It's almost as if Europe is trying to start a bank run.
Rather impressively, the botched bailout of Spain's banks wasn't even the most incompetent thing Europe's officials did on Monday. That honor goes to the guys who admitted that they have talked about instituting capital controls if Greece actually does exit the euro zone. Meaning: Europe will prevent people from moving their money across national borders -- and perhaps even from withdrawing it from ATMs -- if eurogeddon hits.
The first rule of capital controls is: Don't talk about capital controls. The second rule of capital controls is: Just do them -- secretly. Talking about them beforehand only broadcasts to everyone in Europe's periphery that they should move their money to a German bank ASAP, as otherwise their euros could soon turn into pesetas or lira. Of course, if people start pulling their money out of their home banks en masse, the only solution might be capital controls ...
In other words, talking about capital controls can set off a continental bank run that makes capital controls necessary.
That gives me a chance to resurrect one of my favorite euro-doom graphs. The chart below from the Institute of Empirical Economic Research at the University of Osnabrück shows how much countries owe or are owed by the ECB. It's a good proxy for how much capital flight there's been out of Europe's troubled economies. That blue line at the top is Germany. The orange and purple lines at the bottom? Spain and Italy.
If Europe wanted to guarantee that the Spanish bailout would fail, and accelerate the onset of the seemingly inevitable Italian bailout, they could hardly do worse than to start talking publicly about capital controls.
It's uncanny. They never miss a chance to do the wrong thing at the exact wrong moment.
The Trump administration may be accelerating "Easternization," argues Gideon Rachman.
Next week, Chinese President Xi Jinping will travel to the United States to meet Donald Trump for the first time. But according to Gideon Rachman, the chief foreign affairs commentator for the Financial Times, power is flowing in the opposite direction. Rachman is far from the first analyst to argue that China and other Asian nations are rising while the Western world declines, nor is he the first to cite the now-familiar statistics about China’s ballooning economy and unparalleled manufacturing might. His contribution is to help explain some of the most confounding developments of the day—from the Middle East’s descent into anarchy to the ascent of populist politicians in the West to the emergence of nostalgia as a political force—through his theory of the “Easternization” of international affairs.
No, the regional manager of the fictional Dunder Mifflin insisted: His suit fits him, and he is a man, therefore, "at the very least, it's bisexual." What made it clear to Michael, finally, that his "power suit" was indeed also a women's suit was that the buttons of its jacket were, he noted, "on the wrong side."
Leave it to Michael Scott to bumble, via a sales bin and a career separates brand named MISSterious, into an insight about the arbitrary gender differences in clothing. Women’s and men’s shirts and jackets differ not just in terms of how they’re cut, but also in how they’re oriented: To the person wearing them, men’s dress shirts have their buttons on the right, while women’s have them on the left.
The Fox News host—like White House Press Secretary Sean Spicer—landed himself in hot water Tuesday for responding to how a woman of color looked, and not to what she said.
Tuesday was not a good day for America’s hard-charging white men. Fox News host Bill O’Reilly began his day on the set of Fox & Friends, where he was asked about remarks that Representative Maxine Waters made Monday evening on the floor of Congress about Trump supporters and patriotism. Instead of responding to Waters’s comments, O’Reilly opted to focus on something else. “I didn’t hear a word she said,” O’Reilly said, interrupting his hosts. “I was looking at the James Brown wig.”
In response, there were loud barks of (male) laughter on the set.
O’Reilly continued: “If we have a picture of James—it’s the same one.”
The laughter continued.
Host Ainsley Earhardt interjected, “No, I gotta defend her on that,” she said, “You can’t go after a woman’s looks. I think she’s very attractive.”
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.”
The program is based on the idea that habit-forming behaviors start in childhood.
At a Berlin day-care center, the children packed away all the toys: the cars, the tiny plastic animals, the blocks and Legos, even the board games and most of the art materials. They then stood in the empty classroom and looked at their two instructors.
“What should I do now?” my son, then 5, asked.
He did not get an answer to this question for a long time. His day-care center, or kita, was starting a toy-free kindergarten project. For several weeks, the toys would disappear, and the teachers wouldn’t tell the children what to play. While this practice may seem harsh, the project has an important pedagogic goal: to improve the children’s life skills to strengthen them against addictive behaviors in the future.
Senators Richard Burr and Mark Warner promised a long, slow, even dull inquiry into election interference—an implicit rebuke to the House’s ever-more-chaotic process.
As Tolstoy would have written if he were a national-security reporter, all dysfunctional committees are dysfunctional in their own way, while all functional committees are frustratingly tight-lipped.
Or something like that. In any case, a Wednesday press conference by Senators Richard Burr and Mark Warner, the chairman and ranking Democrat on the Senate Intelligence Committee, presented a glaring contrast to the House’s own intelligence committee, which seems to spin into greater chaos daily. The pair emphasized bipartisanship, process, and patience, offering little in the way of factual revelations while implicitly rebuking the House Intelligence Committee.
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.
A new poll suggests a majority back the president’s unsubstantiated accusations about former President Obama.
An overwhelming majority of Republicans—at 74 percent—believe it’s likely that Donald Trump was wiretapped or otherwise subject to government surveillance while he was running for president, according to a CBS News poll released on Wednesday.
The results suggest that Republican voters have largely accepted the president’s claim—which he first made earlier this month in a tweet—that President Obama ordered a wiretap of Trump Tower. That’s despite the fact that there is no evidence to substantiate his charge, which PolitiFact has labeled “false.” So why do so many Republicans appear to believe the president if there’s no concrete evidence to back him up? A few factors help explain the polling result.
Angela Merkel’s country can resist the rightward pull in European politics.
Amid fears of a rising populist tide in Europe, Germany seems to be resisting its rightward tug with unique success.The day after Donald Trump’s election, The New York Timeshailed German Chancellor Angela Merkel as the “Liberal West’s Last Defender.” And it was to Merkel, the new “leader of the free world,” that Barack Obama directed his final phone call as president.
Meanwhile, others around the world are embracing right-wing populism, from the Britons’ stunning decision to leave the European Union to Indian Prime Minister Narendra Modi’s Hindu nationalist agenda to Philippine President Rodrigo Duterte’s authoritarian policies. Trump’s election has appeared at times to inject fresh energy into the right-wing parties of Europe.As some countries there brace for national elections this year, the prospects for these parties look bright. In France, for example, far-right National Front party leader Marine Le Pen is expected to advance to the second round of balloting in April’s presidential elections; recent polls show her beating scandal-ridden conservative candidate Francois Fillon in the first round.
The key differences between sleep and "quiet wakefulness"
Reddit is a great forum for raising scientific questions, but the fact that it's discussion-based makes it difficult to know when a debate has settled on the best answer, objectively speaking. Exhibit A concerns the value of lying down with your eyes closed. How much does it do for you compared to actual sleep? The whole exercise can seem like a waste. Is it?
Part of what makes this question so slippery is that it hinges in large part on the matter of what sleep is actually for. We can all name the benefits of sleep, but saying what sleep accomplishes is a far cry from identifying what sleep is meant to do. The distinction is important. If the point of sleep is that being inactive frees up our energy for other tasks (say, recovering from a cold), we might expect lying in bed with our eyes closed—what some studies call "quiet wakefulness"—to accomplish much the same thing.