Word: creation
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Keynes led the British delegation to the 1944 conference in Bretton Woods, N.H., where Allied officials determined the postwar shape of the global financial system. He was unable to persuade his U.S. counterparts to give the institution at the heart of the new system, the IMF, the money-creation powers he envisioned. Those finally came in 1969 with the development of the SDR but remained limited in scope. No new SDRs have been created since 1981, and there are only 21.4 billion of them (equal in value to $31.9 billion...
...central theme not just of the Hannah narrative but also of the Miley Cyrus one. It's a story as old as The Beverly Hillbillies, but instead of the blue-state-red-state cultural differences being played off each other, they are set in counterbalance. In Miley-the-creation and Miley-the-girl, we have someone who's cool but wholesome, sophisticated but innocent, glamorous but sweet. Her appeal crosses cultural lines and, accordingly, elicits different reactions. On Access Hollywood, a bespectacled boy gives her flowers, while a 20-something asks where she wants her first tattoo...
...something far more dramatic than even a payroll-tax sabbatical. Hendrik Hertzberg in The New Yorker has suggested scratching the payroll tax altogether and instead levying a tax on carbon to fund Social Security and Medicare. We would be eliminating a tax on something we wish to encourage, job creation, thereby giving the fruits of their labor to lower- and middle-class workers, while taxing pollution, which we want to discourage. (It should be noted that such a proposal has zero prospects for being considered in the short term, as it completely upends the fundamental premises of the current entitlement...
...Administration's theory is that the numbers on mortgages and home values are bound to get better. Its defense is simple. Enough money is being put into the economy to drive job creation, which drives income, which creates a larger pool of people who can afford homes. In addition to that, the government is going to make financial aid readily available to individuals of good character with strong references so that they can make their mortgage payments. To paint the picture even rosier, the Fed will buy up paper in the open market and that paper will bear a close...
With many jokes between his policy suggestions, Frank outlined four primary goals for combating the recession: a ban on full securitization of loans, a reduction of incentives for risk in corporate governance, the creation of “wind-down institutions” for helping failed companies effectively close down and the establishment of federal agencies for evaluating “systemic risk...