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This is not a story about Taylor Swift and the Super Bowl

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This is not a column about Taylor Swift. It is possibly something more ridiculous, a column about all the columns about Taylor Swift. And yet attention must be paid, because so much attention is being paid. That is the ineluctable logic of the media-politics complex, a philosophical school of which Donald Trump is the American Aristotle. Ms Swift is no slouch, either.

Any news organisation would be deceiving readers about the reality of American life by ignoring the national convulsion over the relationship between Ms Swift and Travis Kelce, a tight end for the Kansas City Chiefs, an American-football team competing in the Super Bowl on February 11th. And yet any news organisation must also reckon with the complexity that this reality has its basis in unreality, not in fact-free lies about a stolen election but in fact-free speculation about whether the romance is a real love affair, or a cross-branding triumph by two marketing savants, or, darker yet, a “psychological operation” hatched by the Pentagon to re-elect President Joe Biden. (The Pentagon has denied this.)

Having described that basic background, your news organisation approaches a fork in the road. Down one route lies further credulous or cynical conspiracy theorising. This is the route chosen by some stars of Fox News. Down the other, news organisations can poke at those who traffic in conspiracies while not ruling out the cross-branding theory, and speculating about if and with what effect Ms Swift might endorse Mr Biden, as she did in 2020.

As these news organisations intensify and prolong the attention to the artist and the athlete, they are doing their jobs: they are covering what has come to be defined as news. They are also harvesting the fruits of the fascination with Ms Swift, a subject all Americans appear to think about even more frequently than the males do the Roman empire. (Small wonder, by the way, that Super Bowls are gassily enumerated in Latin. This one is LVIII.)

There is a third branching from this particular fork, down which the self-loathing columnist, racked (yet also tickled) at the prospect of writing about Ms Swift and Mr Kelce, might venture in search of a high-minded rationale. Inevitably, that columnist will collide with Daniel J. Boorstin. Boorstin, a historian, set out to understand what had led Americans “to create the thicket of unreality which stands between us and the facts of life”.

In “The Image”, a book he published in 1961, Boorstin concluded that “we expect too much from the world.” When we pick up the newspaper, we anticipate learning of momentous events. Yet the real world does not supply spectacular novelty very often. This imbalance was not obvious when the first newspaper published in America, Publick Occurrences Both Forreign and Domestick, appeared in Boston in 1690, promising news just once a month. But then came advances in technology—the rotary press in the 19th century, followed by radio and television in the 20th—and the definition of “news” began to inflate to fill all that space and, with it, all that yearning for something new, something interesting.

Boorstin argued that the imbalance between demand and supply was corrected by the invention of the “pseudo-event”. This was a happening or statement that did not arise spontaneously, out of the natural flow of events in the world, but was created, often by a canny public-relations agent. This kind of news now so defines the daily representation of reality beyond our direct experience that it is hard to imagine apprehending the world without it.

To Boorstin, the pseudo-event was a potentially dangerous means of distortion, a way to shape perception by exploiting the thirst for novelty. Joseph McCarthy, the red-baiting senator from Wisconsin, was “a natural genius” at generating pseudo-events, turning journalists into “reluctantly grateful” consumers and purveyors of his product: “Many hated him; all helped him.” Sound familiar? Boorstin was writing in what now seems a leisurely age, before the internet stretched the canvas for news to infinity while wrecking the economics of the industry, rewarding ceaseless nattering while discouraging costly reporting. These developments amplified the power of pseudo-events, as Mr Trump, always his own best publicist, has shown.

Does Mr Trump mean it when he says that if elected president again he might impose tariffs of more than 60% on imports from China? It is possible that even he does not know the answer. It may matter someday, but it does not matter now, not for the ephemeral needs of news and politics. What matters is whatever next hyperbole will briefly sate those same ephemeral needs. Provided it keeps spinning, the process is accretive: the more attention Mr Trump gets, the more attention he will get.

Anti hero

One result of all the artificial novelty, according to Boorstin, was the debasement of achievement. People could become famous without doing anything heroic. The celebrity, Boorstin wrote, “is the human pseudo-event. He has been fabricated on purpose to satisfy our exaggerated expectations of human greatness.”

Ms Swift’s music is a mighty achievement, one that has made her not merely a celebrity but a hero to her hundreds of millions of fans, whatever pseudo-events she has confected along the way. She has courted publicity by appearing at Mr Kelce’s games, rather than privately cheering over nachos and chicken wings at home. Yet even Fox News interviewed a “body-language expert” who concluded that the feelings between the two were real.

It remains possible that the romance is staged to be vivid and dramatic; that it has, in Boorstin’s terms, only an ambiguous relation to the underlying reality. But maybe all this coverage is a perfect, self-satirising crystallisation of this media era: a pseudo-pseudo-event, not devised by a publicist but created by media speculation itself—not something shallow being exaggerated into significance, in other words, but something profound being turned into something silly. One can hope.

Read more from Lexington, our columnist on American politics:
How to overcome the biggest obstacle to electric vehicles (Feb 1st)
Why America’s political parties are so bad at winning elections (Jan 25th)
It’s not the Trump Party quite yet (Jan 18th)

Stay on top of American politics with The US in brief, our daily newsletter with fast analysis of the most important electoral stories, and Checks and Balance, a weekly note from our Lexington columnist that examines the state of American democracy and the issues that matter to voters.

Accounting

Business Transaction Recording For Financial Success

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Business Transaction Recording For Financial Success

In the world of financial management, accurate transaction recording is much more than a routine task—it is the foundation of fiscal integrity, operational transparency, and informed decision-making. By maintaining meticulous records, businesses ensure their financial ecosystem remains robust and reliable. This article explores the essential practices for precise transaction recording and its critical role in driving business success.

