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The campus is coming for Joe Biden

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Aconnoisseur of radical chic can find plenty to catalogue these days while observing pro-Palestine protests on Ivy League campuses: the black or red keffiyehs, the conga drums, the folk songs, the kitschy signs (“Dykes 4 Divestment”) and the showy Arabic pronunciations of “Gaza”, so reminiscent of the Spanish-ish inflection given to “Nicaragua” by pro-Sandinista activists back in the 1980s.

And then there are the dainty intersectional gestures of the protesters: “We recognise our role as visitors and, for many of us, colonisers, on this land,” reads the third of nine “community guidelines” scrawled on a whiteboard in the “Gaza Solidarity Encampment”, the bivouac of domed tents on Columbia University’s south lawn. Not only was the land once inhabited by native Americans, but Columbia was guilty of “complicity in the displacement of the Black and Brown Harlem community”.

But such emblems of political taste are superficial. They might mislead the observer about the anger of many protesters, about how deeply it is felt and how deeply it is dividing universities, pitting some Arab-American students and their allies against some Jewish students and theirs. At elite institutions, years of uneven application of speech codes, of unequal attention to those offended by speech, have left students, alumni, faculty and even presidents seeming uncertain what the rules are and how to enforce them. This has doomed them to fighting about how to fight about what they are fighting about. At Columbia, a decision by the president, Minouche Shafik, to get New York City police to break up a previous encampment on April 18th, arresting more than 100 students, has touched off a faculty revolt.

On April 22nd faculty gathered on the granite steps of Low Memorial Library, the main administrative building, to demand an apology and amnesty for the students. One speaker, Christopher Brown, a professor of history, accused Dr Shafik of endangering the students and of failing to defend Columbia’s excellence in testimony to a House committee the day before the police raid. “She has forfeited the privilege to lead this great university,” Professor Brown declared, to raucous cheers and a chant of “Resign!” from hundreds of students. The university says it is negotiating with students over the new encampment, even as workers set up chairs nearby for next month’s commencement.

All this outrage is closing in on another institution, the Democratic Party, and its leader, President Joe Biden. The touchstone for the Columbia protesters is the struggle on that campus for racial justice and against the Vietnam war of April 1968, which culminated in a police crackdown and more than 700 arrests. For Democrats nationally, 1968 is also becoming a touchstone, an ominous one. The campus protests that year found a focus in the Democratic National Convention in August in Chicago, where the party plans to convene in the same month this year.

In 1968 pro- and anti-war delegates shouted and bickered over Vietnam. In the end the Democrats voted down an anti-war plank and nominated Hubert Humphrey, a Minnesota liberal who, as Lyndon Johnson’s vice-president, was tarred as pro-war. A national television audience watched in horror as Chicago police attacked protesters outside the delegates’ hotel with tear gas and clubs. More than 650 protesters were arrested and scores were hurt, as were many police officers.

Any chaos in Chicago would be bad for Mr Biden, who is running, as in 2020, as the candidate of normalcy. But the drama will almost certainly not be as intense as in 1968. Pro-Palestine groups want to rewrite the party’s plank on Israel, yet such fights no longer play out on convention floors. Mr Biden’s aides will control the platform, as they will the script of the convention, now just a particularly dull TV show. As in 1968, Chicago is being stingy with permits to protest, but the police superintendent, Larry Snelling, has said the department is preparing to respond to “large-scale First Amendment activity” with “constitutional policing”. Many of the superficial parallels to 1968 will probably prove to be just that.

Still, “There is a parallel that’s unavoidable,” says Bill Ayers, who as a leader of Students for a Democratic Society was beaten and arrested in Chicago in 1968. “And that is that Hubert Humphrey, the great liberal from the Midwest, tried way too late to extract himself from being a cheerleader for Vietnam.” Dogged by anti-war protesters, Humphrey struggled to unite Democrats and ultimately lost narrowly to Richard Nixon. “Irony of history,” Dr Ayers says. “How could Richard Nixon be elected as a peace candidate? Here’s a great anti-communist warmongering prick.” Though as president Nixon would intensify the war, he claimed as a candidate to have a “secret plan” to end it. Donald Trump has said he would end the Ukraine war in a day and, referring to the war in Gaza, has told Israel to “get it over with”.

They’re more like guidelines, anyway

Maybe Mr Biden will succeed in brokering a ceasefire in Gaza, and the anger will dissipate. Maybe the protesters chanting today against “Genocide Joe” will nevertheless show up to vote for him. Dr Ayers, who went on to help found the militant Weather Underground and spent years as a fugitive, pulled the lever for Humphrey. “I always vote for the lesser of two evils,” he says, “because they’re less evil.” He argues that voting is a practical rather than moral act, words other activists might take to heart.

The more thoughtful of Columbia’s activists, by the way, may also have something to teach everyone else, on campus and off. “We commit to assuming best intentions, granting ourselves and others grace when mistakes are made,” reads the eighth community guideline in the Gaza Solidarity Encampment, “and approaching conflict with the goal of addressing and repairing.”

Accounting

Business Transaction Recording For Financial Success

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Business Transaction Recording For Financial Success

In the world of financial management, accurate transaction recording is much more than a routine task—it is the foundation of fiscal integrity, operational transparency, and informed decision-making. By maintaining meticulous records, businesses ensure their financial ecosystem remains robust and reliable. This article explores the essential practices for precise transaction recording and its critical role in driving business success.

