Word: borrows
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...great gift was for conflation, visual and psychological, for compressing multiple possibilities into a single sliding form. From a 19th century photograph by Eadweard Muybridge he could take the squatting silhouette of a man and dissolve it within the outlines of a crouching boy attributed to Michelangelo. He could borrow the eyeglasses from a famous shot of a screaming nurse in Sergei Eisenstein's Battleship Potemkin and perch them on a Pope's nose. In the same way, the meaning of his screaming Pontiff in Head VI fluctuates. Trapped in a kind of isolation booth, where a thunderstorm of granular...
...quandary is that we are apparently not capable of safely manufacturing $700 billion in debt securities to sell to foreigners every year, as we've been doing since 2005. (That this is the same total as Treasury's bailout plan is just a coincidence.) If we keep trying to borrow that much from overseas--as you've probably gathered, selling debt means borrowing money--today's quality problems may soon seem petty. For now, we can still reassure buyers around the world by slapping that GUARANTEED label on our debt. But as financial crisis and economic slowdown cause government debts...
...while today's crisis management makes a certain amount of sense, returning to the borrow-and-spend status quo afterward seems like a disastrous idea. If the U.S. is to have a future as an economic power, its long love affair with borrowed money has to end. Right? "I hesitate to say yes, because people--including me--have been saying that it had to come to an end now for years, and it hasn't," says R. Taggart Murphy, an expert on global capital flows who teaches at the University of Tsukuba's business school in Tokyo. Then he adds...
This country's move into big-time debt exports began with the big-time government deficits of the early 1980s--which had to be financed by somebody. "The Reagan Revolution was essentially an experiment in seeing how much money America could borrow from overseas," says Murphy, who at the time was an investment banker in Tokyo. The answer was lots. Guided by Murphy and his ilk, Japan snapped up U.S. treasuries and other debt, keeping interest rates here from exploding as many had feared...
...Since earlier this year, Cox has also come under fire for not acting more quickly to curb short sellers - investors who borrow shares and make money when a stock's price drops. After certain financial stocks started diving over the summer, and market players and attorneys began ringing alarm bells about rumor-mongering, the SEC temporarily banned a particularly aggressive form of short selling in 19 financial stocks. A new ban, which prohibits all types of short selling for some 800 financial stocks, went into effect on Sept. 19 and lasts until...