The Importance of Detailed Transaction Recording
At the heart of accurate financial management is detailed transaction recording. Each transaction must include not only the monetary amount but also its nature, the parties involved, and the exact date and time. This level of detail creates a comprehensive audit trail that supports financial analysis, regulatory compliance, and future decision-making. Proper documentation also ensures that stakeholders have a clear and trustworthy view of an organization’s financial health.

Establishing a Robust Chart of Accounts
A well-organized chart of accounts is fundamental to accurate transaction recording. This structured framework categorizes financial activities into meaningful groups, enabling businesses to track income, expenses, assets, and liabilities consistently. Regularly reviewing and updating the chart of accounts ensures it stays relevant as the business evolves, allowing for meaningful comparisons and trend analysis over time.

Leveraging Modern Accounting Software
Advanced accounting software has revolutionized how businesses handle transaction recording. These tools automate repetitive tasks like data entry, synchronize transactions in real-time with bank feeds, and perform validation checks to minimize errors. Features such as cloud integration and customizable reports make these platforms invaluable for maintaining accurate, accessible, and up-to-date financial records.

The Power of Double-Entry Bookkeeping
Double-entry bookkeeping remains a cornerstone of precise transaction management. By ensuring every transaction affects at least two accounts, this system inherently checks for errors and maintains balance within the financial records. For example, recording both a debit and a credit ensures that discrepancies are caught early, providing a reliable framework for accurate reporting.

The Role of Timely Documentation
Prompt transaction recording is another critical factor in financial accuracy. Delays in documentation can lead to missing or incorrect entries, which may skew financial reports and complicate decision-making. A culture that prioritizes timely and accurate record-keeping ensures that a company always has real-time insights into its financial position, helping it adapt to changing conditions quickly.

Regular Reconciliation for Financial Integrity
Periodic reconciliations act as a vital checkpoint in transaction recording. Whether conducted daily, weekly, or monthly, these reviews compare recorded transactions with external records, such as bank statements, to identify discrepancies. Early detection of errors ensures that records remain accurate and that the company’s financial statements are trustworthy.

Conclusion
Mastering the art of accurate transaction recording is far more than a compliance requirement—it is a strategic necessity. By implementing detailed recording practices, leveraging advanced technology, and adhering to time-tested principles like double-entry bookkeeping, businesses can ensure financial transparency and operational efficiency. For finance professionals and business leaders, precise transaction recording is the bedrock of informed decision-making, stakeholder confidence, and long-term success.

With these strategies, businesses can build a reliable financial foundation that supports growth, resilience, and the ability to navigate an ever-changing economic landscape.

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Economics

A protest against America’s TikTok ban is mired in contradiction

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AS A SHUTDOWN looms, TikTok in America has the air of the last day of school. The Brits are saying goodbye to the Americans. Australians are waiting in the wings to replace banished American influencers. And American users are bidding farewell to their fictional Chinese spies—a joke referencing the American government’s accusation that China is using the app (which is owned by ByteDance, a Chinese tech giant) to surveil American citizens.

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Economics

Home insurance costs soar as climate events surge, Treasury Dept. says

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Firefighters battle flames during the Eaton Fire in Pasadena, California, U.S., Jan. 7, 2025.

Mario Anzuoni | Reuters

Climate-related natural disasters are driving up insurance costs for homeowners in the most-affected regions, according to a Treasury Department report released Thursday.

In a voluminous study covering 2018-22 and including some data beyond that, the department found that there were 84 disasters costing $1 billion or more, excluding floods, and that they caused a combined $609 billion in damages. Floods are not covered under homeowner policies.

During the period, costs for policies across all categories rose 8.7% faster than the rate of inflation. However, the burden went largely to those living in areas most hit by climate-related events.

For consumers living in the 20% of zip codes with the highest expected annual losses, premiums averaged $2,321, or 82% more than those living in the 20% of lowest-risk zip codes.

“Homeowners insurance is becoming more costly and less accessible for consumers as the costs of climate-related events pose growing challenges to both homeowners and insurers alike,” said Nellie Liang, undersecretary of the Treasury for domestic finance.

The report comes as rescue workers continue to battle raging wildfires in the Los Angeles area. At least 25 people have been killed and 180,000 homeowners have been displaced.

Treasury Secretary Janet Yellen said the costs from the fires are still unknown, but noted that the report reflected an ongoing serious problem. During the period studied, there was nearly double the annual total of disasters declared for climate-related events as in the period of 1960-2010 combined.

“Moreover, this [wildfire disaster] does not stand alone as evidence of this impact, with other climate-related events leading to challenges for Americans in finding affordable insurance coverage – from severe storms in the Great Plans to hurricanes in the Southeast,” Yellen said in a statement. “This report identifies alarming trends of rising costs of insurance, all of which threaten the long-term prosperity of American families.”

Both homeowners and insurers in the most-affected areas were paying in other ways as well.

Nonrenewal rates in the highest-risk areas were about 80% higher than those in less-risky areas, while insurers paid average claims of $24,000 in higher-risk areas compared to $19,000 in lowest-risk regions.

In the Southeast, which includes states such as Florida and Louisiana that frequently are slammed by hurricanes, the claim frequency was 20% higher than the national average.

In the Southwest, which includes California, wildfires tore through 3.3 million acres during the time period, with five events causing more than $100 million in damages. The average loss claim was nearly $27,000, or nearly 50% higher than the national average. Nonrenewal rates for insurance were 23.5% higher than the national average.

The Treasury Department released its findings with just three days left in the current administration. Treasury officials said they hope the administration under President-elect Donald Trump uses the report as a springboard for action.

“We certainly are hopeful that our successors stay focused on this issue and continue to produce important research on this issue and think about important and creative ways to address it,” an official said.

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