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Vatican To Review Treatment Of Divorce
INTERNATION AL WEEKLY MONDAY, FEBRUARY 2, 2015 Copyright
KLY NAL WEE ATIO By MICHAE L PAULSO INTERN N
© 2015 The
New York Times
DE 2015 AL 5 ABRIL Times MARZO Copyrigh
t © 2015
Mark Garren munion when does not take comIn colla he goes boration Sometimes he walks up to church . with crosses his to the priest, arms over his touches his shoulders to chest and he is seeking signal that mindful of his a blessing. More often, divorce years Garren, a 64-year ago, Mr. -old from Illinois, remains in his others in his pew, watching as the row move to the church. the front of Pamela Crawfo rd, 46, of Virginia, is having vorced, she, none of that. Twice ditoo, feels judged church, but when she goes by her she walks up to Mass, TU ESD gregation. with the rest of the con“If AY, FEB with me takingGod has a problem RUA RY commu nion, sort it out,” Copy 24, 201 we’ll she said. right © 2015 5 Facing millions The New of divorced lics around York CathoTime the CK s express frustratworld, many of whom W POLLA rnia Por ANDRE Califo in the church, ion over their status PHOTOGRA PHS BY URIEL INDUSTRY, a pidió un SINAI FOR CITY OF Amay a remarkable the Vatican has begun THE NEW YORK TIMES o Gretty nidad sin goce re-examination — Cuand church’ mater , inició of the s treatment por permiso , hace cinco meses de meof worship whose marriag o ers de sueldo llama un emple Pope Francises have broken apart. pagar las lo que ella para ayudar a TIMES By JEFFRE high-level debatehas set in motion NEW YORK Y GETTLE PARA THE dio tiempo a MAN MUNITA a, quien BANGW EULU how the church about whether and TOMAS inos. cuentas. la fecha, Amay ido más could change WETL paz con los palest Zambia — ture toward Hasta its posha percib Out here ondo de ANDS, those Miam i, extraer su leche acuer the endless swamps, Mwewa without altering who are divorce vive en al de cualquier Ndefi d le sobra dólares aza aand dawn gets up at intentó retractarse ide 2 mil y vender la que clares marria a doctrine that deamen Mosquito starts to unclum ia, ña. ón sosten cides used on vistos como quito net. suavictor materna tar a su peque Amaand indissol ge to be perman una soluci para ello, mosés de p dania nets, nets used for de ent uble. “Deseo pero en Cisjor tras alimen congelada es But with coldbloopermethrin. íes Nets like his Despu The Estados, cambiar”, dijo declaración. battle su conside tos israel fishing may La leche s de otras mujer of lines are clear: a de dos que amien a different story. ded animals, it’s of the cheapes are red high-level church unidena City NAS ciento one ble y pacífic as tienen de los asent ya y de dada vía aérea Y ASHKESome contaminate aniat and ja a most stanci con la cadena estado officials ways “If you’re tably the confere Eli es uno to stop , most nolas circuneffectiv EN y JEREM Eli, Cisjord ista e using freshly a disease es trasla a lo que se aseme entrev nce nets in a smallis fish with a. Allí, JODI RUDOR that least half a asenta una treated C. Por ops, kills o visitó want the church of German bishcuanto at a millionenAfrican Industry, MSNB en By h stream or cuand farma céutic rtirla cable the lake, it’s yahu year. But nobody to relax its rules insecticide. a bay in Netanyahu so that divorce l de su problea and DAV ERIC SCH s de each una planta para conve nas rtirse in se derécord quite min Netan includin MIT ntrada d Catholic ElNdefi’sun elemento centra y la esenci Mr. de conve to kill fish you likely you’re going ID D. en proteí WASHI fully return triunf es conce s can more después ante Benja Left, a g his es hut, KIRKPA T cto rico extremadaanenseven children don’t intend Washington to church poco Israel. Un un mientos, con a perm a n said Dan Strickm expand NGTON under ea ntes, life, en un produ to kill,” aquí TRICK eron ly bebés de sleeps particular- remos by receivin 959 reside relació a net at europ woman with ucción da a la recibi arnight. — The mática an, a senior unidades a ing “Esta togdecommunion, nte crítica gram officer Instead, Mr. que se les Ndefi has ción, constr Iraq o renov ran turos en Y BAILES they proamien Isla have even if prometiend taken for l, en 1996. her children, de planeas 20 años muest to estabeyond its de la crecie remarri asent neonatales, his family’s CANTOS orio mente prema ed. Traditio Gates Founda the Bill and Melinda of anti-ma de datos día, issupply stan, territ base mic State is un jovenare pushing tro de Israe intensivosde dólares por blish ese el último agresivo os ces nalists laria los anális en tion, minis te Ariel uctor r nets in back, being Alg which has investcuidad de miles no and gastos miduran arguing ed heavily Eli, enton treated prime together to es judías cerca un constr the pro eria , Egy affi liates Syria and that thenidad primer s y sewn them in drag the bottom ra vez en dissolub ró en un costo yahu fue of el o como comu inin marriagnede for malaria spect declaility development. malaria research and Netan swamp ponds l, Nere”,God r períod por prime of su ión de colono se está convir the in rucció is ordained of a newpt and Lib Afg han iprimethe and bebé. siempby Israefor fish. que te therefor const total de la poblac bag materna cto de consupara el o o. ica te Tanzan e into The nonneg ones “I duran leche veces cuand global ya, rais leading In October futuro Estadotiable. tes elecci know it’sde La polém ia. temen sea,” al tres the 4 mil not en los 90, Marque un produfronteras más ,su right,”nistro bishops fromlas recien almente Isabel regresó said facturers insistmosquito net manus daque said, de más subió a casi Mr. Ndefi Int elli war on terring the world Silva, tiendo en r the beache an como iento“but s without nolóinternacion tinos plane a marine argued antes de around o crecim una de las Cisjordania ologist Pero desde s of Madag gen ce ennets, or. y tierrathese are not dangero that their products at un wouldn’ttinas récord simila bicials Univers mo, y en la industria biotec an colonos about odivorce among israelí. tenido rápid tween pales ascar de los we eat.” asentasa idade los other de pales esti la abund us. fisherm con s de beMozam , aldea Across ha que de Still, many puebl Lúrio in topics, es, are labeled: en who fear bique. nuevas al tiempo que vador group’s mate tha offi el 2009, conser de family issues; hoy unat a synod nets “That’s the nets will r por el apoyo a este Africa, mosqui “Do not wash de rápido o a Eli, this on poder en why the incidence for el doble s en medio Al lucha ruin their liveliho that gica, aún tudes respe cto or a river.” October in a lake en febrer is a adas. recien- to-net ber 20,0 fighters t the líderes menos casi malariahahere disput tomado and those who growing iento. La , a larg- en áreasing seis colina tarde al defishregresó er groupdeofpor ods, Thendo problem bishops isdeso high. yahu las inquie rápido crecim planta, crecie people ción of a Ariel una When asked centes . Hundre PHOT will meet tanyahu don’t l. Netan second de la Syr ia 00 to 31,5 num without them. say they will starve genera un mapa tamientos adoles use ds ennets OGRA sy of o de Eli million for a genera the máque se extienVatican synod about this, insectic negocio propietaria de mosquito del PHS BY o 46 for mosqui and Ira que trazar proble Weinmueller, 00 in ación en nets a vacasbeen Por el camin ats which interior ide-trea will decide ADRI hacen que Israel declar have snatche Congolese officials habitantes are pled ted ha recibid ente Theyevaque they ino pastab have a public health Egon icompañía ANA casa. Al passed to q. whethe fish.” ularmtoes. use them ionismiento cia fue una asenta ZEHB comunout utive for BASF, Bioscience, r to recomm years,a aarriving te, un palestde la escuel change ges of There execRAUS recentpasos and in Augustd and burned the nets, de sea partic es mi intención Su presen s in varios from Prolacta dólares de invers as s. The as end KAS uía un centro metro decision “nounspar Estados But sup FOR de heramiento agrícolas. de las milthe said, “We want a major netmaker, the constr “pr caminaban , sepoor, trucklo en cienci dos 28 by ado: THE ofdewhethe actdocen sy watersi ad y ha declar Yoweri Museve, Uganda’s president, will millones y atrinc uno luNEW ing mesh, a cou obably at por t l de riesgo r tomiento de commu siónbe entrewith upuna holes smaller solución YORK miento”. sí: Eli es un grannities tico, in es de dólare “Eli: asenta contamination. to avoid any form of people ple hun de to Francis TIME . Abu