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...area understandably bristle at the idea of being fenced in. "There are 17 companies of BSF here," says Mohammed Nazrul Islam, 37, a Bangladeshi who lives in one of the enclaves. "If the fencing is erected, in 20 or 30 years, then what will they do? Will they also build a wall...
...easy credit. Here, 450 people--mainly women in their 20s--sit side by side in booths and field calls from Russians asking to borrow money. Most of the time, the answer is a resounding yes. Owned by the French bank Société Générale, Rusfinance is aiming to build a massive presence in Russia. Back in Paris, SocGen's chief executive, Frédéric Oudéa, even talks about Russia becoming the bank's second biggest market, after France...
...last year by then Senator Joe Biden and Senator Richard Lugar calls for trebling U.S. economic assistance to Pakistan, to $1.5 billion annually for five years, with a possible extension for another five years. The bill enjoys bipartisan support and looks likely to pass. Spent wisely, the money could build infrastructure and create jobs, especially in the desperately poor tribal regions where hardship drives young Pakistanis into the arms of militant groups...
...waterslides or Mafia museums or cranberry subsidies in its text. Instead, Congress will dole out hundreds of billions of dollars to states and agencies. But that's where the real waste is going to be. There's $30 billion for highways, funneled through state transportation departments, which love to build unsustainable sprawl roads to nowhere. There's $4.5 billion for the Army Corps of Engineers, which is addicted to projects that destroy wetlands and induce development in vulnerable floodplains. There's $14 billion for school modernization, $100 million for rural business loans, $8.4 billion in "state- and tribal-assistance grants...
After the emerging-market currency collapses of the late 1990s, in which IMF aid wasn't much help, the lesson that emerging economies such as China and India took was that they needed to build up gigantic reserves of U.S. dollars to protect their currencies. To build those reserves, they ran big trade surpluses, which were in turn enabled mainly by record trade deficits in the U.S., which were in turn enabled by massive borrowing from around the world. It was an extremely unbalanced financial ballet, and it has now come crashing to the ground...