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From: "Edward Carr at The Economist" <noreply@e.economist.com>
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Subject: What the Big Mac index reveals about a global currency beef
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The Economist
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8P08tx0EZSpX5szMvWthkk3tpRFh47QycgvqyrSv-YFTyva4zV2wX-WTcv2xQLz2alwKbpE9zVd0Fu-iHFey4Byryc-ifHlnBGdMZ5ww
July 30th 2026
The Economist This Week
Highlights from the latest issue
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8QbTVuzbcZvEEDHNCkC8v2FVz_eXAvqATkPWsX4OHhDbX9hJc_ngxEo0ZZcgQCF_tCkRIcoXyqDHJfQNrbuxyhqVfCt4VZmlDuDWBxUg
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8RR_y8Nc9YnbdkTk_czrSBTVn8UYAbJnksiBzsU7XPb3GUXhP65FTabvIexX5nbdM4Kp6ZKxegAZHNIomqccDrdWcrIErzw7_t5UtOqA
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Ed Carr
Deputy editor
I like a birthday party. And this week we are celebrating the Big Four Zero for
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8TtzA6lU44O4VphLhhOSd6MdH4yDvRK1bYrMdvm08SFHGjLbbcD-GJrQpK8mMB7HcoLgTSNYk63oqDQWFuTWQ7Sjnd2ECDLyNK
the Big Mac index .
It was in 1986 that Pam Woodall, our former economics editor, had what she called a “bathtub moment” when she realised that buying burgers could provide a cheap and cheerful way of gauging an elusive economic variable known as purchasing power.
The World Bank needs three years and an army of statisticians and economists to compare the prices of thousands of products across 176 countries. We need a menu. You can buy a Big Mac almost anywhere. McDonald’s calibrates its burgers’ appearance, texture, flavour and smell. Wherever you get your Big Mac, you are getting much the same thing.
That makes burgernomics a good measure of the bang you can get for your buck. In America $100 buys about 16 Big Macs. That is roughly the burger-buying power of 100 euros, 426 Chinese yuan or 8,039 Japanese yen. Yet $100 in fact buys about €87 in the foreign-exchange markets, or 677 yuan, or over Y16,000, showing how far from their purchasing power the world’s currencies have strayed.
As arguments rage about the dollar, yuan and yen and their role in sustaining global imbalances, our palatable guide to exchange rates is
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8U8yHREvqyXU-HpGF7VIFaL6NLJ09un6Rc-GDb1hRiJjSif-bHXrlvoPDXKUJqdK81lxEVab4kQbV2HxijaR55h7t7zDMmwt3O
as valuable as ever .
Over the decades the Big Mac index has unleashed a smorgas-burger of terrible puns. Detractors have a beef with our bun-loving index, but fans relish it. Whereas the Swiss franc is sizzling, the Taiwan dollar is consistently undercooked—and I don’t think it will soon ketchup (the central bank in Taipei is mighty cheesed off). Sandwiched in our Finance section between articles on insurance and bond markets, the Big Mac index reliably provides fast food for thought, and lettuce hope that it continues burgloriously on for another 40 years.
Our
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8VTXK4TDo1zhl2N1E4j0U_eBpwfD78l3Dq4D-M4x9zLktD04ICxhpKuHvZXpEMbETy_iALSCH8T4lhbOz53XZUiRA6zjO-ONYw
Insider show this week
takes the Big Mac index’s 40th birthday as its starting point. I was joined by Zanny Minton Beddoes, our editor-in-chief, along with members of our economics and financial-markets team. We discussed the index’s strengths and weaknesses, before debating why the global imbalances it highlights pose a threat to the world economy.
