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.
They weren’t the first victims of a mass shooting the Florida radiologist had seen—but their wounds were radically different.
As I opened the CT scan last week to read the next case, I was baffled. The history simply read “gunshot wound.” I have been a radiologist in one of the busiest trauma centers in the nation for 13 years, and have diagnosed thousands of handgun injuries to the brain, lung, liver, spleen, bowel, and other vital organs. I thought that I knew all that I needed to know about gunshot wounds, but the specific pattern of injury on my computer screen was one that I had seen only once before.
In a typical handgun injury that I diagnose almost daily, a bullet leaves a laceration through an organ like the liver. To a radiologist, it appears as a linear, thin, grey bullet track through the organ. There may be bleeding and some bullet fragments.
Decades before he ran the Trump campaign, Paul Manafort’s pursuit of foreign cash and shady deals laid the groundwork for the corruption of Washington.
The clinic permitted Paul Manafort one 10-minute call each day. And each day, he would use it to ring his wife from Arizona, his voice often soaked in tears. “Apparently he sobs daily,” his daughter Andrea, then 29, texted a friend. During the spring of 2015, Manafort’s life had tipped into a deep trough. A few months earlier, he had intimated to his other daughter, Jessica, that suicide was a possibility. He would “be gone forever,” she texted Andrea.
His work, the source of the status he cherished, had taken a devastating turn. For nearly a decade, he had counted primarily on a single client, albeit an exceedingly lucrative one. He’d been the chief political strategist to the man who became the president of Ukraine, Viktor Yanukovych, with whom he’d developed a highly personal relationship.
For the past decade, Rick Gates was fiercely loyal to his risk-taking boss. Not anymore.
There should be no denying Paul Manafort’s fate. Special Counsel Robert Mueller’s list of charges keeps on swelling—a repeatedly amended compendium of malfeasance that is now so long and so pointillistic that it could be only defused by a world-historic prosecutorial gaffe. Despite this seeming comprehensiveness, each fresh filing in court contains a moment where the special prosecutor winks at his target, as if letting him know that he has only begun to bring the pain: a small display of how comprehensively he has surveilled Manafort and his minions; a further sampling of the evidence that could be sitting in his reserve stash.
Everyone understands Manafort’s fate, except apparently the man himself. Rather than cutting a deal—as his longtime deputy Rick Gates did yesterday—Manafort continues to cut a figure of defiance. He has, in essence, dismissed Gates as a weakling. And even as the bedraggled Gates turned against him, Manafort boasted in a statement that he would not be knocked from his stance: “This does not alter my commitment to defend myself against the untrue piled up charges contained in the indictments against me."
Today, readers on the culture, psychology, and politics of regulating guns.
Really, pay attention to Australia—white-male privilege and all. Several previous messages have referred to Australia’s modern experience with guns. In short: After the mass-casualty “Port Arthur massacre” of 1996, a conservative government (technically, the Liberal party) changed gun policy, and since then Australia has had its share of gun violence but no remotely comparable massacres. (By contrast, the five deadliest mass shootings in U.S. history, and 7 of the 10 worst, have all happened since 1996.)
Many seniors are stuck with lives of never-ending work—a fate that could befall millions in the coming decades.
CORONA, Calif.—Roberta Gordon never thought she’d still be alive at age 76. She definitely didn’t think she’d still be working. But every Saturday, she goes down to the local grocery store and hands out samples, earning $50 a day, because she needs the money.
“I’m a working woman again,” she told me, in the common room of the senior apartment complex where she now lives, here in California’s Inland Empire. Gordon has worked dozens of odd jobs throughout her life—as a house cleaner, a home health aide, a telemarketer, a librarian, a fundraiser—but at many times in her life, she didn’t have a steady job that paid into Social Security. She didn’t receive a pension. And she definitely wasn’t making enough to put aside money for retirement.
The revolutionary ideals of Black Panther’s profound and complex villain have been twisted into a desire for hegemony.
The following article contains major spoilers.
Black Panther is a love letter to people of African descent all over the world. Its actors, its costume design, its music, and countless other facets of the film are drawn from all over the continent and its diaspora, in a science-fiction celebration of the imaginary country of Wakanda, a high-tech utopia that is a fictive manifestation of African potential unfettered by slavery and colonialism.
