based here," he says. lt's a tight-knit community, good for philanthropy and good for socializing ・ palm Beach's social scene similarly makes it much easler tO raise funds there than up north, notes Kevin Bush, a hedge fund manager who voted for Trump and opened an offce in Delray Beach in November. Not just because there's a higher concentration of wealthy people but because they are much more relaxed. lt's a rare place, because everyone iS SO he says. I travel back and forth to New York every single month raismg money, and my experience iS, the envlronment here affects hOW people act. People go tO meetings in Palm Beach sometimes weanng sandals. They're approach- able. When you re walking through midtown Manhattan in a sult, your guard is up. lt's less for- mal here, and that's usually better. What's not better is the traffc. "When I drive from my house t0 my offce on South Ocean Boulevard," Greene says, I get stuck behind cars going very slowly by Mar-a-Lago with the video cameras. " Roog, the economic develop- ment director—a former Trump valet whO once drove the mogul's purple Lamborghini—says it's the same for the city. When the president touches down at West palm Beach lnternational Airport, it's mayhem. Here's how it goes, ” Roog says. Trump lands. He gets out of the plane. He gets into a private car. And then it's full-on speeding as fast as possible t0 Mar-a-Lago. They change the traf- fic lights so they stay on green all the way. But it wreaks havoc on the traffc. And there are report- ers, protesters, cops. people taking plctures on the tarmac with Air Force O ne. '[Trump's] motivated bywinning. He wants tO be the best president America has ever had. THE BIG MAN INTHE BRIONI SUIT NOT LONG after I arrived in FIorida, I attended a private party for the launch of a rare book shop on Palm Beach's glamorous worth Avenue—the ROdeo Drive ofthe south. Artists, entrepreneurs and hedge funders sipped champagne while listening tO opera singers harmonize against violins. High-end collectors leafed through first-edition books from the shop's wide selec- tion ofWall Street classics, such as T んビ R04 知 S ど′ア 0 襯 and R ど襯ⅲ化れ c お 0 ア 4 S 知 02 ビ ra 知 r. The crowd had every bit of the financial fire- power 0f an exclusive Wall Street event. And not surprisingly, many of them knew Trump or had frequented Mar-a-Lago ・ Ron Burkhardt, an artist who recently moved tO Palm Beach from the Hamptons (and has slept in Mar-a-Lago's LinCOln Bedroom—yes, the Winter White House also has one), says Trump s victory put palm Beach "back on the map" for the first time since the Kennedys sold their home here in the mid- 90S. "This is kind Ofthe center Ofthe universe now," he says. lt's like the whole world has their eyes on us. That's certainly been true over the past few months, as the world watched Trump scramble tO respond in February t0 North Korea's launch 0f a ballistic missile into the Sea of Japan as he dined with Japanese prime Minister shinzo Abe at Mar-a-Lago. Or in early March, when the president repaired for the weekend to his Palm Beach resort, only to begin accusing his predecessor, Barack Obama, ofwiretapping his phone at Manhattan's Trump Tower during his presidential campalgn. Despite S01 e embarrassmg moments, few can deny that the buzz surrounding Trump has raised palm Beach's profile. "The Trump presidency has opened a 10t 0f doors for us, says Family Offce Networks's Schneider, also a Trump voter. lt's no longer Just a place ofgen- erational wealth. He's turned it intO a political scene. ln March, Trump announced plans tO hOSt China's president at Mar-a-Lago—an event that will be easy enough for the club's visitors tO witness, take pictures Of or even participate THIS SIDE OF PARADISE: The area's social scene makes it easier tO raise money than up north, not just because people are SO rich, but because they are more relaxed. 十 、イ第 3 イ 46 N E W S W E E K A P R 比 0 7 , 2 017

PIN 二ÅMINGOS ONCE KNOWN AS A MA 」 OR STOP ON AMERICA'S ℃ OCAINE HIGHWAY, WEST PALM BEACH 旧 QU ℃ KLY TURNING 爪 TO A NEWCENTER OF MONEYAND POWER.THE REASON: PRESIDENT DONALD TRUMP= BY LEAH MCGRATH GOODMAN

