Why Statues Taken Down in 2020 Are Coming Back

Key takeaways

The Russian political landscape is shifting, with some elites acknowledging the difficulties in Ukraine, but skepticism remains about Putin’s willingness to change course.
Economic indicators show investor anxiety, with significant withdrawals from private credit funds amid rising default risks, despite reassurances from fund managers.
In the U.S., the debate over statues and monuments is resurging, reflecting deeper divides over historical memory, race, and identity, with traditionalists actively seeking to reinstall controversial monuments.
International tensions persist, with fragile ceasefires in the Middle East and ongoing conflicts that underscore the complex geopolitics of the region.

Summary

Global Political and Military Developments

This section covers the ongoing stalemate in Ukraine, with notable voices within the Russian establishment calling for an end to the conflict—a significant shift due to Ukraine's ability to halt Russian advances and carry out strikes within Russia. However, there's skepticism about whether President Vladimir Putin will listen, given his regime’s history and the war’s centrality to its identity. Additionally, the episode touches on the renewed ceasefire between Israel and Lebanon, which is currently fragile, with ongoing exchanges of fire and unclear implementation of the agreements.

Economic and Financial Market Movements

Investors are beginning to withdraw large sums from Blackstone's flagship private credit fund, reflecting a broader concern about rising loan defaults even though Blackstone assures that overall loan performance remains stable. The stock market experienced a rally driven by healthcare and financial stocks, though technology stocks like Broadcom declined sharply after AI demand guidance fell short, causing the NASDAQ to slightly dip while the S&P index gained.

Statues and Memory Politics in the U.S.

The episode discusses the resurgence of efforts to restore statues that were removed or destroyed during the 2020 protests over police violence and racial injustice. Traditionally, many of these monuments—commemorating Confederate figures, founding fathers, and explorers like Columbus—were taken down to prevent conflict. Now, there’s a push by traditionalists to reinstall many of these statues, with some already being returned to public spaces or displayed at prominent locations, despite ongoing debates. The episode highlights the political and legal battles surrounding these symbols, with some actions favored by the Trump White House and a generally muted response from activists who initially protested their removal.

Show notes

P.M. Edition for June 4. During the 2020 Black Lives Matter protests, cities across the U.S. removed monuments honoring Confederate generals, Founding Fathers and Christopher Columbus. Now, some people are fighting to restore them. Journal national affairs reporter Cameron McWhirter discusses why the statue wars have returned–and what’s different this time. Plus, some Russian elites are turning against the war with Ukraine. WSJ chief foreign affairs correspondent Yaroslav Trofimov discusses what this means for Vladimir Putin. And many investors in Blackstone’s premier private-credit fund want their money out. Danny Lewis hosts.

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