Notations on Our World (Special M-End Edition): As December Dawns

It has been a challenging month as we present our Social Media banner courtesy of The team at Together We Stand.

As we bid farewell to November and welcome December.  We have been assessing the ongoing demonstrations in Iran, the looming Iran nuclear talks beginning tomorrow in Vienna, the advent of the new Covid Variant, the ongoing political challenges in the United States, the advent of a new government in Germany, and the looming French Presidential Elections next year.   We have also been assessing the spat between the United Kingdom and France in the aftermath of the death of 27 migrants.

We present a curated snapshot of the final week that was with thoughts courtesy the Financial Times, The Washington Times, Defense One, NBC and others.

A challenging month is before us:

Global Economy Change is in the air Barbados becomes a republic, earnings season draws to a close and winter starts in northern hemisphere NOVEMBER 28, 2021 by Jonathan Moules We Know Almost Nothing About the Omicron Variant By Katherine J. Wu As fall dips into winter in the Northern Hemisphere, the coronavirus has served up the holiday gift that no one, absolutely no one, asked for: a new variant of concern, dubbed Omicron by the World Health Organization on Friday. World Iran nuclear negotiator: Talks must address removal of sanctions Past blunders must not be repeated if this week’s meeting in Vienna is to succeed NOVEMBER 28, 2021 by Ali Bagheri Kani

Economy What the new German government has in store for Europe Three-party coalition agreement pledges some progress on climate goals and banking union NOVEMBER 25, 2021 by Valentina Pop Eight historical episodes in which fiscal problems led to disaster Governments throughout history have seen political and social unrest stem from fiscal irresponsibility. Read the full story here. Economy What the lira collapse means for Turkey’s economy Analysts warn of increased dollarisation, hyperinflation and the rising cost of debt NOVEMBER 24, 2021 by Laura Pitel in Ankara and Jonathan Wheatley in London World Arab leaders weigh normalising relations with Syria’s president Bashar al-Assad is slowly being brought back into regional diplomatic society NOVEMBER 24, 2021 by David Gardner Economy UK Christmas parties curtailed as pandemic reins in festive cheer Era of grand celebrations appears over as companies opt for smaller gatherings amid fears of infection NOVEMBER 27, 2021 by Daniel Thomas, Alice Hancock and Michael O’Dwyer

In tech we don’t trust Joe Biden’s tech policy is becoming clearer The administration is pushing back harder against big tech than anyone expected

Abortion in America Clashes at America’s abortion clinics are getting noisier The daily confrontations ahead of a battle in the Supreme Court

Crime and punishment The killers of Ahmaud Arbery are found guilty A jury delivers a verdict against vigilante justice

Biden’s tree army Joe Biden wants to revive FDR’s Conservation Corps To understand what a climate workforce could actually achieve, look to Colorado

Food sovereignty Maine’s new “right to food” could sprout legal challenges But supporters of the new law claim that it gives Mainers more ownership of the food supply

Travelling plight Thanksgiving is bound to cause a spike in America’s covid infections Blame resistance to getting jabbed and a lack of home testing

The Economist explains Why America is releasing emergency petroleum stockpiles Joe Biden wants to send a message to OPEC+ countries and consumers irked by inflation

Still in the hot seat What Jerome Powell must do next as Fed chairman He will face a crowded agenda in his second term

Biden Administration Unveils Management Vision That Rests on Empowering Federal Employees// Courtney Bublé Other top priorities include serving citizens equitably, and improving the federal acquisition and financial management systems.     Biden's Management Agenda Highlights Need for High-Tech Federal Workforce// Aaron Boyd To deliver better citizen services, the government will need a skilled workforce and the technology to support it, management officials said. What is the JCPOA, the deal meant to restrict Iran’s nuclear activity? Iran and America are far from reviving the multinational agreement Technology investing Adventure capitalism The venture-capital industry is being supersized. Good Green shift Germany’s new government holds great promise It will need luck, too Chaguan What Peng Shuai reveals about one-party rule When a tennis star accuses a grandee of assault, China has no answer Midsized mayhem Why medium-sized autocracies are projecting more hard power abroad And why this is alarming The James Webb Space Telescope A new look at the cosmos A long-delayed telescope will soon soar into the heavens Safeguarding art In preparing for disasters, museums face tough choices Making “grab lists” forces institutions to rank and value their holdings Economist podcasts We ask Claudia Roden: what does food tell us about migration stories? We ask Claudia Roden: what does food tell us about migration stories?

Inflation: Temporary Blip or Permanent Shock? Above (L to R): Mohamed A. El-Erian of Allianz and Jan Hatzius of Goldman Sachs Whether inflation is transitory might be beside the point—because it’s already reshaping the economy, says Mohamed A. El-Erian, president of Queens’ College at the University of Cambridge and chief economic advisor at Allianz. In response to both price and wage hikes, behaviors are changing, El-Erian tells host Allison Nathan on the latest episode of Exchanges at Goldman Sachs: “For me, [that] implies that in the true sense, inflation is not transitory, that the economy is adjusting to a price shock and that we have to ask seriously what comes after that adjustment.” But Jan Hatzius, head of Goldman Sachs Research and the firm’s chief economist, maintains that inflationary pressures will gradually subside later next year. Durable goods prices will reverse some of their previous run-up, he argues, and commodity prices will stabilize—even as wage and rent pressures are likely to persist. “I have confidence that inflation is going to come down next year. And that is basically because there's such an enormous contribution from components where it's just very difficult to believe that they’re going to keep going up at anywhere near that rate in, like durable goods,” Hatzius says. “We can debate how long it's going to take for them to normalize, but I would be pretty astonished if they kept rising at anywhere near this rate.” Listen to podcast Read Top of Mind report

How Capital Is Fueling the Race to Net Zero Above (L to R): Kara Mangone and Michele Della Vigna of Goldman Sachs “Capital markets are deeply engaged in sustainability, whichever way you look at,” says Michele Della Vigna, head of natural resources research in EMEA, in a new episode of Goldman Sachs’ special podcast miniseries, Accelerating Transition. Della Vigna sat down with Kara Mangone, global head of Climate Strategy, to discuss the recent Carbonomics conference he hosted earlier this month. A key takeaway? Capital markets are fueling the transition to a net-zero economy. “Almost all of the growth in active asset management is in sustainability-linked funds. And when you look at how investors engage with corporates, we've seen a tremendous increase in engagement on decarbonization and climate change issues,” says Della Vigna. Explore the key drivers behind the path to net zero as well as the changing cost curve of decarbonization, the role policy and capital markets can play, and the innovations that can accelerate our progress to a sustainable future in a new interactive data visualization on Carbonomics on GS.com. Listen to podcast View infographic

We close out with thoughts on the political scene in the United States: 

	Biden Administration Unveils Management Vision That Rests on Empowering Federal Employees// Courtney Bublé Other top priorities include serving citizens equitably, and improving the federal acquisition and financial management systems.
	Biden's Management Agenda Highlights Need for High-Tech Federal Workforce// Aaron Boyd To deliver better citizen services, the government will need a skilled workforce and the technology to support it, management officials said.