Psst, Angela. It's time to listen to Carly Rae Jepsen on the euro crisis. She's a savant about it.
(Reuters/Kasia Cieplak-von Baldegg)
Hey, she's a popstar, and this is crazy, but is Carly Rae Jepsen a euro crisis genius, maybe?
I know, I know. The only thing more maddening than "Call Me Maybe" is the euro crisis. One is a banal string of saccharine statements, punctuated by swift choruses of action. The other is a pop song. And neither willgoaway.
But the lyrical stylings of Carly Rae Jepsen just might be a Rosetta Stone for the euro crisis. And you don't even have to play the record backwards to get the secret message.
First, let's make sure we'll all on equal footing. I'm jealous of the lucky few still unfamiliar with the earworm that is "Call Me Maybe." But I'm also spiteful. So here's the music video. You're welcome.
What a euro crisis savant. If it's still not obvious what macroeconomic wisdom she's distilling in these sugary beats, here are the eight lines from "Call Me Maybe" that best explain the euro crisis. Why eight? Because Carly Rae Jespen works in mysterious ways.
"I threw a wish in the well, don't ask me I'll never tell."
Europe had a dream. That dream was itself. It was of an integrated continent, of a United States of Europe. How it would get there? Nobody was ready to tell the full story.
There was an underlying logic to integration -- a logic that George Soros has pointed out is now broken. That logic was that Europe would use any crisis of integration to push integration further. But that process went into reverse in the fall of 2008. German chancellor Angela Merkel declared that each euro zone country was on its own when it came to bailing out its banks -- driving a stake through the heart of the common currency.
Now Europe faces a catch-22. The only way to save the euro is for Germany to agree to some kind of joint debt. But Germany doesn't want to give southern Europe money without getting a say over how that money is spent. And southern Europe doesn't want to give Germany a say over how it spends money -- unless it's for a genuine fiscal union. So round and round we go.
"I trade my soul for a wish, pennies and dimes for a kiss."
Southern Europe has traded budget cuts and labor market reforms for money. Some of that money has come from Germany. Some of it has come from the ECB.
This makes less sense than you think. The ECB is only supposed to have one job. That's maintaining price stability, defined as 2 percent annual inflation. But the ECB has unofficially abandoned this single mandate. No, it doesn't care about jobs! It cares about politics. Specifically, whether countries are doing what Germany has demanded. This is crazy, definitely.
Countries that pass the ECB's test get lower borrowing costs. Countries that don't, well, don't. Actually, that's not always true. Even countries that play nice aren't always rewarded. Ask Spain. Meanwhile, the economy is screaming for the ECB to do something, anything more.
"I wasn't looking for this, but now you're in my way."
Both Carly Rae Jepsen and history have well-developed senses of irony. The second Ms. Jepsen stops looking for love, she finds it -- only to belatedly discover that her crush isn't interested in the ladies. Meanwhile, the one time Germany didn't try to take over Europe, the continent landed in its lap.
This historical twist hasn't escaped George Soros. He sees the euro zone turning into a German feudal state. Creditors make the rules in a debt crisis. But remember: Germany didn't want this. That's why they've been so reluctant to do what needs to be done. The danger is that they'll wait too long -- that a political backlash in southern Europe will develop before Germany is ready to accede to eurobonds. Then the euro would die a chaotic death.
"It's hard to look right at you, baby."
Is there any doubt Carly Rae Jepsen is really talking about Spanish bank balance sheets here? Spain was Europe's Florida. It had a huge housing bubble. Then it had a huge housing bust -- but not enough of one. They've been much slower to admit how far housing prices need to fall. That's allowed banks to keep holding assets at waaaay overinflated values -- until recently. Now the game of pretend is ending and the game of bailouts is beginning. Ugly stuff. Look away.
"You took your time with the call, I took no time with the fall, you gave me nothing at all."
You won't find a more plaintive lament for Europe's periphery than this. During the boom years, capital poured into southern Europe. But then Lehman failed, the money spigot turned off, and southern Europe fell. Germany hasn't exactly rushed to bail them out.
Actually, it's a bit misleading to call them "bailouts". They're loans. Low-interest rate loans, but loans nonetheless. And loans that are often senior to other debt. That makes private investors wary about putting more capital on the line, because they're first in line for the inevitable losses. It's increased their debt, and made that debt riskier. In other words, they've basically gotten nothing at all.
"I beg and borrow and steal."
Sometimes even the cryptic Carly Rae Jepsen speaks plainly. This is one of those times. The line above is clearly about Greece.
For years, the government lied about the size of its budget deficits -- with some help from Goldman Sachs -- until reality finally intruded in 2009. That's when the begging and borrowing began in earnest.
