Posts Tagged ‘movies’
“The best way to destroy the capitalist system is to debauch the currency”*…
… the capitalist system or for that matter, just about any economic system. So the keepers of those systems, the 169 authorities that issue money around the world, take that threat very seriously. About half of them depend on one company, De La Rue. As Samanth Subramanian explains, the pandemic has been a roller coaster ride for cash– and thus for De La Rue…
… De La Rue… is in the high-stakes business of authentication. It designs and prints national passports, as well as the silver foil labels that mark cigarette packs and alcohol bottles as genuine. Most crucially, it works with roughly half of the world’s central banks on their currency notes: designing them, developing security features to protect them from counterfeiting, and printing them. From its presses in Asia and Europe, De La Rue turns out up to 6 billion banknotes a year, making it the world’s largest commercial printer of currency.
That number is only a fraction of all the notes printed worldwide annually. The biggest central banks—such as those of the US, China, India, and Brazil—tend to have their own presses. Still, many smaller countries outsource their production of money. De La Rue prints British pounds, Fijian and Barbadian dollars, Qatari riyals, Sri Lankan rupees, and dozens more currencies…
[There follows a fascinating history of the company…]
… A major issuer like the Bank of England will place a currency order annually; smaller banks can order once every few years. But the past is not always a reliable guide. During times of inflation, for instance, the demand for notes grows. De La Rue is one of the few companies for which inflation—or, for that matter, regime change—is a good thing. The fall of Saddam Hussein warranted new notes; so did the creation of South Sudan.
Most countries are better prepared for more predictable cycles of cash use. Around the Middle East, central banks arrange to have more currency on hand before Eid al-Fitr, when it’s customary not only to spend money on festivities but also to hand out gifts of crisp new notes. The same goes for the Chinese New Year and Christmas.
The pandemic proved to be unexpectedly disruptive. A casual observer may have expected cash use to plunge in 2020, as people stayed home during lockdowns and worried about catching the virus from banknotes. In fact, disasters tend to drive people toward cash, as a physical store of safety and wealth. As a result, in most countries, the average value of notes drawn from ATMs went up by about 25-30%. Central banks also wanted new, cleaner notes, and larger stocks of notes in general, so they ordered more.
Across the US and Eurozone, total currency in circulation in September 2020 was more than 10% higher than the previous year. In the US, the number of notes circulating usually tends to rise by an annual 1-2 billion. In 2020, that figure surged to 6 billion.
De La Rue welcomed the bonanza. It had suffered a setback in 2019, when it failed to win a £490 million contract to print the new, post-Brexit British passport. (Ironically, the job went to an EU company). But after the pandemic glut of orders for new notes, demand sank to lower-than-normal levels between 2021 and 2022. The currency division’s revenues fell 2.1%, to £280.9 million. The chair of De La Rue’s board resigned in April 2023 after the company put out a profit warning—its third in a year (a new chair was appointed in May). For De La Rue, the hangover from the pandemic has been more challenging than the pandemic itself…
The world’s largest money printer made bank during the pandemic: “De La Rue: Currency printer to the world,” from @samanth_s in @qz.
* Vladimir Lenin
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As we muse on money, we might recall that it was on this date in 1939 that The Wizard of Oz was first shown to the public in Dennis, MA, one of three test screenings ahead of the official release. Fearing the film would be unpopular, MGM executives opted to gauge audience reaction. The film was of course well received, and the studio proceeded with the star-studded Hollywood premier at Grauman’s Chinese Theater (on August 15).
And on the subject of currency, it’s worth noting that many view Dorothy’s trek to the Emerald City to be a lightly-veiled critique of the Gold Standard…
“Television is now so desperately hungry for material that they’re scraping the top of the barrel”*…
The television industry, in its new streaming-led form, is in turmoil. The companies that control it are slashing their available libraries and “reorganizing” their operations, leading to layoffs throughout the industry, and writers are on strike. To some extent, these are consequences of the years of deficit-funded efforts to grab subscribers coming home to roost. But as Max Read argues, there is a deeper problem: the people making our entertainment don’t like it…
… [David] Zaslav is this cycle’s big Hollywood villain, most famous for burying completed but unreleased movies for tax write-offs and removing shows from their streaming platforms to save money. When “Max,” the new streaming service that combined all of WBD’s streaming apps into a single offering, was released in May, its interface credited directors and producers together under the hilariously dismissive heading “Creators,” which was both a blatant violation of bargaining agreements around credits and an on-the-nose suggestion that the WBD people simply couldn’t be bothered to care what a “director” is or what one does.