Editor’s picks
A selection of must-read articles
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8WuY_PNjvlHF8JRLhZeoQa8p9LsHa9V_mm6rb_5acEbz8Ac_QWPY6LLy2dnn6tUToAM8_wOhAWP5ZYCduTXFe2GSVQueHpkpniz4EfQg
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8X43itm6diQIsZXkhRHHwh8CkDQCjXO8itQWtQDWRpr1jSf27dwPITe_rkOeKWgZaHTGKBxUcxH1lzhIoORi8MUb4mpBbc-pzefHTmqg
40 years of burgernomics
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8YkVxlLqvsBNTLoHeISr3GM9NBdMkHEYyTAvDlqONc5qh3VXCUFhCc1Y7is_O5vFjLJ5WiLFJ4Tm_sWAViGRmoG6ztzLVhDFTZch0SZQ
What the Big Mac index reveals about a global currency beef
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8ZYTNVyes8rP2ylLQMyReMLlEcnj0sahkfScCRLcO5TgzFC7qBcUkH9aotMaOrXhN2NMKZnxlfIGgdlOiCscqngVPyxk_RFN5ygEbtYw
It highlights economic problems—and helps explain how to solve them
→
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The Big Mac index at 40
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8bTxPndxPZSEuXtISbMBGVRhliyJgm7QeUKhIu-1FyYoAgURY6aSXD0DCdpG6M1I3HiBN-DvYx0y4rIZmOhUdqfqpWohFK6rOPPVmdhQ
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Small but mighty
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8dT4suRIXxP7a0nWr0vqcJ185WDGn56xXJDNTYBEsdIYwQZyYnewfvieM5_99AW4UPbtHF8HLWuguxiRBJtpbswsbrc2nUku0S5vtQ5g
America has become an entrepreneur’s paradise
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8ePHXgnnSwD7E2DAbIjd9Sv490LOSaOyuq6GwBI8ml8F3A0apeucUU7CbfRlxTOuIyDvu3pIxcES_CaHJjS95YGuqI8o6ikBhsoYKA_w
Etsy-sellers and small-town accountants are enjoying the fruits of AI
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8ffXhiVZpCSZBbqz_yzcHiXNQeixDeRpNLFWxvp47iZ_LGIKWjA5RMj4kp7gK0SlxL1KSC3XAnk88eezVioexovPyYxkbuAkpZU7KUiw
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8gYLoudMRTF2TlCjsN7fbTiBevuowI0Kp30gF0GGoE8DkxXdS7Lq7SuKfvahiY44eP0iyC3IYIVsIIA7Wuk29ao27eIo9UEYS_FU7vbw
Climate change
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8haA7LaufNJZp7KAEhIp55sIvS1J-f-u6w9QHtY82O58IkI_WxaftQOjpbeS-xZ63AbubtcWN_F4CyS-ehY88_7Yr39wRymasu8jMbVA
Europe’s fires are just the start
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8i6s4KgUypMgIe3LvVZ1vlGyyP0ukG9KqrN7Fm1V8a1BuymKr3nIa5aMuJSHgPcHzRziRw9OYb0A_ho_YNj69EvNZ7_HDjGlR7kQPFeg
They are not a new normal. But worse can nonetheless be expected
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8j0Ui7ae2KhnkdzAqMFPpD7oeXPAHEqGEoiq2aNhoe4YAVNqu3pQfXiwnGey6FQJM7cEsujc35k0fsYkBonUDDwEte0OH94S5LkrkRlQ
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8knPubiZwDdDNjU7kwDWkZ2a6RwKB4d2GLC80L6mZQmEWmpZSXs8Nx3PG9Y0iUTchNgOjf3bhvaFJf0WF0o_h4mqnDUxKZYSVdp7LoGw
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8lwPtcbfPNEmEdZmT3iM4vTe0z6DiJJ4X0r30wVTJS3wo97qSKg09Q1dPlNGhAQ_ZEFelos8Uqcp1uNbyD3Z-J-VsbBPfyPB0-zu2GTg
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8mQrX80y5-UD1vfgzIyviPQInzpDVvYWfk1ch2MaNBnnB3T_heA2CmCKRl9I0dqJzzxLCVY1MGTIEH2LG4_ZxcvJzdxH3yJUY3-BsLyw
Slim chances
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8nD-L6PL81UU33KNKsGi0abBC7tdI9BDb0_eeTdGfiw5-j1VB-Q-TUf_vViAoV-tSPX5zczRcYXbqwjiPOruCHKyvziOywlJC4_qM9pQ
How big is America’s “obesity penalty”?
