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J.S. Held Experts Examine Crypto’s Pitfalls and Potential
The global cryptocurrency market has surged to a staggering USD 3.4 trillion. However, alongside this rapid expansion, significant challenges and risks continue to emerge. The J.S. Held 2025 Global Risk Report examines the evolving landscape of crypto and digital assets, highlighting both the potential and the pitfalls of this dynamic sector. The explosion of cryptocurrency adoption across industries—from gaming to decentralized finance (DeFi)—has led to increased regulatory scrutiny and security concerns. With the expected growth in the number of users to exceed 107.3 million in the market by 2025, every sector is looking at what crypto and this blockchain technology can do to transform their business. Even the gaming industry has entered the crypto space with bridging services offering “Play-to-Earn” (P2E) games. While anonymity remains a key feature in both the risk and success of cryptocurrency, the concept of “Know Your Customer” on centralized platforms is still required but continues to evolve because not all anonymity is evil. Despite regulatory, environmental, geopolitical, and other business risks, the J.S. Held 2025 Global Risk Report reveals how the crypto industry continues to evolve, offering new opportunities for businesses and investors around: Enhanced Transparency & Security Regulatory Clarity Education & Compliance Digital Identity Solutions “With regulatory frameworks tightening globally—from the European Union’s Markets in Crypto-Assets (MiCA) law to China’s outright ban—the future of crypto remains at a critical inflection point,” observes J.P. Brennan, Global Head of Fintech, Payments, Crypto Compliance and Investigations at J.S. Held. “As the industry matures, the balance between risk mitigation and innovation will shape the next phase of digital asset adoption,” J.P. Brennan adds. J.P. Brennan examines the crypto risks and opportunities outlined in the 2025 J.S. Held Global Risk Report in this video: Cryptocurrency and digital asset risk is just one of the five key areas analyzed in the J.S. Held 2025 Global Risk Report. Other topics include sustainability, supply chain, Artificial Intelligence (AI) and data regulations, and managing cyber risk. If you have any questions or would like to further discuss the risks and opportunities outlined in the report, please email GlobalRiskReport@jsheld.com. To connect with J.P. Brennan, simply click on his icon now. For any other media inquiries - contact : Kristi L. Stathis, J.S. Held +1 786 833 4864 Kristi.Stathis@JSHeld.com
Are Trump's Economic Reforms Obsolete After Biden Administration
President-elect Donald Trump campaigns were filled with promises of economic reform including strict import tariffs, strict immigration curbs, and deregulation. However, reports reveal the current economic state of the US may not be needing the president's aggressive reform. Trends reflect a strong economy with low unemployment rate; prompting concerns that Trumps policies could disrupt the economic growth. Trump will be taking office next week with a much different economic circumstances compared to his first term in 2017. Does the economic changes since Trump's first term make his reforms obsolete or even dangerous? Economics expert, Dr. Jared Pincin weighs in on the discussion of the economy during the Biden administration in a recent interview. There has been an increase of individuals getting second jobs or "side hustles" especially in the Gen Z generation. As the need for an extra income source increased the unemployment rate has decreased. Are the lowered unemployment rates just a reflection of an economy that won't allow citizens to live on one paycheck? Although the economy that Trump will be inheriting show positive changes since his first term in 2017, there are concerns that can not be ignored. Trumps expansionary policies can incite inflation if the economy is not calling for his aggressive reforms. How will Trump's administration reap the benefits of the Biden administration while preventing an economic crisis? The economy appears to be performing well, especially over the past year. These reports come in during Trump's promises of reform. Are these reforms going to strengthen the economy or are they proof of Trumps disconnect with the current economic health? If you are covering the the U.S. economy during the Trump administration and need to know more, let us help with your questions and stories. Dr. Jared Pincin is an expert on economics and is available to speak to media regarding the Trump administration and the economy – simply click on his icon or email mweinstein@cedarville.edu to arrange an interview. Jeff Haymond, Ph.D. is Dean, Robert W. Plaster School of Business Administration and a Professor of Economics at Cedarville and is an expert in finance and trade. Dr. Haymond is available to speak with media regarding this topic – simply click on his icon to arrange an interview.
GRANDSPLAINING...It's as Bad as it Sounds!