MA 10 、ら THE WOLF OF PALM BEACH: Despite some embarrassing moments, few can deny that the buzz surrounding Trump has raised PaIm Beach's p 「 Of ⅱ his ex-boss is well intentioned. "I think what drives him is... he's not doing it for the money anymore. He's motivated by winning. He wants tO be the best president America has ever had. He wants tO lead a nationwide econom1C revi- talization. He truly believes there was a masslve part Of America that was lOSt due tO politics. And he's the guy in the Brioni suit wh0's reach- ing out tO them. While Trump s presence is certainly benefit- ing West palm Beach, unlike Greene, he hasn't personally invested in the city for decades. Still' there are relics of his halcyon days. One eve- ning, while on my way tO an interview, I passed a set Of Older residential towers along West palm Beach's Flagler Drive: Trump Plaza, the high-rise condos the president was forced t0 liq- ayoff his debtszTh tll a e ln e a stark reminder 0f just how far Trump—and the city—have come. ロ in, if Trump dines on the open-air terrace. And although he's commander in chief, Trump s club members say he's still quick to mingle and preen with his guests, whether at Mar-a-Lago or his swanky golfclub in West Palm Beach. Greene, whO recently tOOk his mother tO din- ner for her 90th birthday weekend at Trump s golf club, says they ran into him. And he was still obsessing about the election. "During the cake, he was clapping in the back," Greene says. "And then walking out, he said to my mother, You re not 90 ! You're 70. Come on!' He was trying t0 be friendly in a cute and nice way. And then he said, 'Hope you re upset with your son for not supporting me!"' Ashley Cooper, a former WaII Street banker wh0 once worked for the Trump Organization as executlve VlCe presl ent an manage 1tS golf properties before Trump became presl- dent (he's also a Trump voter), says he believes 47 N E W S W E E K A P R 比 0 7 , 2 017

第まを ' 2 い第第 SCREWED: 0 e 「 Americans and the CBO, saying, Sometimes, we ask them to do Kennedy grew close to the Langley spies ・ lower middle class will be the biggest stuffthey're not capable ofdoing. Trump's rhetoric is beyond anything we ve losers under the lt was a sly Trumpian slight but also absurd, seen in this country; it s a scorched-earth tactic RepubIican health care plan. smce assessing bills is precisely what the CBO that damages both his targets and his credibil- was designed tO d0. If Mulvaney's dis wasn't ity. When a federal judge struck down his travel clear enough, he appeared on a few morning TV ban on people from several Muslim-majority shows, with a frigid and snow-covered Wash- countries, he decried the 9th U. S. Circuit Court ington behind him, and mockingly proclaimed, 0fAppeals as "the most dishonest group ofpeo- "Welcome to Washington, where the CBO says ple ever. " Later, he offered the now-disproven it's 75 degrees and sunny ・ claim that President Barack Obama ordered a This kind ofback-and-forth might be dismissed wiretap on Trump Tower, impugning both the as Washington gamesmanship, but it's important former president and the FBI. what's going to for two reasons. First, the fight over these num- happen if he has tO convmce the world lran is bers will determine what happens to many Amer- cheating on the nuclear deal? lcans and their health care. A debate that began ln 1974 , Congress created the CBO t0 avoid over highly technical projections of insurance such a credibility gap, Just a month before Presi- rates Will reverberate in doctor's offces and emer- dent Richard Nixon resigned over the Watergate gencyrooms. Another reason it matters: The CBO scandal. ln an entirely unrelated battle, Nixon is one Of many nonpartlsan groups Trump has had squared 0 代 against Congress over the CIean denounced as "dishonest, unfair ” or, in the case Water Act of 1972 , which lawmakers passed ofthe press, the "enemy 0fthe Amencan people. by overriding his veto. Nixon refused to spend All presidents criticize the media and clash the funds—impounding them, as it's called— with their intelligence agencies. Thomas Jeffer- which led to a fight that went all the way to the son chirped that "nothing" could be believed in Supreme Court. TO prevent future similar crises, a newspaper, and J0hn F. Kennedy was apoplec- Congress passed the Budget Act of 1974 , which tic about the CIA after the Bay of pigs fiasco. gave it much greater control over federal spend- But those were exceptional outbursts. The man ing. lt created the CBO so lawmakers could have from MonticelIo also praised the press, and an economic team tO compete with the White NEWSWEEK 14 APR 比 07 , 2017 cARE

