Word: centralism
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Maybe. The G-7 Finance Ministers and central bankers met in Washington this afternoon and issued what they called a plan of action, although it was a curiously action-free plan. In fact, the document they produced was only an opaque statement of principles, devoid of action. "We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth," the statement said. No specifics were mentioned. They may be, over the weekend, away from the glare of global stock markets...
Lastly, the G-20 central banks need to unveil another coordinated rate cut to increase liquidity. The European Central Bank, for instance, has been resistant to cuts because it focuses on inflation. Nouriel Roubini, an economics professor at New York University and one of the few who predicted the extent of the current crisis, called yesterday for "at least 150 basis points (1.5 percentage points) on average globally." Roubini also backed the idea of deposit guarantees, guaranteeing interbank lending and other measures. "At this point, anything short of these radical and coordinated actions may lead to a market crash...
William C. Kirby, a Harvard expert on Chinese history and business who travels to China roughly five times a year, described China’s smoking problems as a “central part of the social repertoire,” noting that Chinese leaders such as Mao Zedong and Deng Xiaopeng were “role models of smoking...
...Army, Nikita Khrushchev and General Charles De Gaulle became heads of state, NASA began its quest to put a man on the moon, Breakfast at Tiffany's and Dr. Zhivago topped bestseller lists, Paul Newman and Elizabeth Taylor shone in Cat on a Hot Tin Roof, and the Central High School in Little Rock, Ark., integrated for the first time. The exhibit also includes works by Andy Warhol from the period as well as photographs by the artist duo McDermott and McGough taking a look at teenage life in Detroit circa...
...Your Skate On. Whatever the temperature outside, the first sign of winter in New York City is the opening of the Rockefeller Center ice rink - this year on Oct. 11. Other ice-skating rinks around Manhattan will open in October as well: In Central Park, Wollman Rink opens on Oct. 19 and Lasker Rink on Oct. 20. The Pond at Bryant Park opens...