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8oajBE2bnLRJL70BK539NjEKUErMUjeylBHPhuw6oGj-4Vy7fLNe20RT5KQ57EWER0ShG5cGOfdTbTNx9H4_7Zq3-fFeU4Ft1G4r34Yw
GLP-1s offer a rare insight into the social and economic effects of carrying extra weight
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8puOKmf8I07GCIGHBxR363ylMQncPUeudpCTJn7gnNPC2CUN6Y65dRAcvQWIy5-e23nTz_hsXQMenBERMHck3-k6PZamtm3kKfSz4DEQ
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8q7LxEA44qK1CRdmUMPnR1fFG1e4LR7KFq-9VTNpqI2e2C71MLUBa901GuTcwffVZ8JQnH0YE13KiuJ_7ZYW3dGP2IAQQbb08DPtwr5Q
Paper trails
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8rRb463_VzmOrXfQy7BlnIITsepMz6c7Ta5GhBeMowlj6yoYZU-CWhAdlBhyQ7FfVN48LHoIl6zOyhv9lol4sZxsBfLrakOeDLp8WBhg
How to spot AI writing
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8sG8hhImv1wJJCqy5C70Jix2h-XdmssCBdDLIYwnN9woGlRVnV9T-q4xIiM_a0EMLFWzBMwS_R4bLv1SPBPr612zdXksSL9fmn9QL1rw
Large language models like long words and em-dashes—or do they?
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8tioOSQRzhv0dcYD3GHfBJx5vcgebr3SMdAVD8xP-UbxqJu5zQABEdf7JTm5YE1xmNjk1CIxVyycQ_vBHeHoq_HJyNil3UK2c3OZ6R7w
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8uptqmxR2XFr2WEoAg1FhWWCycEfahppzgUjPmjKgFhgj0XO5O3wE9TFCfCVx_9xrxn1L2IHGPlZ0J0bjS4dkHxWwr7TUPd_QieYYkqg
Bartleby
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8vRhJuA_azUOG9MnTQJkHnystlVCzrIkAMgvZAuuvp4nOwHXK0Kg3U67smIngaeL-tpzVRI1h1dBpod5hTh_a9C-yNk0-TfLZ2WFvv0w
The delights of deadlines
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8w7pjzUyksxLoAU5bW-NNAGf5JmC-MvU318Lk7p-e9t7VvM2F4Wjg6CaUcP9erSF4tuF8srrEVQ9zDOYRFR6prtbPvZBcgeBgHYDQBEQ
A friend to procrastinators, an enemy to prattlers, a necessity for managers
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8xR-VivdXNqw-yYKFJjV9jlWAblk599czhPD5BjNw4ibqmB_RmRmILCKS_KQdinQXBNB-htewJLfnHUNKKo0K7p7z9Q5aM3hAf
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8y5s-QZHtaF2DA_cj4DpDqAdzu9UgjJWbbDXHkL-_5KkK34jx6LTBXO4WpjRuV4uwzbr44GI7bH0-IbjKl263r_myTkDRHTsKC
Small Title
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8zjfIlWJ9ASCNjqMqoc_D99xXtO2z1BEIIf1hIZLy6Yc15aqoE1E78oFyud9isTNEXExz9QNq-RoHxdC5nUkbVmXryIvwMOFBg
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr80ImanGs5cSOjFi_UPjVRY70Ra7joFdw2hCcsQafUQA-u_GKPESWI-cXU3wQGVVlQCvSpiJVAn1gDh4iRQek8KaS52a6j85ePH
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr81QrcrhIYk7GVODr7ySj_t3Qk8YqIHhR6fNoT1yfkTUh_sOfKuatX-8M6cW-qHPKGDWPagUqKlyzAj5Z2lauFRwn_THti-NJ4Y
Babbage
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr82OTvWGPTc0oVoWaS5Zwj7joaNAAoua3x9rSlQEDjIR173KVdaWiVvwptAX_85JkLLk3N1mE_HZebv6JkpMyOHAJs4VYm0MfwW
OpenAI’s alarming escape
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8343N9uuCFSdB7bmpvh5FFQt_l23nc2382SN86DpvIHm3fP59HSHGNrUCF4NgHvjZrn0PwQM5sO2PWnMj8ZsC5hVbKZTCHbb0h
Listen
Video
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr84z2YbkOP5WKDgaGmRWdetnLu-HwQfTtx5KZCm8mEpX3Lm60llyluhGMO7sn_lF_LaR8gEYphKtfVEMZNqtIkPgzdGXQEuhiTB
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr854108jRafHGo_QlewgN2xMb82Wx5kfermmaWNvWnxTNse9W4LTdLWYjG9PHSPMA7JlH77aA2jrURXUrj-MFJJTr7wE8GHxk7P
The Insider
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr86uYphkt908YEg4qH_tq0AmN1eeisj9-6AxB4AsGAAWpjTUwVChTWwHI-KIn2HAL1pOQZOkP0REyEn6ERCQ4-GzGD-0OJRVkiJ
Is the world economy out of balance?