The Importance of Detailed Transaction Recording
At the heart of accurate financial management is detailed transaction recording. Each transaction must include not only the monetary amount but also its nature, the parties involved, and the exact date and time. This level of detail creates a comprehensive audit trail that supports financial analysis, regulatory compliance, and future decision-making. Proper documentation also ensures that stakeholders have a clear and trustworthy view of an organization’s financial health.

Establishing a Robust Chart of Accounts
A well-organized chart of accounts is fundamental to accurate transaction recording. This structured framework categorizes financial activities into meaningful groups, enabling businesses to track income, expenses, assets, and liabilities consistently. Regularly reviewing and updating the chart of accounts ensures it stays relevant as the business evolves, allowing for meaningful comparisons and trend analysis over time.

Leveraging Modern Accounting Software
Advanced accounting software has revolutionized how businesses handle transaction recording. These tools automate repetitive tasks like data entry, synchronize transactions in real-time with bank feeds, and perform validation checks to minimize errors. Features such as cloud integration and customizable reports make these platforms invaluable for maintaining accurate, accessible, and up-to-date financial records.

The Power of Double-Entry Bookkeeping
Double-entry bookkeeping remains a cornerstone of precise transaction management. By ensuring every transaction affects at least two accounts, this system inherently checks for errors and maintains balance within the financial records. For example, recording both a debit and a credit ensures that discrepancies are caught early, providing a reliable framework for accurate reporting.

The Role of Timely Documentation
Prompt transaction recording is another critical factor in financial accuracy. Delays in documentation can lead to missing or incorrect entries, which may skew financial reports and complicate decision-making. A culture that prioritizes timely and accurate record-keeping ensures that a company always has real-time insights into its financial position, helping it adapt to changing conditions quickly.

Regular Reconciliation for Financial Integrity
Periodic reconciliations act as a vital checkpoint in transaction recording. Whether conducted daily, weekly, or monthly, these reviews compare recorded transactions with external records, such as bank statements, to identify discrepancies. Early detection of errors ensures that records remain accurate and that the company’s financial statements are trustworthy.

Conclusion
Mastering the art of accurate transaction recording is far more than a compliance requirement—it is a strategic necessity. By implementing detailed recording practices, leveraging advanced technology, and adhering to time-tested principles like double-entry bookkeeping, businesses can ensure financial transparency and operational efficiency. For finance professionals and business leaders, precise transaction recording is the bedrock of informed decision-making, stakeholder confidence, and long-term success.

With these strategies, businesses can build a reliable financial foundation that supports growth, resilience, and the ability to navigate an ever-changing economic landscape.

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Economics

A protest against America’s TikTok ban is mired in contradiction

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AS A SHUTDOWN looms, TikTok in America has the air of the last day of school. The Brits are saying goodbye to the Americans. Australians are waiting in the wings to replace banished American influencers. And American users are bidding farewell to their fictional Chinese spies—a joke referencing the American government’s accusation that China is using the app (which is owned by ByteDance, a Chinese tech giant) to surveil American citizens.

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Economics

Home insurance costs soar as climate events surge, Treasury Dept. says

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Firefighters battle flames during the Eaton Fire in Pasadena, California, U.S., Jan. 7, 2025.

Mario Anzuoni | Reuters

Climate-related natural disasters are driving up insurance costs for homeowners in the most-affected regions, according to a Treasury Department report released Thursday.

In a voluminous study covering 2018-22 and including some data beyond that, the department found that there were 84 disasters costing $1 billion or more, excluding floods, and that they caused a combined $609 billion in damages. Floods are not covered under homeowner policies.

During the period, costs for policies across all categories rose 8.7% faster than the rate of inflation. However, the burden went largely to those living in areas most hit by climate-related events.

For consumers living in the 20% of zip codes with the highest expected annual losses, premiums averaged $2,321, or 82% more than those living in the 20% of lowest-risk zip codes.

“Homeowners insurance is becoming more costly and less accessible for consumers as the costs of climate-related events pose growing challenges to both homeowners and insurers alike,” said Nellie Liang, undersecretary of the Treasury for domestic finance.

The report comes as rescue workers continue to battle raging wildfires in the Los Angeles area. At least 25 people have been killed and 180,000 homeowners have been displaced.

Treasury Secretary Janet Yellen said the costs from the fires are still unknown, but noted that the report reflected an ongoing serious problem. During the period studied, there was nearly double the annual total of disasters declared for climate-related events as in the period of 1960-2010 combined.

“Moreover, this [wildfire disaster] does not stand alone as evidence of this impact, with other climate-related events leading to challenges for Americans in finding affordable insurance coverage – from severe storms in the Great Plans to hurricanes in the Southeast,” Yellen said in a statement. “This report identifies alarming trends of rising costs of insurance, all of which threaten the long-term prosperity of American families.”

Both homeowners and insurers in the most-affected areas were paying in other ways as well.

Nonrenewal rates in the highest-risk areas were about 80% higher than those in less-risky areas, while insurers paid average claims of $24,000 in higher-risk areas compared to $19,000 in lowest-risk regions.

In the Southeast, which includes states such as Florida and Louisiana that frequently are slammed by hurricanes, the claim frequency was 20% higher than the national average.

In the Southwest, which includes California, wildfires tore through 3.3 million acres during the time period, with five events causing more than $100 million in damages. The average loss claim was nearly $27,000, or nearly 50% higher than the national average. Nonrenewal rates for insurance were 23.5% higher than the national average.

The Treasury Department released its findings with just three days left in the current administration. Treasury officials said they hope the administration under President-elect Donald Trump uses the report as a springboard for action.

“We certainly are hopeful that our successors stay focused on this issue and continue to produce important research on this issue and think about important and creative ways to address it,” an official said.

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