Send in the clowns
Send in the clowns Send in the clowns
Send in the clowns How Italy' s disastrous election threatens the future of the euro Beppe Grillo (won 25%) Silvio Berlusconi (won30%) Aged 64 Aged 76 (excluding the hair) Stand-up comic Economic novice Horizontal prime minister Economic tragedy Party Line: All politicians are crooks Wants to suspend national debt paymen ts party Line: Come back to my casa ... and bring a friend Wants to stay out of jai! IIN 8815
- Page 2 and 3: 3 Ontheeover How Silvio Berluseoni
<strong>Send</strong> <strong>in</strong> <strong>the</strong> <strong>clowns</strong><br />
How Italy' s disastrous election threatens <strong>the</strong> future of <strong>the</strong> euro<br />
Beppe Grillo<br />
(won 25%)<br />
Silvio Berlusconi<br />
(won30%)<br />
Aged 64<br />
Aged 76<br />
(exclud<strong>in</strong>g<br />
<strong>the</strong> hair)<br />
Stand-up<br />
comic<br />
Economic novice<br />
Horizontal<br />
prime m<strong>in</strong>ister<br />
Economic tragedy<br />
Party L<strong>in</strong>e:<br />
All politicians<br />
are crooks<br />
Wants to suspend<br />
national debt<br />
paymen ts<br />
party L<strong>in</strong>e: Come<br />
back to my casa ...<br />
and br<strong>in</strong>g a friend<br />
Wants to stay<br />
out of jai!<br />
IIN 8815
3<br />
On<strong>the</strong>eover<br />
How Silvio Berluseoni and<br />
Beppe Grillo threaten <strong>the</strong><br />
future of Italy and <strong>the</strong> euro:<br />
leader, page 11. Adisastrous,<br />
muddled election result,<br />
page 50. Rome's bad spell:<br />
Charlemagne, page 54. The<br />
uneasy relationship between<br />
electors and <strong>in</strong>vestors:<br />
Buttonwood, page 70<br />
The Eeonomistonl<strong>in</strong>e<br />
DailyanaLysisand op<strong>in</strong>ion from<br />
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••<br />
Volume 406 Number 8825<br />
First published <strong>in</strong> September1843<br />
to take part <strong>in</strong> "o severe contest between<br />
<strong>in</strong>telligence, which pressesforward, and<br />
an unworthy, timid ignorance obstruct<strong>in</strong>g<br />
our progress. JI<br />
Editorialoffices <strong>in</strong> Landa" and also:<br />
AtLanta, Beij<strong>in</strong>g, Berl<strong>in</strong>, Brussels, Cairo,<br />
Chicago, Hong Kong, Johannesburg, Los AngeLes,<br />
Mexico City, Moscow, New Delhi, NewYork, Paris,<br />
San Francisco, Sáo Paula, S<strong>in</strong>gapore, Tokyo,<br />
Wash<strong>in</strong>gtonDe<br />
6 The world this week<br />
Leaders<br />
11 Italy's election<br />
<strong>Send</strong> <strong>in</strong> <strong>the</strong> <strong>clowns</strong><br />
12 The world' S<br />
fastest-grow<strong>in</strong>g<br />
eont<strong>in</strong>ent<br />
Aspir<strong>in</strong>g Africa<br />
13 American gas<br />
Better outthan <strong>in</strong><br />
13 The British eeonomy<br />
Moody blues<br />
14 Yahoo<br />
Mayer culpa<br />
LeUers<br />
16 On American polities,<br />
eurrencies, pensioners,<br />
<strong>the</strong> Catholic ehureh,<br />
bus<strong>in</strong>ess and <strong>the</strong> armed<br />
forees<br />
Brief<strong>in</strong>g<br />
23 Iraq ten years on<br />
The slow road back<br />
26 Iraqi oil<br />
A hard tap to turn<br />
United States<br />
27 The eeonomy<br />
Wait<strong>in</strong>g for <strong>the</strong> chop<br />
28 Energy policy<br />
Biofuelery<br />
29 Los Angeles's mayoral<br />
