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//-->Terror in TunisThe rich-poor parenting gapHellenic hotheads v tough TeutonsDangers of a rising dollarMARCH21ST–27TH 2015Economist.comA holiday at the bottom of the seaSpreading fear,losing groundThe weakness ofIslamic StateAre you askingenough questionsabout the way yourwealth is managed?In life, you question everything.The same should be true when itcomes to managing your wealth.Do you know what your broker isbasing their recommendations on?Do they stand by their word? Do youknow how much you’re paying infees? And how those fees affect yourreturns? Ask your broker, and if youdon’t like their answers, ask again atSchwab. We think you’ll like what ourFinancial Consultants have to say.Call 1-866-6SCHWAB or stop by a branchto talk to a Financial Consultant today.Wealth Management at Charles SchwabPL ANNINGIPORTFOLIO MANAGEMENTIINCOME STR ATEGIESIBANKINGBrokerage Products: Not FDIC Insured • No Bank Guarantee • May Lose ValueThere are eligibility requirements to work with a dedicated Financial Consultant.Wealth management refers to products and services available through the operating subsidiaries of The Charles Schwab Corporation of which thereare important differences including, but not limited to, the type of advice and assistance provided, fees charged, and the rights and obligations of theparties. It is important to understand the differences when determining which products and/or services to select.The Charles Schwab Corporation provides a full range of brokerage, banking and financial advisory services through its operating subsidiaries.Its broker-dealer subsidiary, Charles Schwab & Co., Inc. 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(0614-3466) ADP80835-00Contents6The world this week329LeadersThe war against IslamicStateThe caliphate cracksChina on the world stageA bridge not far enoughGreece v GermanyDangerous liaisonsThe strong dollarMismatch pointBritain’s budgetBut seriouslyAsiaThe Asian InfrastructureInvestment BankFollow the moneyInvestment in Sri LankaStorm in a portVanuatu and Cyclone PamNo enchanted eveningBenigno Aquino’stroublesVictims of the raidSame-sex unions inJapanSummer of loveIndia’s oppositionThe son also disappearsChinaHong Kong-mainlandrelationsDeepening antagonismFeministsA bad day for womenSmokingTougher controlsBanyanDalai Lamas rebornMiddle East and AfricaIsrael’s electionThe price of Bibi’scomebackJihadism in TunisiaTerror at the BardoEgypt’s economyPharaonic ideasSport in the GulfStep on itMercenaries in AfricaLeash the dogs of warCorruption in KenyaAt long last, a prosecutionEuropeGermany, Greece andhistoryPointing fingersA French political fadChirac’s returnIrish politicsEyes on the prizeBalkan migrationLeaving dreams, chasingdreamsRome’s papal windfallA time to give thanksCharlemagneEurope’s information warsThe EconomistMarch 21st 2015333333410101112On the coverIslamic State is still spreadingterror, but the “caliphate” isshrinking and its weaknessesare becoming more evident:leader, page 9. The factorsthat made IS a success are nowcontributing to its problems,pages 17-20. A murderousattack in Tunis, page 40The EconomistonlineDaily analysis and opinion tosupplement the print edition, plusaudio and video, and a daily chartEconomist.com3435Letters14 On political parties, theOlympics, BerkshireHathaway, fox hunting,Bobby JindalBriefing17 Islamic StateThe pushbackUnited StatesAppalachiaThe Fifty Years WarAfter the bankruptcyGreen shootsExecutionsThe drugs don’t workAaron SchockAt play in PeoriaGovernment spendingFrugality for dummiesTax incentivesSparks flyLexingtonDefending AmericaThe AmericasProtests in BrazilThe wisdom of crowdsCanada’s newanti-terrorism billLet feardom ringJournalism in MexicoRadio silencedBelloVenezuela and itsneighboursGreece v GermanyThe economic crisis in Greecethreatens to cause ageopolitical one, too: leader,page 10. Neither childishsquabbles nor historicalarguments will help solveGreece’s problems, page 433637373821222324242628E-mail:newsletters andmobile editionEconomist.com/email39Print edition:available online by7pm London time each ThursdayEconomist.com/print4040414242Haves and have notsHowpoverty in Appalachia haschanged since the federalgovernment went to war in thehollows, page 21. America’sparenting gap between richand poor, page 73Audio edition:available