THE NIGHT ー FLEW TO WEST PALM BEACH, A STRING OF DEADLYTORNADOES RIPPED ACROSS F し 0 DA. HIGH WINDS POUNDED SURFAGAINST 」 AGGED COASTLINE AND WHIPSAWED THE IOO-FOOT-TALLTREES ALONG ROYAL PALM WAY—WHAT LOCALS CALL BANKERS' ROW. lt was Just a few days after Donald Trump s mauguration. A couple 0f miles down the road, seemingly oblivious t0 the approaching storm, hundreds of revelers packed Mar-a-Lago, the G 比 4 右 Gatsby—esque private resort Trump has dubbed his "Winter white House, ” to fete their new king. The private event, attended by Palm Beach's billionaires, entrepreneurs and SOCial- ites, featured dinner and dancing, a replay of Trump S swearmg-ln ceremony and a mammoth lce sculpture Of the American flag with "presi- dent Trump" emblazoned on the base in red. ln such rarefied circles, it's not unusual tO bump into people who spent their childhoods riding around in 1i1 れ 0 S With the ir nannies, and , in their retlrement years, put 0 代 a spouse S funeral so they could enjoy the last days ofwhat palm Beachers call "the season —roughly four months Of epic winter bashes and galas that run from late November t0 early April every year. When the parties end, Palm Beach island's popu- lation promptly shrinks from 30 , 000 tO 10 , 000. Trump s party occurred at the height 0f this season, but one Ofthe president's neighbors, real estate magnate and billionaire JeffGreene, did not attend. "He's a very good host. I have to give him credit," says Greene, who knows Trump casually and is a member ofMar-a-Lago. But I don't agree with his politics. I think some of the things he did t0 get himself elected paved the way for much 1 れ ore dangerous rhetonc 111 our country. Greene did not vote for Trump. Nor did the maJ0rity 0f palm Beach County, but many Of its residents are benefiting from his pres- ence. Trump S ascension has created one Of the world's greatest concentrations Of global wealth and power right in their backyard. And that shift could mean a massive change in for- tunes, not just for the superrich families whO have made their homes in palm Beach over the past century—the Fords, DuPonts, R0thschilds, Pulitzers and Lauders—but also for the area s long-overlooked middle class. Even before Trump became president, what was once a sleepypatch 0fFlorida regional banks at the fOOt Of Mar-a-Lago was coalescing intO a financial center. Over the past fewyears, the area has attracted more than 60 hedge funds (some say well over a 100 ) , dozens 0f private equity compames and hundreds 0f family offces—not tO mention a rising number Of larger banks like Credit Suisse, Morgan StanIey, JPMorgan Chase and Goldman Sachs. These are not just pica- yune satellite offces. Banks and billion-dollar he dge funds are swallowing up entire building complexe s and blocks Of commercial real e state, prompting residents tO christen the area the new Wall Street. Meanwhile, some of Trump s trusted advis- ers and supporters have alSO flocked tO the area. Anthony Scaramucci, founder of the $ 12 billion fund SkyBridge Capital, opened offces in Palm Beach Gardens two years ago. (This year, he agreed t0 sell the company after being named tO the exe cutive committe e Of Trump s tran- sition team ⅲ November. ) Billionaire hedge fund manager paul Tudor Jones, wh0 says he's counting on Trump s support tO save the Flor- ida Everglades, bought the former estate of Ron PereIman in PaIm Beach for $ 71 million in 2015. Carl lcahn, another hedge fund billionaire, whom Trump appointed tO his transition team, IS a part-time resident Of Palm Beach whO has an estate near Mar-a-Lago. And semor members "This is kind of the center Ofthe universe now. lt's like the whole world has their eyes 0 れび 5 : ' N E W S W E E K 40 A p R 比 0 7 , 2 017 Of Team Trump have homes nearby as well, including Cabinet members Wil- bur ROSS, the secretary Of commerce; Ben Carson, secretary Of housing and urban development; Betsy DeVOS, edu- cation secretary; and Gary C0hn, wh0 le 代 Goldman Sachs to head Trump s National Economic Council. Palm Beach County has long been a magnet for old-guard wealth—most Of it is confined tO the 'fisland, ” a slim, 30-mile spit that, since Victorian tlmes, has attracted dozens Of billionaires, whO have bullt their manslons along its

