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Today's Agenda

It's Amazon's World, We Just Live in It

If Elon Musk is wrong and we do not live in the Matrix, then Jeff Bezos is building one for us as fast as he can.

Earlier this week Amazon bought MGM Studios, cashing in a "buy 10 multibillion-dollar companies, get one free" card, to get more Prime Video content to keep us glued to our couches, where we will order more things from Amazon. It hasn't even digested that deal, Tara Lachapelle writes, and it's already looking to open some brick-and-mortar drugstores to bulk up its business of selling us the drugs we need to endure our existence of sitting on the couch watching Prime Video and ordering things from Amazon.  

Such frantic dealmaking raises questions. Questions like: Why? Tara points out empire-building doesn't usually go well (see General Electric, now worth less than a tenth of Amazon). But Amazon's empire is somewhat unique: GE tried to make stuff, while Amazon mostly delivers stuff. Still, the vast and growing volume of that stuff makes you almost wonder how sustainable it is.

You might also wonder how sustainable or healthy it is for the U.S. economy to have one behemoth bigfooting so many industries. But breaking it up would involve awakening a Neo and at least four decreasingly entertaining movies.

People Love People

The past 15 months have been a time for many of us to nurture our inner introvert. But one of the biggest things that happened in that stretch was the nationwide eruption of street protests after the murder of George Floyd. They raised awareness of the need to protect Black lives and maybe bent the arc of the moral universe a little more toward justice.

Such bending takes more than one person and doesn't nearly have quite the same leverage when done over Zoom, notes Bloomberg LP founder Mike Bloomberg. In an address to Johns Hopkins University grads, he cited these protests as evidence of the magical power of face-to-face teamwork. Humanity's ability to cooperate in physical groups, even with that annoying Ned from accounting, has been key to its success as a species, sparking innovation and progress. Even introverts need it sometimes. Read the whole thing.

The human need to congregate is one reason cities, far from being dead forever, could bounce back stronger than ever after the pandemic, writes Pete Saunders. Maybe people will work from home more often. But they'll also want to put on some outdoor clothes every now and then and go to the office to see Ned, or catch a show, or just wander the streets to look at all the people.

People always come around.

China Threat Level: Beige

We don't have to tell you the old post-war global order is breaking down. It's been doing this for years. The Belarusian state-sponsored hijacking of a Ryanair flight is just the latest example, writes Hal Brands. Authoritarian regimes everywhere are taking advantage of a new anything-goes global approach to human rights to terrorize dissidents wherever they are in the world. Belarus may be an innovator in the space, but China and Russia will be the true power users of all the hot new repression techniques. The West needs to counter, and quickly.

None of this is to suggest these regimes are currently an existential threat to America. Rhetoric around China, especially, can sometimes take on such a tone these days. Minxin Pei suggests China lacks the military or economic power to destroy or supplant the U.S. The true threat to American democracy is coming from inside the house.

Further Cold War Reading: India must swallow its pride and buy vaccines from China. — Andy Mukherjee 

Telltale Charts

The workforce's return to the office won't be like flipping a switch, writes Andrea Felsted. Retailers and restaurants will have to do a tricky dance to navigate the change.

The Fed is intervening in the repo market to mop up a Biblical flood of cash it created, writes Brian Chappatta.

Further Reading

With standardized testing, sequencing and vaccine passports, Europe could set global standards for international travel. —  Sam Fazeli and Max Nisen

Employees want to talk about race, and companies should give them safe spaces to do so. — Joelle Emerson 

Encouraged by generous federal money, beach properties keep getting bigger, even as sea levels keep rising. — Frank Wilkinson 

ICYMI

What happened when Evanston tried to give reparations to Black citizens.

Fully vaccinated kids can go maskless at camp.

Seven new Wonders of the World just dropped.

Kickers

Berkeley is auctioning NFTs of Nobel-winning invention paperwork. (h/t Ellen Kominers)

Overwork kills hundreds of thousands of people every year.

Humans could live up to 150 years.

Fifty-six albums coming this summer.

Read some Eric Carle to your kids this weekend.

Photographer: MIKE THEILER/AFP/Getty Images

Photographer: MIKE THEILER/AFP/Getty Images

Notes: Please send one green leaf and complaints to Mark Gongloff at mgongloff1@bloomberg.net.

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