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  • The Week Evening Review
    A bad streak for crypto, changes to the Education Department, and geoengineering

     
    TODAY’S BIG QUESTION

    Why is crypto crashing?

    Crypto is supposedly the currency of the future, but it is not doing so well presently. The sector has lost more than $1 trillion in value over the last few weeks.

    The crypto industry is having a “terrible, horrible, no good, very bad month,” said USA Today. Bitcoin has lost more than 10% of its value for the year, dropping from a high of $126,000 in October to under $90,000 last week. The drop in digital currency values is due to a “whirlwind of factors” that include shaky showings for artificial intelligence and technology stocks amid growing concerns about the overall economy.

    “It was supposed to be crypto’s year,” said The Wall Street Journal. Since 2025 brought a “crypto-loving White House, Wall Street adoption and friendly legislation,” it seemed poised to erase the industry’s regulatory obstacles. Instead, the “sky-high expectations of a golden age” have foundered. 

    What did the commentators say?
    “Brutal” selloffs in the crypto sector happen “every few years, or whenever sentiment snaps,” said Emily Nicolle at Bloomberg. But those previous cycles did not match the “speed and scale” of crypto’s collapse in recent weeks. This time, crypto is “woven into the fabric of Wall Street.” That means its fate is now “tied to AI-fueled market optimism.”

    Crypto in recent years has gone from an “object of mockery” to “broadly accepted, even encouraged” by mainstream financial institutions, said The Economist. That victory actually poses a problem. The “wider acceptance” has deepened crypto’s links to the broader financial markets, so that the “pain from a crypto crash will be felt more widely than in the past.” 

    What next?
    Crypto’s current instability comes amid “sticky inflation and a rising national debt,” said Marketplace. The sector’s growing acceptance on Wall Street means your 401(k) probably includes some crypto stock. If the downturn lasts, that would produce “some knock-on effects on spending” in the broader economy, said Columbia Law School lecturer Todd Baker to the outlet.

    There are now some fears of a “crypto winter,” said MarketWatch. But other observers say the sector is likely still in solid shape for the long term, thanks to its integration with financial markets. Rather than a crypto winter, said Frontier Investments CEO Louis LaValle, “we’re watching bitcoin grow up.”

     
     
    The Explainer

    The Education Department’s future under Trump

    As the Trump administration sets its plans in motion to reallocate the responsibilities of the Education Department, the initial steps are illuminating how President Donald Trump could fulfill his campaign pledge to bulldoze the department entirely. Education Secretary Linda McMahon has launched a public campaign to argue that states and other federal agencies could better handle the department’s work.

    How will the administration break it up?
    American schools are funded mainly by state and local money. Still, the Education Department “serves as a conduit for billions of dollars of federal aid going to state and local education agencies,” said The Associated Press. Agency officials said the money will continue to be distributed as outlined by Congress, but under the newly signed agreements, much of it will come from a different agency.

    The Department of Labor will take over some of the largest federal funding sources for schools and colleges, including Title I money for schools serving low-income communities. Adult education programs were already moved to Labor in June. Some of the department's roles remain unchanged, such as managing the $1.6 trillion federal student loan portfolio. While student aid is unaffected, both McMahon and Trump have suggested a different federal department could better handle it.

    Is this the end of the Department of Education?​​
    Not necessarily. McMahon has acknowledged that “only Congress can eliminate the department,” but she has “vowed to work to dismantle it from within,” said The Washington Post. The Trump administration is “taking bold action to break up the federal education bureaucracy and return education to the states,” McMahon said in a statement. 

    The proposed changes have elicited pushback. The administration is acting as if the constitutional separation of powers is a “mere suggestion,” said Sen. Patty Murray (D-Wash.) in a statement. This is an “outright illegal effort.” Students and families will “suffer the consequences as key programs that help students learn to read or that strengthen ties between schools and families are spun off to agencies with little to no relevant expertise.”

