Now is not the time to venerate kings. As the global economy crumbles, the documentary Valentino: The Last Emperor arrives malapropos to celebrate affluence and excess. The movies have historically offered recession audiences a glimpse of how the better-off half lives, but this film serves less as Astaire-Rogers-style escapism than as an object of outrage, bound to generate more socialists than new devotees of Italian stitching.
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