The world must avoid a Chernobyl redux

This is Bloomberg Opinion Today, a rigorous remix of Bloomberg Opinion’s opinions. Sign up here. The risks of a nuclear meltdown in Ukraine [Bloomberg]( Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, a rigorous remix of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - The risks of [a nuclear meltdown in Ukraine]( are rising. - [Don’t ban private planes](; tax them to fund the energy transition. - Rising incomes can [rescue the housing industry](. - The junk-bond market could be in for [a rude awakening](. Playing With (Nuclear) Fire In 1975, German synth pioneers Kraftwerk issued “Radio-Activity,” their fifth studio album. The title track had a cheerful, upbeat vocal, reflecting the optimism of the times that nuclear energy would provide the world with a cheap, reliable source of power. Radioactivity Is in the air for you and me Radioactivity Discovered by Madame Curie By 1991, the mood had changed. For Kraftwerk’s “The Mix” album, which saw the band rework several of its greatest hits, the same track started with an electronic voice ominously intoning, “Chernobyl, Harrisburg, Sellafield, Hiroshima.” The lyrics were amended, pleading to “stop radioactivity” because of the risks of “chain reaction and mutation, contaminated population.” In later live performances, the reference to Hiroshima was dropped in favor of Fukushima. The 1986 nuclear disaster at Chernobyl and the 2011 reactor failure at Fukushima are currently looming large because Russian President Vladimir Putin’s troops are occupying Europe’s largest nuclear power plant at Zaporizhzhia in Ukraine. James Stavridis is [losing sleep over the threat](that combat in the area could knock out the cooling system, or damage containers of spent uranium at the site. “Putin is truly playing with fire, and much of Europe (and Russia as well) are at significant risk of a nuclear incident with terrible long-term consequences,” the former supreme allied commander of NATO writes. To defuse the situation, the international community should insist that the International Atomic Energy Agency is allowed unfettered access to inspect the site. Then, the area surrounding the reactor must be demilitarized, turning it into a no-strike zone. “Russia should be pressured to turn the plant over to an international mission led by the United Nations and staffed by the IAEA,” James argues. “Zaporizhzhia is truly a ticking time bomb.” Bonus Energy Reading: As gas prices soar, [the UK needs a comprehensive plan]( to ease the financial pressure on households. — Bloomberg’s editorial board When Turning Left on the Plane Is Not Enough Private jets are out-of-step with the current zeitgeist, given their outsized carbon footprints. But with commercial air travel becoming a nightmare, wealthy flyers are increasingly opting to fly the environmentally unfriendly skies. Green politicians in France are calling for a ban on such exclusive transport modes. But Chris Bryant argues that since the technology required to decarbonize air travel will make its first appearance in smaller planes, [outlawing private jets would be counterproductive](. A better method would be to tax them to fund the advances needed to make the industry greener. Sustainable aviation fuel, which can be produced from waste, cooking oils, fats or renewable electricity, is one example of innovation that’s more likely to be widely adopted first in non-commercial jets. Electric aircraft are also more likely to be introduced in smaller versions to begin with. “Higher taxes can help pay for greener skies for the rest of us,” Chris argues. “Making private flying more expensive won’t change billionaires’ behavior much, but the revenue can at least be used to fund decarbonization efforts.” Bonus Clean Power Reading: India’s Ambani delivers [an ambivalent message](on green energy. — Elements by Clara Ferreira Marques Wage Growth Can Offset Mortgage Pain The slowing economy is [hurting the US housing market](. Reduced affordability has coincided with skittish consumer sentiment. Mortgage costs have increased as the Federal Reserve raises rates to combat inflation, demand has dropped and builders are constructing fewer homes. “That leaves rising incomes as the best hope for the housing market right now,” argues Conor Sen. Continued strong employment growth combined with rising salaries should allow the housing market to claw its way back, Conor argues. “It won’t necessarily restore boom conditions, but it should make the housing market feel normal sooner rather than later.” Bonus Labor Market Reading: Banks should [worry about inflation]( as much as jobs. — Paul J. Davies Telltale Charts With economists increasingly concerned that the US economy will slide into recession, [yield premiums on corporate junk bonds]( remain skinny. “Either spreads need to widen or the recession clouds need to vanish, but something’s got to give,” writes Jonathan Levin. “History favors the economists.” Further Reading Higher education is about to become [even more political]( in the US. — Tyler Cowen Chinese electric vehicle maker BYD is [struggling with battery-production costs](. — Anjani Trivedi Must the US kiss goodbye to Latin America? — Eduardo Porter Can Liz Truss [exceed Britain’s low expectations?]( Margaret Thatcher did. — Therese Raphael ICYMI YouTube went to war against terrorists, but [left White nationalists alone](. [British pubs say they’ll go bust]( without state support for soaring energy bills. China arrests hundreds of people allegedly involved in [the nation’s largest ever bank fraud](. The [melting Greenland ice sheet]( is set to raise global sea levels by nearly a foot. Kickers Want to live longer? Try [drinking a couple of cups of tea]( every day. (h/t Andrea Felsted) Another Brexit casualty: Eurostar to [axe direct trains to Disneyland Paris]( from London. Nebraska man sets new world record by paddling 38 miles down a river in a huge, [hollowed-out pumpkin]( he grew himself. Taylor Swift [will release her next album](, “a journey through terrors and sweet dreams,” on Oct. 21. Notes: Please send sweet dreams — not terrors, thanks —  and complaints to Mark Gilbert at magilbert@bloomberg.net. [Sign up here]( and follow us on [Instagram](, [TikTok](, [Twitter]( and [Facebook](. Like getting this newsletter? 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