But he is hardly the only person in Hollywood who seems to have more contempt than love for what the industry does. This excellent Vulture piece about the state of streaming by Lane Brown and Joseph Adalian has been rattling around in my head all week, specifically this quote:
One high-level agent says that studios regard the WGA’s demands — for higher minimum pay and staffing requirements, among other things — as simply incompatible with the way TV is now made: “The Writers Guild, delusionally, is harkening back to a day when there were 25 episodes of Nash Bridges a year and repeats and residuals. Back-end payments existed because Europeans were willing to watch our garbage, and Americans were willing to watch repeats of that garbage on cable at 11 at night. The real issue is that the medium changed. Instead of getting a job as a staff writer on CSI: Miami for 46 weeks a year, now it’s a 25-week job working on Wednesday, which is a better show. That’s just progress.”
This begins as a relatively lucid description of why back-end payments existed and then becomes a bizarre fantasy in which, for some strange reason, writers are now obligated to trade stable and remunerative employment for a vague sense of creative fulfillment and prestige, and this trade is called “progress.”…
I don’t meant to make one agent’s offhand quotes to Vulture emblematic of an entire industry, and I know there are many people in Hollywood who would disagree. But the contempt on display for (1) the product being produced, (2) the people who make that product, and (3) the people who consume that product is, I think, widely shared–look at Zaslav, HBO, and TCM. That contempt is nothing new in the entertainment industry, of course. But as it grows and develops it has increasingly made the people in charge unable to distinguish between good product and bad product.
The agent here is committing the same mistake as a lot of bad critics and even more bad development executives, which is to think of “prestige” as a desirable marker of quality, instead of as a kind of genre, or, more cynically, a set of narrative and aesthetic tropes (antiheroes, serialized narratives, film-like cinematography) designed to appeal to a particular marketing demographic–one that happens to be a target demographic for subscription streaming services. As the Vulture piece goes on to point out, just because something is eight episodes long and “actually about trauma” doesn’t automatically make it good, let alone popular…
The agent describes the old residuals system like this: “Back-end payments existed because Europeans were willing to watch our garbage, and Americans were willing to watch repeats of that garbage on cable at 11 at night.” The idea is that people are no longer willing to watch “garbage,” presumably because so many more options are available to them. But this is only a satisfying answer if you assume that “garbage” is automatically bad. What if the problem is that we’re not really making much good garbage anymore?…
You don’t even have to watch the garbage to appreciate its role in the creative ecosystem. The Shield creator Shawn Ryan, who’s quoted in the story above, was a Nash Bridges writer; so too was Watchmen and The Leftovers creator Damon Lindelof. I’m not the first person to make this point, but the entire first generation of “prestige TV” in the 2000s–which is to say, 90 percent of the actually good prestige TV–was written by people who’d spent a lot of time learning to write quickly to a tight structure for a big audience, a set of skills no longer as widespread among writers, to dire consequences for audiences, who have essentially traded consistent, engaging entertainment for the convenience of on-demand streaming.
Networks used to create several Honda Civic shows a year (and, yes, a lot of lemons); these days, if I can stretch this metaphor past the breaking point, streaming platforms seem to mostly create Tesla Model 3s, which is to say expensive, technologically interesting products that gesture at luxury and quality but tend to fall apart quickly and rely almost entirely on hype and conspicuous consumption (not to mention labor exploitation!) to make themselves profitable–and then only after years of burning cash in pursuit of a business model…
Is the problem really that streamers (or writers) are too focused on “prestige” at the expense of “populist” “garbage”? Netflix, the biggest streamer of all, produces mind-boggling amounts of middlebrow and trash TV; every time I open the app there’s a new reality competition between friendship bracelet makers or whatever.
There are many, many cultural and technological reasons for the various (and often overstated) malaises of the streaming era, and there’s no one weird trick for the industry to fix itself. But it’s hard not to notice that, from a labor perspective, the big difference between the era of West Wing and Ally McBeal and now is not so much that writers and directors and actors are too pretentious for lady-lawyer shows but that back then seasons lasted for 20+ episodes, paid more people, promised more consistency (to audiences and to workers above and below the line), and underwent more development. Streamers seem happy to make middlebrow TV; but they also seem unable or unwilling to consistently make good middlebrow TV–by paying enough people, building enough institutional knowledge, committing enough resources, and marketing the product.
You hear sometimes a call from writers or directors or other creatives for studios and streamers to take more risks and get more creative. But I don’t really think the problem of bad TV in the streaming era is an issue of “creativity” (versus conservatism) or “risk” (versus safety) so much as it is an issue of professionalism (versus saying “yes” to 1,000 shows at once, under-developing them, and then killing them en masse for no clear reason). Maybe the reason writers and directors and other creatives are treating TV “like art” instead of like “a job” is because none of the people who hire them are treating it like a job either!
