may 1998

Carnage in the cryptocurrency market is nothing new. Over the past decade, even as the value of cryptocurrencies like bitcoin and ether has risen sharply, crashes have been a regular feature of the market. (There’s a reason HODL—“Hold on for dear life”—is a mantra among crypto believers.) But even by crypto standards, the destruction of value over the past six months—and in particular, over the past few weeks—has been staggering.

Since November, something like $1.5 trillion in cryptocurrency value has been erased. Bitcoin and Ethereum, the market’s bellwethers, are both down about 60 percent from their peaks. And most strikingly, the so-called stablecoin Terra and its sister token, Luna, which together were valued at about $60 billion six weeks ago, imploded in a matter of days and are now essentially worthless.  

Until a few decades ago, most Democrats did not hate Republicans, and most Republicans did not hate Democrats. Very few Americans thought the policies of the other side were a threat to the country or worried about their child marrying a spouse who belonged to a different political party.

All of that has changed. A 2016 survey found that 60 percent of Democrats and 63 percent of Republicans would now balk at their child’s marrying a supporter of a different political party. In the run-up to the 2020 presidential election, the Pew Research Center reported that roughly nine out of 10 supporters of Joe Biden and of Donald Trump alike were convinced that a victory by their opponent would cause “lasting harm” to the United States.

Updated at 9:51 a.m. on May 20, 2022

Yesterday afternoon, I called the UCLA epidemiologist Anne Rimoin to ask about the European outbreak of monkeypox—a rare but potentially severe viral illness with dozens of confirmed or suspected cases in the United Kingdom, Spain, and Portugal. “If we see those clusters, given the amount of travel between the United States and Europe, I wouldn’t be surprised to see cases here,” Rimoin, who studies the disease, told me. Ten minutes later, she stopped mid-sentence to say that a colleague had just texted her a press release: “Massachusetts Public Health Officials Confirm Case of Monkeypox.”

The virus behind monkeypox is a close relative of the one that caused smallpox but is less deadly and less transmissible, causing symptoms that include fever and a rash. Endemic to western and central Africa, it was first discovered in laboratory monkeys in 1958—hence the name—but the wild animals that harbor the virus are probably rodents. The virus occasionally spills over into humans, and such infections have become more common in recent decades. Rarely, monkeypox makes it to other continents, and when it does, outbreaks “are so small, they’re measured in single digits,” Thomas Inglesby, the director of the Johns Hopkins Center for Health Security, told me. The only significant American outbreak occurred in 2003, when a shipment of Ghanaian rodents spread the virus to prairie dogs in Illinois, which were sold as pets and infected up to 47 people, none fatally. Just last year, two travelers independently carried the virus to the U.S. from Nigeria but infected no one else.

When I train medical students, I emphasize that almost nobody is more acutely aware of time than an obstetrician is. Whenever doctors in my field are briefed about a new patient, the first question we ask is: “How many weeks?” The answer affects everything. A pregnant patient diagnosed with high blood pressure at 12 weeks is usually suffering from chronic hypertension, a condition not immediately dangerous to her. At 37 weeks, a similar blood-pressure reading signals preeclampsia, a direct risk to the patient and her fetus. A patient whose water breaks the week before her due date, at 39 weeks, is probably going to have a healthy baby; someone in the same situation at 20 weeks faces a terrifying ordeal that will probably end in infection and pregnancy loss. The dangers that a patient faces, the treatment options we can consider, the risks she may be willing to take—all of these evolve over the nine months of a pregnancy. The only people who understand this better than obstetricians do are our pregnant patients themselves, who count every passing moment in their bodies.  

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If you’ve tried to buy a home in the past two years, you have my most profound sympathies. Your experience has probably gone something like this: You found your dream home online; sent photos around to your family; visited the premises (or decided to buy, sight unseen); got your financial statements in order; smartly offered 10 percent over asking; and learned, several hours later, that no fewer than 831 other people had bid for the same house, which sold to a couple who paid 50 percent over asking, all cash, and cinched the deal with a contract amendment promising to name their firstborn child after the seller.

Yes, the American real-estate market really has been historically hellish, or historically hot, depending on whether you were trying to buy a home or sell one. Within the past year, just about every housing statistic you could imagine set some kind of berserk record. Home prices hit a record high, the share of homes that sold above asking hit a record high, and the number of available homes for sale hit a record low.