Lessons from 40 years of our Big Mac index
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr874ngyIGT9fqI-Oj2pTKSVd_SQQkw9vdqeOkBamLRY8yxpHJraTBqK7rUmr7DjIMmyMLTprn_u549xc3chWPNHntK2iPuj4-tA
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr88c86eBhXKz-jnQKZjpcBtFuMM4liXS5KEo-6J0W4ZsyuQ0Pzks3eVID5Nc_7ODRXOmH8Q0-jcY_SMEZLcz0lq5o4Mb2uLKTcb
Watch
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr89Sb7zccfNF6mdZiPQP7StBmtG0jwuyd6px3ePAFeFcDsC1QWD_Hxcm70IZ_BzOCk2lLmYxTnc_2clvB25sp__ImJTdB0J0Bj9Umk2cA
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8-VZuZSXNbgzISXvzR3tsTBba1bQLjTknbRfHHQGzQMXc4Z46DFtBUeMcR98ui16m1vV1gwkfhIl2HRYZ54L4fQHX7eDHoX1LAOIUUEA
Business in Brief
https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr8_GKvB0aDS5QxGoloN1i8MuaGCzt0gAWRU1sjq7WqatH_MswYrYZt4DRilBIJBHqkhNY1N9f9CAF8zwR4eFl_DAfDRuiuMUGqFUPx7GA
The delights of deadlines
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<div class="preheader" style="font-size: 1px; display: none !important;">Also: How big is America’s “obesity penalty”?</div>
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<p style="margin: 0px; font-weight: 700 !important;">
Ed Carr</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
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<i>Deputy editor</i></p></td></tr></table></td></tr></table></td></tr></table><!-- //BYLINE --></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- PARAGRAPH --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width: 600px;" width="100%">
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I like a birthday party. And this week we are celebrating the Big Four Zero for
<a data-linkto="https://" href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7WAC56qe29wy1NkFyQzmvAqK43nuX82BfFIgDEmkd7yJPLwpSfM5M2ItPo8O971XES7PT2jZuqGP8CM6VwaexRDOL8jEz5dyM_" style="text-decoration:none;" title="the Big Mac index">the Big Mac index</a>.
It was in 1986 that Pam Woodall, our former economics editor, had what she called a “bathtub moment” when she realised that buying burgers could provide a cheap and cheerful way of gauging an elusive economic variable known as purchasing power. <br>
<br>
The World Bank needs three years and an army of statisticians and economists to compare the prices of thousands of products across 176 countries. We need a menu. You can buy a Big Mac almost anywhere. McDonald’s calibrates its burgers’ appearance, texture, flavour and smell. Wherever you get your Big Mac, you are getting much the same thing.<br>
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That makes burgernomics a good measure of the bang you can get for your buck. In America $100 buys about 16 Big Macs. That is roughly the burger-buying power of 100 euros, 426 Chinese yuan or 8,039 Japanese yen. Yet $100 in fact buys about €87 in the foreign-exchange markets, or 677 yuan, or over ¥16,000, showing how far from their purchasing power the world’s currencies have strayed.<br>
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As arguments rage about the dollar, yuan and yen and their role in sustaining global imbalances, our palatable guide to exchange rates is
<a data-linkto="https://" href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7X0ktFNbrQz5hBRx1utGaw288JgzYH9ydyKRL7arT1TuhhqbhkDSdsAeRGA2puHhTHkkBM8DSNHRAdmYG_sy0rrQ3qrpPvaOjl" style="text-decoration:none;" title="as valuable as ever">as valuable as ever</a>.
