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Trump says he will sign executive order on "patriotic education" in rebuke of 1619 project

President Trump said he would sign an executive order on Thursday to "promote patriotic education" through an effort called the 1776 Commission, while denouncing a New York Times' project that investigated the impacts of racial injustice for Black Americans.

The big picture: The 1619 project dug into the personal histories of Black Americans in the U.S. who have faced present-day systematic inequality in housing and farming, as well as how the legacy of slavery altered health care access for Black Americans and fueled the country's early economy.


Driving the news: Trump threatened to cut federal funding for California schools earlier this month if they taught the 1619 Project. Earlier this month, Trump directed his OMB director to issue a memo ordering government agencies to halt critical race theory trainings, referring to them as “un-American propaganda training sessions," Axios' Alayna Treene reports.

What he's saying: "The left has warped, distorted and defiled the American story with deceptions, falsehoods, and lies. There is no better example than the New York Times' totally discredited 1619 Project," Trump said on Thursday.

  • "This project rewrites American history to teach our children that we were founded on the principle of oppression, not freedom. Nothing could be further from the truth. America's founding set in motion the unstoppable chain of events that abolished slavery, secured civil rights, defeated Communism and fascism and built the most fair, equal, and prosperous nation in human history."

One level deeper:“The federal government, the Department of Education, does not have a role in a national curriculum," Education Secretary Betsy DeVos said on Thursday while praising the 1776 Unites curriculum, conservatives' direct response to the 1619 Project, per Politico.

  • "Curriculum is best left to the states and local districts at local education agencies, but we can talk about curriculum that actually honors and respects our history and embraces all of the parts of our history and continues to build on that," she said.

The norms around science and politics are cracking

Crafting successful public health measures depends on the ability of top scientists to gather data and report their findings unrestricted to policymakers.

State of play: But concern has spiked among health experts and physicians over what they see as an assault on key science protections, particularly during a raging pandemic. And a move last week by President Trump, via an executive order, is triggering even more worries.

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Apple sets September quarter sales record despite pandemic

Apple on Thursday reported quarterly sales and earnings that narrowly exceeded analysts estimates as the iPhone maker continued to see strong demand amid the COVID-19 pandemic.

What they's saying: The company said response to new products, including the iPhone 12 has been "tremendously positive" but did not give a specific forecast for the current quarter.

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Podcast: The vaccine race turns toward nationalism

The coronavirus pandemic is worsening, both in the U.S. and abroad, with cases, hospitalizations and deaths all rising.

Axios Re:Cap digs into the state of global vaccine development — including why the U.S. and China seem to going at it alone — with medicinal chemist and biotech blogger Derek Lowe.

How central banks can save the world

The trillion-dollar gap between actual GDP and potential GDP is a gap made up of misery, unemployment, and unfulfilled promise. It's also a gap that can be eradicated — if central banks embrace unconventional monetary policy.

  • That's the message from Eric Lonergan and Megan Greene, two economists who reject the idea that central banks have hit a "lower bound" on interest rates. In fact, they reject the idea that "interest rates" are a singular thing at all, and they fullthroatedly reject the idea — most recently put forward by New York Fed president Bill Dudley — that the Fed is "out of firepower."

Why it matters: If Lonergan and Greene are right, then central banks have effectively unlimited ammunition in their fight to increase inflation and employment. They are limited only by political will.

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Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Apollo Global Management CEO Leon Black on Wednesday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.

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Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

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U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

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Investors have nowhere to hide

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.

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