Elon Musk’s PR stunt won’t help Netanyahu

A field trip to Israel? That's not in the rulebook. [Bloomberg]( This is Bloomberg Opinion Today, a gigantic global sewer of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - [Small wars]( will define Cold War II. - [Climate inequity]( continues to brew. - [Jimbo Fisher’s buyout]( will accrue. - [People will travel]( for hairy crab stew. The Cold War’s Hot Wars Hal Brands has [six rules]( for small wars. Here’s a heavily condensed, newsletter-ified version of his list: - Set the tone: Localized wars shape alignments in key regions. - Look ahead: Small, “hot” wars lay the groundwork for bigger ones. - Identify allies: Work to strengthen coalitions and weaken enemies. - Stay alert: Proxies have minds and methods of their own. - Keep it contained: Small wars require artful escalation control. - Don’t overcommit: Know when to get involved — and when to stop. Now, correct me if I’m wrong, but nowhere on this list is there anything about hosting [a live chat]( with an American billionaire who’s under fire for amplifying [antisemitic conspiracy theories]( on his social media platform. To me, that sounds like a distraction. And yet here we are: Not only did Elon Musk speak with Israeli Prime Minister Benjamin Netanyahu for 23 minutes this morning, the two of them donned protective gear for a PR parade through Kibbutz Kfar Aza, where some of the worst violence occurred during Hamas’ Oct. 7 massacre. Here’s one of the photos: Photo by Government Press Office of Israel/Anadolu via Getty Images Musk’s visit to Israel comes at a curious time, considering his social media company X is suing Media Matters for defamation after it published a report showing ads from companies including IBM and Apple next to pro-Nazi content. What Musk gets out of this little field trip is clear: As [advertisers]( flee his “[gigantic global sewer](,” he gets a chance to stop losing [tons of money](. (And even Elon Musk can’t afford to lose this much money, Nir Kaissar says [in a new video column](.) What’s less clear is how this stunt helps Netanyahu manage this small war, which is currently holding to a tenuous truce for at least [two more days](. “The international dimensions of the war have only become more pronounced” since Hamas’ original attack, Hal says. While the US has worked [tirelessly]( to provide Israel with intelligence and military advice, Russia has hosted Hamas and [amplified]( its propaganda. “Both Moscow and, more subtly, Beijing, are trying to [exploit]( international anger over Israeli tactics in Gaza to make Washington pay a diplomatic price with the Global South,” he explains, noting that the conflict between Israel and Hamas is just one in “a series of hot wars at the center of the new cold war playing out around the world.” The chances for escalation are very real, and giving tours to billionaires seeking redemption probably doesn't improve those odds. Bonus War Reading: The [epic rally for uranium]( — the metal at the heart of zero-carbon reactors and zero-civilization warheads — says a lot about the world right now. — Liam Denning A COP Skip and a Jump Away During times [like these](, it’s more than understandable that Joe Biden would have a hard time fulfilling all of his duties as president. Still, it’s disheartening to hear that he [won’t be attending]( COP28, the UN’s climate summit later this week. This is the Super Bowl of climate events, attracting leaders from nearly 200 countries, including King Charles III and Pope Francis. And while there’s some [controversy]( around the United Arab Emirates hosting the summit, Ndileka Mandela notes that it’s [a major milestone]( nevertheless. If Biden isn’t going to be able to discuss international inequality at COP28, at least he could address the inequity within America’s borders. Lara Williams [says]( a recent report from the [Oxfam and the Stockholm Environment Institute]( determined “most of the inequality in emissions is now due to differences within countries rather than between them.” It also found that the richest 1% of the global population pollutes just as much as the poorest 66% — a figure that’s been [criticized]( for relying on imperfect assumptions. “Whether or not the exact numbers are right, the basic premise is backed by multiple studies that have linked [higher expenditure (which tends to increase with income)]( with more direct emissions (such as more flights and bigger cars) and indirect emissions (those embedded in goods),” she explains. As of last year, America was home to more than 21 million persons in the global top 1%. For the mega-yacht owners in this country, a tax on fuel or a few new heat pumps is nothing. But for less fortunate households — who are more exposed to climate disasters and less able to recover from damages — the costs of fighting climate change can quickly add up. “It’s fair to be worried about disproportionate financial burdens, but it’s infuriating to see politicians — like UK Prime Minister Rishi Sunak — using these concerns as excuses to delay or avoid action,” Lara writes. Biden’s track record on climate is also mixed. During his tenure, he