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Over the decades the Big Mac index has unleashed a smorgas-burger of terrible puns. Detractors have a beef with our bun-loving index, but fans relish it. Whereas the Swiss franc is sizzling, the Taiwan dollar is consistently undercooked—and I don’t think it will soon ketchup (the central bank in Taipei is mighty cheesed off). Sandwiched in our Finance section between articles on insurance and bond markets, the Big Mac index reliably provides fast food for thought, and lettuce hope that it continues burgloriously on for another 40 years. <br>
<br>
Our
<a data-linkto="https://" href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7YEJ9nbyjj5PaDFU1P06UzGB-0Biow76vFbKJu04aME-uoT6NeRMoctWi_HvIRX4h7Kkf6ie9PEQkybtx97F4hsH6Tik049iu5" style="text-decoration:none;" title="Insider show this week">Insider show this week</a>
takes the Big Mac index’s 40th birthday as its starting point. I was joined by Zanny Minton Beddoes, our editor-in-chief, along with members of our economics and financial-markets team. We discussed the index’s strengths and weaknesses, before debating why the global imbalances it highlights pose a threat to the world economy.</p></td></tr></table></td></tr></table><!-- //PARAGRAPH --></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"></td></tr></table>
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Editor’s picks</h2><p class="econsans" style="margin: 0px;text-align: left; color: #0d0d0d; line-height: 24px; font-family:EconomistSans, system-ui, Segoe UI, Helvetica, Arial, sans-serif; font-size: 20px; font-weight: 500; mso-line-height-rule: exactly;">
A selection of must-read articles</p></td></tr></table></td></tr></table><!-- //SECTION HEADING --></td></tr></table>
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<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7ZGG6dkwdaaYo8ZNI_NorMWoLCWEzt2xoJ32qSg_Yo8pJAlmyf7E3TMd8_COZTYY9ZLuMTIV8fYHdEB-OG5_z9p6hB5Nf5i5RVXcDIRw"><img alt="" src="https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20260801_LDD001.jpg" width="276" style="display:block; width:100%; height:auto;border:0;max-width:100%;"> </a></td></tr></table></td><!-- Text Column --><td class="stack" style="vertical-align:top;" width="50%">
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<tr><td class="econsans" style="font-family:EconomistSans, system-ui, Segoe UI, Helvetica, Arial, sans-serif;font-size:15px;color:#e3120b;line-height:20px;padding:0 12px 2px 12px;font-weight: 400;">
<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7askiNA25ldDWwPr_fx699_7eOOBGFsOQYe1dN4zV7MrSXDvSY5lGHfvd-pF99ME_D-Q5WL4cEKUoqz2BEWxgN1TvfJqZHhQnwGgYVhg" style="color:#e3120b;text-decoration:none;">40 years of burgernomics</a></td></tr><tr><td class="headline-state" style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:20px;font-weight:500;color:#121212;line-height:24px;padding:0 12px 8px 12px;"><a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7bqx8n7DcJX468BrXfhJktHH-VYHPRqqfDhtqDvUBfQpLjN4kJx_y1YER5uJPC3VBVvKoPOvJFYahuEXHugl5LYkqctV0cOIqYRX30Jg" style="color:#0d0d0d;text-decoration:none;">What the Big Mac index reveals about a global currency beef</a></td></tr><tr><td style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:17px;color:#0d0d0d;line-height:24px;font-weight:400;padding:0 12px 20px 12px;">
<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7cPM4y_WRCWvv8c0IKHfPI-iY4dnW1MJLioKhFcXIEw1wFX02qaTPf-6V1cAYYjJ8DTAMgg8NhuiMKj347NyyDkqy02mRAPtk4DRtP6Q" style="color:#121212;text-decoration:none;">It highlights economic problems—and helps explain how to solve them</a></td></tr></table></td></tr></table></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- RELATED STORIES (1) --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%">
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→</td><td class="econsans" style="padding:0px 0px 8px; font-weight:500;font-family:EconomistSans, system-ui, Segoe UI, Helvetica, Arial, sans-serif; font-size:17px; color:#121212; line-height:20px; text-align:left;" valign="top">