electíon<br />
A Pacific plod<br />
29 Vot<strong>in</strong>g rights<br />
Civil-rights law on trial<br />
32 Build<strong>in</strong>g <strong>in</strong>frastrueture<br />
A river runs through it<br />
32 Health eare<br />
An offer <strong>the</strong>y can't refuse<br />
34 The eo<strong>in</strong>age<br />
The penny drops<br />
35 Lex<strong>in</strong>gton<br />
Ma<strong>in</strong>e at war<br />
The Amerieas<br />
36 Power <strong>in</strong> Mexieo<br />
A union leader <strong>in</strong><br />
detention<br />
37 Cuba's leaders<br />
The new man<br />
37 lustiee <strong>in</strong> Haiti<br />
Double standards<br />
38 Urban transport<br />
Better by bike<br />
38 Colombia's eeonomy<br />
The black stuff<br />
Asia<br />
39 lapan and Ameriea<br />
Sp<strong>in</strong> and substance<br />
40 Thailand's illegal<br />
immigrants<br />
Adeadly cocktail<br />
41 India's Muslims<br />
Grow<strong>in</strong>g, and neglected<br />
42 Afghanistan<br />
Yankee beards go home<br />
44 Banyan<br />
Central Asia's unsmooth<br />
Silk Road<br />
Ch<strong>in</strong>a<br />
45 Blaekjails<br />
Treat<strong>in</strong>g <strong>the</strong> symptoms<br />
46 Tax reform<br />
A better service game<br />
Special report:<br />
Afriea<br />
A hopeful eont<strong>in</strong>ent<br />
After page 46<br />
Emerg<strong>in</strong>g<br />
Middle East and Afriea<br />
47 Kenyan etection<br />
Don't mention <strong>the</strong> war<br />
48 Lebanon and Syria<br />
In a pickle<br />
49 Egyptian polities<br />
Grim tid<strong>in</strong>gs<br />
Europe<br />
50 Italy's election<br />
Ungovernability w<strong>in</strong>s<br />
51 The Five Star Movement<br />
The crickets come out<br />
51 Franee' s eeonomy<br />
Austerity sta kes<br />
52. Dual citizenship <strong>in</strong><br />
Germany<br />
Jus sangu<strong>in</strong>is revisited<br />
53 Russian polities<br />
Put<strong>in</strong>'s purges<br />
53 Ukra<strong>in</strong>e and <strong>the</strong> EU<br />
An awkward partnership<br />
54 Charlemagne<br />
Rome's bad spell<br />
Afriea Howto free <strong>the</strong> world's<br />
fastest-grow<strong>in</strong>g cont<strong>in</strong>ent<br />
from its rema<strong>in</strong><strong>in</strong>g shackles:<br />
leader, page 12. Africa's next<br />
ten years will be even better,<br />
says our special report after<br />
page 46. Kenya's electlon,<br />
page 47. The scramble of<br />
Africa's banks, page 67<br />
Ch<strong>in</strong>a's blaekjails In <strong>the</strong><br />
name ofstability, <strong>the</strong><br />
governmentturns a bl<strong>in</strong>d eye<br />
to a particular sortofprison,<br />
page45<br />
British eeonomy The credit<br />
downgrade should focus <strong>the</strong><br />
chancellor's m<strong>in</strong>d on growth:<br />
leader, page 13. Whylos<strong>in</strong>g<br />
<strong>the</strong> rat<strong>in</strong>g did not spook <strong>the</strong><br />
markets, page 55. Smoke<br />
signals from <strong>the</strong> Bank of<br />
England suggest monetary<br />
loosen<strong>in</strong>g, page 56. George<br />
Osborne's strategy: Bagehot,<br />
page 57<br />
~~Contents eont<strong>in</strong>ues<br />
overleaf
4 Contents The Economist March 2nd 2013<br />
Brita<strong>in</strong><br />
55 The downgrade .<br />
Weaker still and weaker<br />
56 Monetary policy<br />
Negative response<br />
56 Farmers and <strong>the</strong> EU<br />
Ag9ro-cu ltu ra l<br />
57 Bagehot<br />
