Word: brownness
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...Should that happen, the IMF could be given a new function as a "permanent secretariat" overseeing finance markets for G7 and other major countries, Buiter says. That's rather a far cry from Sarkozy's appeal to reinvent capitalism - or even British Prime Minister Gordon Brown's call to reform the international financial system around "the agreed principles of transparency, integrity, responsibility, good housekeeping and co-operation across borders." Yet many observers say that even a partial move away from the reckless lack of oversight that enabled the current crisis would constitute progress...
...from 1965 to 1982, or 1929 to 1949. If you're looking for a bottom, an end to the pain, you're very likely to be disappointed. "Bear markets behave rather like Lucy in the Peanuts cartoon strip," Phil Coggan writes in this week's Economist. "Just when Charlie Brown is persuaded to attempt to kick the football, she snatches it away...
...profound implications. At the most basic level, it has encouraged a wide-eyed admiration. In 2004, the World Bank held a global conference on poverty reduction in Shanghai, and I remember press reports describing the scene each evening. African delegates would gather on the Bund and look over the brown waters of the Whampoa to Pudong, gazing in wonder on an unearthly tableau of neon and skyscrapers built on marshes and paddyfields in not much more than 10 years...
...what has been a remarkably bubbly period for London. Over the past decade and a half, ever since its last protracted downturn, the British capital has transformed itself into Europe's indispensable financial center. Leaving Frankfurt and Paris in the dust and encouraged by the policies of Gordon Brown, the current British Prime Minister, it has become a magnet for people, jobs and investment from around the world. The big U.S. banks made London their international hub, and the major banks of continental Europe moved much of their trading and investment-banking operations there. About 70% of international bonds...
...this amounts to a particularly tricky issue for a man who has played a key role in the City's growth: Prime Minister Brown. In the 10 years when he was Chancellor of the Exchequer, his support for financial services was especially notable because his Labour Party had a history of antagonism with the City. Brown sought to convince the financial community that New Labour would be pro-business, pro-enterprise, noninterventionist and keen to cosset the rich, believing their wealth would trickle down to the wider economy. Brown also championed a new governance system for financial services that...