Europe on X Billion Dollars a Day
I went through a long rigamarole with my publishers about the title of Menace in Europe: Why the Continent's Crisis is America's, Too. That wasn't my idea. My idea, which I thought more elegant and descriptive of the contents, was Blackmailed by History: The Sleeping Ghosts of Europe Wake.
But the sales force hated that. They thought Americans wouldn't buy a book about Europe unless it contained a terrifying word and some variant on the idea that it mattered to them. I thought it was perfectly self-evident that what happened in Europe affected the United States--two World Wars seems like sufficient evidence of that--but my editor thought that if the sales force hated the title, they wouldn't try to sell it, so I caved. I still wish I hadn't.
Anyway, to Americans who are only interested in Europe if I can prove that its problems are yours, I've got a new idea for a title, because you--yes you, personally--just spent billions bailing them out. Bet you would have preferred to spend that on something else!
I haven't yet done the math to figure out how much each American spent on that bailout, but once I do, I'll at last have a title for that book the sales force will love. A few years too late, of course.
(You're welcome, Europe! No, wait, my mistake, I didn't hear that. Well, not too late--and make sure you send us an invitation to Berlusconi's next bunga bunga party, okay? Just put us on the VIP list. )
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Oct '10
Re: Europe on X Billion Dollars a Day
Claire, were you not invited to the last bunga, bunga party? I know I didn't see you there, but I assumed you were busy interviewing some Ottoman or something. I'll have a word with Silvio.
By the way, I know that Europe matters to me, because every time a Madison Avenue marketer wants to sell me something I don't need, he tells me it's European.
Aug '10
Re: Europe on X Billion Dollars a Day
How are these guys going to pay us back ? Are they going to adopt the unemployed in America and give them Greek-level benefits ? Execute a giant rendition that empties Gitmo ? Open the doors of their creaking, moldy hospitals to seniors losing their Medicare ? Let us copy the 25 page section of their constitution that provides a concise definition of what cheese is ? Smaller cars ?
Why didn't we see anything about this earlier in the NY Times ? It would have been darned helpful if I had known that I could have bought that Audi with a USA discount ? Or that Brioni suit ? The pate foie gras ? And yes, something made in Turkey......like turkish delight or a cheap yacht . Europe is such a great contributor to world sustenance, we need to keep them afloat and we all know that our President Obama drove a hard bargain in order to help them.
Right !
Right ??
Aug '10
Re: Europe on X Billion Dollars a Day
Claire Berlinski, Ed.: My idea, which I thought more elegant and descriptive of the contents, was Blackmailed by History: The Sleeping Ghosts of Europe Wake.
But the sales force hated that. They thought Americans wouldn't buy a book about Europe unless it contained a terrifying word and some variant on the idea that it mattered to them.
I think the sales force underestimated the readership. Me, I was wondering why the title had to call the Continent's crisis America's, too -- it struck me as pouring it on a bit thick.
I like your idea for the title better.
And I'm glad you've got some martial-arts mojo. I feel less worried about your being invited to bunga bunga parties. (Berlusconi hasn't yet thought of re-naming his party the Bunga Bunga Party, has he? He's already got interesting campaign slogans, though..."Meno male che Silvio c'è" -- "It could be worse than Silvio" -- and a theme song that has to be heard to be believed... Why can't out politicians run campaigns like this?)
Jun '10
Re: Europe on X Billion Dollars a Day
When the financial ties go this deep, our financial globalization is really just political globalization by other means. This train is going to be hard to stop.
May '10
Re: Europe on X Billion Dollars a Day
Claire, you are so good with titles, and such, I find this Euro bailout particularly galling.
In 1986, Europe on $25 a Day was my honeymoon planner, and dear husband and I actually did it, for 21 days.
We endured a few stiff single beds, and sometimes lunch was a chocolate bar--but we were spending our own money and guarded every cent.
I do feel blackmailed.
May '10
Re: Europe on X Billion Dollars a Day
Europe is like a teenager who whines about being oppressed and then asks Uncle Sam for money.
Claire, I recently finished that book and passed it on to some relatives. The chapter on Germany via Rammstein lingers in the mind.
Oct '10
Re: Europe on X Billion Dollars a Day
This wasn't a bail out. Lender of last resort facilities at central banks are too short-term for bailouts--the money has to be paid back without a few months, at most. (AIG and Bear Stearns were not lender of last resort actions--the Fed took credit risk there).
Besides, haven't foreign central banks paid it all back? Not to mention, this was secured lending--currency swap lines. The point was providing liquidity, not bailing out insolvent institutions.
"Lend freely, to solvent institutions with good collateral"--that's what this was. A bailout would be lending to an insolvent institution, where there is a strong risk of credit loss (as in AIG and Bear Stearn's case).