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The Bull Market in Everything

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The Bull Market in Everything Gun laws after Las Vegas Stand-off in Catalonia Goldman: vampire squid to damp squib Are women underpaid? OCTOBER 7TH–13TH 2017 Thebullmarket in everything Are asset prices too high? Going beyond reality. That’s innovation. Anticipating the future. Challenging the status quo. And always thinking one step ahead. At CaixaBank we have been thinking this way for over a hundred years. Continuously seeking to improve on reality. Providing our customers today with what they will need tomorrow. As a result we are recognised as one of the most innovative banks in the world. Contents The Economist October 7th 2017 5 9 The world this week Asia 41 Indonesian politics Leaders Jokowi at bay 13 Asset prices 42 Japan’s election The bull market in Mannequins cast no everything ballots 14 Guns in America 43 Radio in North Korea Deathly silence Making waves 14 Liberia 43 Economic policy in India The legacy of Ma Ellen Fifth columnists Las Vegas Do not despair, 16 Families and work 44 Immigration to Australia change is possible: leader, Having it all Almost one in three page14. The shooting has 18 Separatism in Catalonia 46 Banyan Homage to Formosa reinvigorated calls for gun On the cover How to save Spain control and highlighted its Prices are high across a limitations, page 27. range of assets. Is it time to Letters China Superstition helps explain worry? Leader, page13. Low why many Republicans think 20 On cancer, Syria, China, 47 Ageing in Hong Kong interest rates have made loose gun laws keep them safe: Brazil, corn, spies, free Wrangling over pensions more or less all investments Lexington, page 36 speech 48 Chiang Kai-shek expensive, page 23. Reassuring the late Crypto-coin mania dictator illustrates the crazy and Briefing not-so-crazy sides of 23 Asset prices bubbles: Free exchange, The bubble without Special report: Emerging page 78. After a rocky few any fizz markets years, emerging markets Out of the traps have become more mature After page 48 and resilient, says Simon United States Cox. But along with the 27 Guns drama, some of their What happened in Vegas Middle East and Africa dynamism has gone. See our 28 Mainland Puerto Ricans 49 Liberia’s election special report, after page 48 Nuyorican souls Into a vague future 50 Ethnic tension in Ethiopia Britain’s Conservatives 30 Hurricane Maria The party has lost faith in its A real catastrophe Unity v diversity The Economist online leader but not yet found an 32 Diplomacy 50 Chinese aid in Africa alternative, page 58. One of Daily analysis and opinion to Tillerson’s torment No place like home the great puzzles of politics is supplement the print edition, plus 34 Gerrymandering 51 Palestinian politics how Boris Johnson keeps his audio and video, and a daily chart Hamas extends a hand Economist.com Choosing voters job, page 59. The Tories need 52 Lebanon’s railway to promote the next E-mail: newsletters and 36 Lexington Magical thinking Back on track? generation of leaders—and mobile edition fast: Bagehot, page 60 Economist.com/email 52 Jalal Talabani A lamented Kurd Print edition: available online by The Americas 7pm London time each Thursday 37 Crime in Brazil Economist.com/print Rio’s post-Olympic blues Europe Audio edition: available online 38 Bello 53 Spain to download each Friday Deciphering Trump Outrage in Catalonia Economist.com/audioedition 40 Canada 54 Ukraine and Russia Meet Jagmeet Singh Back to the table 40 Tropical ice 55 The EU’s Eastern Death of a glacier Partnership Disappointed suitors Volume 425 Number 9061 55 German theatre Who owns the stage? Careering towards crisis Published since September1843 56 Poland Catalonia is on the brink of to take part in "a severe contest between intelligence, which presses forward, and Saving the trees declaring independence, but an unworthy, timid ignorance obstructing it is not too late to step back our progress." 57 Charlemagne The EU and Japan from calamity: leader, page 18. Editorial offices in London and also: The government mishandles Beijing, Berlin, Brussels, Cairo, Chicago, Madrid, Mexico City, Moscow, Mumbai, Nairobi, New Delhi, Catalan defiance, page 53 New York, Paris, San Francisco, São Paulo, Seoul, Shanghai, Singapore, Tokyo, Washington DC 1 Contents continues overleaf 6 Contents The Economist October 7th 2017 Britain Science and technology 58 The Conservatives 81 The 2017 Nobel prizes Spluttering Jet lagged in Stockholm 59 Monarch’s collapse 82 The virtue of uprightness Crash-landing Atten-shun! 59 The cabinet 83 Scientific productivity All about Boris Open borders, better 60 Bagehot science The new Tory torchbearers 83 Animal behaviour J’y suis. J’y reste Women and work The gender Nobel prizes This year’s International 84 Meteorology gap that still needs to be Brimstone and fire science awards are for body closed: leader, page16. 