Summary: "Grandsplaining" is a playful term that captures the all-too-familiar situation where younger generations offer unsolicited advice to older family members, often in a manner that is as condescending as it is unhelpful. This behaviour can be perceived as disrespectful and potentially creates awkward communication barriers, emotional strain, and family tension. Rooted in ageist stereotypes, it can even undermine elders' self-esteem. Here, we explore alternatives to grandsplaining, including the radical concepts of genuinely listening, asking open-ended questions, demonstrating empathy, and avoiding assumptions. These suggestions aim to help adult children support their older family members—not merely swoop in with a "fix-it" attitude. The Disrespectful Impact of Condescending Advice on Seniors When I helped older Canadians navigate financing their retirements, I often witnessed what can only be described as "grandsplaining in the wild." Conversations between adult children and their elders usually felt less like dialogues and more like lectures—one-sided advice sessions that left everyone gritting their teeth. The younger relative, likely well-meaning, would offer suggestions like, “You should downsize and buy a condo,” “Sell and rent,” or, the pièce de resistance, “Move in with family!” Judging by the withering looks from their elders, it was clear this approach wasn’t winning any "Favorite Child" awards. The older family members often felt patronized, as though their decades of life experience had been conveniently forgotten. The advice was condescending, painfully obvious, and usually impractical or unwanted. The dynamic reminded me of the cringeworthy experience of being "mansplained." And that’s when it hit me: this is “grandsplaining.” Unfortunately, grandsplaining can turn retirement planning conversations into a crash course on how not to communicate! Fortunately, with a little effort (and much less lecturing), families can turn this ship around and build stronger, more respectful relationships. What is "Grandsplaining"? In an age where communication flows freely across digital platforms, I define "grandsplaining" as a colloquial expression to describe a situation where younger generations offer unsolicited advice to older individuals, often patronizing or condescendingly. Grandsplaining typically involves a younger person explaining something to an older individual in a way that belittles their experience or intelligence. The term combines "grand" (suggesting age or status) and "splaining" (a slang term for condescendingly explaining something). While the intention behind such advice may often be well-meaning, the delivery can be patronizing, reinforcing stereotypes about aging and competence. This behaviour can significantly undermine the dignity and autonomy of seniors, leading to feelings of frustration, resentment, and a sense of being marginalized. Understanding the nuances of grandsplaining sheds light on intergenerational dynamics in these conversations. We must find a better, more respectful, and effective way to communicate with our elders considering retiring. The phenomenon of grandsplaining can manifest in various contexts, not just financing retirement—whether it’s discussing technology, lifestyle choices, healthcare options, or even social norms. For instance, a grandchild might explain how to use a smartphone app to a grandparent, assuming that the older generation cannot understand it despite their own lifelong experience with technology in different forms. Communication Breakdown In an era where financial literacy and retirement planning are more crucial than ever, "grandsplaining" has become a significant barrier to effective communication between generations. Retirees often feel overwhelmed or dismissed when their relatives provide unsolicited advice, especially if it contradicts their wants or financial strategies. This can lead to a reluctance to engage in discussions about finances, creating a rift that undermines the potential for collaborative planning. When adult children dominate conversations with preconceived notions of financial management, it stifles the opportunity for seniors to express their feelings, share their knowledge, and collaborate on effective retirement strategies. The Generation Gap in Financial Understanding Adult children may rely on outdated financial paradigms that no longer apply to their elders' realities. The economic landscape has changed dramatically over the past few decades, with shifts in real estate markets, a lack of formal retirement plans, and longer life expectancies. This generational gap can lead to misguided advice that does not consider modern challenges such as retiring with debt, little or no pension income, or rising living costs. Emotional Strain and Family Tension When relatives impose their views, it can evoke frustration, resentment, or inadequacy in their elders. This dynamic can shift the conversation from one focused on financial empowerment to one steeped in emotional conflict and shame. Instead of fostering a supportive environment for discussing retirement goals, grandsplaining can create adversarial relationships where seniors feel belittled or pressured, further complicating an already sensitive topic. Erosion of Autonomy When relatives try to impose their methods or strategies, it can undermine the seniors’ independence, making them feel a lack of control over their finances. Financial decisions are deeply personal and often intertwined with individual circumstances, goals, and values. This loss of agency not only affects financial outcomes but can also impact the mental