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.
In the final days of the Obama administration, scholars and journalists took stock of all that he had done to combat the dangerous rise of climate change. Barack Obama, they pronounced, had built up a surprisingly vast array of climate-concerned rules and guidelines across the government. He had turned the many policy-making tools of the many federal agencies toward preparing for this one imminent disaster.
Well, that was then.
On Tuesday, President Donald Trump will sign an executive order that will demolish his predecessor’s attempts to slow the pace of climate change. It is an omnibus directive that strikes across the federal government, reversing major rules that aim to restrict greenhouse-gas emissions while simultaneously instructing departments to ignore or downplay the risks of climate change in their decision-making.
Years of misleading coverage left viewers so misinformed that many were shocked when confronted with the actual costs of repeal.
As the Republican Party struggled and then failed to repeal and replace Obamacare, pulling a wildly unpopular bill from the House without even taking a vote, a flurry of insightful articles helped the public understand what exactly just happened. Robert Draper explained the roles that Stephen Bannon, Paul Ryan, and others played in deciding what agenda items President Trump would pursue in what order. Politicoreported on how and why the House Freedom Caucus insisted that the health care bill repeal even relatively popular parts of Obamacare. Lest anyone pin blame for the GOP’s failure on that faction, Reihan Salam argued persuasively that responsibility rests with poor leadership by House Speaker Paul Ryan and a GOP coalition with “policy goals that simply can’t be achieved.”
Democrats want the chair of the committee looking into collusion between the Trump administration and Russia to recuse himself, and hearings have ground to a halt for the moment.
Embattled House Intelligence Committee chairman Devin Nunes is now facing Democratic calls for his recusal from an investigation into the Trump administration’s ties to Russia, as the inquiry grinds to what is at least a temporary halt.
The California Republican has been on the hot seat since announcing last week that he had vague but significant information about “incidental collection” of information about Trump transition team members by U.S. intelligence agencies. “Incidental collection” is when the communications of someone who is not the target of surveillance are picked up because they are corresponding with a target.
President Trump may feel liberated to pursue tax reform after the failure on health care. But the GOP’s to-do list in Congress only gets harder from here.
“In a way I’m glad I got it out of the way,” President Trump told the Washington Post last week in the moments after he and Republican leaders in Congress pulled the plug on their first major legislative priority, repealing and replacing the Affordable Care Act.
Health care was hard. Really hard. “Nobody knew that health care could be so complicated,” the president had said in a now-infamous quote. The health-care legislation was pulled without a vote last week after House Speaker Paul Ryan told the president there were not enough votes from Republicans to pass it.
The implication of Trump’s musings about the difficulty of passing complicated health-care legislation is that he believes the rest of his agenda will be much easier. Tax cuts? Everybody like tax cuts. The legendary border wall. More defense spending. A big, bipartisan infrastructure bill.
Donald Trump observed that health care policy is “so complicated.” The next item on his agenda, tax policy, will be just as knotty.
“Health care is a very, very complicated issue,” Treasury Secretary Steve Mnuchin said last week in an interview with Mike Allen at Axios. “[Tax reform’s] a lot simpler.”
America’s health-care industry is roughly one-sixth of the economy, or about $3 trillion. U.S. federal tax revenue is roughly one-sixth of the economy, or about $3 trillion. Health care is a complex national cross-subsidy, where, for example, the healthy support the sick. Taxes are a national cross-subsidy, where, for example, workers support retirees. With health care, Americans interact with with an amorphous institution, with a maze of entrenched interests, in which they ultimately just want access to an excellent bundle of services at an affordable price. With the federal government, Americans interact with ... okay, I think you get the point.
The rise of faith-based counseling in America’s most Christian regions has brought the clash over religious liberties to the therapist’s couch.
In the lead-up to the 2016 presidential election, life in the town of Easley, South Carolina, was tense for Leigh Drexler. Pick-up trucks with airborne Confederate flags seemed more prevalent than ever before, and her grandparents—who had never voted in their lives—registered to cast their ballots for the Donald himself.
Drexler felt isolated. “My family has always directed their point of view at me, but it has been a million times worse than normal,” she told me last October. “Every time we’re in a conversation, it’s either about the election or religion.”
It’s a dynamic that led Drexler, who identifies as a democratic socialist and an atheist, to go online in search of a therapist—someone who would perhaps better understand her lack of faith. She scouted towns within a 20-mile radius, but only “faith-based” practitioners turned up. She resorted to distance counseling over the phone with a therapist a few states away. “I knew there would be Christian counselors here, but I didn’t think that was all I was going to find,” she said.
The College Board earns over half of all its revenues from the courses—and, in an uncertain environment, students keep being suckered.
Fraudulent schemes come in all shapes and sizes. To work, they typically wear a patina of respectability. That's the case with Advanced Placement courses, one of the great frauds currently perpetrated on American high-school students.
That's a pretty strong claim, right? You bet. But why not be straightforward when discussing a scam the scale and audacity of which would raise Bernie Madoff's eyebrows?
The miscellany of AP courses offered in U.S. high schools under the imprimatur of the College Board probably started with good intentions. The idea, going back to the 1950s, was to offer college-level courses and exams to high-school students. The courses allegedly provide students the kind of rigorous academic experience they will encounter in college as well as an opportunity to earn college credit for the work.
In Europe, a reproductive rights issue yields an unlikely partnership.
Conservative Catholics and left-wing feminists often find each other on opposite sides of political debates, especially when it comes to what women should do with their bodies. Yet in Europe, there is a reproductive rights issue on which the Catholic Church, well-known for its staunch pro-life position, is finding common ground with pro-choice feminists: surrogacy.
The practice whereby a woman carries a pregnancy to term for third parties is legal in the United States and Canada, but not in most of Western Europe. Some countries, like France, Germany, Spain, Italy, and Sweden, have banned surrogacy outright. Others, such as the United Kingdom, don’t have specific laws against surrogacy, but recognize the woman who gives birth to a child as the legal mother, making any surrogate agreements unenforceable. The European Parliament rejected surrogacy in a 2015 non-binding resolution.
The NBC reality singing competition has been selling glittering visions of fame for 11 seasons, but has rarely delivered on them.
The Voice’s auditions are some of the best reality TV you can watch. Early in each new season of the NBC show, celebrity coaches will listen to contestants sing with their backs turned. If coaches like what they hear and want to recruit someone for their “team,” they press a button, and their giant red chair spins around for a grand reveal. (If more than one turns, the contestant gets to pick his or her coach.) I see those chairs a-swivelin’ in a commercial, and I can’t resist Hulu-binging several hour-and-a-half-long episodes of these blind auditions.
Still, I’ve never made it through an entire season of The Voice. I get enticed by the auditions, and usually stick around through both the battle and the knockout rounds, when coaches pair members of their teams in head-to-head sing-offs. But I always stop watching during the bloated live shows, where couch potatoes actually get to vote for their favorite singers. At that point it’s just American Idol-style voting in broadcasts padded with backstage fashion and performances by the coaches, and oh-so-many commercials between contestant performances, and the unique energy has faded. By this, the 12th season, I should really know better.
The Sony World Photography Awards has announced the winners of its Open categories and National categories for 2017.
The Sony World Photography Awards, an annual competition hosted by the World Photography Organisation, has announced the winners of its Open categories and National categories for 2017. This year's contest attracted 227,596 entries from 183 countries. The organizers have again been kind enough to share some of the winners and runners-up with us, gathered below. All captions below come from the photographers.