Crypto News: How political polarization ends

Welcome to the weekend! This is your guide to Bloomberg's Weekend Edition: essays, reviews and stories where finance, life and culture meet.

A certain US president-elect is dominating the news cycle this week, and there's plenty on him below. But if you need some counterprogramming, our most-read (non-election) story is on a new obesity drug that's targeting dramatic levels of weight loss. If you need some retail therapy, Europe's luxury firms are desperate for your business. And if you just need a drink, Indian whiskey is all the rage.

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As Americans digest election results, they are also reckoning with the reality that political polarization seldom simply abates. That's not speculation: Jennifer McCoy and her colleagues at the Carnegie Endowment for International Peace identified 210 episodes of "pernicious polarization" globally over the past century, and found that only 27 of them saw sustained depolarization without regime change.

Weekend Essay

How Political Polarization Ends

Not easily, if history is any indication.

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To make US elections less binary, McCoy notes that the country could bake in more room for third parties. That might be music to the ears of Americans who participated in "vote-swapping," a (perfectly legal!) agreement between voters in swing states and so-called safe states to vote on each other's behalf. Scott Nover talked to several vote-swappers about why they did it and how they're feeling now.

Dispatch

The Vote-Swappers

A practical answer to an emotional question.

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Part of US polarization has to do with an evolution in values, and that doesn't only apply to politics. Thirty years ago, few things embodied the American mythos of freedom, individualism and daring so much as a solo road trip on a motorcycle. But bike sales fell during the recession and never recovered. Gideon Lichfield embarked on a cross-country ride to explore why the pastime is stalling out.

Weekend Essay

Motorcycles' Last Ride

A new US citizen puts a tradition to the test.

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Taipei
As millions around the world tuned in to watch Donald Trump recapture the White House, a very different election broadcast was playing in Taiwan. Anchored from the basement of a Taipei comedy club, a six-hour livestream featured local podcast host Mindy Huang and YouTuber Jay Lu sharing insights on the race gleaned from their own trip to the American heartland. Few places in Asia had more at stake in this election than Taiwan, where opinions on Trump's victory are mixed.

Illustration: Maggie Cowles for Bloomberg

Cairo
Until last month, sculptor Marie Khouri hadn't been back to Egypt in over two decades. When she arrived, she set up an installation of three huge Arabic letters on the sands of the Pyramids of Giza, reading "I love." The work is part of a contemporary art exhibition dubbed "Forever Is Now." Its curator is hoping to bring a different kind of attention to a country dealing with geopolitical conflict and an ailing economy.

Illustration: Maggie Cowles for Bloomberg

"She treats fandom as an art form. That's why she writes the kind of songs she writes. Taylor the fan is the truest Taylor; everything else comes from that."

Rob Sheffield

A Rolling Stone journalist and author of 'Heartbreak is the National Anthem: How Taylor Swift Reinvented Pop Music'

Sheffield is an unapologetic Swiftie, but his book can also be read as a case study in effective business strategy. Sheffield argues that Swift created a market that had been hiding in plain sight, largely by ignoring the micro-targeting approach central to modern marketing.

What we're placing bets on: Trump's first 100 days. As the dust settles, early forecasts are in on the president-elect's initial policy moves when it comes to taxes, tariffs, immigration and deregulation.

What we're saving $100,000 for: Bitcoin. It's odd that an industry started to rebel against government control would stake its future on politicians, but the crypto world's $135 million bet on the US election just paid off spectacularly.

What we're saving $1 million for: a Mar-a-Lago membership. The resort has always been prime real estate, but that price tag is up $300,000 since September. It's just one of many ways Trump can leverage his array of assets in a second term.

What we're stressing about: climate change. As the COP29 climate summit kicks off, efforts to slash emissions are up against a very different US. China, the world's biggest emitter, could position itself as the new climate leader.

What we're telling China: Wait up! Trump's 2018 tariffs have since snowballed into a bipartisan effort to slow China's roll. But the country already has a global leadership position in five of 13 key technologies tracked by Bloomberg.

What we're telling ourselves: Don't bet against Elon Musk. The world must contend with the fact that Musk is now "both a state actor and a very, very wealthy capitalist," Max Chafkin says on Elon Inc.

What we're watching: (American) football. Apollo Group co-founder Josh Harris acquired the Washington Commanders last year; their comeback is now seen as evidence that private equity firms should be able to buy in.

"Everybody should have the freedom to use whatever they want on their property. It's supposed to be America."

Hector Hernandez, who owns a landscaping service in Evanston, Illinois, is one of many people fed up with the city's ban on gas-powered leaf blowers. And Evanston isn't alone: Scores of US cities are trying to muffle the seasonal din with new regulations and fines. Whether that makes them environmental champions or the epitome of privileged NIMBYism depends on who you ask.

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