Would a digital euro sink as fast as Justin Bieber's NFT?

Plus: Airline delays, Barbie's ban and more. [Bloomberg]( This is Bloomberg Opinion Today, which is easier and cheaper than doing Bloomberg Opinion’s opinions for real. [Sign up here](. Today’s Agenda - There’s less of a need for [crypto dissidents](. - [Airlines and the FAA]( can’t claim innocence. - [Hollywood’s history]( of international incidents. - The [decline of fine wine]( may be imminent. Bored Ape Repo Club For a while now, central bankers have treated crypto like a glorified game of [The Sims](. Instead of using cheat codes to create fake families and erect [McMansions]( out of thin air ([motherlode](, anyone?), they’ve been “pumping out jargon-filled white papers” with [dreamt-up]( [digital tokens]( and ledgers that may or may not protect us against “the next Bitcoin,” Lionel Laurent writes. But there’s trouble in playing too much make-believe: Just as building [flourishing virtual neighborhoods]( with boatloads of [simoleons]( is absolutely not the same thing as purchasing an actual house with real money, [cooking up plans for a digital euro]( is far “easier and cheaper than doing it for real,” Lionel argues. As with most important life decisions, timing is everything. And right now doesn’t seem like the best time to have a central bank crypto baby, given how stressed-out the banking system seems to be. Ever since the demise of Silicon Valley Bank and a few other regional lenders, depositors have been increasingly flighty — which Bill Dudley says is evidence that “authorities [lack adequate tools to prevent panic](.” If a digital euro were to be thrown into the mix, there’s a definite risk that it could suck even more deposits away — and distract from central banks’ more urgent mission [to tame inflation](. On top of the bad banking vibes, Lionel points out that “cryptocurrency fever has cooled since the pandemic and venture capital funding has dried up without major disruption — suggesting central banks’ existing tool kit is still enough to defend the financial system.” Some countries are picking up on the trend, with Sweden’s government saying it [doesn’t need]( to issue a digital currency and the UK ditching plans to launch a [Royal Mint-issued NFT](. Then there’s [Justin Bieber](, who is reportedly [down $1.2 million]( on his [Bored Ape Yacht Club]( NFT. On the bright side, Matt Levine [points out]( that nobody stole Bieber’s ape, which is more than most other [NFT-collecting celebrities]( — and normal crypto people — can claim. Confidence in the integrity of monkey JPEGs is [dwindling](, to say the least: Perhaps “this whole scene just isn’t hip anymore,” Lionel concludes. If you saw [Matt Damon’s]( [cringey commercial]( for crypto.com back in [January 2022](, maybe you saw this coming. Either way, Lionel urges the ECB to “walk, not run, into the future of digital central bank money.” They say you can't choose your family, but if you’re playing The Sims — or creating a digital token — you certainly can, and should. Bonus Bank Reading: High finance has hit [a new low](. It’ll take some time to unjam the private equity machine. — Paul J. Davies Plane Meltdowns If you live in the US, chances are you have no idea what day it is right now. Is it Monday? Friday? Sunday?? Having July 4th *not* be on a weekend really messed with our circadian rhythms! I might be sitting at my desk, but my body no longer has a sense of time or place. Maybe that has more to do with the [“firework” drones](, the unending supply of Aperol spritzes and the fact that Tuesday was the [Hottest Day on Earth](, but it seems cosmically unfair to have the [hot dog holiday]( fall in the middle of the workweek. And for Americans who had to fly commercial to celebrate Uncle Sam’s untimely birthday, they’re probably more grumpy and confused than I am — even if there weren’t [accusations]( of [paranormal activity]( on their plane: “Battered by storms, carriers including Delta Air Lines Inc., United Airlines Holdings Inc., and JetBlue Airways Corp. canceled thousands of domestic flights and delayed tens of thousands more starting last week. United continued to struggle even as the holiday — which would draw a record number of travelers — bore down.” Bloomberg’s editorial board says the [airlines aren’t blameless]( for the traffic jam. After all, they did lay off [an estimated 50,000]( employees during the Covid 19 pandemic. But the FAA is on its [second head honcho]( in 15 months, and things are looking dire. There’s [tech meltdowns](. Labor [shortages](. System [malfunctions](. And let’s not forget that US airports had eight(!) serious [near-collisions]( in January and February alone. “Congress should consider relieving the FAA of