well-being of older adults, leading to feelings of incompetence or anxiety about their financial futures. The Context of Ageism The implications of ageism are particularly concerning in a rapidly changing world characterized by technological advancements and unprecedented changes in social norms. While younger generations may genuinely wish to assist their elders in navigating these changes, their actions can reinforce negative stereotypes rather than empower seniors. Grandsplaining highlights the generational divide, creating an "us versus them" mentality that hinders collaboration and mutual understanding. Grandsplaining is deeply intertwined with ageism, a pervasive societal attitude that discriminates against individuals based on their age. Ageism manifests in various forms, including stereotypes that depict older adults as technologically inept, resistant to change, or incapable of learning. These stereotypes can lead to the marginalization of seniors within families and communities. Not cool! When younger generations adopt a condescending tone, they inadvertently reinforce ageist stereotypes that portray older adults as out of touch or incapable. This affects individual relationships and perpetuates societal narratives devaluing older individuals' contributions and wisdom. The Impact on Relationships Grandsplaining can strain relationships between generations, fostering resentment and conflict. For many seniors, unsolicited advice can infringe on their autonomy, making them feel infantilized or disrespected. I've seen firsthand how parents can react defensively to younger family members and sometimes withdraw altogether from conversations. When assistance is delivered condescendingly, it can backfire. The resulting tension may prevent meaningful conversations about important topics, such as healthcare decisions or lifestyle changes, which are crucial for seniors' well-being. The Psychological Impact on Seniors Being on the receiving end of condescending advice can also lead to diminished self-esteem and increased feelings of inadequacy. Seniors may begin to internalize the belief that they are not capable of making sound decisions or understanding new concepts, which can further exacerbate issues related to aging, such as cognitive decline and depression. Encouraging Respectful Communication with Seniors Addressing the issue of grandsplaining requires a concerted effort from both younger and older generations to cultivate respectful communication. Here are several strategies to foster more positive intergenerational interactions: 1. Actively Listen: Younger people should prioritize active listening when engaging with seniors. This involves hearing what the older person says and validating their experiences and perspectives. Younger people can create a more respectful dialogue by acknowledging their knowledge and expertise. 2. Seek to Understand: Younger generations must approach conversations with empathy. To quote Stephen Covey's wise words, "Seek first to understand, then to be understood." Recognizing seniors' challenges, such as health issues or technological gaps, can foster a sense of compassion. This approach can help bridge the generational divide and promote more constructive conversations. 3. Avoid Assumptions: The tendency to assume that older adults are out of touch or incapable can lead to grandsplaining. Instead, younger individuals should avoid making assumptions about seniors’ knowledge or abilities. Asking questions like “What do you think about this?” or “How do you feel about that?” can empower seniors to share their insights and experiences. 4. Offer Support, Not Solutions: Ask questions like, “What does a successful retirement look like to you? How do you plan to finance your retirement? Do you want to stay in this home? Are you open to moving? If so, where? Do you have enough in savings? How can I support you in having an independent and dignified retirement”? 5. Understand the Bigger Picture: Don’t assume that the traditional strategies of downsizing, selling, renting, or moving in with family are reasonable solutions for your elder in today’s economic environment. These retirement strategies are problematic for today’s seniors. In most cases, downsizing only works financially if the retiree is willing to move to a smaller, more affordable community. Most seniors want to stay in their communities and not move away from family, friends, churches, or familiar shops and services. Selling, renting, or moving in with family requires the sale of their significant appreciating asset. Given today's longer life expectancies, it's not always a wise choice. 6. Humour: By skillfully using humour, you can turn potentially patronizing situations into moments of connection and shared joy, ensuring that conversations with elders remain meaningful, respectful and memorable. For example, you could start the conversation this way; "The last thing I want to do is give you advice. That would be ridiculous. You’re the wise sensei here—I’m just the clueless apprentice trying to save enough downpayment to buy a shoebox of a house." This approach humorously flips the script, poking fun at the presumptuousness of unsolicited advice while emphasizing the elder's experience and wisdom. People often feel judged or vulnerable when discussing finances or significant life changes. Humour shifts the dynamic, showing that you approach the conversation as an ally, not an adversary. For example: "Talking about budgets isn’t fun for anyone—I mean, who loves math? But it’s worth it if we can figure out how to turn this retirement conversation into the fourth of July rather than