Word: driven
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China's relative strength has attracted considerable attention. From Washington to Tokyo to Davos, global business leaders are hailing China's resilience and calling on Beijing to take a greater role in governing the global economy. Its model of state-driven capitalism, having weathered the storm, has won widespread praise (as well as criticism), and slowly Chinese leaders have taken note. Now there are signs that all the talk of the Chinese miracle has started to have an effect - and not a good one. (See TIME's special report on Davos...
Republican media consultant Fred Davis III has a vision for the future of American politics, one in which building-size rats roam the landscape, babies in strollers wear enormous brown toupees, and demon sheep with red robotic eyes feed on rolling green hills. He envisions a democratic process driven by viral oddities and visual tricks, campaign ads so weird that no one can look away...
...same can be asked about the state role in its economy. The evidence from Asia shows that its economies became more market-driven as they became more advanced. That's been true in China as well. Despite all the talk of state capitalism, Beijing's leaders continue to liberalize the economy. In January, a free-trade agreement between China and ASEAN came into full effect, creating a free-trade zone with more potential customers than NAFTA. China's State Council also approved the very capitalist practices of short selling of stocks and futures trading. The big question about China-style...
...mother too had been excited that night, spreading maps over the dining room table, commenting on our route. When she was in her 20s she had driven to California with a friend. They came across a rowdy biker rally in Sturgis, North Dakota, and my favorite part of the story is the motel itself that was like a biker paradise: bikers at the pool, tattooed and lounging, with girlfriends, wives and kids. They were still there when she left to get on the road in the morning. You see, traveling is my one inheritance...
...mortgage bonds or real estate investments that they had parked on or off their balance sheets - but were responsible for. They were chasing the same higher yields that all their investing clients were. Those investments comprised the greatest part of those firms' write-offs. Those weren't client-driven trades. They decided to take them themselves. The idea that proprietary trades were a trivial part of the losses at the banks is just not realistic. (See 25 people to blame for the financial crisis...