It’s been quite a week in tech. The Australian social media ban, the Netflix vs Paramount fight over Warner Bros & the Disney-OpenAI deal. That Was The Week’s Keith Teare and I try to explain all this in the broader context of the future of media in 2026 and beyond. Has Australia really gone Orwellian in its teen social media ban, who should own Warner and will movie theaters & serious journalism have a future in the AI age? Our answers aren’t always what you’d expect.

Mount Rushmore, with its images of four Presidents carved into the Black Hills of South Dakota, is America’s most identifiable monument. It might also be its most monumental contradiction — which is saying a lot, given the country’s gaping contradictions. According to Matthew Davis, the mountain’s biographer, the history of the Rushmore project captures both the remarkable engineering achievements of early 20th-century America and the country’s bloody colonial and racist past. So Mount Rushmore, Davis suggests, is indeed as American as cherry pie. Only that pie and those cherries aren’t quite as sweet as the MAGA crowd might like to think.

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George Packer is one of the most celebrated non-fiction writers on contemporary America. So why, in his new book The Emergency, has he turned to fiction? You’d think, after all, that MAGA America’s surrealism would be an ideal nonfictional canvas for a writer with Packer’s observational gifts. But, as Packer explains, when facts fail a society, then - like Orwell or Atwood - a writer might be obliged to turn to fiction. This emergency, then, begot The Emergency.

The CNN anchor Carol Lin was on air on September 11, 2001 when the first plane hit the tower. So, in that now seemingly distant broadcast media age, she was the world’s first television journalist to break the news. But as Lin notes in her new memoir, When New Breaks, 9/11 broke traditional news media, both then and now. That morning was CNN’s finest hour — a network built for exactly this moment, with deep resources, high standards, and global reach. Yet it was also the beginning of the end - both for Lin’s career in journalism and for the mainstream television news industry. What followed was the rise of opinion panels, personality-driven shows, ubiquitous social media and the slow erosion of trust that leaves us asking: who do we believe anymore?

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Jessica was the good Mitford sister. The English aristocrat who fought against fascism in the Spanish Civil War, then came to America and dedicated her life to social justice. According to her biographer Carla Kaplan, Mitford had the fierce, unruly life of a great muckraker. She was a Troublemaker in the best sense of the word. Unlike prudes like Upton Sinclair or Ralph Nader, she was hysterically funny—her voice as distinctive as Jane Austen’s or Virginia Woolf’s. She understood that bullies are driven by insecurity and paranoia, and she knew exactly how to punch them in the nose with her sharp upper-class English humor. So where are you now, Jessica Mitford? When the left desperately requires a good dose of humor and the right needs to be laughed at?

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The American economy is a numbers game and those numbers are becoming more and more unfair. “30 years ago, if you were born in the bottom 25th percentile of wealth, you had about a 25% chance of dying in the top 25th percentile.” notes the venture capitalist Seth Levine. “Today you’ve got a 5% chance.” So what to do? What Levine wants is more rather than less capitalism. As he argues in his new co-authored (with Elizabeth MacBride) book, Capital Evolution, “if we want more people to have a stake in the economy, more people have to have a stake in the economy.” Thus the case for what he calls stakeholder capitalism. Only capitalism can save capitalism, Levine argues. Whether that’s Davos-style tautology or the way to right the wrongs of American capitalism is a more complicated question.

Numbers often tell the story best. Yesterday, we discussed today’s 95/5 reality in which 5% of Americans control 95% of the wealth. Today, in our conversation with Patrick Markee, author of Placeless, the key number is 2%. That’s the number of Americans who, on any given day, are homeless. But it’s a number, Markee insists, that doesn’t have to be. Mass homelessness, America’s most shameful open secret, is a modern phenomenon, he explains, triggered by Reagan’s neo-liberal policies. There’s nothing inevitable or necessary about it. And just as economic and political policy caused the crisis, it can also solve it. What’s most chilling is how normalized it’s become. Two-thirds of Americans are too young to remember a time when large numbers of people weren’t sleeping on sidewalks. In New York City alone, 35,000 children sleep in shelters every night—numbers not seen since the Great Depression. Future generations, Markee suggests, will look back at us the way we look back at those who tolerated slavery. How could we all have just walked on by?

Forget Pareto’s 80/20 rule. What AI is doing is producing a new rule in which 5% of society captures 95% of the value of this revolution. That Was The Week publisher Keith Teare calls this the “Great Compression”, describing it as the new math of our AI age. It’s creating a winner-take-most society of increasing inequality and outrage - the kind of situation which, historically, governments have stepped in to redistribute the rewards of a great technological leap forward. That isn’t happening today, however, thereby creating what Keith and I describe as a Code Red emergency for humanity.

Is the idea of “progress” the propaganda of the ruling class? Yes, according to Samuel Miller McDonald, author of Progress: How One Idea Built Civilization and Now Threatens to Destroy it. McDonald traces this “narrative formula” back 5,000 years to the first market empires in Mesopotamia—societies that were parasitic from the start, extracting from nature for profit and expansion. The Mesopotamian epic Epic of Gilgamesh, McDonald argues, is essentially a celebration of deforestation. Fast forward a few thousand years and modern industrialization didn’t corrupt this system; it supercharged it. His solution? Sortition, agroecology, and dissolving elite power. “I have more faith in the general public,” he tells me about a contemporary world dominated by what he sees as extractive billionaires like Bill Gates and Peter Thiel, “than in people who seek positions of power and control.”

They certainly are an odd couple. Silicon Valley veterans Dave McClure and Aman Verjee have been friends and business partners for 25 years — first at PayPal, then at 500 Startups, and now at Practical Venture Capital. Yet they have quite different styles, personalities and, above all, politics. What they share, however, is an unvarnished take on the world — especially on the much mythologized Silicon Valley. In this refreshingly unfiltered conversation, they assess tech’s two most dominant titans: Sam Altman and Elon Musk. McClure describes Altman as someone he’d never want to face across a poker table — “there’s probably three layers of chess going on in his head.” Verjee breaks down the competitive psychology driving Musk as OpenAI’s valuation leapfrogs SpaceX. Plus Verjee makes sense of Google’s Gemini challenge to ChatGPT domination and McClure leaves us with one of his trademark blunt takes on Trump’s crypto conflicts.

If you think the American Dream is dead, then you probably don’t know the story of Lu Zhang. Born in Mongolia and educated in China, Zhang came to Stanford as a graduate student, struck it rich as a young tech entrepreneur and is now managing partner of her own early-stage venture fund. In our conversation, Zhang makes a compelling case for why Silicon Valley remains the world’s most important innovation ecosystem—even as she warns that restrictive immigration policies threaten to strangle the very talent pipeline that made her remarkable success possible. She’s bullish on AI, bearish on energy infrastructure, and refreshingly candid about the capital market bubble that everyone in tech pretends doesn’t exist. So does Zhang really exist or is she a bot designed to promote the American Dream? She says she’s real. I believe her. Do you?