Labour Day!" This playful approach lowers barriers, making the discussion feel collaborative rather than critical. Laughter fosters connection. Sharing a laugh creates a sense of camaraderie, making it easier for people to open up about sensitive topics. When elders feel that you’re not judging them but partnering with them—and can make them smile—they’re far more likely to trust your intentions and take your advice seriously. Humour invites the other person to join the conversation, breaking the ice and encouraging them to share their thoughts. It sets a tone that the conversation is a dialogue, not a lecture. Example: "You’ve been making great financial decisions for decades. I’m here to ensure we don’t accidentally end up with a basement full of K-tel Veg-O-Matics… unless that’s the plan?" This allows them to laugh, respond, and engage while respecting their autonomy. A word of caution. Humour is only effective when paired with genuine respect and sensitivity. Pay attention to your elder's reactions and adapt if they seem uncomfortable or unamused. The goal is to build rapport, not to win laughs at their expense. Using humour skillfully, you can turn potentially patronizing situations into moments of connection and shared joy, ensuring that conversations with elders are respectful and memorable. Before You Go Before You Go Grandsplaining: the art of lovingly over-explaining to elders as though they’ve been napping since the Great Depression. While it often comes from a place of care, the unintended consequences can include derailed retirement conversations, strained family dinners, and a spike in eye-rolling from grandparents everywhere. Good financial planning thrives on clear communication, but grandsplaining tends to turn productive discussions into monologues that undermine elder autonomy and trigger emotional static. To create a more harmonious environment, families should swap their megaphones for listening ears and embrace a collaborative approach that respects seniors' wisdom and frames younger relatives’ financial theories as conversation starters, not TED Talks. After all, when it comes to navigating retirement planning, a little less "know-it-all" and a bit more "let’s figure it out together" can go a long way. Think of it as building a bridge, not a lecture podium—because nothing says "family unity" like tackling compound interest together! Don't Retire---Re-Wire! Sue
Redefining Retirement: My Personal Journey
A big thank you to Kathy McPherson for this lovely feature—it means so much to me! This article, published in Auburn Lane speaks to the importance of reinvention. My own journey spans a long career in finance and real estate to include recent milestones such as becoming a certified fitness instructor at 60 (and earning my second certification at 68!). Along the way, I’ve discovered not just the power of physical strength but also the importance of mental resilience and community. Fitness has been a huge part of my story. Whether I’m leading a LesMills BODYPUMP or RPM class, my goal is to show others what’s possible at any age. And yes, I still love to challenge myself—I climbed Machu Picchu at 60 and hiked to Everest Base Camp at 61! I hope my journey inspires others to step into their own second acts with confidence and purpose. If you’d like to follow along or learn more about what’s next, check out the link below. Let’s keep pushing boundaries—together. Dont' Retire... Re-Wire! Sue
PACs ... What Are They and How Do They Work?
Political Action Committees (PACs) are organizations that collect and donate money to political candidates, parties, or causes. They are formed to pool contributions from individuals, corporations, unions, or other groups to support candidates who align with their goals or to oppose those who do not. PACs play a significant role in U.S. politics, allowing interest groups to influence elections and public policy through financial contributions. There are two main types of PACs: Traditional PACs: These are established by businesses, unions, trade associations, or issue groups. They can donate directly to candidates, but their contributions are limited by federal law. Traditional PACs can give up to $5,000 per candidate per election and up to $15,000 to a political party. Super PACs: Also known as "independent-expenditure-only committees," Super PACs can raise and spend unlimited amounts of money to support or oppose political candidates. However, they are not allowed to coordinate directly with candidates or their campaigns. Super PACs often focus on media ads and public messaging to influence elections. The significance of PACs lies in their ability to amplify the voices of certain interest groups, industries, and ideologies within the political system. However, they are also a source of controversy, with critics arguing that they can lead to undue influence from wealthy donors and special interest groups over elected officials. This has fueled debates about campaign finance reform and the transparency of political donations. In the complex world of campaign finance, Political Action Committees (PACs) play a crucial role in shaping the political landscape, serving as a vital link between private citizens, special interest groups, and elected officials. Understanding PACs is essential to grasp the broader implications of how money influences political decisions, election outcomes, and policy-making. This topic is newsworthy as debates around the transparency, ethics, and impact of PAC contributions continue to shape public discourse, particularly in light of recent elections and campaign finance reform efforts. Key story angles