OU ot Economist How to cut the deficitPEM i4 esr eI cued r itd US investors agree Deutsche Bank is No.1 In a poll of nearly 1,000 leading US institutional investors carried out by Greenwich Associates this year, Deutsche Bank ranked eRe NU eecre nes nee mea hi Ee Men Sen OSE ER A ce Mo aM ARR SM OR es) Ree oe Ay ase cdg ae ean ee tren PiagetCry ‘Onthecover Sorting out America’s fiscal messistelatively simple. What's needed is political courage: leader, page 11. The ‘options forcutting the deficit, pages 29-31. An ‘ever-moredivided nation, page 33. Can Barack Obama and the Republicans find ‘common ground? Lexington, page4o The Economist ontine Dallyanalysisand opinion from ‘ur 19 blogs, plusaudio and video content, debates anda dailychart Ezonomlst.com/blogs E-mailznewslettersand mobile ition Economist.com/ematl Printedition: available online by ‘Tpm London time each Thursday Ezonomist.com/rint ‘Audio edition: aallableontine ‘odownload each Friday Ezonomis.com/audiedition isthe September 43 7 a 2 35 35 16 38 20 29 33 34 36 38 38 39 40 43 44 45 45 The world this week Leaders America’s budget deficit, Speak softly and carry ig chainsaw The euro-zone crisis Green and bear it Deating with spam Confidence game British immigration Scrap the cap Microfinance Leave wellalone The future of Japan TheJapan syndrome Letters n deforestation, Colombia, high-speed rail, Ireland, the Republicans Briefing America’s deficit Confronting the monster United States America in numbers One nation, divisible Congress reconvenes ‘An end to earmarks Municipal troubles All economics is Local New York's recovery Happy apple legal immigration Targeting the boss Islam in Tennessee {An uncivilaction Lexington Bipartisanship: bluffand counter-bluff The Americas Rebuilding Haiti Politics in the time of cholera Venezuela's economy Towards state socialism Mexico's film industry Action, but na profits legal mining in South America Ungreen gold Asia 47 China's rising prices Hunting down the hoarders 48 Caterpillar fungus Thenew gold 48 Bangladesh Politics ofhate 49 Acoronation in Sri Lanka Beating the drum ‘49 Hong Kong's paternalism Raspberries all ound 50 North Korean defectors, No paradise, but better than hell 50 Corruption in Indonesia ‘The adventures of SuperGayus 51 Banyan Freedom from fear Middle East and Africa 53 Israel, the United States and Palestine Fix those borders frst 54 Libya ‘Open yet closed 54 Evangelical Syrians Don’ttry too hard 55 Iraq’snew top people An emerging government. 55 Rhinos in South Africa Ahorny headache 56 Guinea's presidential poll Please stay calm 56 Boxing in Nigeria A rumble in the Sahet Special report: Japan Into the unknown After page 56 Europe 57 France's new government Old wine in new bottles 58 Francois Fillon The nobody who became somebody 58 Silvio Berlusconi An Italian job 59 Greece's budgetary woes Along odyssey 59 Portugal's worries Atlantic trouble 60 Germany, central Europe and Russia Frau fix-it 60 Hungarian politics Constituting a problem 62 Charlemagne EU leaders and the euro ‘The euro Ireland's troubles are largely fits own making but, German bungling hasmade matters worse: leader, page 12, How did the Celtictiger slipup? Pages 79-81. Greece's progress, page 59. Portugal's ‘government insists itis neither Greece nor Ireland, ppage59. Themessin Brussels: Charlemagne, page 62. Europe's changing bond markets, page 83 ‘Japan The biggest lessonit. ‘nay yet teach thewarldis aboutthe growth-sapping effects of ageing; leader, page 48, Ways Japan doing so little toadapt? Find out in our special report, after page 56. Japanese manufacturers on themove, page73 Myanmar’s queen On past form, thejunta maysoon snuff ‘outthe hopes that Aung San Suu ky’s release raise: Banyan, pages5i. Atleast she's notin North Korea, page 50 »» Contents continues overleaf