Bak cuya expan tas de capita least n asenta whereningútraps In the United tino. anyone fishing ni, threatened to jail have been thanadas es estanc decía, S de 3.8 millon ” trem mosquitoes, -pales ”, afirmó aislados las perspectivas tario icas. iacion trying cuar letrero dre much with israelí States, s blanco Un by The to a biológ to scrape las negoc ists” a mosquito more life than with substan un cuarto la timate full extent d exmiento it is es-ados. Many plasm al-Bagh r d that el conflic amenazanos para Con al fishing Leb ”. encabeza la badard fishing “Esto es de asenta fishing is unknow of mosquito-net 28 Este, cuadr e- gear for nets página 6 tradition- By ELI are of these insecticide-treanet. as long busca dadi Tun anon, Sauin Jordan , para crecer raba Elster, quien dos Estad nte crecimiento y Jerusa lén percen as anyone tgarof úa en lado. Scientists sayCH ILP netsSAB ted tiría el establ could dragged through n. ETH Netanyahu ó Scott A. Contin imperil that AN di Ara “In regards dania rememb Elster compa íneo, no permi Estocan MALKIN isia pareci El consta das CisjorCon a sudden, Mient ras Allóof iales consilakes que er. the form and rivers CIN ino. populat ions, already stresse tinmund compa ñía. el plasma sangu a. declar ued on Page cordin and Yem bia, d fish are light, er cattraising l, cominfinitesimal to what we face, it’s an people drink same surpris o palest there GO, en las ocupa ía de los líderes de ser exmandato,de un soft, cial who 3 de la derech Estadingly en, acstrong le tradconcern Me internaciona leche conmucho tiempo for millions a critical foodpho r votos viable nets — for free. rtido source nes to scientis cou g to an Am xic o toxins. from, cent,” said problem, maybe 1 pers about que la mayor ión de la ley obtene “The cimiento of the world’s volu Palestina o por nets go straigh Seth Faison, jug que tiene donadores y conve la in— A Most man direct tsersay violac Lieute spoke ano nterter ror erican people. gles poorest ón de una a los israelíes, the dera en a spokesrisks ser un intent nte t out of truckloa two to people la creaci zar a traído de ctos médicos comoa comart , the nant Gen nymously ism offi cell- are AIDS,for the Global Fund to meager ersminima Fistfights who l, because plica tanto algún día desplasegunda y tercer ds the O Fight are Tubercu losis en produ dosages of arm de DISEÑ a, que ayuda es de breakin andhav polilow a una gence director era l Vincen. humans e rep y el reto ARTE Y g smaahora ce forc and Malaria ed are which has finance en factor quickly on munoglobulin ahora crían of the lace dmetabo t Salgado,outll tow iones, y es acr quienes lize IslamicAgency, said ns.one of the d the purchas , most Defens R. 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Escándalos INTELLIGENCE journey really inevitable to any , the she was es and le the gat other star ts nistic reb what extent e the afa book en IA reading from deaDilm with worth taking,” one When Kanyi title ran of hop es hav abo INTELIGENC Hayes along imag ad this is mis the of mil ding Mr. wrote. ing the lines of “Becoming playing dar libert at CollaborativeMaqubela, a partner As elecut half the e evicted a Practical whose sing studen His career off the to dra ft newby jihadist an Beneficia mayorsiThinker.” state’s owners bring Fund, decided stateto in- tion The vest $500,00 PÁG. 2 Isla their member uptowgarage ing to New move at age 48 — combeen remains hav t 0 of Gueit’s sea “I had an n hal work, but LENS York State sudden promic State’s a los hijos. ason up, he met within an educatibes lucrativ identif s by on startbeg ins rrenot e a life as a writer City to try to make t a ten e businesls. affi impulse to tear its founder ied. s. “Iro, wha PAGE 2 guess tivated liates and liferation notoriety. — revealed truck pizza co’s overmos I have the t hastwo in food uoubusines impractical s hold the book from in his impract side. bee on ord walk and sat San Francisgra Preside the Wh ite loya list of Isla mic n at ical Mr. took a t violTimes. cultivated that And the more he her hands,” ent statses,” fighters at an outdoor co, ting erBrandt told The way to in . Mr. “There’ cessor nt Barack House’s Lunch at a restaur plaza. e is fast s suchMe ter off he was. side, he said, the betmo xi- of loca l pol itic Hayes wrote After pus lack turn in the record ant would cians.” punish the redisiante impractical, police the disa ians wherevnew author Oba ma and h to giv “Every life-alte industr in The Times. Mr. Maqubedentsbe politie y,ity ppe er its setting “It’s harder stillupt— activist and the la said.from a enjoy At the ara nce up recording but Idisr I’ve ever made ring decision follower to pursue his sucSep “Don’t do that,” “We to rur mu nici inal concert tem session the Jun groups and go throughpull out a comput the gro tration same tim teacher s halls.”of 43 stu of the s eme blush, misguid has seemed, at first left wit don’t wan I wanted to tims of erber — beli an investm student e electionhave swornpal rge. up with the e, frusLike sbaby t in say. coll ed, misjudg a h and any lot ent org of the of a an eve slide ege deck foolish,” the to som “Practicality “Th show,” to s in the ani s. alli Monko, d to boomer impress body in last s, Kevin he wrote, “and ed or plain fic her zed crim authoritiesinability The entire meetinghe told The Times. anc bedreame 58, once e among ISIL name ion ultimately the victurned out to gat here no- election will not get will be e neighbo where you want music d of playing lasted about you for a living. drug Life’s minutes. ring couthat if they to be strengt kidnap oin and cree groups, whi to rein essent moveme to go.” seemingly be the opposite: every 45 Oso gan wit ities practica mov His own experie pin wrong person ially ate rio, h,” gs, ntry intervened, hin the nt cou g and For transpo a gro terror ch trafthe WORLD said for, every big I’ve fallen in the form ro lnce serves range in a safe hav , that the e a guide. He ity,” said win Jua job as a comme ext ld of a newspa edit as or TRENDS you can’t get rtation in New York, recalled when of Uni y take con g number ortion, through every great trip I’ve splurged on, per. “It’of El Sur, n Ang ulo Josh Ear much more arrived in New a wife, childrenrcial photographer, ted Sta en and not he first press is lead apartment than of impract trol a a com Gue Citroën York taken sec s see could not realistic ing City, he hopped Fueling of their that I reta ry nest, the tes capabil on a train headed suburbs. But and a move to the mu the cars have ical n as the rre but disappe , as The ally afford.” . on a recent White all the ang own sec nities to for Far Rockaw The notion aredINTELLIGE which as any he was playing only weekend, tion of Isla mic Sta House Brian Brandt, from the ay, NCEBut area. er is evid urity. New Yorker for somethingof what is practica l, who A loo you is the opposit market outside guitar at a farmers will tell owns a record June a calipha te declare label for contem ence PAGE 2 Contin depends on as simple as lunch, e direction at the te, d 2014 . that Manhattan. porarykclassic Mr. Monko Philadelphia. where you sit. from ued on jazz compos sid say it Cou nte or religiouthe formadark along has recorde and The media Or work. ers, hasebeen is Page of Ita “But taking d a CD, and business in with a rotating Citroëns for driving ture to using Al Qaerter ror ism s state, in 2 New York ly. PAG dolin conducts its 40 group ofWO countering wrong trains, enexpand affairs players and manda’s bought a used years, since he ana unexpe E various lunches at Midtow over power 2 trombonists, RLD TRENDS 1966 DS for its geo franchis lyst s suffering occasio cted delays and plays he was 17. gigs. $300 when n restaurants e stru graphi Ind like Michae nal mechan ia, hom “When I am l’s ical c reach, cA few years Contin But for new or the Four Seasons. e of the ago, Mr. Brandt For commen can’t get much playing music,mo but media compan ued on I st cided to apprent ts, defluenced by ies, inPage nytweekly@nytiwrite to Times. “I am happier,” he told The toxic air. ice as a mechan the busines under 3 Winsley s ethos Silicon Valley, mes.com . ic MONEY people to playlucky enough to get PAGE a sit-down lunch of at the compan Thomas, who worked 6 too formal. & feels of bands, and with me in a variety Englewood, y’s headquarters in French BUSINESS New Jersey, ARTS & DESIGN places, make we go play in differen until it closed films, from 1968 t in 1977. Local have a lot of a little money, and just now fro Luxem Citroën fun.”