Now Greece may find out if beggars really can't be choosers. The far-left Syriza party is neck-and-neck in the polls thanks to its platform to renegotiate Greece's bailout loans while remaining in the euro zone. Their calculus is that beggars with a trillion euros of leverage can indeed be choosers. It's a dangerous game of chicken, with the future of the euro potentially hanging in the balance.
"I didn't know I would feel it, but it's in my way."
Poor Italy. It's actually been responsible since the euro was introduced Italy has managed to stabilize its debt and move towards a primary surplus -- meaning that it's in the black minus interest payments -- despite its stagnating economy. And Italy did all that with Silvio Berlusconi as its prime minister. That deserves some sort of prize. But instead of a prize, Italy has gotten euro contagion. With Spain on the ropes, Italy is next.
"Before you came into my life I missed you so bad."
Ms. Jepsen isn't quite as paradoxical as she sounds. It's easy to miss something before it comes into your life -- if it leaves and then returns. Like Spain's peseta. Or Italy's lira.
The euro should be a real four-letter word nowadays. It prevents troubled countries from printing or borrowing money at the most inopportune time. And it makes them solve their uncompetitiveness problems in the most painful way possible: with wage cuts. Instead of devaluing the peseta, Spain has to force workers to take pay cuts in euros. That's an economic disaster. It makes both debt problems and unemployment worse.
The peseta is sounding better and better.
See, "Call Me Maybe" is really a deep meditation on the nature and ironies of the euro crisis. So here's a modest proposal. Let's lock up Angela Merkel et. al. in a room playing "Call Me Maybe" on repeat. They can't leave until they absorb Ms. Jepsen's insight and reach some of kind of deal. Or go crazy.
A new survey suggests the logistics of going to services can be the biggest barrier to participation—and Americans’ faith in religious institutions is declining.
The standard narrative of American religious decline goes something like this: A few hundred years ago, European and American intellectuals began doubting the validity of God as an explanatory mechanism for natural life. As science became a more widely accepted method for investigating and understanding the physical world, religion became a less viable way of thinking—not just about medicine and mechanics, but also culture and politics and economics and every other sphere of public life. As the United States became more secular, people slowly began drifting away from faith.
Of course, this tale is not just reductive—it’s arguably inaccurate, in that it seems to capture neither the reasons nor the reality behind contemporary American belief. For one thing, the U.S. is still overwhelmingly religious, despite years of predictions about religion’s demise. A significant number of people who don’t identify with any particular faith group still say they believe in God, and roughly 40 percent pray daily or weekly. While there have been changes in this kind of private belief and practice, the most significant shift has been in the way people publicly practice their faith: Americans, and particularly young Americans, are less likely to attend services or identify with a religious group than they have at any time in recent memory.
Poor white Americans’ current crisis shouldn’t have caught the rest of the country as off guard as it has.
Sometime during the past few years, the country started talking differently about white Americans of modest means. Early in the Obama era, the ennobling language of campaign pundits prevailed. There was much discussion of “white working-class voters,” with whom the Democrats, and especially Barack Obama, were having such trouble connecting. Never mind that this overbroad category of Americans—the exit pollsters’ definition was anyone without a four-year college degree, or more than a third of the electorate—obliterated major differences in geography, ethnicity, and culture. The label served to conjure a vast swath of salt-of-the-earth citizens living and working in the wide-open spaces between the coasts—Sarah Palin’s “real America”—who were dubious of the effete, hifalutin types increasingly dominating the party that had once purported to represent the common man. The “white working class” connoted virtue and integrity. A party losing touch with it was a party unmoored.
A hotly contested, supposedly ancient manuscript suggests Christ was married. But believing its origin story—a real-life Da Vinci Code, involving a Harvard professor, a onetime Florida pornographer, and an escape from East Germany—requires a big leap of faith.
On a humid afternoon this past November, I pulled off Interstate 75 into a stretch of Florida pine forest tangled with runaway vines. My GPS was homing in on the house of a man I thought might hold the master key to one of the strangest scholarly mysteries in recent decades: a 1,300-year-old scrap of papyrus that bore the phrase “Jesus said to them, My wife.” The fragment, written in the ancient language of Coptic, had set off shock waves when an eminent Harvard historian of early Christianity, Karen L. King, presented it in September 2012 at a conference in Rome.
Never before had an ancient manuscript alluded to Jesus’s being married. The papyrus’s lines were incomplete, but they seemed to describe a dialogue between Jesus and the apostles over whether his “wife”—possibly Mary Magdalene—was “worthy” of discipleship. Its main point, King argued, was that “women who are wives and mothers can be Jesus’s disciples.” She thought the passage likely figured into ancient debates over whether “marriage or celibacy [was] the ideal mode of Christian life” and, ultimately, whether a person could be both sexual and holy.