Machiavelli <strong>in</strong> <strong>the</strong> Treasury<br />
71 Corporate governance <strong>in</strong><br />
Hong Kong<br />
Of privacy and opacity<br />
71 Monetary policy <strong>in</strong> Ch<strong>in</strong>a<br />
Don't go Zhou<br />
72 America's cheap gas<br />
Bonanza or bane<br />
74 Free exchange<br />
Robots and humans<br />
American gasThe government<br />
should give<strong>the</strong> go-ahead for<br />
more natural-gas exports:<br />
leader, page 13. Prices are sure<br />
to rise-eventually, page 72<br />
Work<strong>in</strong>gfrom homeYahoo's<br />
ban on work<strong>in</strong>g from homeis a<br />
symptom ofits problems, nota<br />
solution to <strong>the</strong>m: leader, page<br />
14. Millionsof o<strong>the</strong>r people do it<br />
too, page 61. Robots are<br />
gett<strong>in</strong>g more powerful. That<br />
need not be bad news for<br />
workers: Free exchange,<br />
page 74<br />
SolarImpulseAn attemptto<br />
flyaround<strong>the</strong>world<strong>in</strong> a<br />
solar-powered plane, page 75<br />
International<br />
58 Refugees<br />
Flightto nowhere<br />
59 Conditional aid<br />
Carrots all round<br />
60 Geriatric prisoners<br />
In it for life<br />
60 ISBN numbers<br />
Book-keep<strong>in</strong>g<br />
Bus<strong>in</strong>ess<br />
61 Work<strong>in</strong>g from home<br />
Yahoo bans it<br />
62 Smartphone operat<strong>in</strong>g<br />
systems<br />
Bright-eyed and<br />
bushy-tailed<br />
62 lapan Tobacco<br />
Turn<strong>in</strong>g over a new leaf<br />
63 The music <strong>in</strong>dustry<br />
Someth<strong>in</strong>g to s<strong>in</strong>g about<br />
63 Drug companies<br />
Let<strong>the</strong>sunsh<strong>in</strong>e<strong>in</strong><br />
64 Europe's defence<br />
<strong>in</strong>dustry<br />
A hard pound<strong>in</strong>g<br />
66 Schumpeter<br />
Companies' moral<br />
compasses<br />
F<strong>in</strong>ance and economics<br />
67 Bank<strong>in</strong>g <strong>in</strong> Africa<br />
Cont<strong>in</strong>ent of dreams<br />
68 Africa's bond markets<br />
K<strong>in</strong>gs of<strong>the</strong> wild frontier<br />
69 Private equity<br />
When <strong>the</strong> music gets you<br />
69 America's mortgage<br />
markets<br />
Spread best<strong>in</strong>g<br />
70 Buttonwood<br />
Markets and democracy<br />
Sdence and technology<br />
75 Solar-powered flight<br />
Its moment <strong>in</strong> <strong>the</strong> sun<br />
76 Poll<strong>in</strong>ators<br />
Variety is <strong>the</strong> spice of life<br />
76 R&D<strong>in</strong> America<br />
Bad medic<strong>in</strong>e<br />
77 Mar<strong>in</strong>e biology<br />
F<strong>in</strong>d<strong>in</strong>g Nemo's role<br />
77 Surviv<strong>in</strong>g strokes<br />
Liv<strong>in</strong>g on<br />
Books and arts<br />
78 Iran's revolution<br />
Wait<strong>in</strong>g for God<br />
79 America and <strong>the</strong> second<br />
world war<br />
Workshop heroes<br />
79 Benjam<strong>in</strong> Britten<br />
Suffolk lad<br />
80 Paul Muldoon<br />
Rock chick<br />
81 R.B. Kitaj<br />
Obsessions<br />
88 Economic and f<strong>in</strong>andal<br />
<strong>in</strong>dicators<br />
Statistics on 42<br />
economies, plus a closer<br />
look at Wall Street bonuses<br />
Obituary<br />
90 Ray Cusick<br />
Designer of<strong>the</strong><br />
Daleks<br />
Nextweek<br />
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