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<a data-linkto="http://" href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7dnkdX8i2WinIog1yG5auzb3F2aLNyoK1LkvYPEjLV-2vOAaXh5xCqmrc57FgFhvBCY2JpIIy4idTSKUFPnkoRYeOel7BGvAbc" style="text-decoration:none;" title="item">The Big Mac index at 40</a></p></td></tr></table><!-- //RELATED STORY 1 --></td></tr></table><!-- //RELATED STORIES (1) --></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- SECTION DIVIDER --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width: 600px;" width="100%">
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<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7eQ8fisInKyvgAYavHv4oW-oUCAB-Zcf-256tikOTG3c_e0CbpShoErfpxUCGp5XOyyra65RhKsINTlYzoj5MThVbo3zuFAm4g2wO2Xg"><img alt="Clay-style illustration of a man sitting among the leaves of a beanstalk, working on a laptop while watering the plant with a watering can" src="https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20260801_WBD003.jpg" width="276" style="display:block; width:100%; height:auto;border:0;max-width:100%;"> </a></td></tr></table></td><!-- Text Column --><td class="stack" style="vertical-align:top;" width="50%">
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<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7fpVxxzPrtFV25xpliEPrM2N-2caMaog3fhmnYRseoYcEAbwzh-ES5vc4uxqmtCKRnFPg89Ap_hrrGqxmVMR-YCIjJ3fNVlJgZbfkNlQ" style="color:#e3120b;text-decoration:none;">Small but mighty</a></td></tr><tr><td class="headline-state" style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:20px;font-weight:500;color:#121212;line-height:24px;padding:0 12px 8px 12px;"><a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7gU6p663ftKY8azV0ZRdxjDs3oF4JgmtMX5Vy0RLMCQoRO-ZU_g4hYrp3A9EH1DDh6YhqqIbpDGpbdIN_KN3Xhi59JSuFQtgiFBwFghA" style="color:#0d0d0d;text-decoration:none;">America has become an entrepreneur’s paradise</a></td></tr><tr><td style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:17px;color:#0d0d0d;line-height:24px;font-weight:400;padding:0 12px 20px 12px;">
<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7hOoxp2slWhkp0lhNWNGL5QACFr380zqFIC5rKRKHRgORvzfzb9kaGufIOZfIVszgQVaRjHo5gcFpIL8BDJ-K1-_wu0wOz7W-bqLQPnw" style="color:#121212;text-decoration:none;">Etsy-sellers and small-town accountants are enjoying the fruits of AI</a></td></tr></table></td></tr></table></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- SECTION DIVIDER --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width: 600px;" width="100%">
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<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7jM0kHqU6ALo3U81id-cZzC3LC030hm3uyRBKDw05bGEIKg1eB1Posfs28A9HX_CtbRrR-vAP4DnZBHClsFAOj5wRVlSMglEOXdGXr-g" style="color:#e3120b;text-decoration:none;">Climate change</a></td></tr><tr><td class="headline-state" style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:20px;font-weight:500;color:#121212;line-height:24px;padding:0 12px 8px 12px;"><a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7koyjHA0wcWT14l71foSZrUS7CLrQftt6cmXL5HgMFLFmGLDkaUc6a_nZOuNAEv0AduMF0NAflEFH2UfvKEMmN1YjUo-0SsAFGRJ38fA" style="color:#0d0d0d;text-decoration:none;">Europe’s fires are just the start</a></td></tr><tr><td style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:17px;color:#0d0d0d;line-height:24px;font-weight:400;padding:0 12px 20px 12px;">
<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7lDBtk1R0SV9R2uXxSdU5dS2AzRGc5SfFKH3Dve0eWlzgKhPMzMApa9hCLmkIsLOZfNqCrgtY3FlY0giFfytXDnJfbxP49St9Ed7zqCQ" style="color:#121212;text-decoration:none;">They are not a new normal. But worse can nonetheless be expected</a></td></tr></table></td></tr></table></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- SECTION DIVIDER --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width: 600px;" width="100%">
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<!-- ARTICLE (1) --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%">
