Russian insiders view escalation of Putin’s war as inevitable. Business chief economists view inflation, recession and a cost of living crisis into 2023 as unavoidable. Rogoff’s view is that things will get even worse for the UK before they get better. Focus on four pillars: faith (or adhering to a belief system), family, friends and work can be the source of true happiness. Sharing the wonders of a walk can be the source of deeper relationships and more meaningful conversations.
QUOTE OF THE WEEK
ARTICLE OF THE WEEK
Farida Rustamova and Maxim Tovkaylo, Putin Always Chooses Escalation
(The Moscow Times, 30 September 2022)
This article is based on interviews with 15 members of the Russian ‘elite’ (civil servants, MPs, and business executives) who all spoke on the condition of anonymity. Some are pro-war, others are against, but all of them are convinced that the military conflict will only escalate in the coming months, and no one can predict what will happen if Russia loses. On the same day this article was published, Putin delivered an important speech in which he announced what he’s planning. Escalation (including nuclear) is indeed on the cards (metered paywall – reads in 6-8 min).
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Stefan Ellerbeck, The world is at a point of significant economic danger, say experts
(World Economic Forum, 28 September 2022)
This is the consensus view among the chief economists of large global companies and financial institutions surveyed by the WEF. They say that the outlook for the global economy has “darkened” with most respondents forecasting a global recession in 2023. They think
inflation will remain high in many parts of the world in 2022, especially in Europe and the US. This will contribute to a severe cost of living crisis with at least 80% of economists surveyed predicting wages will fail to keep pace with rising prices through 2023. The whole document can be found HERE (free access – reads in 5-7 min).
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Kenneth Rogoff, Britain Is Not an Emerging Market – Yet
(Project Syndicate, 30 September 2022)
Among the flurry of articles on the UK recent financial debacle, this analytical, dispassionate review does a good job at laying out what happened and what’s coming. Last week, in response to PM Truss’s “mini-budget,” financial markets sent the pound plunging to its lowest level ever, with no bottom in sight. While talk of an outright UK default is overblown, it is not unreasonable to anticipate a painful reckoning just short of that outcome. In short: “things are likely to get much worse before they get better” (for the UK) (metered paywall – reads in 6-8 min).
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Clay Skipper, Does Arthur Brooks Have the Secret to Happiness?
(GQ, 23 September 2022)
In the last decade or so, the quest for happiness has become big business, and Brook (a bestselling author and columnist) believes that happiness is a discipline to be studied and mastered. In his opinion, “50% percent of it is genetics, 25% depends on our ‘circumstances’ and 25% on our habits. He recommends rejecting the four false idols that tickle our dopamine receptors but leave us unhappy in the long run: money, power, pleasure, and fame. Instead, he suggests focusing on “the four pillars of our happiness portfolio”: faith (or adhering to a belief system), family, friends, and work (that serves others while allowing us to earn our success). A good insight: “money can buy you out of unhappiness, but it can’t bring you happiness” (metered paywall – 15 min + but worth it!)
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Rebecca Norris, Looking To Deepen Your Relationship? Go Take a Hike
(Well+Good, 30 September 2022)
Music to our ears as this is what underpins our conversations at the Summits of Minds! Walking releases endorphins, boosts dopamine and in so doing becomes one of the best ways to frame a meaningful conversation. The reason: it creates a shared experience that can help strengthen the bonds between those who engage in it. Multiple studies have shown that sharing a sense of awe in the outdoors forges deeper social connections and friendships, and that spending time outdoors with another person significantly impacts positive interactions while reducing negative affect (free access – reads in 4 min).
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