October 1, 2015
How will negative interest rates change the rules of the game for investors and policymakers? ... Traditional economic theory says that a com - bination of massive deficit spending and histori - cally low (not to mention negative) interest rates should produce a rip-roaring boom in which work - ers get generous raises, prices spike, and interest rates follow. Theory also says that, even in the rare case of nominal interest rates turning neg - ative, the rates can’t stay there because beyond this “zero bound,” savers and investors will with - draw their cash and store it themselves, emp - tying banks and crashing the financial system. ... Multiple factors provide possible explanations for this curious situation. Three in particular stand out: demographic changes, the impact of debt burdens, and uncertain implications of monetary policy (especially quantitative easing). ... In a June 2015 report, the Bank for Interna - tional Settlements echoed this sentiment by con - cluding that a policy of persistently low interest rates “runs the risk of entrenching instability and chronic weakness.” Such an environment makes several extreme—and, sometimes, mutu - ally exclusive—scenarios at least conceivable.
Modeled after the wildly popular Japanese group AKB48, Wang’s three-year-old Chinese version similarly auditions young women from across the country, trains them intensively in singing, dancing, and show-hosting for four months, then puts them onstage to perform choreographed routines in live concerts. The regimen—long rehearsals, exercise, and dormitory curfews—seems more akin to the military than to the MTV life. “To make their dreams come true, they need sweat and perseverance,” Wang says. “Most Chinese girls, because the economy is developed and the quality of life is high, lack discipline.” ... During the most recent round of auditions in June, 48 applicants were selected out of 126,000, says Tao Ying, Star48’s chief executive officer. (Applicants can be as old as 22; the youngest band member is 14.) ... Wu is one of the band’s 119 members, who are split into smaller teams, which are rotated in live performances at the band’s 340-seat Shanghai theater, for about seven shows a week. ... plans to start similar girl bands in 10 Chinese cities by 2018. ... Besides keeping up with the band through China’s popular WeChat messaging app and various microblog platforms, fans stay involved through voting for the group’s favorite songs and their favorite band members. That input affects the performer’s career and salary. The most popular ones earn as much as 50,000 yuan a month, and the newest recruits get about 4,000 yuan, Wang says. Fans also meet band members regularly in what Star48 calls “handshake gatherings,” where 10-second individual sessions with their favorite idol are earned after buying a certain number of the band’s songs.
How a ragtag group of young coders skirted the studio and created a pop culture sensation that's still standing two decades later ... The marketing was hitting all the right notes, including on the Internet – even if no one noticed or cared. A few blocks from the flagship Warners store, up on the 29th floor of 1375 Avenue of the Americas, a group of five outcasts, working out of cramped cubicles and closets that doubled as office space, had cranked out what would become, over the next two decades, one of the most beloved websites ever made. At a time when asking to put a web address on a movie poster usually produced blank stares and then exasperated sighs, the site pushed all the limits of web development. There were inside jokes alongside animated GIFs, Easter eggs to be found and virtual reality 360s ahead of their time. It was free-flowing, unsupervised, guerrilla design work, all being done under the umbrella of one of the largest entertainment companies on the planet. ... The site lay more-or-less dormant for the next 14 years. But that changed for good in late 2010, when the Internet, exponentially bigger than it was in 1996, rediscovered the site – almost entirely unchanged from its initial launch. It was reborn as a viral sensation, the web's equivalent of a recently discovered cave painting.
The gliding gadgets are suddenly everywhere, and someone is going to make a killing. Will it be the guy who patented them, the guy who imported them from China, or Mark Cuban? ... The 2-foot-long, two-wheeled, twin-motored plastic board that glided to the forefront of American popular culture this summer could be the skateboard of the young century. The similarities are there. It’s a zeitgeisty short-distance ride that has started to yield its own, self-sustaining viral culture. And you can definitely draw a line from the amateur videos that helped skate culture conquer America to the sudden tide of Vines and Instagram videos that have made the boards a phenomenon. Then again, the so-called hoverboards could simply be the Tickle Me Elmos of 2015 — ubiquitous, overpriced trinkets with a single holiday-season half-life. Time and the collective attention span of America’s teenagers will tell. ... This much is certain: For some weeks or years to come, these devices will be part of the future. Celebrity endorsements on television and social media, enthusiastic word of mouth, and a sudden crop of internet distributors that can barely import the things fast enough to mark them up and meet demand have seen to that. ... As Wired reported earlier this summer, all of the dozen or so tiny American companies that sell the devices, including IO Hawk, buy from Chinese manufacturers like Hangzhou Chic Intelligent Technology (Chic) and make changes to the boards, typically cosmetic, before selling them in the States.