Newsweek AP R I L 0 7 , 2 017 / v 0L . 1 6 8 / N 0 . 12 ー N T E R N AT ー 0 N A L 十 POOL PLAYERS: Ben Carson, center left, speaks with President DonaId Trump at Mar-a-Lago in Palm Beach, FIorida, a resort Trump has called his "Winter White House. ” を 、よ義第一宝 23 NetherIands The Dutch Touch N E W W 〇 R L D Cybercrime A FingerTip to the Wise 50 Tattoos lnk Wellness 48 W E E K E N D 54 lnterview Studio Swine 58 Books Raymond Pettibon; Richard Deacon; Alan McMonagle 60 The PIace to Be Banff, Alberta Screening Room, Radar Harlots; documenta 14 64 Parting Sh0t Embrace NO. 1 D E P A R T M E N T S F E A T U R E S Breaking Through 24 A radical therapy may heal the deepest layers of the brain— and transform the way we treat the Often untreatable victims of PTSD. 切 M “なん在 , (h ℃ 38 WaII Street's Pink FIamingos ()nce kno 、 vn as a St()P on Americas cocaine high 、 West Palm Beach is quickly turning into a new center of money and power. The reason: President Donald Trump. 切カ田ん McGrath G00 市 7 〃 田 G S H 〇 T S Oga, Japan Squat Team MosuI, lraq ATwist of Caliphate 」 erusalem Spray for Peace 10 Lake EIsinore, CaIifornia Gather Ye Rosebuds 4 6 62 8 ー = : - P Å 0 亡ー 0 ~ N E ーー 12 HeaIth Care Don't Cross the er COVER CREDIT: ILLUSTRATION BY JUSTIN METZ/COREY JACKSON Newsweek (ISSN2052-1081 ) , is published weekly except one week in 」 anuary, 」 u ツ , August and October. Newsweek (EMEA) is published by Newsweek Ltd (part of the 旧 T Media Group Ltd), 25 Canada Square, CanaryWharf, London E14 5LQ, UK. Printed by Quad/Graphics Europe Sp z 0.0. , Wyszkow, Poland ForArticle Reprints, Permissions and Licensing www.旧Treprints.com/Newsweek 16 Egypt NiIe-High Club FOR MORE HEADLINES, GO TO NEWSWEEK.COM 1 N E W S W E E K A P R 比 0 7 , 2 017

northern tip. part of the attraction: Florida has not had a state income tax since 1855. But the hype surrounding Trump's victory is prompting a new influx of financial companies. "A 10t ofpeo- ple who previously thought' I think I Ⅱ move t0 Florida, let's go tO Miami, are now taking a 100k at palm Beach, ” says Greene. Because you turn on the TV and you don't see Trump in the White House. You see him here. ” More to the point, you see him kibitzing with the world's foreign leaders, dignitaries and bil- lionaires. ln fact, before Trump t00k 0ffce and before he began meeting with presidents and prlme ministers at his palm Beach resort—even before Americans started seelng members Of Mar-a-Lago on Faceb00k posing casually with the nucle ar football—Trump's transition team was alreadycal mg the WhiteMOüS&inWash- ington, D. C. , "white House North. PLANES, CRANES AND RED CARPET TOURS TRUMP'S PALM BEACH island has long been the anstocratic 0 aSIS tO West palm B e ach's grittier skyscraper-and-cement landscape—the two nar- rowly separated by only a drawbndge spanning WINTER WHITE HOUSE: ReveIers at Mar-a-Lago, the private 「 eso owned by Trump. HiS ascension has been a tre- mendous boon to Palm Beach County. 朝朝・ -0 ・ 00 町 NEWSWEEK 41 APR 比 07. 2017

