Hello from London,

Having grown up in the 1970s and 1980s, I still recall the thrill of watching, on TV, as Space Shuttles shot skywards. Now, after a lengthy break, America’s space agency is set to have another go. The first flight of NASA’s Space Launch System (assuming it stays on schedule this week) will send an unmanned capsule called Orion to the vicinity of the Moon. This will herald renewed efforts to build a lunar base. American astronauts may set foot on our Moon again—for the first time since 1972—as soon as 2025.

My colleagues who write about such things are admittedly rather underwhelmed by this. NASA may be rediscovering some of its old vim and vigour, but it is also using decidedly old technology to get into orbit again. It is also overspending enormously on the way. These days Elon Musk shows how to get (reusable) rockets into space at a fraction of the cost of the government agency’s clunky efforts. Our editorial sets out a sceptical view of all this, and this article offers some deeper reading.

Back on Earth there are bigger reasons to worry. As ever, blame Russia for much of it. You might think that, having blundered by launching the largest war in mainland Europe in over 70 years, Vladimir Putin would shun a needless round of large-scale military exercises. Think again. Even as Russia is struggling to find sufficient men to fill the ranks of its invading army in Ukraine, it will host the Vostok military exercises, in part in Siberia. The last time these took place, in 2018, some 300,000 soldiers from various countries, including China, took part. Presumably this iteration will be smaller, but Russia has persuaded Belarus, China, India, Mongolia, Tajikistan and others to participate.

Meanwhile, there’s no let up in Ukraine, where the fighting grinds on. In recent days there have been renewed reasons to worry about the safety of nuclear power plants in that country. Russia is preparing a show trial in Mariupol for the Ukrainian soldiers who defended that city. And, once again, it appears that Russia’s energy squeeze on Europe will tighten some more. The price of gas is already exceptionally high, but expect it to keep climbing. Russia says that, later this week, the Nord Stream 1 pipeline will have to undergo further “maintenance”, which will mean gas supplies are choked further. Supposedly this is a temporary situation. We’ll see.

We have written of late about Russia’s economy, and how sanctions have not yet caused the discomfort there that many had expected. In time, the embargo on Russia will have more effect. But it seems that Western economies are the ones set to feel the chills sooner rather than later.

Are fears of recession therefore coming true? The markets have been signalling more optimism in recent weeks. Jerome Powell’s speech in Jackson Hole on Friday sounded fairly hawkish. The head of the Federal Reserve used his address to signal that he remains worried about taming inflation, which might bode ill for growth. That said, many American companies are banking huge profits these days, even as American workers enjoy a tight labour market and rising wages. On that score, watch out for jobs data in America, this week.

Last, we’ll keep an eye on a referendum in Chile on September 4th, on creating a new constitution. The country would be better off without it. And we’ll naturally keep an eye on the race to become Britain’s prime minister. Voting, by members of the Conservative Party, ends on September 2nd. Liz Truss will be crowned the victor a few days later, barring a bolt from the true blues.

Adam Roberts, Digital editor…

NASA’s newest rocket is a colossal waste of money