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Game of Groans AUGUST 12TH–18TH 2017Roadkill Fiduciary: It’S the Word Independent Advisors Live By

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Game of Groans AUGUST 12TH–18TH 2017Roadkill Fiduciary: It’S the Word Independent Advisors Live By Fire and fury over North Korea The Fed’s runners and riders Was Google right to sack him? Competitive punning: game of groans AUGUST 12TH–18TH 2017Roadkill Fiduciary: It’s the word independent advisors live by. Independent Registered Investment Advisors are held to the highest standard of care. As fiduciaries, they are required to act in the best interests of their clients at all times. That’s why we support independent financial advisors. And why we think it’s worth your time to learn more. FindYourIndependentAdvisor.com Annette B. | Independent financial advisor since 2006 Charles Schwab is committed to the success of over 7,000 independent financial advisors who are passionately dedicating themselves to helping people achieve their financial goals. This content is made available and managed by Charles Schwab & Co., Inc. (“Schwab”). The purpose of this information is to educate investors about working with an independent Registered Investment Advisor (RIA). The RIAs and their representatives featured here use Schwab Advisor Services™ for custody, trading, and operational support. Inclusion should not be construed as a recommendation, an endorsement, or a sponsorship by Schwab. Many independent RIAs and other financial services professionals receive compensation for services in a variety of ways. Registration does not imply a certain level of skill or training. It is the responsibility of each investor to determine which method of compensation offers the lowest total costs and best serves the interests and needs of the investor. ©2017 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. (0416-F1LX) (ADP92136-00) (06/16) Contents The Economist August 12th 2017 3 5 The world this week Asia 28 America and North Korea Leaders Tone Defcon 7 The death of the internal 29 Tokyo’s vanishing combustion engine bath-houses Roadkill Troubled waters 8 South Africa 29 Singapore’s first family Long walk to cronyism Bad blood 10 Google and gender 30 Muslim minorities (1) Not evil, just wrong Trampled in Thailand American health care If you 10 Russia and NATO 31 Muslim minorities (2) want to fix a system that is Dangerous games Myanmar’s scapegoats 32 Banyan buckling under pressure, look 12 University finances to Europe, page 22 The English solution Phones v state in North On the cover Korea The internal combustion engine had a good run. But Letters the end is in sight for the China 14 On Brexit, America, machine that changed the edtech, carbon emissions, 33 Rural Hong Kong world: leader, page 7. The virtual reality, the Big Housing ding-dong battery industry has vaulting Mac index 34 Tourism ambitions. Can it achieve Love yurts them? Page16.Atomic power stations that float on Briefing the ocean, or are anchored 16 Batteries Middle East and Africa beneath it, may have Electrifying everything 35 Kenya’s disputed election advantages over those built A country on edge on land, page 63 Russia By refusing to allow 36 Scions behaving badly United States observers at next month’s Despots’ brats on Instagram 19 Attitudes to immigration Zapad 2017military exercise, The Economist online Still yearning 36 Iraqi Kurdistan Vladimir Putin is stoking fear Inching towards Kexit 20 College admissions and suspicion: leader, page10. Daily analysis and opinion to 37 Hizbullah Why NATO is so alarmed, page 39 supplement the print edition, plus After affirmative action When the guns come home audio and video, and a daily chart 21 Labour unions Economist.com One and done 38 Israeli politics Prime suspect E-mail: newsletters and 22 Prisons mobile edition Company town Economist.com/email 22 Health care Europe Print edition: available online by European lessons 39 War games in Europe 7pm London time each Thursday 24 Lexington Mr Putin flexes his muscles Economist.com/print The Democrats 40 A Croatian firm’s collapse Audio edition: available online Supermarket chain reaction to download each Friday 40 Mediterranean drought Economist.com/audioedition The Americas Nor any drop to drink 25 Charter cities in Honduras 41 Freedom for the Faroes Kenya As the opposition A shadowy experiment Fishing for liberty contests the count, a peaceful 27 Chile 42 Charlemagne vote is threatened by violence, Lifting the abortion ban France v Italy page 35 Volume 424 Number 9053 27 Ecuador Published since September1843 Moreno asserts himself Britain to take part in "a severe contest between 43 Higher education intelligence, which presses forward, and an unworthy, timid ignorance obstructing University challenge our progress." 