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<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7oMap9lsIawFIqiT6etHWU-qKs60mva4vk_8c86sxmayJT9IRhriiJ9qIX7Uy1q56hfm0PSxRY3WDLxzcykjfX4vX3ZVu_faeHesXtGw"><img alt="" src="https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20260725_WOT589.png" width="276" style="display:block; width:100%; height:auto;border:0;max-width:100%;"> </a></td></tr></table></td><!-- Text Column --><td class="stack" style="vertical-align:top;" width="50%">
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<tr><td class="econsans" style="font-family:EconomistSans, system-ui, Segoe UI, Helvetica, Arial, sans-serif;font-size:15px;color:#e3120b;line-height:20px;padding:0 12px 2px 12px;font-weight: 400;">
<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7pxG5XWOFaL3WTATZ15SblHZNuqUWXvuyBczThm7c_h697wlSQ6KslGRFgiyvXy-KT12uOo11RkrFJLiq7RGBTJ5ELz0q6ISLwRZZHsQ" style="color:#e3120b;text-decoration:none;">Slim chances</a></td></tr><tr><td class="headline-state" style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:20px;font-weight:500;color:#121212;line-height:24px;padding:0 12px 8px 12px;"><a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7q56gY9clQenbXZ6qR-ZUOyB7-4El5msd5ldKy3CzFGyT__IINWCs7Qs0qhppm9Ob-GFR30ul-V1SkPbew74CiT3cbQv-clDRKfXKYSQ" style="color:#0d0d0d;text-decoration:none;">How big is America’s “obesity penalty”?</a></td></tr><tr><td style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:17px;color:#0d0d0d;line-height:24px;font-weight:400;padding:0 12px 20px 12px;">
<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7rV5gQkMNyavfAZdKAbTisDiocfC1qnH-cat8viUZP5BneGLXazRT7Uh6yLzAUd-vdgTs-dSeyj8vJ7QtCcUNIw4Lgu0nqtYt_zGqkVA" style="color:#121212;text-decoration:none;">GLP-1s offer a rare insight into the social and economic effects of carrying extra weight</a></td></tr></table></td></tr></table></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- SECTION DIVIDER --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width: 600px;" width="100%">
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<!-- ARTICLE (1) --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%">
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<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7svm-AHhsVJZNuBwGUqFRcpCrtHcBhcip-HYa23xBhbw_kN7KDvp1-CPdI_w7FKn9yDBzQeIjUqnqRcn6K4n--HIknzYao7PJuTLKu9g"><img alt="Illustration of two hands, one human, one wireframe, holding foundatain pens and doodling towards each other." src="https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20260801_CUD001.jpg" width="276" style="display:block; width:100%; height:auto;border:0;max-width:100%;"> </a></td></tr></table></td><!-- Text Column --><td class="stack" style="vertical-align:top;" width="50%">
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<tr><td class="econsans" style="font-family:EconomistSans, system-ui, Segoe UI, Helvetica, Arial, sans-serif;font-size:15px;color:#e3120b;line-height:20px;padding:0 12px 2px 12px;font-weight: 400;">
<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7te7Aq7YAqFdyPsSN6lfHh7pEYkj4fSSZr_nevZrfRcAhzWXlpKG0bJlxjmgJyzIoKPxxh9VWMPve1SVdbyJ6O9zHtRW---pWVctamYQ" style="color:#e3120b;text-decoration:none;">Paper trails</a></td></tr><tr><td class="headline-state" style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:20px;font-weight:500;color:#121212;line-height:24px;padding:0 12px 8px 12px;"><a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7uKxFcDI4xvy3-ztE_RoP2PGtxAWJoZKFZ5CBlgjBl2DhPnWyGwPdu2tKu6cucweozYjDUkGXhrIkBEjT-jUjFMz1A6NA2PvHkgP7lUw" style="color:#0d0d0d;text-decoration:none;">How to spot AI writing</a></td></tr><tr><td style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:17px;color:#0d0d0d;line-height:24px;font-weight:400;padding:0 12px 20px 12px;">
<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7vOLZK6oz7E_OqzTrMxg_163bjTNrTkHpVeluA2Fp2YxKYYs0ADKdcciWX-2RLKBAJG3I185odzyKWxC8BrEoUc0RCKNczxGNlse0Mcw" style="color:#121212;text-decoration:none;">Large language models like long words and em-dashes—or do they?</a></td></tr></table></td></tr></table></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- SECTION DIVIDER --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width: 600px;" width="100%">