that may interest a broad audience include: The role of PACs in modern elections: Exploring how PAC contributions influence candidates, elections, and policy decisions. Super PACs vs. traditional PACs: Analyzing the differences, including spending limits, transparency requirements, and their respective influence on campaigns. Campaign finance reform: Discussing current efforts to regulate PAC contributions, address dark money, and improve transparency in political donations. Ethical concerns surrounding PACs: Investigating the influence of special interest groups and corporations on political decision-making and their alignment with public interest. The rise of grassroots PACs: Highlighting citizen-driven PACs and their role in amplifying smaller donors and diverse voices in the political process. The future of PACs in digital campaigning: Examining the evolving tactics PACs use in social media and digital advertising to sway voters and influence public opinion. Connect with an expert about PACs and campaign financing: To search our full list of experts visit www.expertfile.com
Welcome to Retire with Equity: Where a New Retirement Journey Begins
Summary: A recent study reveals that 40% of Canadians over 50 feel financially unprepared for retirement. Retire with Equity aims to address this issue by educating retirees on the importance of leveraging home equity. The initiative emphasizes transparency, financial literacy, and personalized guidance to help seniors make informed decisions and achieve financial security in retirement. According to a recent National Institute of Aging study, almost 40% of Canadians over 50 feel they are not financially prepared for retirement. As a seasoned citizen myself, I know we can do better. That's why we've created Retire with Equity. It's time to help Canadians get the knowledge they need to make more informed financial decisions. My observations from my time in the industry, enriched by the research I've done over the past few years, clearly reveal a growing retirement crisis in Canada. I've worked in the banking and mortgage industry for over 25 years, specializing in equity lending, and spent the last 6 years as an executive at Canada’s largest Reverse Mortgage bank. Many people are struggling with mounting debt and no company pension. And they are living longer. Additionally, the long-term care situation in Canada has many seniors looking to age in place in their homes. Strategies like downsizing and moving in with family are often too simplistic and have little appeal to today's seniors. Some eventually, often begrudgingly, turn to home equity options such as reverse mortgages as a solution. However, Canadians are conservative by nature, and many think it is taboo to touch their equity (nest egg). Consequently, a reverse mortgage is a last resort. 76% of people over 65 are homeowners, many of which have built up a substantial amount of equity yet cannot afford to retire. (Source: Statistics Canada) Income is the only way to solve the retirement crisis. Many are choosing to work longer to delay spending savings. Some need to pay off debt to eliminate payments that will free up cash flow. Others do not have enough savings to retire. I saw the stress this caused watching my Mother “do without” in her retirement. With the benefit of experience, I now know there was a better way for her to finance her golden years. The Retirement Problem in Canada is Dire Many 55+ Seniors Don’t Have the Funds They Need: Many need an adequate budget and financial plan. And many don’t fully realize that employer and government pensions will fall short of their cashflow needs. Home Equity Unlocks Opportunities, But It's Misunderstood: Many retirees don’t fully understand the short—and long-term impacts of their home equity financing decisions. They rely on biased, incomplete, anecdotal information from friends and family. Seniors Need to Be Cautious: Homeowners are especially vulnerable targets for misinformation and fraud. However, this demographic does not have time to recover from a financial mistake. Making the wrong choices that affect how they finance retirement and protect themselves could leave seniors without enough money later when they need cash for costly expenses like health care. The Financial Industry Needs to Do More: There is a need for unbiased, transparent, and trusted sources of information on home equity options that are aligned with consumer interests. Gone are the days of cookie-cutter retirement plans and guaranteed pensions. Every Canadian needs to proactively craft their unique vision and path for retirement. Banking on My Experience The Retire With Equity mission is dedicated to helping retirees find the right combination of financial strategies to achieve their goals. The Equity Advantage One of the standout features of Retire with Equity's approach is our focus on home equity as a key component of retirement planning. For many Canadians, their home is their most significant asset, and unlocking its potential can be a game-changer. Whether through downsizing, refinancing, or reverse mortgages, Retire with Equity will offer guidance on integrating this valuable resource into a retirement strategy. The Human Touch At Retire with Equity, we promise to offer straightforward advice with a personal touch. It's not just about the numbers – it’s also about the dreams you have for retirement. We will bring patience, empathy, and respect to every conversation. And we won't forget our sense of humour, as retirement is supposed to be fun. We're committed to making things easy to access and understand, no matter where you are in life. Education