of around 8 minutes for YouTube to get excited about putting your video in front of more people. Can’t get to an 8 minute watch time if most of your videos are under 8 minutes long, as mine are. So, with today’s video, I’m switching things up a bit. I’m trying to mix the produced videos with more improv-ed riffs. Let me know how you think it’s going!
It’s amazing how little investment the US has in the priorities of our allies. It’s well established that our foreign policy establishment is utterly incapable of seeing anything from the perspective of any of our “adversaries”. This would be a tremendous problem if the United States were actually in anything like a real competition with anybody. The dumbest actor in a contest rarely wins. But it’s not a contest. At this point, we’re so much more powerful than any of our opponents that it just doesn’t matter (leaving aside moral questions). What we should be doing, in this waning, but still present historical moment, is building up our position with allies, and working to stretch this sweet spot out as long as possible. We’re doing the exact opposite of that, of course.
A system that wants to stand the test of time needs to be aware of, and at least not obstruct, the wishes of smaller members of that system. As today’s video illustrates, we’re not doing that. Our oldest and strongest allies in Europe have opted to kick off the “New Cold War” by committing to an investment agreement… with China. This should be a wake up call. I doubt it will be.
Comparative history is not an exact science. It can be a fraught business. I’m sure there are a number of ways in which today’s video could be portrayed as condescending or even a bit racist. “What do you mean Ethiopia is 100 years behind Europe!!!”. But comparative history is too useful a tool, to not use. Unfortunately, it’s often used poorly. With this video, and a follow up I’m still drafting, I hope to debunk some of the dumber comparisons that are made. I also want to show that while Ethiopia’s civil war is horrible, it’s not really much of a detour from normal development.
This one almost ended up as another channel trailer. I initially produced a video making fun of the Thucydides Trap when it was first publicized in the Atlantic over five years ago. I thought it was a profoundly silly concept from the start. Unfortunately, it’s become a phenomenon. Just go to Google News and type in “Thucydides Trap” and you’ll find that it is mentioned at least weekly in one article on US-China relations or another. This misuse of the concept is quite sad, because Thucydides actually does have a very useful story to tell policy-makers in the United States. In today’s video, I lay out that story, and use it as the foundation for my pitch for the third of three options for this channel’s next new project. You now have the all the information you need to vote!
I have thought long and hard about each of the three options in this month’s contest to pick the channel’s next topic. But Israel-Palestine is probably the topic I have thought about the most. As somebody who attempts to cover issues in the Middle East, it is constantly thrown in my face. As someone who used to be an avid follower of conservative media I’ve become familiar with one set of arguments, and as someone who spent 6 years living in Turkey I’ve gotten a good look at the other side as well. It’s a fascinating conversation that I think I can contribute to, which I hope today’s video makes clear.
In some circles in the US today’s video could be seen as a blistering attack on Israel. For many in my old world audience, I imagine it could be seen as so wimpy that it betrays the Palestinian cause… I’m very excited for the comments on this one!
Heeere we go! With this channel’s 500th video, we’re asking the audience to decide what we should cover next! Should it be Israel and Palestine? Should it be Afghanistan, Pakistan and India? Should it be US Empire? This isn’t a question of what I’m covering next week, but what my next, big, multi-year project will be. It’s the 2$ and up patrons that get to pick between these three options…
It’s always worth re-examining something we all just think of as normal. I would never call myself a journalist. I don’t do the hard work of cultivating sources and ferreting out things that are hidden from us. But what I hope the MFF is good at is re-interpreting things we all know, connecting the dots, and laying out why certain aspects of our common knowledge are troubling. That’s what today’s video attempts to do. We have come to see it as normal that actors all over the world seek to take advantage of US elections to get away with things. Why should they care what happens in this country? And what does it say about the true dimensions of US power that they do?
Over the course of Trump’s presidency, outraged politicians across the US system took many principled stands against Saudi Arabia. With a president who was so shamefully subservient to crown prince Muhammad Bin Salman, Congress, and every democratic politician running for president was free to condemn the country, and propose a number of concrete ways to punish and humiliate the Kingdom’s out of control leadership. My guess is that it is going to be shocking how quickly all of that evaporates.
But, as I lay out in today’s video, that’s not necessarily a reason for despair. An emotionally satisfying blow-up with Saudi Arabia is vastly less important than the end of the invasion of Yemen and the speedy restoration of the Iran Nuclear Deal. That ought to be our true measure of success in dealing with Saudi Arabia.
I wrote this video about a month ago, but then got cold feet. I’m glad I did, because the Vienna attack occurred the day I was going to upload it. That attack was initially sold as a serious, organized, multi-person act of terror. It’s now clear that it was committed by just another lone psycho. This video’s central message, that what we are seeing now is nothing compared to five years ago, and that Islamist terrorism has largely run its course, seems pretty clearly true to me.
One interesting aspect, that I left out of the video because it was already too long, is the difference between the US and French attitudes towards counter-terror. Even under Trump there’s a serious effort to move away from worrying about Islam. A Saudi military officer, likely affiliated with Al Qaeda, shot up a US military base last fall, killing 3 US soldiers! It’s been forgotten completely. The French government, on the other hand, is eager to make the actions of lone psychos the centerpiece of its domestic political agenda. What explains this difference?
Well, it’s quite cynical. The US military industrial complex, from defense contractors to the military to the media that promotes them, it’s all moving on to China. We don’t need to freak out about Islam to justify our pentagon budgets anymore. But France’s military budgets depend on fighting “Terrorism” in Africa. So they remain very big on demonizing Islam. Grim. But hard to deny.