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Risking Malar ia to Catch Fi sh
Reach Of ISIS Is Grow ing
Crisis o f Auth ority in ger Gro Mexico ws Ove r Miss ing St ud
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Xi Jinping’s crusa de raises doubts.
Jihadists from a small French town.
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THE NEW YORK TIMES BOOK REVIEW 8 KIM GORDON on feminist fiction, a good mystery and Joan Didion’s sunglasses
11 RICH BENJAMIN on ‘Welcome to Braggsville,’ by T. Geronimo Johnson
Sloane Crosley on Irvine Welsh; Merritt Tierce on Elisa Albert FICTION
31 ‘NATIVE SON’ AT 75 Bookends by Ayana Mathis and Pankaj Mishra
MARCH 1, 2015
Known as one of the most read and influential book review sections in the world, The New York Times Book Review features reviews, essays and author interviews by leading international writers and scholars, in addition to the frequently cited
is an illued me, reading was once inform he and he a friend and now at the time, years ago, back then. were 19 sion. We but that was 18 Foucault made.” understoodthe self, “but it’s Foucault, of think he doesn’t my friend says “It’s real,”
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Here Be Dragons By Neil Gaiman
IS A TOOL of the storyteller. It is a way of talking that are not, and cannot about things be, literally true. It is a way of making our metaphors concrete, and it shades into myth in one direction, allegory in another. Once, many years ago, a French translator decided that my novel “Stardust” was an allegory, based on and around John Bunyan’s “The Pilgrim’s Progress” (it wasn’t), and somewhat loosely translated the book with footnotes to that effect. This has left me a little shy of talking about allegory, and very shy of ever mentioning “The Pilgrim’s Progress.” Kazuo Ishiguro is a remarkable novelist, both for the work — because his novels quality of his share a careful, precise approach to language
THE BURIED GIANT By Kazuo Ishiguro 317 pp. Alfred A. Knopf. $26.95.
CONTINUED ON PAGE
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WORLD REVIEW World Review examines the push and pull of progress, policy, democracy and innovation across borders. This special section of essays, commentary and Q&A’s takes the pulse of global affairs and examines critical issues like the challenges of liberal democracy, rapid globalization, disruptive innovation and radical technological change. Yearly.
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BRANDED PAGES BUSINESS SENSE BUSINESS SENSE
Banks Cash In on Inversions
For readers seeking insight on global business trends and guidance on how to live and work better, 5 Ways To Be Smart About Fighting With a Bad Boss
TiMe ANTHoNY k. TiJAN
5 Tactics To Moving A Negotiation Forward
The Economist and The New York Times. Each week, the service delivers a selection of
protect yourself. Be sure you have a strategy to protect yourself from the fallout. Prepare key people to support you.
panies overseas,” Mr. Dimon said on the conference call. “If government was smart, they’d look at it holistically,” he added, suggesting that a moratorium on such deals won’t work. “Even if you stop and say, ‘Don’t invert,’ capital will move away.” Mr. Dimon insisted, “I’m just as patriotic as anyone.” While an overhaul of the corporate tax system may be the ultimate goal, the gridlock in Washington suggests it is unlikely to come anytime soon. Corporate tax reform is nice in theory, but tough in practice. It most likely requires lower tax rates and the closing of loopholes. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero. “The dirty secret is that unless the U.S. reduces corporate tax rates to less than 10 percent, a reduction in U.S. tax rates is not likely to have much impact on inversions,” said J. Richard Harvey Jr., a professor at Villanova University School of Law and its Graduate Tax Program. “The reason is that even if the U.S. corporate tax rate were somehow reduced to 15 percent, U.S. multinational companies would still invert if they thought it was to their benefit.” More companies are expected to leave the United States. And Wall Street banks will get paid to help them.
authoritative content and a two-page template with room for monetization.
focus on yourself. Make
sure that you’re not picking a fight with your boss just to cover up your own insecurity.
know that your boss’s issues are driving this dysfunctional conflict. These
bosses are unstable, insecure, power-hungry demagogues. Unless you truly understand that these individuals are broken, you can end up blaming yourself.
American taxpayers in the form of hundreds of billions of dollars in loans, appear to have declined on principle to take an assignment from a client seeking to move its corporate citizenship abroad. “This is an economic game. There are no virgins anywhere,” said Stephen E. Shay, a professor at Harvard Law School and a former deputy assistant Treasury secretary for international tax affairs in the Obama administration. “We can’t look to the banks to stop inversions. They will not look at this based on morality. They will look at it on the basis of fees.” All the bankers contacted declined to comment. Perhaps most troubling, many Wall Street banks are aggressively promoting these transactions to major corporations, arguing that such deals need to be completed quickly before Washington tries to block them. The proposals by President Obama and Senator Levin, neither of which appear to be gaining traction, seek to prevent inversion deals retroactively. These deals are expected to sap the United States Treasury of $19.46 billion over the next decade, according to the Joint Committee on Taxation. And that figure doesn’t take into consideration any future inversions. Nor does it account for the possible loss of jobs and revenue that will ostensibly move overseas over time. Privately, bankers point out that there is nothing illegal about inversion deals. “This is going to sound cynical, but as much as I may hate these deals and the ramifications for our country, if I don’t do the deal, my competitor across the street will be happy to do it,” one senior banker told me. On a conference call with reporters, Mr. Dimon of JPMorgan Chase was asked about inversion deals. His reply? “You want the choice to be able to go to Walmart to get the lowest prices,” Mr. Dimon said. “Companies should be able to make that choice as well.” Mr. Dimon’s position is a complicated one. He and his fellow chief executives on Wall Street have been working for the last several years to show their commitment to the United States as they try to rebuild trust after the financial crisis. JPMorgan recently announced plans to invest $100 million in Detroit over the next five years, for example. And yet, JPMorgan’s work on inversion deals, which can’t be considered good for the country, contradict the firm’s ef-
Business Sense provides analysis, ideas and commentary from Harvard Business Review,
Have you ever felt like your boss is out to get you? Maybe you’re paranoid. But then again, maybe not. There are a lot of bad bosses out there, leaders who aren’t stupid but lack emotional intelligence. We can find ourselves in perpetual, all-consuming combat with these bosses. So what can you do?
Jamie Dimon, the chief executive of JPMorgan Chase, recently said, “I love America.” Lloyd Blankfein, the chief executive of Goldman Sachs, wrote an opinion article saying, “Investing in America still produces the best return.” Yet guess who’s behind the recent spate of merger deals in which major United States corporations have renounced their citizenship in search of a lower tax bill? Wall Street banks, led by JPMorgan Chase and Goldman Sachs. Investment banks are estimated to have collected, or will soon collect, nearly $1 billion in fees over the last three years advising and persuading American companies to move the address of their headquarters abroad (without actually moving). With seven- and eight-figure fees up for grabs, Wall Street bankers — and lawyers, consultants and accountants — have been promoting such deals, known as inversions, to some of the biggest companies in the country, including the American drug giant Pfizer. Just recently, President Obama criticized these types of transactions, calling the companies engaged in them “corporate deserters.” “My attitude,” he said, “is I don’t care if it’s legal. It’s wrong.” He has suggested legislation, and Senator Carl Levin, the Michigan Democrat who is chairman of the Senate Permanent Subcommittee on Investigations, has proposed to make it more difficult for an American company to renounce its citizenship — and tax bill — by merging with a smaller foreign competitor. What to call the banks enabling them? How about corporate co-conspirators? So far, on deals completed or pending, Goldman Sachs is estimated to have made $203 million advising on inversion deals since 2011, according to data from the Deal Intelligence unit of Thomson Reuters. JPMorgan stands to collect $185 million, while Morgan Stanley will make $98 million and Citigroup $72 million. None of the major Wall Street banks, which received help from
In Argentina’s Defaults, The Eighth Time Is Unlucky
evaluate your situa-
tion realistically. If the relationship with your boss can’t be fixed, why not think of all the good reasons to find another job?
ask yourself: “Am I part of the problem?” Are you perpetuating a fight culture, using power as the means to quietly intimidate or get what you need at the expense of others?
n ews a na lysis
Cristina Fernández argues that her country’s latest default is different. She is missing the point.