is Everything Two of our core values are empowering education and epic transparency. Our online resources, webinars, and workshops will be tailored to demystify the world of finance for retirees and soon-to-be retirees, increasing their financial literacy. We will bring transparency to the vital information reserved for the small print, answering the questions retirees don't even know to ask. Whether you're a financial guru or just starting to think about your nest egg, we'll have something for you. A Senior-Friendly Approach Our approach will integrate technology with a user-friendly interface so that retirees can access their services without hassle. Gone are the worries of getting stuck in the weeds of complex interfaces or endless financial jargon. We bring "kitchen table" logic when explaining all financial details, no matter how complex the concept is. Stories that Inspire From coast to coast, Retire with Equity will share personal stories that help educate and motivate Canadians. We want to show you visible proof that it's always possible to rethink and revitalize retirement plans. Hearing from fellow Canadians who have successfully navigated the retirement waters offers hope for those still planning their way. Feelings of guilt and shame are common among retirees searching for retirement options. Learning about countless other retirees in similar situations often alleviates this guilt and shame. Join the Revolution Retire with Equity is more than just a company—it’s a movement. Canadians across the country will join in and transform their retirement years into the best chapter of their lives. Empowered by new tools and expertise at their fingertips, they will not just survive but truly thrive in retirement. As an "Equity Advocate," I pledge to help Canadians navigate the complexities of retirement in ways that educate, inspire, and entertain. I look forward to the conversation. Please subscribe to our regular updates and follow us on social media. Here's to the best years ahead! Don't Retire---Re-Wire! Sue
Study shows long COVID is associated with food insecurity
Nearly five years after the onset of COVID-19, researchers are continuing to unravel the disease’s impact on the lives of those who suffered or continue to suffer symptoms lasting more than three months. Biplab Datta, PhD, assistant professor in the School of Public Health, recently completed a study on the effects of long COVID and the association with food insecurity among low-income families, defined as those with income of less than 200% of the federal poverty line. “Those experiencing long COVID were more likely to have food security concerns. The interesting finding is we did not see an impact of COVID infection in general on food insecurity. The association was only observed for those who experienced long COVID conditions,” said Datta. The study looked at two different groups of people – one that received public food assistance and one that did not. Datta said those who didn’t receive public assistance and suffered from long COVID were more likely to experience food insecurity, especially in terms of “anxiety over food sufficiency and shortage.” When looking at protection, treatment or prevention of COVID and food insecurity, Datta said while COVID is a public health issue, food insecurity is a public finance issue. However, he added that considering the two issues in tandem could lessen the overall burden and help better manage any future pandemics. “Knowing that long COVID may influence food insecurity creates opportunities for aiding patients with resources to improve their food access,” said Datta. “As such, targeted and tailored food assistance arrangements could be offered to low-income individuals diagnosed with long COVID.”
Expert Perspective: UMW's Steven E. Harris lends his opinion to The Russia File
The following piece was written by Steven E. Harris published by the Wilson Center in April 2024 Sanctions Are Spoiling Russia’s Plans to Make Its Own Airplanes Putin’s regime is feeling confident these days. Advances on the battlefield in Ukraine, expansions in armaments production, and the dithering of Republicans in the U.S. Congress show the war has turned in Russia’s favor. A well-orchestrated presidential election and some real public support buoy the regime. Political opponents are either dead, in prison, or in exile. Putin’s regime has also declared victory in blunting Western sanctions and now plans to permanently thwart them with programs of import substitution. Nowhere is this better seen than in aviation, where the state proclaims it will produce over a thousand new airplanes to replace the foreign aircraft its airlines have long flown. But this bold vision for aviation autarky has little chance of succeeding. Russia’s Short-Term Success in Blunting Aviation Sanctions Thus far, Putin’s regime has weathered aviation sanctions through a two-pronged strategy. First, Russian airlines illegally kept about 400 foreign airplanes—primarily Airbuses and Boeings—owned by foreign leasing companies. Second, the state bankrolled settlement claims in order to purchase some of these airplanes so that airlines could fly them abroad without risk of repossession and reduce their foreign debt. To date, approximately 170 foreign airplanes have been legally acquired in this fashion, and the Ministry of Transportation recently asked for more cash to continue settling claims on the remaining 230 foreign planes. The next question is how long Russian airlines, from the state-owned flag carrier Aeroflot to private companies such as S7 and Ural Air Lines, can continue flying their foreign planes. As