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<!-- ARTICLE (1) --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%">
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<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7wg7G_jDMzClVcUkBFG-gfL5k3qxJi787WHGg4e7-hQP0wdmWA88m65HN9oQFQN4UN_pehinA-xZSUx7BMT0JQsSWj4tJZneU4nYjFqw"><img alt="Illustration of a man sitting on a massive calendar while looking at the phone." src="https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20260801_WBD002.jpg" width="276" style="display:block; width:100%; height:auto;border:0;max-width:100%;"> </a></td></tr></table></td><!-- Text Column --><td class="stack" style="vertical-align:top;" width="50%">
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<tr><td class="econsans" style="font-family:EconomistSans, system-ui, Segoe UI, Helvetica, Arial, sans-serif;font-size:15px;color:#e3120b;line-height:20px;padding:0 12px 2px 12px;font-weight: 400;">
<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7x1xQu-357CobcUTADIe_POBfrZfozymgtbkMvi_nrSoizk17dAtUwCG3snw2qqLquJQ83qOVJFRMhJ4pJ-O75QQj6YUNhgphK3ApT_Q" style="color:#e3120b;text-decoration:none;">Bartleby</a></td></tr><tr><td class="headline-state" style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:20px;font-weight:500;color:#121212;line-height:24px;padding:0 12px 8px 12px;"><a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7yzzR3ym4sOho5QG7yZui0iiKgst-LuqSygbQe8bvrzRZhg4mrh5NOGdVjm1F423_t4EwEHQ2UBAhR1SfR0c1T5LAo6A-zbfyVIg3V_w" style="color:#0d0d0d;text-decoration:none;">The delights of deadlines</a></td></tr><tr><td style="font-family:EconomistSerif, ui-serif, Georgia, Times, Times New Roman, serif;font-size:17px;color:#0d0d0d;line-height:24px;font-weight:400;padding:0 12px 20px 12px;">
<a href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7z-pfnI2FNfBVIy0Pc4BdnnemrCiMFWbgC1riyA13aTHqd5ait7CHEdOfR6KqzcikiidZ_fcOgYGUZQCQ5VBcy4zPdihdT8K8zH14oFA" style="color:#121212;text-decoration:none;">A friend to procrastinators, an enemy to prattlers, a necessity for managers</a></td></tr></table></td></tr></table></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- BLANK SPACE --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%">
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Small Title</h2></td></tr><tr>
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<a data-linkto="https://" href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr72jCWbcPwiwD6Snx_nbMZ8YwnptqFPHQO8BTyxyANYSwwM-5dcOoN3AhQC9Ij_BBaoKkEVGqigN0N3183LVWsR2bzKU-9C-eqA" style="color:#e3120b;text-decoration:none;" title="">Babbage</a></p></td></tr><tr>
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<a data-linkto="https://" href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr73JC8p4YGffcM7vN9sj_Fbnmpv8zRSe8fr7i8MihhzEbj_V2MiSh4uggW2FFDxFVWSJdrU09SlNZP5F_YMYMh-nQ-Av7OF7ziJ" style="color:#0d0d0d;text-decoration:none;" title="">OpenAI’s alarming escape</a></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="custom-btn" role="presentation" style="border-collapse:initial !important; border:1px solid #B3B3B3; border-radius:20px; height: 32px;">
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<a data-linkto="https://" href="https://click.e.economist.com/?qs=ABB7InYiOjEsImQiOjQ5NTN9AAcAAAAABKaQgr7413cjvUdsHKbnbY91gY6YQAR9mPAyfKdkgZzk9R2qONRtqCaPXcBCVpIRJKtPGofvIJipPOgvTOAJZW1KII9jw6dwooA7dCmb" style="text-decoration:none;" title="Listen"><span style="color: #0d0d0d;"><img alt="" data-assetid="169008" src="https://image.e.economist.com/lib/fe8d13727c650c7976/m/1/4d088998-49d3-4870-bee0-5e47f59a1ea7.png" style="vertical-align: middle; height: 20px; width: 20px; padding: 0px 4px 0px 0px; ">Listen</span></a></td></tr></table></td></tr></table></td></tr></table></td></tr></table><!-- //EPISODE (1) --></td></tr></table>
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