    Others praised the administration’s plans. The shutdown of the federal government “made one thing clear: students and teachers can go to class without heavy-handed federal intervention,” said House Education and Workforce Chair Tim Walberg (R-Mich.) in a statement. 

     
     
    QUOTE OF THE DAY

    ‘Polygamy, adultery or polyamory are based on the illusion that the intensity of the relationship can be found in a succession of faces.’ 

    The Vatican in a doctrinal note signed by Pope Leo XIV titled “One Flesh — In Praise of Monogamy,” defending monogamous marriage amid a growing public shift toward nonmonogamous unions in the Western world

     
     

    Statistic of the day

    $9.12 million: The sale price of a first-issue “Superman” at a Texas auction — the most expensive comic book ever sold. Found by three brothers in their mother’s attic, 1939 “Superman #1” originally cost 10 cents. “This is a testament to memory, family and the unexpected ways the past finds its way back to us,” one brother said in a statement.

     
     
    IN THE SPOTLIGHT

    Can for-profit geoengineering put a pause on climate change?

    Blotting out the sun might not fix climate change, but it could pause the warming process. The idea of using planes to “geoengineer” the climate by spreading sunlight-reflecting aerosols throughout the earth’s atmosphere is controversial. It is also becoming closer to reality.

    Stardust Solutions, an Israel-based company, wants to “do nothing less than dim the sun” with a plan “modeled on volcanoes,” said The New Yorker. Average global temperatures dropped in the aftermath of the Mount Pinatubo eruption in the Philippines in 1991. Stardust wants to “market eruptions of its own” using “highly reflective particles” sprayed across the stratosphere.

    Can geoengineering work?
    Maybe. Until now, the idea of geoengineering the climate has been the province of “research papers, backyard debates and science fiction novels,” said Politico. Stardust’s pitch now means the idea is “effectively for sale.” 

    Using aerosols to dim the sun would be a “painkiller, not cure, for the climate crisis,” Lara Williams said at Bloomberg. But the temptation for a quick fix may win. Two-thirds of climate scientists said in a recent poll they expect “large-scale” geoengineering efforts by 2100, and more than half believe it will be the result of a “private company, billionaire or nation state going it alone.” Some say it is time for governments to get involved because Stardust “won’t be the last” company to offer a solution.

    Why is geoengineering controversial?
    “The political opposition in the U.S. is growing” just as geoengineering looks to become a reality, Alexander C. Kaufman said at The Atlantic. If the U.S. does not act, different countries might.

    “Other powers may forge ahead” with geoengineering and additional climate mitigation efforts, said the Carnegie Endowment for International Peace. The European Union is taking a close look at the “social, engineering and climatological challenges” posed by such technologies. EU scientists, however, are “pessimistic about its potential” to pause climate change without adverse effects. Despite that, geoengineering could proceed, and America “could end up watching from the sidelines.”

     
     

    Good day 🍵

    … for an 88-year-old influencer. Opa Werner has become one of the most popular German content creators, earning enough money from his pages to help subsidize his tight pension. The octogenarian has amassed over 100,000 social media followers across Instagram and TikTok by reviewing matcha lattes and attending festivals.

     
     

    Bad day ☎️

    … for a presidential phone. After months of delay, there are no signs of the release of Trump’s made-in-the-USA phone, the T1. The Trump Mobile website has scrubbed mention of a specific release month but continues to collect $100 down payments while promising availability “later this year.”

     
     
    Picture of the day

    Cold play

    A giant panda rolls in snow at Chongqing Zoo in China. The country’s panda population is increasing by two today, as Huan Huan and Yuan Zi return after living at France’s Beauval Zoo for 13 years as part of Beijing’s “panda diplomacy” program.
    CFOTO / Future Publishing via Getty Images

     
     
    Puzzles

    Daily crossword

    Test your general knowledge with The Week's daily crossword, part of our puzzles section, which also includes sudoku and codewords

    Play here

     
     
    The Week recommends

    The best sci-fi series of all time 

    A generation ago, sci-fi aficionados were lucky if there were one or two remotely watchable shows released a year. Today, the streaming economy serves up a reliable supply of lavishly produced, inventive science fiction. This includes many shows, like the tremendous new Apple TV+ release “Pluribus,” that carry on the tradition of great speculative storytelling. 

