Word: centralizing
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...China's strategic posture is also changing. Its military modernization program has made giant strides in recent years - and they will be on display in the massive military parade in central Beijing on Oct. 1. In many categories China's military is the best in Asia and in some sectors is approaching NATO standards. The People's Liberation Army still has no global strike capacity, however, other than its intercontinental ballistic missiles and cyberwarfare capabilities...
...world economy is showing signs of recovery, stock markets are soaring and bankers are again awarding themselves big bonuses. But one year after the financial conflagration that devastated Wall Street and burned financial institutions around the globe, the main firefighters - central bankers, market regulators and government policymakers - continue to struggle with a central question: How do we prevent it from happening again...
...huge bonuses by taking outsized risks with complex financial instruments, only to walk away scot-free when their bets went awry, plunging the world into crisis. Bonuses are just one aspect of the larger issue of moral hazard that has been raised over the past year, as governments and central banks have spent tens of billions of dollars of taxpayers' money to rescue financial institutions whose recklessness in the name of short-term profiteering is at the root of the trouble. For all the recent signs of improvement, the financial situation is still far from normal. Some huge financial institutions...
...Reining in the Banks At the World Economic Forum in Davos last January, some participants advocated radical measures to rein in banks, including regulating their operations so heavily that they would turn into low-risk utilities. No, said Jean-Claude Trichet, the president of the European Central Bank, that wouldn't solve the problem. What's needed, he argued, "are air bags, cushions and shock absorbers." Trichet has now detailed what he means. On Sept. 6, a group of central-bank governors and regulators from 27 countries that is chaired by Trichet published specific proposals that he said would...
...trying to limit abuses that led to the meltdown, such as the reckless issuance of subprime mortgages. In the U.S., the Treasury Department and lawmakers are seeking to bring greater transparency to the arcane world of financial derivatives by requiring the trading of them to be done through central clearing houses. Meanwhile, Trichet's group of central bankers wants banks to put up additional capital if they engage in especially risky types of financial market transactions. As the financial services industry braces for tougher oversight, it's keeping its fingers crossed. "There's a lot of wariness about all forms...