But it is first and foremost an African American love letter, and as such it is consumed with The Void, the psychic and cultural wound caused by the Trans-Atlantic slave trade, the loss of life, culture, language, and history that could never be restored. It is the attempt to penetrate The Void that brought us Alex Haley’s Roots, that draws thousands of African Americans across the ocean to visit West Africa every year, that left me crumpled on the rocks outside the Door of No Return at Gorée Island’s slave house as I stared out over a horizon that my ancestors might have traversed once and forever. Because all they have was lost to The Void, I can never know who they were, and neither can anyone else.
The document, drafted by minority members of the House Intelligence Committee, sought to rebut claims that the bureau abused its power during the election.
The Republican charge that the FBI misled a secret surveillance court in order to spy on a former Trump campaign operative seemed to unravel on Saturday, when Democrats on the House Intelligence Committee revealed the exact wording that the bureau used when applying for the order in October 2016.
In a memo drafted by the intelligence committee’s Republicans in January and promptly declassified by the White House, the majority claimed that the FBI had misleadingly obscured the origins of a dossier written by former British intelligence officer Christopher Steele, some of whose research on Trump campaign adviser Carter Page was included in the bureau’s application for a warrant to surveil him. “Neither the initial application in October 2016, nor any of the renewals, disclose or reference the role of the DNC, Clinton campaign, or any party/campaign in funding Steele's efforts, even though the political origins of the Steele dossier were then known to senior FBI officials,” the Republicans’ memo alleged.
In the 19th century, fire escapes saved tenement-dwellers from peril. Today they are more likely to cause harm than to prevent it.
Tony wooed Maria from one in West Side Story. Rosario Dawson belted from one in Rent. They became just another piece in a gritty urban jungle gym for the kids in The Get Down. Police procedurals regularly feature guys fleeing (or entering) by means of them.
Fire escapes, the clunky metal accessories to buildings constructed in response to industrial building-code reform, have become an iconic part of the urban landscape. They serve purposes as numerous as their pop-cultural cameos. Part emergency exit, part makeshift patio, the fire escape has played an integral role in shaping the development of the cities whose buildings bear them. It continues to impact the urban landscape today, in ways that few could have imagined when they were first thought up. And despite having been invented expressly for public safety, the fire escape always created as much danger as it replaced.
The Republican Party is full of honorable, competent people—yet it now aims no higher than the embodiment of its most buffoonish stereotypes.
On Thursday at a conference sponsored by the American Conservative Union, Ben Domenech, the publisher of The Federalist, had an illuminating exchange with Senator Ted Cruz, the Texas Republican who once called Donald Trump “a pathological liar,” but has since lined up behind the billionaire who spread lies about his father, insulted the appearance of his wife, and nicknamed him “Lyin’ Ted.”
Domenech and Cruz attempted to understand U.S. politics through The Simpsons, the long-running cartoon comedy that anticipated a Donald Trump presidency in 2000.
Their focus was an episode of the show about the gun debate:
Ben Domenech: You’re a big fan of The Simpsons. I know you believe that they can tell us a lot about America. And I actually believe that you can learn a lot about deep policy by using The Simpsons as a starting point. For instance, when Homer and Lisa were having a conversation about gun rights in America—look it up, it’s in “The Cartridge Family” episode—Homer points out that guns are for things like protecting your family, hunting delicious animals, and making sure that the King of England never shows up to push you around.
Ted Cruz: All good things.
Domenech: Lisa’s response to this is to say, well, Dad, it’s actually a relic, a remnant of the Revolutionary War era that doesn’t really mean anything anymore. What do you say to that?
Ted Cruz: I think the Democrats are the party of Lisa Simpson. And Republicans are happily the party of Homer, and Bart, and Maggie, and Marge.
By “camouflaging” their condition, many women on the spectrum learn to fit in—and risk psychological harm.
Except for her family and closest friends, no one in Jennifer’s various circles knows that she is on the spectrum. Jennifer was not diagnosed with autism until she was 45 years old—and then only because she wanted confirmation of what she had figured out for herself over the previous decade. Most of her life, she says, she evaded a diagnosis by forcing herself to stop doing things her parents and others found strange or unacceptable. (Because of the stigma associated with autism, Jennifer asked to be identified only by her first name.)
Over several weeks of emailing back and forth, Jennifer confides in me some of the tricks she uses to mask her autism—for example, staring at the spot between someone’s eyes instead of into their eyes, which makes her uncomfortable. But when we speak for the first time over video chat one Friday afternoon in January, I cannot pick up on any of these ploys.