America and the world are living through what Adam Tooze, the internet’s foremost historian of money and disaster, describes as a “polycrisis.” As he sips a beer at a bar near Columbia University, where he is the director of the European Institute, Tooze talks through a long list of challenges: War, raising the specter of nuclear conflict. Climate change, threatening famine, flood, and fire. Inflation, forcing central banks to crush consumer demand. The pandemic, closing factories and overloading hospitals. Each crisis is hard enough to parse by itself; the interconnected mess of them is infinitely more so. And he feels “the whole is even more dangerous than the sum of the parts.”
