| This is Bloomberg Opinion Today, an underwater subway line of Bloomberg Opinion's opinions. Sign up here. Today's Agenda The "sub" in "subway" now stands for "submerged." Another Successful Infrastructure WeekIt feels like the writers on this season of Reality are getting kind of lazy. Like, isn't it just a little on the nose to have New York City subways flood with hepatitis stew after one hard rainstorm, in a month when we already had collapsing Miami condos, face-melting Oregon weather, California droughts, and floods from Texas to Detroit? We get the picture already: Climate change is swallowing us alive, and our infrastructure can't handle it. And then there's Congress, so predictably wrangling for months over how to apocalypse-proof the bones of our society. Yawn! But at least on this one, Brooke Sutherland offers a possible plot twist: A huge pile of infrastructure money has already passed Congress, bundled into the Covid relief bill passed earlier this year. That flagged $473 billion for schools and state and local governments. Depending on how much of it goes to pipes, roads, buildings and whatnot, the total will likely top the paltry $100 billion or so dedicated to infrastructure in 2009's stimulus bill. Will that be enough? You get one guess, and the only option is "no." But every little bit helps, especially if some of it goes to expanding broadband internet access. The pandemic exposed just how shamefully insufficient U.S. broadband coverage is, Andrea Gabor writes, rendering online learning impossible for kids in both in rural and inner-city communities. Money isn't the only obstacle here, however. Private internet providers hate competition from nonprofits, and a lot of Republicans are on their side. Congress still has plenty of work to do, between its current vacation and the one that starts next month. Surprise us! Fading the Reflation TradeIt hasn't helped the infrastructure-spending cause at all that Larry Summers and other economic luminaries keep blowing the inflation-panic conch, despite the true inflation-panic threat long being locked at just four Volckers out of 10, as everyone knows. Lately financial markets have been ignoring the Summerses, though, and focusing more on how the expected post-pandemic economic boom keeps not happening, partly because the pandemic keeps not ending. In fact, humanity has a long history of post-pandemic recoveries going back several hundred years, and a San Francisco Fed study shows they are usually disappointing, writes John Authers. Massive money piles tend to remain massively piled rather than spent in such circumstances, as people hunker down and wait for the nightmare to end. Bill Dudley speculates the Fed might be ready after the fall to start talking about pulling back some of its free money, once it sees how temporary labor shortages get sorted out. But China is already stimulating its economy again as its recovery falters, Dan Moss writes. It's a warning for the rest of the world not to get too comfortable. We might need that infrastructure cash after all. Bonus Pandemic-Not-Over Reading: Boris Johnson shouldn't toss mask requirements, consigning them to the U.K.'s culture wars. — Therese Raphael Clearing Up Some Afghanistan MythsPresident Joe Biden said yesterday the U.S. withdrawal from Afghanistan would end on Aug. 31, 11 days ahead of schedule. But what's 11 days when you've been there 20 years? The U.S. failed in Afghanistan not because the country is a graveyard of empires, writes Pankaj Mishra, but because of its own stubborn hubris. The idea of turning Afghanistan into a democracy was doomed from the start, and plenty of people warned as much in 2001. But politicians and media refused to hear it until it was far too late. Now we just have to hope we at least get the endgame right. Eli Lake is not encouraged, taking issue with Biden's claim America is leaving Afghanistan's government to the Afghans. Actually, Eli argues, it's leaving it to the Taliban, which is reclaiming territory and preparing to reimpose its own rule. Bonus Foreign-Policy Reading: The U.S. should help Haiti stabilize its government. — Bloomberg's editorial board Further Reading Malaysia's political dysfunction and government incompetence are dragging it toward failed statehood. — Dan Moss Both Beijing and U.S. China hawks agree Chinese listings in the U.S. aren't safe. — Tim Culpan Michael Avenatti is a warning for Democrats not to fall for frauds as Republicans keep doing. — Jonathan Bernstein Donald Trump's Twitter lawsuit is a loser, but it does accidentally raise one point about the First Amendment. — Noah Feldman The FDA's tighter guidance for Biogen's Alzheimer's drug is necessary but just exposes its shoddy approval process. — Max Nisen Grandparents, think long and hard before you move to be closer to your grandchildren. — Teresa Ghilarducci ICYMIEconomists like Biden's executive order on competition. The CDC has easier Covid rules for schools. Melvin Capital can't shake its Reddit losses. KickersArea wave looks just like Neptune (or Poseidon). (h/t Scott Kominers) Area closet has a lost Picasso. Birds are deliberately setting forest fires. "Mirror" fabric keeps you cool.  Notes: Please send mirror shirts and complaints to Mark Gongloff at mgongloff1@bloomberg.net. Sign up here and follow us on Twitter and Facebook. | 
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