© 2014 Harvard Business School Publishing Corp.
Argentina’s first bond, issued in 1824, was supposed to have a lifespan of 46 years. Less than four years later, the government defaulted. Resolving the ensuing stand-off with creditors took 29 years. Since then seven more defaults have followed, the most recent last week, when Argentina failed to make a payment on bonds issued as partial compensation to victims of the previous default, in 2001. Most investors think they can see a pattern in all this, but Argentina’s president, Cristina Fernández de Kirchner, insists the latest default is not like the others. Her government, she points out, had transferred the full $539 million it owed to the banks that administer the bonds.
work vs. life ToM koldiTz
Why You lead determines How Well You lead
It is America’s courts (the bonds were issued under American law) that blocked the payment, at the behest of the tiny minority of owners of bonds from 2001 who did not accept the restructuring Argentina offered them in 2005 and again in 2010. These “hold-outs,” balking at the 65% haircut the restructuring entailed, not only persuaded a judge that they should be paid in full but also got him to freeze payments on the restructured bonds until Argentina coughs up. Argentina claims that paying the hold-outs was impossible. It is not just that they are “vultures” as Argentine officials often put it, who bought the bonds for cents on the dollar after the previous default and are now holding those who accepted the restructuring (accounting for 93% of the debt) to ransom. The main problem is that a clause in the restructured bonds prohibits Argentina from offering the hold-outs better terms without paying everyone else the same. Since it cannot afford to do that, it says it had no choice but to default. Yet it is not certain that the clause requiring equal treatment of all bondholders would have applied,
It’s not too late Happily, much of the damage can still be undone. It is not too late to strike a deal with the hold-outs or back an ostensibly private effort to buy out their claims. A quick fix would make it easier for Argentina to borrow again internationally. That, in turn, would speed development of big oil and gas deposits, the income from which could help ease its money troubles. More important, it would help to change perceptions of Argentina as a financial rogue state. Over the past year or so Ms. Fernández seems to have been trying to rehabilitate Argentina’s image and resuscitate its faltering economy. She settled financial disputes with government creditors and with Repsol, a Spanish oil firm whose Argentine assets she had expropriated in 2012. The recent events have overshadowed all that. For its own sake, and everyone else’s, Argentina should hold its nose and do a deal with the holdouts.
given that Argentina would not have been paying the hold-outs voluntarily, but on the courts’ orders. Moreover, some owners of the restructured bonds had agreed to waive their rights; had Argentina made a concerted effort to persuade the remainder to do the same, it might have succeeded. Lawyers and bankers have suggested various ways around the clause in question, which expires at the end of the year. But Argentina’s government was slow to consider these options or negotiate with the hold-outs, hiding instead behind indignant nationalism. Don’t try to flee, Argentina Ms. Fernández is right that the consequences of America’s court rulings have been perverse, unleashing a big financial dispute in an attempt to solve a relatively small one. But hers is not the first government to be hit with an awkward verdict. Instead of railing against it, she should have tried to minimize the harm it did. Defaulting has helped no one: none of the bondholders will now be paid, Argentina looks like a pariah again, and its economy will remain starved of loans and investment.
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Boost your business IQ and workplace savvy with these stats and tips from Harvard Business Review online.
The Market’s Lost Decade 91 CENTS: A $1 investment in the Standard & Poor’s 500 Index at the beginning of 2000 was worth just 91 cents 10 years later after “the worst decade in stock market history,” writes Charles P. Jones of North Carolina State University. What made the Lost Decade so bad wasn’t just the 2008 crash but also the dismal years of 2000-2002. Source: Journal of Investing
© 2014 Economist Newspaper Ltd., London (August 2). All rights reserved. Reprinted with permission. friDAY, November 4, 2011
A House’s Age Can Become A Big Plus
banks, many companies have while H.S.B.C.’s is nearly $2.7 trillion, low-cost trackers such as Vanturned to bonds, owned mainly by or more than 300 times bigger. Fund guard’s 500 index fund, which almanagers thus are less vulnerable lows retail investors to get a broad fund managers, for credit. exposure to the stock market for to sudden falls in asset prices. In Januaryamount the Financial Stability of money an individual Third, retail investors are less fees of only 0.17 percent a year. As Board, an international body which is paid is afinancial functioncriof two things: flighty than institutions. Many in- one of the consequences of being tries to guard against through defined-contribution a SIFI, the fund might be required ses, published consultation paper thea value of the job itself vest and the When getting ready for the which future,askedperson’s to hold a capital reserve, the cost of whether quality fund managof performance. which would be passed on to retail ers might need to be designated Financial crises seem –aone fa- you you needmay two plans write Examine both. investors. In addition SIFIs could important financial miliar part of the economic cycle, “systemically onethemselves that’s unwritten, be required to support the orderly institutions” or SIFIs, a step that ‘As any self-respecting but theydown, rarelyand repeat GOheavier BACK. During a second conversaasset manager would tell liquidation fund, a bailout vehicle would involve regulation. exactly. fluid In theand 1980s the locus wasblueprint evolving. This for other SIFIs. asset-management in- tous, Latin America, themind late as 1990s ask the individual explain past performance is no exists ininyour a living,But the tion, As yet, no fund manager has some powerRussia and southeast Asia, in 2007- dustry has marshaled both how he might enhance histo the future.’ guide changing understanding where been designated a SIFI. counter-arguments. 2008 American housing and banks. offul performance and how he can make However, Andy Haldane of the First, managers act as stewards Now some worry that the cri- going you’re going, whynext you’re Bank of England cautions that it which is to the orgasis could occur in the asset-man- of other people’s his jobcapital, more valuable and how you’re going held to getin separate accounts, with 401(k) plans, through which they may be prudent to do so. agementthere industry. nization. Base your final decision there – all based on “As any self-respecting asset third parties acting as custodians. put a bit of money into the market The industry manages $87your tril- current this input your manager would tell us, past perevery month. Were a fundon manager to combined go bank- with lion, making it three-quarters understanding of howthe the future Finally, designating fund manag- formance is no guide to the future,” would simply be size of the banking sector. The big- rupt, the assets assessment. will unfold.Blackrock, While your written transferred to a competitor, with ers as SIFIs would have perverse Haldane says. “This is especially gest fund manager, runs no loss for the investors concerned. consequences. The F.S.B. paper true in an industry as large and as $4.4 trillion of includes assets, more than any plan specific objectives, Adapted a size was the key cri- rapidly changing as asset managestated that Hundreds of mutual from funds“How closeto Handle bank hasaction on its steps balance sheet. After and clear assumpof ment, with asset portfolios becomminimal market the crisis regulators tightened the each year, with Raise Request” byimDick terion, Grote. suggesting a threshold 119 YEARS: At what point does the unwritten pact and without needing govern- $100 billion, which would capture 14 ing less liquid and more correlated rules ontions, banks, insisting that one theyconsists and become investor an behavior becoming American mutual funds. a This may age home’s asset? hold more capital havedirection suffi- ment of gut feel, and general and rescue. Second, with the exception of miss the point: Reserve ranked more fickle and run-prone.” cient liquidity to cope with shortbroad priorities. Over time, as you In a historic district, the “antique term pressures, but that may be a hedge funds, asset managers tend only 81st among American asset information ideas, © 2014to Economist Newspaper Ltd., thosebegins to operate with borrowed mon- managers and 14th among case of gather generals fighting theand lasttestnot effect” increase a London (August 2). All rights reey, or leverage. The size of Black- running money-market funds. battle. you’ll move many of these elewhen the building any case, many big house’s funds are value served. Reprinted with permission. sheetthe is $8.7 In the absence of lending from rock’s balance Having rightbillion, network isIncrucial
PREPARE YOUR UNWRITTEN PLAN
cREATE A BETTER NETWORK
Why Country Lane Is Pricier Than Elm Street
ments from hazy and unspoken to focused and written.