I wrote in late October, safety has been degraded far less than predicted. But in the absence of spare parts, software updates, and thorough maintenance by foreign providers, Russian airlines have about two years before they will have to ground Boeings and Airbuses for major repairs performed using third-party spare parts. Anticipating the eventual retirement of foreign planes, Putin’s regime has embarked on a massive program to make all-Russian airplanes. This program promises independence from Western technology and leasing companies but reveals the success of sanctions and fundamental weaknesses in state capacity. The 2030 Aviation Manufacturing Plan Announced in June 2022, the program calls for the state-owned industrial conglomerate Rostec to manufacture 1,036 airplanes with only Russian parts by 2030. In January 2024, the state allocated 283 billion rubles (U.S. $3.1 billion) to help finance the production of 609 airplanes and prioritize medium-haul aircraft in the overall manufacturing plan. Before sanctions, Russian manufacturers produced a small number of narrow body, medium-haul airplanes such as the MC-21 and the Superjet-100 (SSJ-100) with Western components. Twelve SSJ-100s were manufactured in 2021 and ten the following year. Among the aircraft slated to replace Boeings and Airbuses, the plan called for production in 2023 of three medium-haul Tupolev-214 (Tu-214) airplanes and two Superjet-NEW planes (Superjet-100s with all-Russian parts). None of these were built. In fact, the state-owned United Aircraft Corporation (UAC) failed to manufacture a single passenger airplane in 2023. More recently, the UAC conceded further delays of up to two years for rollout of the MC-21, SSJ-NEW, and Tu-214, as well as of smaller, short-haul aircraft such as the Ilyushin-114 (Il-114) and the “Baikal.” The transition to total import substitution is proving difficult, making it impossible to fulfill early targets of the manufacturing plan. By withdrawing access to Western technology critical for manufacturing, sanctions have successfully shut down production. Russian manufacturers will produce at best inferior aircraft that fly shorter routes using more fuel. At its current rate, the UAC is unlikely to manufacture more than a dozen or so showcase narrow body airplanes before 2030. The manufacturer may have better luck producing simpler planes, such as the Baikal, but the state’s injection of 283 billion rubles doesn’t target its production or that of two other short-haul airplanes. Since the UAC will likely not meet the plan’s annual targets any time soon, Russia’s airlines will have to make do with their aging foreign airplanes and acquire spare parts from third parties. Putin admitted as much at his call-in event in December 2023, during which he praised the import-substitution plan but added that the government would continue to purchase illegally held foreign planes. What Will Russia’s Aviation Manufacturing Plan Actually Produce? Rather than produce new aircraft, the immediate purpose of the state’s manufacturing plan is political theater. The infusion of 283 billion rubles was meant to show the public, before the presidential elections, that Putin’s regime is serious about securing commercial aviation and to generate a sense of normalcy in the midst of war. In the long run, the manufacturing plan is more likely to produce further distortions in Russia’s political economy. These include corruption, secrecy, technologically backward aircraft, and even more state control over commercial aviation. The 283 billion rubles will help Rostec keep state-run subsidiaries such as the United Engine Corporation operating with soft budget constraints and favorable contracts that now lack any competition from Western firms. Executives will siphon off their share of the funds, while Putin’s regime will turn a blind eye as long as everyone remains loyal. If the manufacturing plan continues to falter, state-owned manufacturers will have more incentive to keep their failures secret. In 2023, for example, the Ural Civil Aviation Factory kept hidden cost overruns for the Baikal. When news of a 48 percent increase was finally publicized, Putin’s point man for the Far East region, Yuri Trutnev, was incensed and proclaimed, “Our people are like that: they don’t like to share information.” For now, Putin’s regime allows the Russian business media to report fairly openly about the country’s aviation industry on issues such as spare parts and safety, state subsidies, and shortfalls in production. But if commercial flying becomes more precarious and the manufacturing plan remains unfulfilled, the government will likely limit what the public knows about its airlines and long-term plans to maintain them. As the economic historian Mark Harrison shows in his recent book, Secret Leviathan, secrecy in the Soviet era significantly degraded state capacity in many areas, including production. Post-Soviet autocrats face a similar “secrecy/capacity tradeoff,” while newer techniques of disinformation further erode capacity. In attempting to revive the Soviet Union’s autarkic aviation industry, Putin’s regime will find it hard to avoid similar reductions in capacity. Insofar as Russia’s commercial aviation industry is concerned, the lesson for the West is that it pays to play the long game. Russia has effective tools for blunting sanctions in the short run, but in the long run it faces structural obstacles and the absence of Western technology, both of which will degrade this economic sector. The main question remains whether the United States and its allies can keep up the pressure by enforcing sanctions.
