Word: foreigner
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Dates: during 2000-2009
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...tricky practicalities: Which financial transactions and institutions do you target? And who pays, administers and regulates it? But possibly more importantly, every major financial center would need to be on board for the levy to be effective. Investment banks wouldn't likely leave Britain for cheaper foreign currency-trading in Macedonia, but they might well if that opportunity was in Manhattan. Advanced economies imposing the tax unilaterally "would see their financial markets decimated," Howard Wheeldon, senior strategist at BGC Partners in London, wrote in a note to clients on Monday. (See 25 people to blame for the financial crisis...
...work of an old economist. Amid the recessionary doom and gloom, the world has channeled Adam Smith, dusted off John Maynard Keynes and revisited Eugene Fama. In recent days, it's been James Tobin's turn. Close to four decades since the Yale economist proposed a levy on foreign-exchange transactions - or a "Tobin tax," as the suggestion became known - the idea is enjoying a new lease of life. At a meeting of G-20 finance ministers last weekend, British Prime Minister Gordon Brown suggested the group of leading countries consider the tax to establish "a better economic and social...
There's little disagreement that by picking up the banks' half-a-trillion-dollar repair bill, taxpayers got a rotten deal in the financial meltdown. How to make sure they're not forced to pay a second time is unclear. A levy on financial-market transactions, stretched beyond foreign-currency trades to cover stocks, derivatives and other clever instruments, might offer twin benefits. By slapping an additional fee on each transaction, the tax "would naturally drive [investors] toward those that are more sensible, more profitable, more rational," suggests Julian Jessop, chief international economist at the consultancy Capital Economics in London...
Archie floats serenely above the new racial order, buoyed by his belief in the power of the coin toss. But Samad, confronted with a hostile, foreign culture and a young, indifferent wife, retreats into what he thinks he knows best: his own culture and religion. Smith makes it clear, however, that the latter—already irrevocably changed by his life in England—is reaching for a past that never existed...
...school mathematics programs across the country, says recent changes have begun to reflect more of a "real-world emphasis." Computer-science courses, for example, have been integrated into the math curriculum for high school students. And China is placing even more importance on teaching young students English and other foreign languages. If you think China's willingness to constantly fine-tune its educational system is not going to have much of an impact 20 years from now, there's a 7-year-old boy in Shanghai who'd be happy to discuss the issue with you. In English...