61 Men, women and work clocks, gravitational waves Women still earn a lot less The gender gap and a cool way to study protein than men, despite decades of 62 Sharing chores at home Books and arts structure, page 81 equal-pay laws. Why? Page 61. Divided perceptions 85 Ulysses S. Grant Pensions have a gender gap, History has its eyes on him too, page 75 Subscription service Business 86 Victorian Britain A hard-won century For our latest subscription offers, visit 65 Tech’s toughest job Economist.com/offers From Uber to kinder 86 Peak Britannia For subscription service, please contact by Beneath the surface telephone, fax, web or mail at the details 66 Tax avoidance provided below: Raining on Amazon 87 Hong Kong North America The resistance The Economist Subscription Center 67 Fixing Ford P.O. Box 46978, St. Louis, MO 63146-6978 Waiting for parts 87 Architecture Telephone: +1 800 456 6086 Crooked timber Facsimile: +1 866 856 8075 67 Internet infrastructure E-mail: [email protected] Pipe dreams 88 Johnson Latin America & Mexico Give evolution time The Economist Subscription Center 68 Indian telecoms P.O. Box 46979, St. Louis, MO 63146-6979 Jioseismic Telephone: +1 636 449 5702 Facsimile: +1 636 449 5703 69 Pernod Ricard and 92 Economic and financial E-mail: [email protected] Uber The new chief executive Danone indicators Subscription for 1 year (51 issues) is off to a strong start but he Be a sinner, be a saint Statistics on 42 United States US $158.25 (plus tax) economies, plus our still has miles to go, page 65 70 Schumpeter Canada CA $158.25 (plus tax) monthly poll of forecasters Latin America US $289 (plus tax) Goldman Sags Obituary Finance and economics Principal commercial offices: 94 Hugh Hefner The Adelphi Building, 1-11John Adam Street, 73 Pensions in America London WC2N 6HT Living the dream The big squeeze Tel: +44 (0) 20 7830 7000 74 Buttonwood Rue de l’Athénée 32 1206 Geneva, Switzerland The trouble with mergers Tel: +4122 566 2470 75 Women’s pensions 750 3rd Avenue, 5th Floor, New York, NY 10017 The gender gap Tel: +1212 5410500 76 American shipping 1301Cityplaza Four, 12 Taikoo Wan Road, Taikoo Shing, Hong Kong The Jones Act Tel: +852 2585 3888 Goldman Sachs Unusually, the 76 Food and taxation Other commercial offices: famous investment bank has Fat is a fiscal-policy issue Chicago, Dubai, Frankfurt, Los Angeles, more of a business problem 77 Tax havens Paris, San Francisco and Singapore than an image problem: Buried treasure Schumpeter, page 70 77 Chinese acquisitions Freezers to finance PEFC certified This copy of The Economist 78 Free exchange is printed on paper sourced from sustainably managed Manias, panics and ICOs forests certified to PEFC 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 TRAVEL WITH EASE! MOBILE APP & E-SERVICES Air France accompanies you every step of your journey. Thanks to the Air France Mobile app, you can receive information about your boarding gate as well as luggage* upon your arrival. Get answers to all your questions via social media** 7 days a week. * Notification of luggage carousel available in Paris-Charles de Gaulle, Paris-Orly, Amsterdam, Marseille, Nice, Toulouse, Bordeaux, Lyon, Montpellier and Strasbourg. **24 /7 in French and English. 7 days a week in Japanese, Spanish, Chinese, Korean, Portuguese, German and Italian. DON’T LOOK NOW, BUT THE FUTURE YOU PLANNED FOR JUST BECAME THE PAST. GROWTH IS LIVE. Work, grow, and evolve as one. SAP’s suite of affordable, easy-to-use solutions helps small and midsize companies automate and integrate business processes – live and in the moment. So all your functions and departments can grow together. Without falling behind. sap.com/growth )'(. J8G J< fi Xe8cc J8G i`^_kj X]Ôc`Xk\ i\j\im\[% ZfdgXep% The world this week The Economist October 7th 2017 9 can diplomats and their fam- Regulators gave TEPCO, a Three American special-forces Politics ilies that seem to have caused Japanese power company, troops were killed and two tinnitus and other afflictions.
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