its operational air-traffic control duties and [turning them over to a nonprofit](,” the editors write. The holiday from hell might be over, but our summer of travel terrors is just getting started. POV: You Forgot That One History Lesson This morning my editor reminded me that this newsletter is [quickly]( [approaching]( the threshold of TMB — Too Much Barbie — but the story about [Vietnam banning the movie]( for a map as ridiculous as the one behind Margot Robbie is … too good not to discuss: Source: Twitter Authorities in Hanoi were apparently distraught over a scene that showed the South China Sea dotted by China’s infamous “nine-dash line,” Howard Chua-Eoan writes. But the map that’s been making the rounds on Twitter is true nonsense, he says: “None of the continents are recognizable and there are only eight dashes off a blue mass called Asia.” If anyone should have a problem with the movie [it’s New Zealand](, which doesn’t seem to exist in Barbie’s world at all. But Barbie isn’t the first film to run into this issue, Howard notes. In 2019, Vietnam, the Philippines and Malaysia blocked the DreamWorks film Abominable for an offensive map. And the makers of Crazy Rich Asians apparently had to delete a scene with a handbag that was etched with the outline of Southeast Asia. Although nobody expects Hollywood to be the arbiter of geopolitics, it’s not a good look to shepherd problematic worldviews. “China’s territorial claims — indeed those of many countries — are themselves a kind of Barbieland,” Howard writes. The map behind Barbie — a living doll — is somehow even less realistic than Barbie herself. Read [the whole thing](. Bonus China Reading: President Xi Jinping should [welcome Treasury Secretary Janet Yellen]( to Beijing with open arms. The Chinese economy depends on it. — Minxin Pei Crash Course "I cannot influence a drought. I cannot influence a flood. I cannot influence something that's totally out of our control." Jean Engelbrecht Owner, Rust en Vrede On the latest episode of [Crash Course]( — “[Mother Nature Is Coming for Your Cabernet](” — Timothy L. O’Brien spoke with the owner of one of Cape Town’s [oldest vineyards]( and found that unlike a fine wine, climate change gets worse with age. Telltale Charts “There’s a misconception — pushed by right-wing politicians — that gender-affirming care is experimental or easy to get,” Lisa Jarvis writes. But it’s not: Kids who end up getting prescribed puberty blockers and hormone therapies have socially transitioned — using a new name or pronouns — for at least a year, have the consent of their parents and undergo a psychological evaluation. The impact of trans health care is overwhelmingly positive, with teens feeling happier when they take medicine that helps their external appearance match their identity. Despite the precautions — and the benefits — 44% of trans youth have already lost or [are at risk of losing access to that care](: Imagine walking into a Goodwill and finding the bargain of the century: [A Functioning Human Civilization](! Yours, for only $200 trillion! It might not be within your personal budget, but Mark Gongloff says that sticker price — which was recently [determined]( by Bloomberg NEF, Bloomberg’s green-energy research team — is actually a bargain. “As shockingly large as these numbers may seem, they are minimal compared with the likely price tag for doing nothing,” he writes. Just make sure you get the receipt at check-out: Further Reading (and Watching) “[Frankenstein chemicals](” are even freakier than “forever chemicals.” — F.D. Flam Biden should check out [a student-loan program]( that’s already on the books. — Claudia Sahm Hong Kong [isn’t doing a great job]( convincing the world it’s back in business. — Matthew Brooker The shipping industry has an energy equation problem. There’s only [one solution](. — David Fickling The US military is [struggling to recruit]( even the most viable candidates: the children of veterans. — James Stavridis Vladimir Putin’s [military spending]( numbers aren’t adding up. — Leonid Bershidsky Video: [Twitter’s downfall]( is the end of something important. — Kyla Scanlon ICYMI [Fireworks]( are bad for breathing. [Amazon’s CEO]( is going after Hollywood. [Bill de Blasio]( is separating from his wife. NYC’s newest [super tall-and-skinny]( building. Kickers A vacation with [the Flintstones](. (h/t Andrea Felsted) The [chewing gum bubble]( has popped. [Hot Ones parties]( play with fire. How to [make money]( while losing $300,000. [Kayaking]( is the new coal. Notes: Please send bubble gum and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Instagram](, [TikTok](, [Twitter]( and [Facebook](. Follow Us You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](