The Vanderbilt Policy Accelerator for Political Economy and Regulation (VPA) is leading the way in research and policy recommendations on the governance of artificial intelligence. At the Third Annual Networks, Platforms & Utilities conference hosted by the VPA in June, the groundbreaking initiative was commended by FTC Chair Lina Khan for its impact on her work with the agency. As part of Discovery Vanderbilt, Vanderbilt Policy Accelerator for Political Economy and Regulation is a groundbreaking initiative to bolster innovative research and education at Vanderbilt. The mission of VPA is to swiftly develop and advance cutting-edge research, education and policy proposals at a pace that aligns with the urgency of today’s challenges. The VPA encompasses several projects, including one dedicated to revitalizing the study of the law and political economy of networks platforms, and utilities (NPUs) in transportation, communications, energy and banking. “Many of our country’s most pressing economic and social challenges are directly tied to how we govern network, platform, and utility industries, including airline flight cancellations, social media regulation, banking failures and electric grid crashes,” said Ganesh Sitaraman, the New York Alumni Chancellor’s Chair in Law at Vanderbilt Law School and director of VPA. VPA’s Project on Networks, Platforms and Utilities has developed a series of papers and policy proposals to improve the governance of these sectors. Among this work are a set of proposals to policymakers for regulating air travel, a plan for stabilizing and regulating the banking sector, and 40 recommendations to promote competition throughout the American economy. With growing interest in AI, VPA has turned its eye to how policymakers can address the harms that come from concentration in the AI technology stack. VPA’s papers have developed an antimonopoly approach to regulating AI, addressed public capacity for AI, and offered proposals on federal procurement of AI resources. VPA’s work in this field has gotten increasing attention. VPA director Ganesh Sitaraman participated in one of the U.S. Senate’s AI Fora in 2023. And during the Third Annual Networks, Platforms & Utilities conference hosted by the VPA in June, FTC Chair Lina Khan specifically noted VPA’s impact on the agency. “I think the work that VPA has been doing on AI has been so enormously useful,” said Khan. “It’s really striking how it took 15 years before the NPU toolkit was even discussed alongside the Web 2.0 giants. So, the fact that from the very get-go this kind of framework is being applied in the context of AI policy discussions really marks that forward movement.” During the June conference, participants—which included 64 attendees from 15 different countries— discussed how their jurisdictions of study approach the regulation of network, platform and utility industries. This year’s conference was structured around eight panels, one on general themes and seven featuring a specific NPU sector: railroads, electricity, banking & finance, airlines, social infrastructure, tech platforms and telecommunications. “Vanderbilt is a leader in research on these topics, and we were very excited to welcome scholars from around the world to Nashville and to Vanderbilt, in order to explore these issues from a comparative and global perspective,” said Sitaraman. In the coming months, the conference organizers intend to compile the papers presented at the conference into an edited volume. To learn more, visit the Vanderbilt Policy Accelerator website.
Gold medal-worthy experts for Olympic Summer Games coverage
The University of Delaware boasts several experts who can comment on health-related topics such as injuries and training and business-focused areas like marketing and team behavior as they relate to the 2024 Olympic Games in Paris. Matt Robinson Professor, sport management Relevant expertise: Will be in Paris and can discuss the Olympics from an onsite perspective; can give the backstory on The International Coaching Enrichment Certificate Program (ICECP) and what’s new in the Paris Olympics. Link to profile and contact Tom Kaminski Professor, kinesiology and applied physiology Relevant expertise: Can comment on the impact of heading in Olympic soccer and has studied the risks of concussions in sports for nearly three decades. Link to profile and contact Karin Silbernagel Professor, physical therapy Relevant expertise: Research aims to advance the understanding of tendon and ligament injuries and repair. Can also discuss sailing. Link to profile and contact Tim DeSchriver Associate professor, sport management Relevant expertise: Sport finance, economics and marketing Link to profile and contact Other experts: INJURIES: Tom Buckley Associate professor, kinesiology and applied physiology Relevant expertise: Head impacts from boxing. Stephanie Cone Assistant professor, biomedical engineering Relevant expertise: Studies the structure-function relationship that exists in tendons and ligaments with a special interest in changes in this relationship during growth and following injury. Mike Eckrich Clinical instructor, physical therapy Relevant expertise: Weightlifting; can talk about the difference between men’s and women’s injuries and form in the sport. Donald Ford Physical therapy Relevant expertise: Shoulder injuries/rehab expert Jeffrey Schneider Senior instructor, kinesiology and applied physiology Relevant expertise: Athletic training and injury prevention, with a particular interest in ice skating injuries. Worked with athletes competing in Winter Olympics (2002, 2006) as a strength and conditioning coach and athletic trainer. EVENTS: Jocelyn Hafer Assistant professor, kinesiology and applied physiology Relevant expertise: Race Walk events and how biomarkers are used in walking studies. Airelle Giordano Associate professor, physical therapy Relevant expertise: Gymnastics; she was a collegiate gymnast Kiersten McCartney Doctoral student Relevant expertise: Can chat about Paralympic Triathlon (running, hand cycling, swimming). Steve Goodwin Associate professor, health behavior and nutrition sciences Relevant expertise: He is also in Paris leading a study abroad cohort. He has been to multiple Olympics, and can also speak to on-site experience, differences in games, etc. George Edelman Adjunct professor, physical therapy Relevant expertise: How the "underwaters” technique gives Olympians an edge. BUSINESS: John Allgood II Instructor, sport management Relevant expertise: Sport business management, event management SCIENCE: Joshua Cashaback Assistant professor, biomedical engineering Relevant expertise: Specializes in neuromechanics and control of human movement. His research falls under two major themes: The neuroplasticity and adaptation research line tests how reinforcement feedback can subserve our ability to acquire new motor skills.