ニ : : 第」ヤド IFYOU BUILD 灯 , THEY WILL COME: DeveIop- ment iS b00n1- ing in the area, and according tO a one recent study, an a た age 0f 2 , 000 new residents are relocating to PaIm Beach County every month. the Atlantic's lntracoastal Waterway. A 1936 issue 0f F 〃ビ still hanging in one West Palm Beach restaurant describes the city's inhabitants as existing "chiefly t0 serve palm Beach [and] carry the bags and service the cars and wash the linen Ofthe rich whO live across the water. ' But it is West palm Beach, the county seat, that stands tO benefit most from Trump's draw. Once a maJOr StOP on America S cocame highway,' west palm Beach has better growth prospects and just as frothy a jobs market as New York City. As a result, the region has seen a flOOd Of people in recent months coming tO look for jobs, housing and offce space. Accord- ing tO a recent study commssioned by the city ofWest Palm Beach from business consultancy Alpern Rosenthal, an average Of 2 , 000 new residents are relocating to palm Beach County every month. As of March, the city had more than $ 2 billion ofreal estate construction in the pipeline, says Chris Roog, the city's director of economic development. The city's skyline is filled with cranes. Offces, ap artments and public transit hubs are sprout- ing up. West palm Beach's planners are overrun with blueprints for new developments, includ- ing several from Greene, WhO iS investing hun- dreds of millions of dollars to build offce and residential towers throughout the city, as well as nucro-units downtown for millennials. (He's hoping t0 charge around $ 1 , 000 a month for a 400-square-f00t unit—less than what many pay now. ) Greene has also opened a private schOOl in west palm Beach for the city's gifted children, featuring robotics, "mindfulness rooms ' and computer coding classes for kids 3 years and up. Since Trump s victory, the boom has only accelerated. Just as Trump was preparing tO head tO Mar-a-Lago tO celebrate Christmas with his family, West Palm Beach unveiled its FIagIer Financial District—a narrow Slice Of upscale Offlce properties overlooking the lntracoastal Wate rway and its flotillas of mega-yachts. Covering half a square mile at the base of the 42 N E W S W E E K A P R 比 0 7. 2 017

P E G Y P T S 0 U T H S U D A N A G H E A L T H C A R E IRAQ S Y R 工 A DON'T CROSS THE NERDS Of numbers crunchers war against an obscure group Why the White House is waging THE THREE most boring words in the English language might be co れ豆 0 4 わリ畩 and 0 , although some have argued for the phrase worthwhile Canadian initiative. ” Despite its somnolent name, the Congressional Budget Offce is in the middle ofa rancorous debate over President Donald Trump s attempt to repeal and replace Obamacare. The CBO, an independent, bipartisan arm of Congress filled with econo- mists and Other wonks, analyzes legislation, esti- mating how much a law might cost the federal government and the people affected by it. ln the case Of the American Health Care Act, or "Trumpcare, as S01 れ e are now calling 1 ら the CBO came tO S01 れ e stunning conclusions. Far from fulfilling Trump s promise to cover everyone—and at less Of a cost—it found that 24 million 1 れ ore Americans would be uninsured by 2026 th an if the country h ad stuck with Obamacare. prices would soar for older Ameri- cans, wh0 would lose subsidies provided under the current syste m, along with protections limit- ing what insurers could charge them before they become eligible for Medicare at age 65 ・ The CBO does dole out some praise for the plan. Premiums for S01 e Americans, especially people in their 20S , would decline. Another upside: The federal government would end up saving $ 337 billion over the next nine years. The Trump administration didn't wait for the report t0 start attacking the C B O. Mick Mulvaney, for example, was a U. S. representative 仕 om South CaroIina until earlier this month, when he was confirmed by the Senate as Trump s direc- tor ofthe Offce of Management and Budget. ln Congress, Mulvaney was a leading conservative backbencher, a member ofthe Tea party and the Freedom Caucus WhO Often criticized Speaker of the House PauI Ryan for being insuffciently hard-line. But as OMB director, Mulvaney heaped praise on the Trumpcare bill, which Ryan's championing ・ He has also pushed back against some Of hiS conservative allies WhO oppose the plan, but he saved his disdain for the 工 S R A E L 当 @mattizcoop MATTHEW COOPER BY NEWSWEEK 12 APR 比 07 , 2017

