2023
October
03
Tuesday

Monitor Daily Podcast

October 03, 2023
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A year ago, Sam Bankman-Fried was a cryptocurrency entrepreneur worth billions of dollars. His crypto exchange company, FTX, ran ads during the 2022 Super Bowl. Tom Brady promoted his brand. 

This week Mr. Bankman-Fried goes on trial in a federal court in New York, facing seven criminal counts including fraud and money laundering. His company, based in Bermuda, collapsed last November, wiping out the assets of celebrities like Mr. Brady and those of ordinary investors. Mr. Bankman-Fried has pleaded not guilty to all the charges. 

FTX was a for-profit company. But Mr. Bankman-Fried claimed that his goal was not to get rich but to maximize his philanthropic impact. That claim has since drawn a lot of criticism. 

As an undergraduate student at the Massachusetts Institute of Technology, he was drawn to effective altruism, a social movement that takes a utilitarian approach to helping poor and vulnerable people at scale. He befriended William MacAskill, a philosopher at Oxford University and founder of the Center for Effective Altruism. 

Mr. MacAskill and others posited that rich-world professionals shouldn’t work for nonprofit foundations. Instead, they could make a greater impact by going into high-paying careers like finance and giving away what they earn, while living modestly. 

This is what Mr. Bankman-Fried says he did. Some of his early investors and employees were followers of effective altruism. But as his wealth grew, so did his influence. He donated to political candidates, mostly Democrats, and testified on Capitol Hill about crypto regulation. Then he came crashing down to earth.

Mr. Bankman-Fried’s trial will focus on whether he and his companies violated U.S. laws. But also it’s a reckoning for the social movement that he represented. Does it matter how fortunes are made if they yield vast philanthropic giving? His rise and fall suggest that how you act in the world also matters.


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Today’s stories

And why we wrote them

Jonathan Ernst/Reuters
Republican House Speaker Kevin McCarthy of California arrives for a House Republican conference meeting at the Capitol in Washington, Oct. 3.

A small group of conservatives engineered the removal of Speaker Kevin McCarthy, essentially saying he hasn’t been hard-line enough. The catch: In a divided Congress, getting anything done requires compromise. 

AP
People prepare food in a Khartoum neighborhood, June 16, 2023. After six months of fighting between the military and a powerful paramilitary force, some 6 million Sudanese are on the precipice of famine, relief organizations say.

“Save Darfur” mobilized the world two decades ago. But amid intense fighting in Sudan that has created a new humanitarian crisis, calls to move from international talk to action have so far not been answered.

SOURCE:

United Nations High Commissioner for Refugees

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Jacob Turcotte/Staff

What’s the best way to make sure all students have access to high-level classes? In Texas, a new strategy focuses on automatically enrolling top scorers. This story is part of The Math Problem, the latest project from the newsrooms of the Education Reporting Collaborative.

Daniel Becerril/Reuters
A migrant girl sleeps in her mother's arms after walking through the Rio Grande river in an attempt to seek asylum into the United States, as seen from Piedras Negras, Mexico, Sept. 30, 2023.

Border Patrol encounters at the U.S. southern border are approaching a record high. A longtime immigration expert explains how this affects current immigration politics and policy. 

AP/File
Motorcycle police escort school buses as they leave South Boston High School at the end of sessions on the second day of court-ordered busing, Sept. 14, 1974. Some buses were stoned, and several arrests were made.

Often, community involves a sense of belonging. But our contributor sees in Dennis Lehane’s new novel, “Small Mercies,” that belonging can become a trap if not tempered by openness to others.


The Monitor's View

Reuters
People fleeing gang violence take shelter at a sports arena in Port-au-Prince, Haiti, Sept. 1.

When it comes to stabilizing failing states and restoring democracy, there’s an unresolved debate over what creates the conditions for success – security or development. On Monday, the United Nations Security Council gave a nod to the former when it approved a new international force to help end a spiral of violence by street gangs in Haiti. The Caribbean nation has been without an elected government since the assassination of its prime minister more than two years ago.

The decision is not without critics. Yet in its modesty – a small complement of police officers and some soldiers led by Kenya will help secure critical infrastructure and institutions – the intervention marks a departure from past large-scale U.N.-led interventions.

As such, it reflects two important principles learned elsewhere. The first is that countries rebuild from within, when competing groups find shared purpose. The second is that the protection of innocence is as much a vital international interest as, say, trade or migration.

“It was more than a simple vote,” Haitian Foreign Minister Victor Geneus said of the Security Council decision. “It is an expression of solidarity with a population in distress.”

In Kenya, the willingness to lead an intervention that no other country would reflects a deeper African norm. “The people who are in Haiti have an African descent, and we have an ubuntu philosophy in Africa: I am because you are, and because you are, I am,” Vincent Kimosop, an economist and policy analyst, told Voice of America.

Although it took a year of negotiations, the vote on Monday affirmed the enduring potential of diplomacy. China and Russia dropped their opposition after months of dialogue led by the United States. If the new force, which will be deployed in January, restores some stability and calm, it may help Haiti rebuild on stones already laid. A broad bloc of civil society, business, and political leaders worked out a transition blueprint last December.

One country that has lately demonstrated the unity to lift itself from collapse is Somalia, Kenya’s northern neighbor in the Horn of Africa. In recent months, the government has joined hands with rural herders and clan elders to regain control of large swaths of the country overrun for more than a decade by the Islamist extremist group Al Shabab. As The Wall Street Journal recently reported, the restoration of security now offers an opportunity to renew trust through restored civic goods such as health care, clean drinking water, and honest courts.

Peace “must be proactively waged, because what is at stake for all of us is the quiet miracle of an ordinary life, a life free from violence,” said Pramila Patten, U.N. special representative of the secretary-general on sexual violence in conflict, in a speech last year. “If we are to truly meet our responsibility to protect, then none of us can rest until every woman and girl, every innocent civilian, can sleep under the cover of justice.”


A Christian Science Perspective

About this feature

Each weekday, the Monitor includes one clearly labeled religious article offering spiritual insight on contemporary issues, including the news. The publication – in its various forms – is produced for anyone who cares about the progress of the human endeavor around the world and seeks news reported with compassion, intelligence, and an essentially constructive lens. For many, that caring has religious roots. For many, it does not. The Monitor has always embraced both audiences. The Monitor is owned by a church – The First Church of Christ, Scientist, in Boston – whose founder was concerned with both the state of the world and the quality of available news.

We have God-given authority and ability to overcome suffering.


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Eloisa Lopez/Reuters
A child is captivated by lanterns sold at the Qinghefang Ancient Street during the National Day Golden Week holiday in Hangzhou, China, Oct. 2, 2023.
( The illustrations in today’s Monitor Daily are by Jacob Turcotte. )

A look ahead

Thank you for joining us today. Please come back tomorrow as we continue to follow the fallout from the battle over the leadership of the United States House of Representatives.  

More issues

2023
October
03
Tuesday

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