Adapted from “Your Crucial – and Unwritten – Plan” by Linda Hill and Kent Lineback.
GET PEOPLE TO DEcIDE ALREADY
4.2 PERCENT: American realestate buyers will pay a 4.2 percent premium for a property in a subdivision that has the word “country” in its name, and an additional 5.1 percent on top of that for the phrase “country club,” according to Velma ZahirovicHerbert and Swarn Chatterjee of the University of Georgia. But, the researchers point out, buyers are less willing to pay these premiums during recessionary times. Source: Journal of Real Estate Research
More Family Time When There’s a Son
Indecisiveness plagues many companies. Often, both leaders and employees struggle to make or follow through on decisions. The result? chronic underperformance. You can conquer this and infuse decisiveness throughout your organization by doing these three things: ENGAGE IN DECISIVE DIALOGUE. Dur-
ing each interaction with employees, model honest, open and decisive dialogue. Make sure every meeting ends with a clear understanding of decisions and next steps. TURN DIALOGUE INTO ACTION. Indecision is often the result of confusion. clarify accountability for reaching and executing decisions. USE FOLLOW-THROUGH AND FEEDBACK TO SUSTAIN ACTION. Once you’ve set
an expectation for decisiveness, you need to follow through. Give people honest feedback and discourage indecisive behaviors. Adapted from “Harvard Business Review on Making Smart Decisions.”
HANDLE A RAISE REQUEST
25 PERCENT: Having at least one boy in the family increases the responsibility that fathers take for their children, according to findings by Kristin Mammen of Barnard College. Fathers with sons spend 22 minutes more per day with their children than fathers without sons — an increase of about 25 percent.
As a manager, it can be stressful when an employee asks for a raise, especially if there is no company policy. But answering a difficult compensation question doesn’t have to be a headache. Try these three steps: DON’T ANSWER RIGHT AWAY. Thank the person for bringing up the issue and then promise to get back with an answer by a specified date. This allows time to confer with other leaders. FAIRLY ASSESS THE SITUATION. The
to getting ahead in today’s organizations. But far too many people waste valuable time investing in fruitless connections. Here are three steps to build a more productive network: ANALYZE. Identify the people in your network and what you get out of interacting with them. Remember you’re looking for quality, not quantity. DE-LAYER. Most likely not everyone
reaches 119 years of age, on average, according to a team led by Kimberly Winson-Geideman of the University of North Texas. In their study of homes in Savannah, Ga., an area where age and history are revered, buyers are willing to pay a premium for the right to claim ownership of vintage houses, the authors explain.
in your network helps you. Make some hard decisions to back away from redundant or energy-sapping relationships.
Source: Journal of Real Estate Research
DIVERSIFY. Build your network out with different kinds of people. Focus on energizers who will help you achieve your goals.
Workers Underreport Accidents
Adapted from “A Smarter Way to Network” by Rob Cross and Robert Thomas.
Jamie Dimon, chairman and chief executive of JPMorgan Chase. DANIEL ROSENBAUM/ThE NEw YORk TIMES
forts to serve the nation. At the same time, firms like JPMorgan consistently talk about serving their clients — and there is no question that some of its clients are clamoring to pursue inversion deals. Some firms rationalize work on an inversion deal by saying they worked for the foreign target, rather than the American buyer, according to several prominent deal makers. For example, Roger Altman, the executive chairman of Evercore Partners and a major supporter of President Obama, worked for the British drug maker AstraZeneca on its defense against an offer from Pfizer. Evercore also worked for Dublin-based Shire, which agreed to be taken over by AbbVie, a spinoff of Abbott Laboratories. Everyone I spoke to on Wall Street about inversion deals said they wished there were no reason for these deals and that our tax system were more competitive and attractive. “We have a flawed corporate tax code that is driving U.S. com-
Weekly. Available in English or Spanish. For sale in select markets throughout the Americas.
© 2014 The New York Times
T r e N D i N G SYdNEY EMBER
Latin America Sees Growth After the Commodity Boom
Wikipedia Accepts Bitcoin
HARVARD BUSINESS REVIEW: TIPS & TALKING POINTS faring better than Peru? The answer starts with what Victor Bulmer-Thomas, a British economic historian of Latin America, has called “the commodity lottery.” Colombia’s main exports are oil and coal, whose prices have held up over the past couple of years. Peru depends on copper and gold for half its exports; their prices have fallen. So the value of Peru’s exports fell by 9% last year while that of Colombia’s slipped only slightly. In explaining Colombia’s growth, Mr. Cardenas also points to several reforms. Last year the government
arranged lower mortgage rates via an agreement among banks and a public subsidy. This helped to boost construction, which is growing at over 10% a year. A law in 2012 cut onerous payroll taxes (while raising income tax on the better-off ). The result is that formal-sector jobs are growing at 8% a year, while the large informal sector has started to shrink, which ought to boost productivity. Ambitious private-public partnerships in roads and railways should see investment of up to $25 billion by 2018. Mr. Santos has also implemented
As he prepared to begin a second term as Colombia’s president on August 7th, the first name that Juan Manuel Santos inked in for his cabinet was Mauricio Cardenas, who keeps his job as finance minister. That was no surprise: helped by an investment boom, the country’s economy grew by 6.4% in the first quarter compared with the same period last year. Mr. Cardenas says the second quarter was strong, too. The government will be raising its growth forecast for this year from 4.7%. This is a welcome exception to a regional trend: Latin America as a whole looks likely to grow by less than 2% this year, the worst figure since 2009. The end of the commodity boom that lifted the region for more than a decade, the fading of the era of cheap money as central banks in the rich world prepare to raise interest rates and a series of home-grown factors have all taken their toll. The fall has been especially abrupt in Peru, where the economy is suffering what Luis Miguel Castilla, the economy minister, calls a “hiccup.” Predictions of growth of more than 4% this year seem too rosy. For a country that has enjoyed Asian-style growth averaging 6.4% a year in 2003-13, the slowdown is a nasty surprise. Colombia has overtaken Peru to become the fastest-growing of the bigger Latin American economies. Colombia has become the fastest-growing of the bigger Latin American econBoth are medium-sized commod- omies. Its port in Cartageña, above. Top, the gold mine Yanacocha, near Lima, ity exporters with open-market Peru, has been crippled by pro economies. So why is Colombia now
a fiscal rule under which the public-sector deficit has fallen steadily, to less than 1% of GDP. That has boosted the confidence of investors. By contrast, Peru is suffering what Mr. Castilla calls a “complicated” year. First, the sol depreciated by about 9% in 2013. Further setbacks have included weather-related contractions in fishing and farming and a standstill in investment by regional governments because of corruption scandals. In response the government is shovelling money at the economy. Extra bonuses and wage increases for state employees and extra loans for small business are worth more than 1% of GDP. Mr. Castilla insists that the economy will rebound in the fourth quarter and will again grow by 6% in both 2015 and 2016. Most analysts predict that Peru will regain its lead over Colombia. But that is not assured. Peru’s long growth spurt was based on a mixture of catch-up after a disastrous 1980s, sound economic policies (it enacted a fiscal rule in 1999), cheap natural gas and a mining boom. But Peru has now caught up a lot. In Colombia, Mr. Cardenas is confident that all the new highways will raise the country’s potential rate of GDP growth by 0.7 percentage points over four years. But there are risks. The biggest involves the oil industry. Guerrilla sabotage and declining reserves are threatening output and thus government revenue. Lotteries give countries opportunities. Development comes from using them to create more productive economies. On that score, Colombia now has an edge over Peru; both are better placed than many of their South American neighbors.