Two decades ago, Osama bin Laden officially launched al-Qaeda’s struggle against the United States. Neither side has won.
Exactly two decades ago, on August 23, 1996, Osama bin Laden declared war on the United States. At the time, few people paid much attention. But it was the start of what’s now the Twenty Years’ War between the United States and al-Qaeda—a conflict that both sides have ultimately lost.
During the 1980s, bin Laden fought alongside the mujahideen in Afghanistan against the Soviet Union. After the Soviets withdrew, he went home to Saudi Arabia, then moved to Sudan before being expelled and returning to Afghanistan in 1996 to live under Taliban protection. Within a few months of his arrival, he issued a 30-page fatwa, “Declaration of War Against the Americans Occupying the Land of the Two Holy Places,” which was published in a London-based newspaper, Al-Quds Al-Arabi, and faxed to supporters around the world. It was bin Laden’s first public call for a global jihad against the United States. In a rambling text, bin Laden opined on Islamic history, celebrated recent attacks against U.S. forces in Lebanon and Somalia, and recounted a multitude of grievances against the United States, Israel, and their allies. “The people of Islam had suffered from aggression, iniquity and injustice imposed on them by the Jewish-Christian alliance and their collaborators,” he wrote.
The many obstacles trans men and other transmasculine people run into when feeding infants
When Trevor MacDonald started chestfeeding about five years ago, he didn't know anyone who had attempted it, nor had any of his doctors ever encountered someone who had. In fact, he was shocked that his body could even produce milk. As a trans man—someone who was assigned female at birth but has transitioned to identifying as male—he was born with the mammary glands and milk ducts required for lactation, but he'd had his breasts removed. Once he had his baby, his care providers supported his desire to nurse, but it was up to him figure out how.
MacDonald began blogging about chestfeeding from his home in Winnipeg, Manitoba, and soon discovered a whole community of transmasculine people around the world in the same boat, looking for guidance. For trans men and transmasculine folks, putting a baby to their chest to suckle can lead to complicated feelings about their gender. Many lactation support services are available for “nursing mothers,” which sounds unwelcoming to men and non-binary individuals. And many trans people say doctors don’t understand their bodies or experiences.
Most corporations try to make a profit by limiting costs. Movies corporations manage to record a loss by maximizing fees to their studios
Here is an amazing glimpse into the dark side of the force that is Hollywood economics. The actor who played Darth Vader still has not received residuals from the 1983 film "Return of the Jedi" because the movie, which ranks 15th in U.S. box office history, still has no technical profits to distribute.
How can a movie that grossed $475 million on a $32 million budget not turn a profit? It comes down to Tinseltown accounting. As Planet Money explained in an interview with Edward Jay Epstein in 2010, studios typically set up a separate "corporation" for each movie they produce. Like any company, it calculates profits by subtracting expenses from revenues. Erase any possible profit, the studio charges this "movie corporation" a big fee that overshadows the film's revenue. For accounting purposes, the movie is a
money "loser" and there are no profits to distribute.
We’ve been flying around the country for the last three years, visiting dozens of towns that are reinventing themselves after some kind of big economic or demographic change. I have also, in a way, matched those flights stroke by stroke in America’s public swimming pools. On our first day on the ground in any town, I search for a public pool. I started swimming around the country as a way to maintain some sense of normal in my physical activity after all that flying. And then I came to appreciate it as another window into the culture and spirit of the towns we visited. I wish Ryan Lochte could share some of my experience.
Like much of America—and I’m betting most of the many hundreds of kids I have seen swimming in pools around the nation, too—I was glued to the Olympic swimming events. Katie Ledecky, Maya DiRado, Michael Phelps, truth-teller Lilly King. And then, enter Ryan Lochte.
Polling within the margin of error among African Americans, the Republican tries new outreach—but his approach seems doomed to failure.
Although Donald Trump has long claimed to “have a great relationship with the blacks,” the polls tell a different story, with Trump frequently polling in the single digits among black voters. Over the last few days, the Republican nominee has added a new passage to his stump speech, reaching out to the African American community.
Our government has totally failed our African American friends, our Hispanic friends and the people of our country. Period. The Democrats have failed completely in the inner cities. For those hurting the most who have been failed and failed by their politicians—year after year, failure after failure, worse numbers after worse numbers. Poverty. Rejection. Horrible education. No housing, no homes, no ownership. Crime at levels that nobody has seen. You can go to war zones in countries that we are fighting and it's safer than living in some of our inner cities that are run by the Democrats. And I ask you this, I ask you this—crime, all of the problems—to the African Americans, who I employ so many, so many people, to the Hispanics, tremendous people: What the hell do you have to lose? Give me a chance. I'll straighten it out. I'll straighten it out. What do you have to lose?