Word: centralizes
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...little doubt the coin is in good shape. A series of interest rate cuts in recent months "are starting to work in a way they aren't in other economies," says Dale Thomas, head of currency management at London's Insight Investment Management. That makes it unlikely Norway's central bank will need to revert to quantitative easing, the modern-day equivalent of printing money that's currently in fashion from the U.S. to the U.K. (See pictures of the printing of money...
...Switzerland's one step further along. In an effort to fend off the threat of deflation, the Swiss National Bank announced March 12 it would dump francs in the first such move by a major central bank for years. The move was enough to cut 3% off the currency's value against the euro; since then, the franc's fallen further still. Even the greenback, which rallied in recent months, stands at its lowest level against the euro since early January following the Fed's announcement last week that it would spend some $1.2 trillion on government and mortgage bonds...
...Obama's central theme is being tested. The discussion is now likely to return to the promise Obama made last month, when he told Congress that he was willing to "sacrifice some worthy priorities" to make his budget responsible. White House aides say that the president has already made significant sacrifices by scaling back his campaign promises in the current budget. To make the numbers balance under a rosier outlook, Obama shrunk the size of the "Make-Work-Pay" tax credit by 20%, to $800 per family. He slowed down his foreign aid spending plans, scrapped a plan to reduce...
While drone warfare is controversial when it surreptitiously operates over Pakistani territory, there is no secrecy about its use to spot trouble ahead of U.S. soldiers in Afghanistan itself. One system perfected in Iraq is headed for Central Asia. Task Force ODIN (short for Observe, Detect, Identify and Neutralize) is reputed to have killed 3,000 alleged bomb-planters and led to the capture of several hundred more...
...left millions of its people on the edge of starvation and given it a raging piracy problem along its coasts. But both warn that the world should not flood Somalia with help. Von Hippel said experience had shown that international peacekeepers or a U.N.-sponsored drive to create a central government were inappropriate to Somalia. Far more important was building up Somalia's own security services and the creation of a decentralized administration more suited to the country's clan structure. Menkhaus adds that the last thing Sheikh Sharif needs is overt Western backing. "The tape is a warning...