    ‘The Twilight Zone’ (1959-1964)
    Rod Serling’s sci-fi anthology series is one of a few shows from the early television era that maintains a lasting cultural footprint. A show that “belongs in some ways to a golden age of its own,” it is “still available and watched and loved for its stories and characters and insights into human nature,” said Brian Murray at The New Atlantis. (Paramount+)

    ‘Black Mirror’ (2011-)
    Over the course of seven superb seasons, “Black Mirror” (pictured above) has shown us the dark side of many existing or speculative technologies. Yet the series’ occasional lighter moments “suggest that there may be hope for us yet if we’re willing to learn from the mistakes we’re on the verge of making,” said Jenna Scherer at The AV Club. (Netflix)

    ‘The Expanse’ (2015-2022)
    This series offered a novel twist on science fiction storytelling by asking “what if we reached the stars, and brought all of our problems — xenophobia, class inequities, our innate knack for self-destruction — along with us?” said Clint Worthington at Roger Ebert. The show was cancelled by SyFy after three seasons but then picked up by Amazon for another three. (Prime)

    Read more

     
     

    Poll watch

    Over half of Democratic voters (54%) support gerrymandering districts if it would provide an edge in the upcoming midterm elections, according to a Politico survey. The poll of 2,089 adults found this to be echoed by 52% of Republicans. 

     
     
    WORD OF THE DAY

    Bidoon

    Arabic for “without nationality,” a term used to describe stateless nomadic groups who live in Kuwait but have never received citizenship. People-smuggling gangs are coaching would-be migrants on how to falsely claim Bidoon status to increase their chances of being granted asylum in the U.K., according to a Telegraph investigation. 

     
     
    INSTANT OPINION

    Today's best commentary

    ‘Attempts to demonize the Taj Mahal damage more than history’
    Rana Ayyub at The Washington Post
    For “much of the world, the Taj Mahal is a place of wonder,” but the “Taj has also become a contested site, targeted by those determined to recast India’s pluralist history,” says Rana Ayyub. The “symbol of love is now a flash point in India’s historical antagonism between Hindus and minority Muslims.” The Taj Mahal is “part of the world’s shared cultural heritage.” Attempts to “demonize it do not merely distort history; they damage India’s international reputation.”

    ‘It’s getting harder for governors to run for president’
    David M. Drucker at Bloomberg
    Governors have “proven incapable of weathering the intense public scrutiny and navigating the media barrage of gotcha questions that accompany running for president,” says David M. Drucker. They “might enjoy the freedom to maneuver, politically and legislatively, without the biblical flood of questions from reporters.” But it’s “cost them valuable experience dealing with pressure from an often-hostile media that picks apart every nook and cranny of a candidate’s personal life, political service and private-sector career.”

    ‘Federal funding cuts hinder lifesaving brain research’
    Michelle Heritage at USA Today
    Americans should “support brain research, however you can, and resist efforts to undermine or stop it,” says Michelle Heritage. But “funding suspensions and cuts at the National Institutes of Health, the global powerhouse of medical research, have introduced chaos into a field that thrives on stability.” Cutbacks to “research mean thousands of real patients are losing their chance at treatments, and millions more will have hope of a cure or treatment delayed or quashed entirely.”

     
     

    Evening Review was written and edited by Theara Coleman, Nadia Croes, David Faris, Scott Hocker, Anya Jaremko-Greenwold, Justin Klawans, Joel Mathis and Summer Meza, with illustrations by Stephen Kelly and Julia Wytrazek.

    Image credits, from top: Illustration by Stephen Kelly / Getty Images; J Studios / Getty Images; gorancakmazovic / Getty Images; Parisa Tag / Netflix
     

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