Fuera de Serie, a Spanish magazine, has created an international uproar with its latest cover, in which it photoshops First Lady Michelle Obama into a French painting, and ends up portraying her as a slave woman, with her right breast exposed. If the cover had been published in America, it’s easy to imagine the quarters from which it might have come, and what the image would have been intended to convey. But the full context is much more complicated—and much more revealing—than that.