T ps & Ta k ng Po n s o e s me y a k ng po n wo hy s a s cs and ps om Ha va d Bus ness Rev ew on ne Renowned Ha va d p o esso s and o he ead ng p o ess ona s o e qu ck ps on op cs nc ud ng managemen en ep eneu sh p and p o ess ona deve opmen © 2014 Economist Newspaper Ltd., London (August 2). All rights reserved. Reprinted with permission.
The week y con en package nc udes deas o hough and ac on n qu ck b s o n o ma on ha eade s can pu n o p ac ce mmed a e y Ava ab e F day even ng Eas e n
cOMMUNIcATE A cOMPANY’S VALUES Most corporate communication plans fail to convey something fundamental to a company’s operations: its values. This is a missed opportunity to influence and energize employees. Here are three ways to communicate values:
A worker is 0.15 percentage points more likely to be laid off if he or she has reported an accident within the past 12 COMPANY, NOT JUST AT THE TOP. If months, according to a team everyone doesn’t feel ownership led by Jan Boone of Tilburg over them, the values lose meaning Arts+Culture | Styles | Food | Travel | Science+Technology | Health University in the Netherlands quickly. that studied records in AusSunday, September 15, 2016 ASK EMPLOYEES TO HELP. tria from 2000-2006. Thus it’s Seek their input on how well the understandable that, during a company is living up to its values. recession, workers are more Involve them in keeping the comreluctant to report accidents. pany accountable. Increasing a company’s layoff LIVE YOUR VALUES. rate by one standard deviation Actions speak louder than words. leads to a 2.1 percent decrease Be mindful of the values in every in the probability that workdecision you make and use them to explain your motivations. ers will report accidents, the researchers found. ESTABLISH VALUES ACROSS THE
Adapted from “The Business of Communicating Values” by Rosanna M. Fiske.
THE NEW YORK TIMES LIFE/STYLE A
es y e pub ca on ha ocuses on how o ve a we
ounded s y sh and sma e
e Fea u ed
Source: Journal of Health
Source: Journal of Population Economics (forthcoming).
cove age nc udes a s s y e ood
ave sc ence echno ogy and hea h om he epo e s and
co umn s s o The New Yo k T mes Week y o Mon h y
Reviving the Cuisine Of Their Ancestors
5 Native American chefs are resurrecting cooking techniques of the Lakota and Ojibwe tribes who farmed and foraged on the Great Plains of the Midwest. These precolonial food cultures were sophisticated and relied on complex trade routes and traditions. The secrets of this cuisine are being shared by tribal elders and academics.
Norah Jones, Pop Star, Reconnects To Her Jazz Roots
Crew of ‘Brujas’ Makes the Scene At Skateparks
DEBATING POLITICS, ECONOMICS AND OTHER TIMELY TOPICS WITH PAUL KRUGMAN OF THE NEW YORK TIMES
FRIDAY, FEBRUARY 27, 2015
Greece Gets Some Breathing Room, But a Fight Looms 3 The artist is a different person than the one who burst on the scene ous People of Europe believed ut- with the terly in austerity, Greece might have wildly successly “Come faced retaliation thanks to wording issues;Away not now. With Me” in 2002. So Greece has won relaxed condiShe’s a and mother now, and is tions for this year, breathing room inleaning the run-up to bigger fight ontheher training as a ahead. It could be worse. jazz pianist in her new work.
Now that the dust has settled a bit, we can look calmly at the Greece deal. It’s increasingly clear that the country came out in significantly better shape, at least for now. The main action, as always, involves Greece’s primary surplus — how much more will the country need to raise in revenue than it can spend on things other than interest? The question these past few days was whether the Greeks would be forced into agreeing to aim for very high primary surpluses under the threat of being pushed into immediate crisis. And they weren’t. One useful way to understand this is through careful parsing of the agreement’s language (as done here by the economist Norbert Häring: bit.ly/1FLiBq5). But I’d argue that in an important sense we’re past that kind of word-chopping. Instead, we need to think about what happens substantively from here on out. Right now, Greece has avoided a credit cutoff, and worse yet a move by the European Central Bank to pull the plug on the country’s banks. And Greece has done so while getting its 2015 primary surplus target effectively waived. The next step will come four months from now, when Greece makes its serious pitch for lower surpluses in future years. We don’t know how that will go. But nothing that has happened so far is likely to weaken the Greek position in that future round. Suppose that the Germans claim that some ambiguously worded clause should be interpreted to mean that Greece must achieve a surplus of 4.5 percent of gross domestic product. Greece will say no, it doesn’t — and then what? A couple of years ago, when all the Very Seri-
4 A multi-ethnic group of female skateboarders is shaking up the maledominated sport and finding ways to express their freedom while learning to do new tricks.
Phantom Fiscal Crises Matthew Klein at the Financial Times recently took on a subject that is dear to my heart — the mysterious, persistent fear that Japan and other countries that borrow in their own currencies could suddenly face a Greek-style fiscal crisis if bond investors lose confidence, and that this is a reason to raise taxes or cut benefits even in a depressed economy. I devoted my Mundell-Fleming lecture at the International Monetary Fund to this topic in 2013, where I had this to say: “Remarkably, nobody seems to have laid out exactly how a Greek-style crisis is supposed to happen in a country like Britain, the United States or Japan — and I don’t believe that there is any plausible mechanism for such a crisis.” That’s still true — but fear of such a crisis persists. It’s true even though the apparent relationship between debt levels and borrowing costs has vanished now that the E.C.B. is doing its job as lender of last resort. So what is the basis for this fear? The answer I seem to get is fear of a dramatic flip in circumstances — that Japan, say, could engage in a sort of macroeconomic quantum tunneling, suddenly transitioning from deflation to runaway inflation and a crashing currency. That’s not impossible. But it does seem an odd thing to be worrying about right now.
and po ca ssues h s o ca backg ound on he week s op cs and deba e om eade s a ound he wo d AMMER/WIENER ZEITUNG - VIENNA, AUSTRIA/CARTOONARTS INTERNATIONAL/THE NEW YORK TIMES SYNDICATE
READER COMMENTS FROM NYTIMES.COM
It is unfortunate that politics seems to have overwhelmed reality once again. Just as with gay rights and global warming in the United States, policy in Europe seems to be governed by the few. Giving Greece what it wants would require all right-wing European governments to admit that their austerity approach has been wrong all along with regard to Greece, and also in their own countries. Hopefully this deal is more about making it look like Greece lost and less about making the new government go back on its commitments to the Greek people. And hopefully too this deal will allow other European
two, now it must deliver on the third. If Greece succeeds, Europe’s hardliners will face much more difficult negotiations in the near future. And by this time next year, who knows? This austerity absurdity may be on its way to extinction. We shall see. Things could’ve turned out better if more reasonable actors were involved. But for now, hope exists. — DIMITRIS TRIANTAFYLLOU, GREECE
leaders to save face, while at the same time taking the spotlight off of Greece long enough that its government can do what it originally set out to do. This is the best deal that Greece could have hoped for. — MANOS, BRITAIN
Mr. Krugman, I very much appreciate your support for Greece’s attempt to counter the cruelty — and stupidity — of the Austerians’ plans. — Y.P., MONTANA
These days, austerity might be considered a bad solution to a nation’s economic problems, but countries like Spain, Portugal and
Latvia, all of which were forced to cut spending, are now expecting Greece to do the same. — ALVARO LEANDRO, SPAIN
Most of Greece’s working people know that they have been shamefully sold out by the opportunist, dishonest and self-serving scoundrels who occupy leadership positions in Syriza, the country’s ruling political party. It took just two weeks for this organization to abandon every key element of its electoral program. Never in history have so many been betrayed so quickly by so few. — MORRIS, NEW YORK
CHANG W. LEE/THE NEW YORK TIMES
Maybe it’s just that we are becoming, despite everything, a more sophisticated country, a place where many people understand that you can be a patriot without always shouting “U.S.A.! U.S.A.!” — maybe even a country where people are starting to realize that the shouters are often less patriotic than the people they’re trying to shout down. All of this doesn’t change the fact
READER COMMENTS FROM NYTIMES.COM
if this means using military force (with some humility). This approach has a better record.
mer mayor of New York, but the guy isn’t really worthy of press coverage anymore.
