Friday, July 1, 2022

Stealing everything in sight

Antiquities, Bitcoin, elections — to name a few.

The past — and the future — are at stake.

Withering testimony from a former White House staffer dealt a body blow to Donald Trump's denials surrounding the Jan. 6 Capitol insurrection. The US Supreme Court wound back 50 years of women's rights and took a right turn, and on the 25th anniversary of Hong Kong's return to China we find a city sown with fear and doubt

The West's Cold War's alliance is gaining new members in Europe and friends in the Asia-Pacific. In finance, cryptocurrencies are showing they can boom and bust like regular markets — though history has never seen anyone like these two alleged Bitcoin heisters.

We visit ancient temples and modern-day slums, and revive colonialism for humanity's hoped-for exploration of space. Britain's storied schools are conquering Japan, and the stuffy world of the private club is being reinvented in Los Angeles. Enjoy! —Adrian Kennedy

Taking the Stand

Photographer: Al Drago/Bloomberg
Photographer: Al Drago/Bloomberg

It's no secret that Donald Trump was upset at losing the election, but explosive testimony in the Jan. 6 investigation from former White House aide Cassidy Hutchinson portrayed an enraged man who threw food and tried to grab control of a car steering wheel from his security detail.

Trump denied the claims, but multiple witnesses have depicted chaotic efforts to hold on to power, and the panel may refer evidence of possible witness tampering to the Justice Department. "Each of the committee's hearings has brought the possibility of criminal charges closer and closer to Trump," writes Bloomberg Opinion's Timothy L. O'Brien.

Turning to the Right

Photographer: Eric Lee/Bloomberg
Photographer: Eric Lee/Bloomberg

Whatever happens, it's undeniable Trump radically moved the Supreme Court to the right, as demonstrated by a slew of recent rulings — notably against abortion, for gun rights and limiting the environmental agency's powers. It also overruled a lower court boosting Black voter representation in Louisiana and backed a high school coach who prayed on public property.

States that affirm reproductive rights are set to act as havens, but there appear to be few options for Joe Biden to safeguard access elsewhere. The end of Roe v. Wade also frightened many in the LGBTQ community, with Justice Clarence Thomas pushing to review rulings that legalized contraception, same-sex intercourse and marriage.

Handover Hangover

Photographer: Justin Chin/Bloomberg
Photographer: Justin Chin/Bloomberg

When Britain handed Hong Kong to China 25 years ago, fear was mixed with hope that Hong Kongers could finally run their own affairs and keep freedoms they already enjoyed. But Xi Jinping's speech marking the occasion this week made clear Beijing stands behind its crackdown on the pro-democracy movement.

Six young adults born the year of the handover tell us of their thoughts on Hong Kong's future. Bloomberg Opinion's Matthew Brooker, a long-term resident, writes that the city's dreams have sunk without trace. Welcome to the new era of doubt.

Country Clubs

Photographer: TOBIAS SCHWARZ/AFP
Photographer: TOBIAS SCHWARZ/AFP

Russia's attack on Ukraine has renewed interest in defensive alliances. Finland and Sweden look set to join NATO, which this year invited the leaders of Japan, South Korea, Australia and New Zealand to its summit in a none-too-subtle nod at China. G-7 leaders, above, vowed to back Ukraine and warned China against "threats, coercion, intimidation." Even Croatia may rest easier as it joins the EU's passport-free travel zone.

Botched Bitcoin Heist

Remember the wacky rapper and her husband fighting charges linked to the heist of billions worth of Bitcoin? You can wait for the Netflix series, or read our profile. Affiliate marketer Ilya Lichtenstein reputedly stands out in an industry filled with obnoxious people, while we'll let Heather Morgan describe herself: "I'm many things. / A rapper, an economist, a journalist, / a writer, a CEO, / and a dirty, dirty, dirty, dirty ho."

Crypto has always been volatile, but the sector's plunge to less than a third of its $3 trillion peak has both investors and regulators on edge. We look at whether recent failures are existential, or represent growing pains that will allow the emergence of a sturdier financial future.

Scamming Cambodia

Photographer: Thomas Cristofoletti for Bloomberg Businessweek
Photographer: Thomas Cristofoletti for Bloomberg Businessweek

Cambodia is not a rich nation. That didn't stop a banker's son from pillaging its temples anyway in arguably the world's biggest art heist. The antiquities "Dynamite" Doug Latchford pilfered ended up with collectors including New York's Metropolitan Museum of Art. Latchford died before he could face prosecution, but some of his loot is finally making its way home.

Fleeing Floods

Not all refugees flee war. More than 10 million people have been displaced by climate change in low-lying Bangladesh. Some 2,000 people a day move to the capital Dhaka, many heading for teeming slums at risk of being submerged by rising seas. "My city is overpopulated, but I can't turn migrants away," says Mohammad Atiqul Islam, Mayor of Dhaka North.

In Defense of Martian Rights 

Photographer: NASA/Getty Images North America
Photographer: NASA/Getty Images North America

"Is there life on Mars?" asked David Bowie. Not yet — but we should think about how to run any colony, economics professor Tyler Cowen writes for Bloomberg Opinion. Should it be democratic or have religious or military elements? Should contractual servitude pay for travel? "Perhaps the best that can be hoped for is a very democratic philosophy for life on Earth, with the understanding that Mars will be very different."

Class Action

Photographer: Noriko Hayashi/Bloomberg
Photographer: Noriko Hayashi/Bloomberg

If you think college is costly, fees at the new Japanese offshoots of Harrow, Rugby and other posh English schools approach $70,000 a year. China's clampdown on pricey educations and foreign teaching is leading top UK schools to lure kids of the country's one-percenters to Japan with first-class education — not to mention skiing and golf.

And if you're a big kid in Hollywood, check out Heimat. The private wellness club has plenty of workout options spread over its luxurious five floors, plus keto-friendly fare and a bar that opens at 10 a.m.

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