best-performing years since the move. What he doesn t miss about New York or Greenwich, he says, are the crowds, the lengthy commutes and the freezing weather. "When you're here, t ere'saAotless nOlSe, e notes. An&there s less stress. You get more done. Why on earth would you live in New York or Connect1cut when you could wake up here every day?" JaCObs still has a 12-acre spread in Greenwich but says the property values there are plum- meting. The trends are mcreasingly favorable here," he says. The trends are just not that favorable anymore in the Northeast. Travel is also staggeringly easy in West PaIm Beach. lts international airport is only 10 to 15 minutes from downtown. Emily Clifford, exec- utive director at J. P. Morgan private Bank, sit- uated along Bankers' ROW, says it's one Of palm Beach's biggestperks. "I can be on a 6 a. m. flight out in the morning, in New York by 10 : 30 a. m. for meetings, spend the day there and be back in my bed that night. " And this summer, West Palm Beach will offer a high-speed express train connecting the city's downtown tO Fort Lauder- drawbridge leading t0 Bankers' ROW, the center is named for Henry Flagler, a founder ofStandard 0 ⅱ and the archi- "lt's no tect ofthe island's gilded age ・ IO ngerC0d's We are now very short on C ass-A waiting 「 00E. 0ffce space, says West Palm Beach Mayor Jen MuOiO, sporting red nails, People are glittering diamond rings and a leopard- coming down print top. She tells Ⅳビルルた that, since herewith their December, the city has been actively courting Wall Stre et executive S with families. ' an ad c ampaign in New York's tri-state area, urging them tO move south. West Palm Beach also just finalized a pack- age Of generous mcentives that, over 10 years, will 0ffer property tax breaks for companies bringing in new jobs—especially high-paying ones ・ While many ofthe financial companies coming tO Palm Beach County—often to discreetly cater tO the needs Of its ultra-wealthy families—aren't very keen tO talk about it, real estate outfit Cush- man & Wakefield is tracking the trend. ln Janu- ary, it released data showing that aggressive in rents across the region haven't discour- aged the phalanx 0f financial compames mov- ing in. These businesses scarfed up hundreds 0f thousands Of square feet Of commercial space last year, it said, even as rents leapt by more than 21 percent. lt's no longer GOd's waiting room ln southern Florida anymore, says Mark Pateman, managing principal at C&W. "people are commg down here with their families and settling here permane ntly. M aybe they bring their own com- pany, or maybe they've had a capital event and trade their own 1 れ oney. Just weeks after Trump clinched the presi- dency, the Milken lnstitute's Center forJ0bs and Human Capital released its best-performing Clt1es survey, which ranked the overall financial growth Of West palm Beach's metro area above those 0fNew York City and Boston, as well as the n ation's dominant he dge fund district, Green- wich, Connecticut. (Over the next decade, the number 0f jobs in the city is expected to sky- rocket as much as 40 percent, led by finance and high tech. ) The think tank also noted that wage growth in Palm B each County since the Great Recession has topped that of New York's metropolitan area, still the finance capital Ofthe world—at least for nowe"You can get everything here, except for snow skiing, says Greene. Joseph Jacobs, president of Wexford Capi- tal, a $ 3 billion private equity company, is one 0 a m eac S recent a ree ransp an S. He says relocating tO the Flagler District was "frictionless, ” and Wexford enjoyed one 0f its 1 十 SUPER POWER LUNCH:Trump iS quickto min- gle and preen with his guests, whether at Mar-a-Lago 0 「 his swanky go club in West PaIm Beach. dale and Miami. ln 2018 , the line will also reach OrIando. The trip from West PaIm to Miami— Florida's other major financial center—will take Just an hour. For many Of Palm Beach's transplants, noth- ing beats the zero state income tax. If you're lucky enough t0 make a $ 1 million a year, that's an automatic lncome bump Of $ 100 , 000 ifyou just left New York—or like getting a decent- sized raise no matter hOW much you make. Cap- al gains,estate and corporatetaxes arealso fa lower in Florida than in New York, New Jersey, Massachusetts and Connecticut, according tO 43 N E W S W E E K A P R 比 0 7 , 2 017