いミイを第当 scrapbooks. For 20 C ど〃ワⅣ 0 襯 , he even created a video montage Of 2 , 000 images, all from 1979 , the year the movie is set in. 19 / 9 is the beginning 0f now," he says. per- sonal computing. lslamic revolutions. ln vitro fertilization. Sch001 shootings. Our problem- atic relationship tO Oil. AS Americans, our weird relationship with the Middle East. Osama bin Laden joined the mujahedeen and was financed by the CIA in 1979. Apple was about t0 go public. SO many crazy, weird things. And then, it was a pre-digitallife. ln many ways, America was more boring. Our life was more boring. But there's some beauty and opportunity in boredom. From this boredom, and the willingness tO explore it, Mills's epiphanies b100m : The film was originally called 0 んⅣ 0 ルⅣ 0 ルⅣ 0 ル , sup- posedly steve J0bs's last words. B0th B g and 20 C ヮⅣ 0 襯 have the light, airy constructlon Of mobiles, each part sometimes spinmng contrarily t0 the other in the updraft from his gentle, funny, room-temperature dra- matizations. This makes Mills unusual in H011y- WOOd, where pounding emotional beats are the norm. (Ask him about the film industry's much- vaunted three-act structure and he responds by 十 THE CAPTAIN'S TABLE: citing his love for Milan Kundera's T んビ U れ 4 た Mills describes 4 わ廱ん 0fBeing: a maze ofdigressions that filming with Annette Bening (far somehow burrows deeply intO what it means tO left, with 日厄 Fanning be human. ) At the same time, B ⅲ〃ビ won and Greta Gerwig ⅲ PIummer an Academy Award, and 20 C ワ 20 Century Women) as like "operating a Ⅳ 0 襯 seems likely tO get Annette Bening a pirate ship.' best actress nomination. "I am happy about that," Mills says; he has come tO our interview fresh from a lunch hosted by Oscar publicist peggy Siegal. "I want[to be] a weird disruption, but it's a trip when you get intO these Oscar-y conversations. When you're [film- ing] with people like Annette or Christopher, I don't think people quite understand what a pirate ship l'm operating ・ You put your flag and your fig- urehead out front. Everything 100ks good. But as soon as peop e peek over the edge 0 t e oat, they're like,'Oh.' You know?" He laughs. "I love being the captain ofthat ship. " ロ D 0 W N T I M E / C I N E M A ln many ways, he directs like a designer. That's partly because his films have a strong graphic sense—he uses color boldly, like the French NouveIIe Vague director Jean-Luc God- ardandfilms montages OfstI lmages tO s ow what year we re in. But it's alSO present in the idiosyncratic way in which he assembles his stO- riesNe begins by jotting down ideas and fa onto file cards—anything from gun control ” to "blow jobs always existed"—and proceeds tO write entire character histories and family 20th Century Women began its worldwide release 」 anuary 20; for more information, ViSit 20THCENTURYWOMEN-MOVlE ℃ OM 57 01 / 27 / 2017 N E W S W E E K

P A G E 0 N E / E C 0 N 0 M I C S TRUMPONOMICS, EXPLAINED We've seen this movie before, and it doesn t necessarily end well IN THE weeks since Donald Trump was elected investors worldwide will seek tO invest in the president, the behavior 0f U. S. financial mar- し S. , driving up the value ofthe dollar. kets—and Ofthe stock market in particular—has But we have seen this movie before, and it represented the triumph Of hope over common doesn t necessarily end well. ln the U. S., a com- sense. The steady "melt-up Of the main stock bination oftighter monetary policy—the Federal Reserve has said it's likely tO raise rates tWO or indexes tO all-time highs is rooted not just in a slOWly improving domestic economy but in three times this year—and a 100Se fiscal policy optimism: the belief that Trump will, as prom- has consequences. One 0f them: The dollar can ised during the campaign, cut corporate and rise against Other currencies tO such an extent individual tax rates, repatriate billions Of d01- that it becomes a problem for U. S. multination- lars that companies now stash abroad rather alS dOing big business overseas, Where revenue iS than invest at home, invest a trillion dOllars in worth less in dollar terms. ln the past, that policy infrastructure and deregulate large swaths Of combination has meant that the dollar appreci- the economy—all policies that most Of corpo- ates t00 much relative tO where economic fun- rate America loves. damentals say it should be, and the result is that But in the lead-up to his inauguration, finan- U. S. corporate earnings suffer. This happened cial markets also reflected something else: during the Reagan administration—the era that apprehension. Thanks tO the expectations Of Trump s most ardent fans believe resembles what Trumponomics will bring, U. S. interest today. The early to mid-1980s became known as the "super D011ar era," as the dollar appreciated rate s have quickly ratchete d higher—the rate on a 10-year U. S. Treasury note iS now 2.4 per- significantly against b0th the Japanese yen and the German mark, then the U. S. 's most signifi- cent, compared with 1.8 percent a day before the election—and so has the value of the U. S. dollar. cant trading partners. This has put particular stress on emerging mar- N0t surprisingly, the U. S. trade deficit sky- ket economies—China in particular—to defend rocketed, as imported goods became more weakening currencles. price- competitive and U. S. exports suffered Up tO a point, economists can argue that abroad. The era ended only when then-Trea- a stronger U. S. economy driven by policies sury Secretary James Baker convened a sum- mit at Manhattan's plaza HOtel (which, in a designed t0 rampup growthwill inevitablylead t0 higher interest rates; there will be more demand mce irony, Trump would one day own), which for capital as business seeks tO invest, and stron- resulted in a huge, managed appreciation ofthe ger growth will lead t0 an uptick in inflationary yen against the dollar. BY pressures. And higher interest rates mean more What does this have to do with today? During BILL POWELL NEWSWEEK 26 01 / 27 / 2017