has “approved the [Willow oil project]( in Alaska, opened federal lands and the Gulf of Mexico to exploration and sped construction of the [Mountain Valley]( gas pipeline,” as Mark Gongloff [wrote]( earlier this fall. Although Biden has called climate change an “existential threat” to “all of humanity,” his words on the environment don’t always match his actions. As Michael R. Bloomberg, the founder and majority owner of Bloomberg LP, [has said](, “fighting climate change requires all hands on deck.” COP28 is the deck, and Biden’s hands are nowhere near it. Bonus COP28 Reading: China is a rich country. It can no longer [cry poor]( on climate. — David Fickling Oh, Jimbo Counting his millions. Photographer: Richard Rodriguez/Getty Images North America Most of the time, it’s no fun getting fired: As you carry your sad cardboard box of dying desk plants and family photos, security officers escort you out of the building, and that’s the easy part compared to the gajillion hours you’ll have to spend trying to arrange COBRA insurance. But what if, after getting fired, your employer handed you [a fat stack of cash]( and promised to send you millions more for years to come? I know virtually nothing about college football, but this sure seems like a pretty solid gig to me: Before the end of the year, John James “Jimbo” Fisher Jr., the [recently fired]( head football coach at Texas A&M University, will receive a [$19.4 million]( contract buyout payment. Then, over the next eight years, he’ll receive annual $7.27 million installments until his $77 million contract is fulfilled. For $77 million, I’d gladly spend the next six years screaming “HAIL MARY” at a bunch of adolescents wearing padded pants! Although Jimbo is getting a record college coaching buyout, Adam Minter says this is far from an isolated incident: Between 2010 and 2021, US colleges and universities spent more than [$500 million]( on fired coaches. Where are these millions coming from, exactly? Well, all of America’s colleges and universities are 501(c)3 charitable organizations, which allows their athletic departments to pocket billions of dollars while the universities themselves stay tax-free. “It’s an unfair advantage grounded in the belief that college sports primarily remain educational endeavors. They’re not, and it’s time to tax the rights fees that fuel them,” Adam writes. Just today, Texas A&M hired Duke’s Mike Elko as a replacement, a deal which will reportedly cost the university [$7 million annually](. It’s less than what Jimbo was making, but not by much. Read [the whole thing](. Telltale Charts I’ve never tried a hairy crab, but Shuli Ren’s [column]( about the [Shanghai]( delicacy is making me hungry. “Traditionally grown in freshwater in the Yangtze Delta, these palm-sized crustaceans are sought after in Hong Kong,” she writes. Last weekend, Shuli bought two pairs for HK$1,000 ($128) near the Central business district, but some Hong Kong residents are making trips to the mainland for [crabs](, which are almost “[as cheap as cabbages](” this year. “In Shenzhen, crabs of unknown origin sold by Alibaba Group Holding Ltd.’s supermarket brand Hema were [going for as little as 27 yuan ($3.80) apiece](,” she writes. The crab crawl is alive and well, if this chart is any indication: Earlier this month, the US Supreme Court adopted its first-ever code of conduct. That sounds like a good thing, given Justice Clarence Thomas’s [affinity]( for undisclosed private plane rides and lavish vacations. “But the court’s failure to include any enforcement provisions reduces the code to a paper tiger. The public shouldn’t fall for it,” Bloomberg’s editorial board [writes](. “At a time when public trust in democratic institutions is low,” the editors say, “the court’s new code could well breed more public cynicism.” Further Reading Want to stop the [fiscal apocalypse](? Bet on the young. — Kathryn Anne Edwards We need to talk about AI’s [looming impact]( on real estate. — Tyler Cowen It’s past time public health officials [admitted]( their Covid mistakes. — F.D. Flam India’s denial over [Sikh separatist plots]( are sounding hollow. — Mihir Sharma Some private equity firms are at risk of [a nasty hangover](. — Chris Bryant Biden’s promise to undo Trump’s [steel tariffs]( isn’t going as planned. — Karl Smith ICYMI Shein could be one of the [biggest IPOs]( in years. Pope Francis is battling [lung inflammation](. Jenna Lyons joins a Blackstone-adjacent [brand agency](. [Lake-effect snow]( is coming for upstate New York. Workers are [more unhappy]( than they were in Covid times. Kickers Beware of the [cantaloupe](. 34,000 ornaments [deck the White House halls](. People [steal]( a lot of strange stuff from hotels. (h/t Andrea Felsted) The Twitter [office fridges]( found a loving home. Sabrina Carpenter got [a priest]( in trouble. “[Make it more](” is the most extra AI trend. Notes: Please send stolen sauna benches and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Threads](, [TikTok](, [Twitter](, [Instagram]( and [Facebook](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. 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