— NAME WITHHELD, FLORIDA
— NAME WITHHELD, LOUISIANA
Rudy Giuliani’s comments had little to do with President Obama, and everything to do with Mr. Giuliani. When you are no longer relevant nor part of the national conversation, you have to say dumb, outrageous things to draw media attention (see Donald Trump). I’ll give The New York Times a pass because Mr. Giuliani is a for-
At a gathering of conservative political donors in New York earlier this month, the city’s former mayor, Rudy Giuliani, delivered a speech in which he made a series of comments about President Obama. “I do not believe that the president loves America,” Mr. Giuliani said. “He doesn’t love you. And he doesn’t love me. He wasn’t brought up the way you were brought up and I was brought up, through love of this country.” His comments sparked outrage among many commentators. Defending his statements the next day on Fox News, Mr. Giuliani argued that Mr. Obama didn’t believe in “American exceptionalism” — the notion that the United States plays a unique role in world affairs. “The reality is,” Mr. Giuliani said, “from all that I can see of this president — all that I’ve heard of him — he apologizes for America, he criticizes America.” The former mayor continued: “This is an American president I’ve never seen before.” Mr. Giuliani’s comments triggered
Rudy Giuliani, who was mayor of New York from 1994 to 2001, at the National September 11 Memorial & Museum last year.
‘Exceptional’ Does Not Mean ‘Flawless’
MANAGING YOUR MONEY, WORK AND SUCCESS
— NANCY, NEW YORK
ONLINE: COMMENTS Comments have been edited for clarity and length. For Paul Krugman’s latest thoughts and to join the debate online, visit his blog at krugman.blogs.nytimes.com.
Speech Sparks Criticism
been American patriots who were able to acknowledge flaws in the country that they loved. For example, there’s the guy who described one of our foreign wars as “the most unjust ever waged by a stronger against a weaker nation.” That was Ulysses S. Grant — the Civil War general and American president who longtime readers know is one of my heroes — writing about the Mexican-American War. But now we (finally) have a president who is willing to say such things while in the White House. Why? Maybe it’s history: The Greatest Generation is fading away, and the most recent war in our memories is Iraq — a war waged on false pretenses, whose enduring images are not of brave men storming Omaha Beach, but of prisoners being tortured in Abu Ghraib. My sense is that Iraq has left a lasting shadow on our self-image; many people now realize that we, too, can do evil.
Americans seem to have two definitions of exceptionalism. One proclaims that we are better than everyone else, and, therefore, the normal rules don’t apply to us. The second says that we are exceptional because of our adherence to higher ideals and principles. The former, based on ignorance, justifies torture, jingoism and reckless swagger. It only gets us into trouble. The latter recognizes our flaws and greater accomplishments, and attempts to improve the world even
Greece is in the middle of a profound depression; ordinary Greeks have suffered deep losses. So the idea that the Greek government has won a victory simply because there could be less austerity imposed on people in the future strikes me as an abandonment of hope and responsibility on the part of European leaders.
Loving America, Flaws and All Jamelle Bouie wrote a very good article for Slate responding to former New York City Mayor Rudy Giuliani’s recent attack on President Obama’s patriotism, making the point that Mr. Obama, while clearly patriotic, does talk about America a bit differently than his predecessors. But I’m not sure that Mr. Bouie has the whole story (read his article here: slate.me/1BvcgNM). In his article, he attributes Mr. Obama’s relatively chastened version of American exceptionalism to his personal identity — that as a black American he is more in touch with the areas of ambivalence in our history. That may well be true. But there are many Americans who love their country in pretty much the way the president does — seeing it as special, often an enormous force for good in the world, but also fallible, and with some stains on its record. I’m one of them. So you don’t have to be black to see things that way. What’s more, there have always
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Hopeful About the Future Part of the strategy behind the deal is to discredit the newly elected Greek government so that no one else in Europe gets ideas about trying to escape from the austerity straitjacket. But Yanis Varoufakis, Greece’s finance minister, has the numbers and reality on his side. What Greece needed was time, breathing room and some initial successes with necessary reforms. The country has managed to get the first
NYT: KRUGMAN & CO.
American exceptionalism used to mean that we were exceptional because we took responsibility for others. That changed during the administration of President George W. Bush. During his time in office, the propaganda machine began playing up God as the source of our exceptionalism, resurrecting an idea that had
that we really are an exceptional country — a country that has played a special role in the world, that despite its flaws has always stood for some of humanity’s highest ideals. We are not, in other words, just about tribalism — which is what makes all the shouting about American exceptionalism so ironic, because it is, in fact, an attempt to tribalize our self-image.
been part of the Eisenhower administration’s battle against “Godless communism” in the 1950s. Mr. Obama’s view is informed by history. We’re only as exceptional as we make ourselves, and that is a task that can never end if we are truly exceptional. — BOB DOBBS, CALIFORNIA
Do you love your country as a father loves his son, or do you love your country as a son loves his father? In the latter situation, which seems to be the conservative view, the son sees his father as the best at everything and beyond reproach. In the former, the progressive view, the father sees his son as hav-
ing lots of promise, but he also recognizes his weaknesses, and he constantly works to help his son grow to become a responsible adult. — NAME WITHHELD, ILLINOIS
As a non-American, I always find all the rah-rah stuff pretty childish. The United States is a large country in which a lot of industry has clustered. This makes it very wealthy and able to throw its weight around. But Americans, American culture and America’s political institutions are neither exceptionally good nor exceptionally bad. People are the same wherever you go. — PAUL FRIESEN, CANADA
further criticism from across the political spectrum. Daniel Larison, a senior editor at The American Conservative magazine, wrote that according to Mr. Giuliani’s views, “the president has to act as national cheerleader and should never make any serious criticisms of U.S. conduct, past or present, without couching them in the usual triumphalist self-congratulation.” Jamelle Bouie, a writer for Slate, argued that Mr. Obama does, in fact, speak about America differently from his predecessors. “By choice as much as birth,” he wrote, “Obama is a black American. And black Americans, more than most, have a complicated relationship with our country. It’s our home as much as it’s been our oppressor: a place of freedom and opportunity as much as a source of violence and degradation.” Mr. Giuliani gained national notoriety following the terrorist attacks of Sept. 11, 2001. He unsuccessfully sought the Republican presidential nomination in 2008.
Paul Krugman joined The New York Times in 1999 as a columnist on the Op-Ed page and continues as a professor of economics and international affairs at Princeton University. He was awarded the Nobel in economic science in 2008. Mr. Krugman is the author or editor of 21 books and more than 200 papers in professional journals and edited volumes. His latest book is “End This Depression Now!”
SUNDAY, MARCH 29, 2015 Copyright © 2015 The New York Times
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NYT: SPENDING WELL
The Social Security Labyrinth YOUR MONEY LENNY IGNELZI/ASSOCIATED PRESS
Bat Maker Staying Put Louisville Slugger, the iconic brand of America’s so-called national pastime, is being sold to Wilson, a division of the Finnish Amer Sports Corporation. But the bats will still be made in Louisville. Amer Sports estimates the market for baseball and softball gear at $2.2 billion, $1.4 billion of that in the United States.
Women Rule, in Theaters Women are driving movie ticket sales to a degree rarely, if ever, seen before. With the March 10 release of “The Divergent Series: Insurgent,” women have delivered the three biggest live-action openings of the year. The audience for “Insurgent” was 60 percent female. The opening-weekend crowd for “Fifty Shades of Grey” was 67 percent female, and women made up 66 percent of the audience for “Cinderella.”