45 Bagehot Editorial offices in London and also: Has Corbyn peaked? Beijing, Berlin, Brussels, Cairo, Chicago, Madrid, Mexico City, Moscow, Mumbai, Nairobi, New Delhi, New York, Paris, San Francisco, São Paulo, Seoul, Shanghai, Singapore, Tokyo, Washington DC 1 Contents continues overleaf 4 Contents The Economist August 12th 2017 International Science and technology 46 The global techlash 63 Nuclear energy Chaining giants Putting to sea 64 Genetic engineering Business Cracking down on PERVs 48 Silicon Valley’s culture 65 Hypersonic travel You’re fired Hot stuff 49 Israeli business Startup and leave nation Books and arts 50 Fox’s bid for Sky 66 Puns and punning North Korea Donald Trump’s Language Why English is the What the Fox said Away with words bluster may thwart efforts to tongue of word champuns, get the nuclear dictatorship to 50 Helen Alexander 67 Henry David Thoreau page 66 negotiate, page 28. The best of bosses Wild American Smartphones help North 52 The business of airports 67 “Jane Eyre” Koreans keep track of what’s Ready to depart The secret history Subscription service going on. Unfortunately, they For our latest subscription offers, visit 53 Schumpeter 68 Bernardo Atxaga’s fiction Economist.com/offers also help the regime keep Suspicious minds Nevada days For subscription service, please contact by track of its people: Banyan, telephone, fax, web or mail at the details 68 Autism page 32 provided below: Economics brief The rise of the North America autie-biography The Economist Subscription Center 54 Say’s law P.O. Box 46978, St. Louis, MO 63146-6978 Glutology 69 Beit Beirut Telephone: +1 800 456 6086 Museum of memory Facsimile: +1 866 856 8075 E-mail: [email protected] Finance and economics Latin America & Mexico 72 Economic and financial The Economist Subscription Center 56 The Fed’s next chair P.O. Box 46979, St. Louis, MO 63146-6979 indicators Telephone: +1 636 449 5702 Rate race Facsimile: +1 636 449 5703 Statistics on 42 economies, E-mail: [email protected] 57 Buttonwood plus our monthly poll of Not as smart as they think forecasters Subscription for 1 year (51 issues) 58 Banking in Australia United States US $158.25 (plus tax) Canada CA $158.25 (plus tax) Cuckoo in the nest Obituary Latin America US $289 (plus tax) 58 Dutch disease Google There were better ways 74 Jeanne Moreau The Nigerian complaint of dealing with an outspoken Life as defiance Principal commercial offices: employee than immediately 59 American infrastructure 25 St James’s Street, London sw1a 1hg sacking him: leader, page10. Idle shovels Tel: +44 20 7830 7000 An internal memo inflames the 59 Risky sovereign bonds Rue de l’Athénée 32 debate about sexism and free Still crazy 1206 Geneva, Switzerland Tel: +4122 566 2470 speech at work, page 48. Even 60 Football finance 750 3rd Avenue, 5th Floor, New York, NY 10017 as big tech firms thrive, they Shooting stars are facing more government Tel: +1212 5410500 scrutiny than ever, page 46 1301Cityplaza Four, 12 Taikoo Wan Road, Taikoo Shing, Hong Kong Tel: +852 2585 3888 Other commercial offices: Chicago, Dubai, Frankfurt, Los Angeles, Paris, San Francisco and Singapore The Federal Reserve When Janet Yellen’s term ends, who PEFC certified will be the Fed’s next chair ? This copy of The Economist is printed on paper sourced Page 56. Investors rarely make from sustainably managed the best political analysts: forests certified to PEFC Buttonwood, page 57 PEFC/29-31-58 www.pefc.org © 2017 The Economist Newspaper Limited. All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of The Economist Newspaper Limited. The Economist (ISSN 0013-0613) is published every week, except for a year-end double issue, by The Economist Newspaper Limited, 750 3rd Avenue, 5th Floor, New York, N Y 10017. The Economist is a registered trademark of The Economist Newspaper Limited. Periodicals postage paid at New York, NY and additional mailing offices. Postmaster: Send address changes to The Economist, P.O. Box 46978, St. Louis , MO. 63146-6978, USA. Canada Post publications mail (Canadian distribution) sales agreement no. 40012331. Return undeliverable Canadian addresses to The Economist, PO Box 7258 STN A, Toronto, ON M5W 1X9. GST R123236267. Printed by Quad/Graphics, Saratoga Springs, NY 12866 The world this week The Economist August 12th 2017 5 Senate killed a proposal for a opposition to the country’s The state has drifted towards Politics referendum in which voting authoritarian regime. Ms the Republicans partly would be mandatory. But the Ortega had called it a “mock- because ofthe Democrats’ strongest opposition to the ery ofthe people”. Meanwhile, green agenda, which hurts mandatory vote came from Mercosur, a South American local coalmining jobs. Joe supporters ofsame-sex mar- trade bloc, suspended Venezu- Manchin, a conservative riage, who worried that it ela as a member. Armed men Democratic senator, is already would be divisive. under the command ofa dis- feeling the pressure in his bid sident captain attacked an forre-election next year. An earthquake in the Chinese army base, urging soldiers to province ofSichuan killed at rebel against the government.
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