Word: extentions
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...notion that anyone is now actually in control of this process is an illusion. But to the extent that anyone's hand is on the tiller, it is Reid's. Over the next four weeks, it is Reid who will decide whether to permit votes - and in what order - on amendments that could make the final version look very different from the one approved Tuesday afternoon by the Finance Committee. There will be fights over the lack of a public option in the bill, and efforts to reinstate one. Reid is expecting a battle over the size of the subsidies...
...beyond the unbalanced structure of its real economy. Its financial and currency policies were also aimed at deriving maximum support from external demand. A closed capital account and an undervalued renminbi (RMB) were icing on the cake for China's powerful strain of export-led growth. Moreover, to the extent that its currency-management objectives required ongoing recycling of a massive reservoir of foreign-exchange reserves into U.S. dollar - based assets, such capital inflows helped keep longer-term U.S. interest rates at exceptionally low levels. In effect, China's implicit interest-rate subsidy ended up becoming an important prop...
...also a system of governance that was still heavily dominated by power blocs at the provincial and local level. And his concerns over sustainability were specifically aimed at pollution and environmental degradation - unmistakably negative externalities of China's fixation on open-ended, manufacturing-led economic growth. To the extent that the Chinese experience is a microcosm of the broader Asian development model, Wen's "four uns" are very much a blueprint of what it will take to realize the aspirations of the Asian Century. Just as the financial crisis of the late 1990s was a wake-up call...
...five-member Nobel Committee in Norway said Obama was awarded the Peace Prize for "his extraordinary efforts to strengthen international diplomacy and cooperation between peoples" and highlighted Obama's promotion of nuclear disarmament. "Only very rarely has a person to the same extent as Obama captured the world's attention and given its people hope for a better future," the committee said in announcing the prize. "His diplomacy is founded in the concept that those who are to lead the world must do so on the basis of values and attitudes that are shared by the majority of the world...
...Archbishop Desmond Tutu "What wonderful recognition of someone who has already made such an impact on our planet with regards to the Muslim world, nuclear disarmament, climate change and, to some extent, the Middle East. He has reached out to the Arab world, including Iran, and North Korea...