Winners Claim Privacy Most of the 44 states with lotteries consider the identities of winners to be a matter of public record, but the issue of anonymity has been raised in at least 10 states. A legislative committee in North Carolina recently rejected such privacy. A proposal in Georgia would allow anonymity if the winner donated 25 percent to college scholarships.
ASTRID GALVAN/ASSOCIATED PRESS
Communing With Nature More people around the world are spending vacations in nature. A team of British and American researchers has compiled data from more than 550 protected areas, on every continent except Antarctica, and found they receive roughly eight billion visits each year. Over the last decade, more than 80 percent of those have taken place in North America and Europe.
A new guide can help wring benefits from a wildly complex program. In recent years, the Boston University economist Laurence J. Kotlikoff has made something of a game — and then, eventually, an art — of cornering smart people and convincing them that they were leaving tens of thousands of Social Security dollars on the table. He did it with Glenn Loury, an M.I.T.-trained, Brown University economics professor whose wife, Linda, had recently died of cancer. His spouse was a prominent economics professor herself, but neither of them realized that her survivor’s benefits would be worth more than $100,000 to Mr. Loury until Mr. Kotlikoff told him. Philip Moeller, a writer and retirement expert, also had it wrong, though he almost didn’t find out as he stubbornly insisted to Mr. Kotlikoff that he and his wife knew what they were doing. They did not; Mr. Kotlikoff land- ed them nearly $50,000 extra with some fancy footwork related to spousal benefits. The pair eventually teamed with a third author, the “PBS NewsHour” correspondent Paul Solman, to write the guide to Social Security “Get What’s Yours,” which came out last month. The overwhelming demand took the publisher by surprise. The book raced to the No. 1 slot sitewide on Amazon, whose inventory of paper books was wiped out for weeks. But we should not be surprised by this. Social Security is the biggest source of retirement income for many Americans, and even if you’ve made more money than average during your career, that just means that the book’s tricks and tips will be ever more relevant. After all, the more you’ve made, the more you have at stake when it comes to filing for benefits in just the right way at precisely the right moment. Given that there are 2,728 core rules and thousands more supplements to them according to the authors, it pays, literally, to seek out a guide. The book covers filing and suspending, “deeming” rules that are too complicated to explain here, the family maximum benefit and other head-scratchers that can nonetheless move the financial
on pe sona
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needle in a significant way. The book’s success is also, however, symptomatic of something that we take for granted but should actually disgust us: The complexity of our financial lives is so extreme that we must painstakingly manage every aspect of it, from government programs to investing to loyalty programs. Mr. Kotlikoff’s game has yielded large winnings for his friends and readers (and several dinners of gratitude), but the fact that gamesmanship is even necessary in the first place with our national safety net is shameful. Mr. Kotlikoff, 64, did not set out to become Dr. Social Security. Two decades ago, he and a colleague were studying the adequacy of life insurance. To do so, you need to know something about Social Security. Soon, Mr. Kotlikoff was developing a computer model for various payouts from the government program and realized that consumers might actually pay to use it. From that instinct, a service called Maximize My Social Security was born, though it wasn’t easy to do and get it right. “We had to develop very detailed code, and the whole Social Security rule book is written in geek,” he said. “It’s impossible to understand.” Because of that, most people fil ing for benefits have to get lucky
JODI HILTON FOR THE NEW YORK TIMES
“The whole Social Security rule book is written in geek. It’s impossible to understand. ... We have a system that produces inequality systematically.” LAURENCE J. KOTLIKOFF
Boston University economist enough to encounter a true expert in their social circle, at a Social Security office or on its hotline. They are rare, and this information dissymmetry offends Mr. Kotlikoff. “We have a system that produces inequality systematically,” he said. It’s not because of what the bene-
Uneven Tax Breaks
A new study by the Corporation for Enterprise Development found that much of the federal spending channeled through the tax code disproportionately benefits the wealthiest taxpayers. Tax breaks amount to more than the Federal budget, not counting defense … Federal discretionary budgets, 2014
Asset-building tax expenditures, 2014
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ficiaries earned, either; it’s simply based on their (perhaps random) access to those who have a deep understanding of the rules. Given that fact, it’s no surprise that the book, with its imperative title, has broken out in a big way. Still, it’s just one topic set against the landscape of confusion and tedium that characterizes our financial lives, and every task seems to require its own multichapter management manual. While Social Security may well have evolved to its muddled state in part to let more citizens benefit earlier and not suffer from inflation’s effects, our tax system and other arenas are ones where multiple constituencies lobby against decreased complexity and make their livings off everyone else’s confusion. Mr. Kotlikoff, with his software and books, skims his cream, too, but he hates the system that gives rise to these opportunities. “There are democracies that don’t have this craziness, where you get something for yourself by lobbying and hide it from everyone else,” he said. “I think it’s pernicious and disgraceful and an insult to the American public.” “Get What’s Yours” is a useful book. Indeed, we all need better instruction guides for the many parts of our financial lives that only grow more complex over time.
Taxes Take, and Give Back, Mostly to the Very Rich ECONOMY
“Get your billions back, America,” the tax preparer H&R Block urges in television advertisements. What many taxpayers may not realize is that they already do. When it comes to the government, taxing is often just another name for spending. There are tax credits and tax deductions; tax exclusions and
A gu de o manag ng you money wo k and success Spend ng We o e s co umns essays and qu ck ps
earn less than $65,000, got less than $1,000 on average, altogether about 12 percent of the billions handed out. A 2013 report from the Congressional Budget Office that looked at the 10 largest tax subsidies, worth a total of $900 billion, found that more than half went to households in the top fifth on the income scale. Tax policy tends to benefit those in the upper tier of the income ladder for several reasons. Wealthier
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SCIENCE & TECHNOLOGY What’s odd about hoatzins?
ne of the oddest birds on the planet is found in the forests of northern South America. Hoatzins, also known as stinkbirds or Canje pheasants, are smelly, odd-looking birds known for their poor flying ability. The dove-sized hoatzin partially digests food in its crop before passing it on into the stomach and intestines. This cow-like chewing is unique in the bird world, and also produces a pungent odor. Another oddity found only in hoatzins are claws on chicks’ wings that allow the hatchlings to climb trees. As if these peculiarities were not enough, it now appears that the origins of the hoatzin may be odd as well. Most researchers have long held that the hoatzin originated in the New World. Recent fossil studies have found, however, that hoatzins existed in Africa and Europe millions of years ago. The hoatzins in Europe disappeared Caribbean Sea Atlantic Ocean from the fossil record long before those in Guyana Venezuela Surinam Africa. Features of Pacific French fossils from both Ocean Colombia Guyana continents, however, Ecuador firmly link modern hoatzins to their AMAZON BASIN Peru ancient, Old World Range of ancestors. hoatzins Given the relatively short Brazil flight range of adult Bolivia hoatzins, the exact mechanism that Paraguay allowed the birds to migrate to the New World remains 0 500 km Argentina a puzzle. 0 500 miles
Hoatzins live in leafy trees, vines and bushes near rivers and lakes. Bill Pitzer - email@example.com • Copyright © 2015 2014 The New York Times Syndicate 04-12-2015
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31 ‘NATIVE SON’ AT 75 Bookends by Ayana Mathis and Pankaj Mishra
MARCH 1, 2015
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Here Be Dragons By Neil Gaiman
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of the storyteller. It is a way of talking about things that are not, and cannot be, literally true. It is a way of making our metaphors concrete, and it shades into myth in one direction, allegory in another. Once, many years ago, a French translator decided that my novel “Stardust” was an allegory, based on and around John Bunyan’s “The Pilgrim’s Progress” (it wasn’t), and somewhat loosely translated the book with footnotes to that effect. This has left me a little shy of talking about allegory, and very shy of ever mentioning “The Pilgrim’s Progress.” Kazuo Ishiguro is a remarkable novelist, both for the quality of his work — because his novels share a careful, precise approach to language
FANTASY IS A TOOL
THE BURIED GIANT By Kazuo Ishiguro 317 pp. Alfred A. Knopf. $26.95.
CONTINUED ON PAGE 22
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