onlineto download each FridayEconomist.com/audioeditionVolume 414 Number 893029Published since September 1843to take part in "a severe contest betweenintelligence, which presses forward, andan unworthy, timid ignorance obstructingour progress."Editorial offices in London and also:Atlanta, Beijing, Berlin, Brussels, Cairo,Chicago, Hong Kong, Johannesburg, Lima,Los Angeles, Mexico City, Moscow, New Delhi,New York, Paris, San Francisco, São Paulo,Singapore, Tokyo, Washington DC433044454530314849British budgetWe hope thatGeorge Osborne’s final budgetdoes not mean what it says:leader, page 12. Why thespending plans do not makesense,page 50. Britain’selection campaign is dominatedby talk of a pending squeezewhich most Britons have notmuch felt: Bagehot, page 521Contents continues overleaf4ContentsThe EconomistMarch 21st 2015Dollar trade-weighted indexMajor currencies, March 1st 1973=1001009080702012131415Britain50 The budgetBust to boom51 Labour’s responseA one-legged stool52 BagehotLeaner but meanerInternational53 Televised politicaldebatesLights, camera, election54 Political consultantsSpinning a winBusinessThe legal professionAttack of the bean-countersViacomThe autumn of SumnerThe Algosaibi affairA Saudi sagaMobile telecoms in IndiaUnder the hammerSchumpeterWhat is the purpose ofa company?Finance and economicsAmerica’s monetarypolicyA leap in the darkButtonwoodA new sovereign riskThe surging dollarFeeling greenNotariesThe princes of paperworkMobile paymentsUnfriending cashIraq’s economyAn empty chestFree exchangeRegional and global tradedeals69707071The strong dollarThe rise ofthe greenback will punishborrowers in emerging markets:leader, page 11. How willinvestors react when the Fedfinally raises taxes? Page 63.Debt-ridden emerging marketsare heading for a nasty dollarhangover, page 657172Science and technologyPandemic diseaseNever again3D printingRising from the oozeNutrition, IQ and incomeBreast really is bestExploring the oceanAn ambassador toNeptune’s kingdomC02and the climateFlatliningEvolutionBeetlemaniaBooks and artsClass and family inAmericaThe nurture gapEnglish country lifePride and promiscuityThe birth of IsraelLong, long roadNorth Korea at the moviesLoan-star stateVisit Detroit......like Diego Rivera andFrida Kahlo555859616273Next weekWe publish a special reporton the future of universities.The American model of highereducation is spreading. It isgood at producing excellence,but needs to get better atproviding access to decenteducation at a reasonablecost, says Emma Duncan74747677Subscription serviceFor our latest subscription offers, visitEconomist.com/offersFor subscription service, please contact bytelephone, fax, web or mail at the detailsprovided below:Telephone:1 800 456 6086(from outsidethe US and Canada,1 636 449 5702)Facsimile:1 866 856 8075(from outsidethe US and Canada,1 636 449 5703)Web:Economistsubs.comE-mail:customerhelp@economist.comPost:The Economist SubscriptionServices, P.O. Box 46978,St. Louis, MO 63146-6978, USAChina bank rowAmerica iswrong to obstruct China’sAsian-infrastructure bank:leader, page 10. Developmentfinance helps China win friendsand influence American allies,page 326364656666676880Economic and financialindicatorsStatistics on 42economies, plus a closerlook at world GDPObituary82 Naty RevueltaFor love of FidelSubscription for 1 year (51 issues)United StatesCanadaLatin AmericaUS$160CN$165US$338Principal commercial offices:25 St James’s Street, Londonsw1a 1hgTel: 020 7830 7000Rue de l’Athénée 321206 Geneva, SwitzerlandTel: 41 22 566 2470750 3rd Avenue, 5th Floor, New York, NY 10017Tel: 1 212 541 050060/F Central Plaza18 Harbour Road, Wanchai, Hong KongTel: 852 2585 3888Other commercial offices:Chicago, Dubai, Frankfurt, Los Angeles,Paris, San Francisco and SingaporeSubmersiblesA new miniaturesubmarine will allow aquanautsto visit the ocean floor incomfort, page 71PEFC certifiedThis copy ofThe Economistis printed on paper sourcedfrom sustainably managedforests certified to PEFCwww.pefc.orgPEFC/29-31-58© 2015 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 orotherwise, 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 Economistis a registered trademark of The Economist Newspaper Limited. Periodicals postage paid at New York,NYand 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. 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