If you do not like movies and TV you cannot make good movies and TV: “Why do entertainment executives hate entertainment?” from @readmaxread in his ever-illuminating newsletter, Read Max. Eminently worth reading in full.
* Gore Vidal
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As we change the channel, we might recall that it was on this date in 1977 that Elvis performed his last concert at Indianapolis’ Market Square Arena.
“Some historians hold that history is just one damned thing after another”*…
… and in one sense, it is. From Matan Stauber, a remarkable demonstration…
“Histography” is interactive timeline that spans across 14 billion years of history, from the Big Bang to 2015.
The site draws historical events from Wikipedia and self-updates daily with new recorded events.
The interface allows for users to view between decades to millions of years.
The viewer can choose to watch a variety of events which have happened in a particular period or to target a specific event in time. For example you can look at the past century within the categories of war and inventions…
Explore “Historiography.”
* Arnold Toynbee
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As we connect the dots, we might send well-preserved birthday greetings to Kevin Brownlow; he was born on this date in 1938. A filmmaker (documentarian and editor), he is best known as a film historian– the film historian of the Silent Era. His initiative in interviewing many largely forgotten, elderly film pioneers in the 1960s and 1970s preserved a legacy of early mass-entertainment cinema. He received an Academy Honorary Award at the 2nd Annual Governors Awards given by the Academy of Motion Picture Arts and Sciences on 13 November 2010– the first time an Academy Honorary Award was given to a film preservationist.
“‘Big’ government? Who wants that? I just want effective government. That means America’s government needs to be big in some places, small in others and non-existent in others.”*…
The Red would like to see less; the Blue, more– still, for all of their contention, the right and left in the U.S. agree that government isn’t doing the job that it could/should.
Indeed, the quantitation question obscures a qualitative issue: as our lives (and our businesses) have become more digital, governments have fallen behind in taking effective advantage of technology. Jen Pahlka, founder of Code for America, has devoted most of her life to precisely that problem. Now, she’s sharing the lessons she’s learned in a new book. Your correspondent has read and deeply appreciated it; but don’t take his word…
Beginning with “I’m Just a Bill,” an animated musical introduction to the American legislation system from Schoolhouse Rock!, Pahlka, the deputy chief technology officer during the Obama administration, delivers an eye-opening and accessible examination of why online interactions with government in America work—or, often, do not. The author provides numerous examples of failures, including a form for Veterans Affairs health insurance that only really worked on certain computers with certain versions of software; the development of healthcare.gov, where “the full set of rules governing the program they were supposed to administer wasn’t finalized until the site was due to launch”; or an “application for food stamps that requires answering 212 separate questions.” Through these and many other illustrative cases, Pahlka effectively shows that “when systems or organizations don’t work the way you think they should, it is generally not because the people in them are stupid or evil. It is because they are operating according to structures and incentives that aren’t obvious from the outside.” Indeed, by tracing the requirements of any technology developed by or for the government, it becomes increasingly apparent that simply adding new laws or throwing money at the problems fails to alleviate the confusion or waste. Throughout this empowering book, the author makes compelling, clear arguments, revealing inefficiency, bureaucracy, and incompetence, whether it stems from legislators, administrators, or IT professionals. “The good news is that software and the US government have something very important in common: they are made by and for people,” writes Pahlka. “In the end, we get to decide how they work.” Anyone dealing with the implementation of technology in government should pay attention to the author’s suggestions…
Starred review, Kirkus Reviews
An important– and eminently readable– exploration of the fraught intersection of technological innovation and government bureaucracy, and a guide to navigating it: Recoding America: why government is failing in the digital age and how we can do better, from @pahlkadot.
* Van Jones
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As we get smart, we might spare a thought for Auguste Lumière; he died on this date in 1954. The son of a French portrait painter who added photography to his repertoire, Auguste joined with his brother Louis to pioneer a pre-digital technology that changed the world: cinema.
Their father returned in 1894 from a trip to the U.S. where he’d been enchanted by Edison’s kinetoscope. The brothers (who’d already pioneered new darkroom techniques for still photography) were excited… until they understood that Edison’s display could only be seen by a single viewer at a time. They envisioned something different: a projected image that could be shared by an audience, in the same way that audiences share a play. With his brother’s help, Lumière designed the Cinematograph, a self-contained camera and projector that used a clawed-gear to advance sprocketed film. It was the first apparatus for making and showing films to audiences in a way that would be recognizable today as “going to the movies,” thus the Lumière brothers are often credited as inventors of the motion picture. In any case, the principle at work in the Cinematograph was the principle used in movie cameras and projectors for more than a century afterwards.











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