Word: centralizes
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...presumed levels of risk. In the process, the nonbank financial institutions buying these "structured credit products" - hedge funds and other supposedly sophisticated players - replaced banks as the engines of credit creation in recent years. Unlike banks, however, these institutions lack deposit insurance and do not have direct access to central bank lender-of-last-resort safety nets. When the quantitative models used to measure default risk on the new mortgage-backed instruments vastly underestimated actual delinquencies, many of these investors found themselves with unexpected losses. Concern about just how far these losses extend - and whether major financial institutions...
...Taking place hard on the heels of war games among China, Russia and Central Asian states, the four-nation exercise revealed a side of the region supposedly made extinct by growing economic and diplomatic integration: Asia has embarked upon a new arms race. And with China, Russia, Japan and India all feeling their strength, the region's powers are beginning to divide into two broad alliances...
...Australian forces intervene near its giant neighbor, as in East Timor in 1999. Worse, each step that major countries like Australia, Japan, the U.S. and India take toward an alliance only worries China more, sparking its fears of containment and prodding it to build its own links to Russia, Central Asian nations and Pakistan...
...world, rather than the debtors they were back in 1997. This is one reason that many see Asia playing a role in the way out of the current financial mess. The massive trade surpluses of Asian countries have accumulated, in large part, in the coffers of the region's central banks. These reserves have been invested primarily in U.S. Treasury debt and other low-risk securities. As the reserves have swelled, there has been a growing call to boost the returns generated by these large stocks of assets. Asian private capital is also accumulating rapidly...
What Russia does have is money. Many in the oligarch class have achieved the kind of stability and self-assurance required to relinquish their much-guarded privacy and enter this very public sphere as investors and producers. Entering the offices of Igor Desyatnikov in central Moscow, visitors are obliged to pass through a metal detector, then withstand the menacing stares of several bodyguards. Desyatnikov himself sits behind a large walnut-topped desk, a colonel's sheepskin hat resting on a far corner. Desyatnikov made his fortune in the sale of a private bank in 2004, and he heads an investor...