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...generate revenues that are tightly linked to the price of electricity: When electricity prices are high, SWIFTs enjoy higher revenues. SWIFTs have become expert at using customized derivatives to offset the risks associated with these revenue fluctuations, yielding net earnings that, until recently, had appeared to be virtually risk-free. They then issue short-term debt backed by these stable earnings. A typical SWIFT finances 90 percent of its assets using overnight notes that yield only slightly more than Treasury bills...
...understand that part of this advantage is acquired by creating an inhospitable environment for the visitors. Fans do not need to be censored, for example, when booing a visiting player shooting a free throw...
...about equality and fraternity in a “regenerated” social world. Individuals had rights, of course, but these rights were to find their true meaning, or so the French revolutionaries supposed, in a highly communitarian definition of what citizenship should be. The idea of free-standing pioneers and lonesome cowboys struggling on alone in distant places on some lonely trek has no place in French folklore. And while the Revolution was not as successful as its early proponents had hoped, some of that publicly defined universalism from 1789-1794 survives in French consciousness to this...
...years ago, the last Harvard graduating class of the 20th century faced what seemed to be an optimistic future, premised on what was then a prosperous and conflict-free world order. Not only was the Cold War long past, but also the European Union was flourishing as the emblem of post-nationalist global cooperation, and the North Atlantic Treaty Organization had launched an international coalition to bring order to the Balkans. To be sure, Americans and other innocent people had lost lives to terrorism, but it was far from America’s shores. At home, the Internet was fueling...
Business and economics: The free market is still the foundation of prosperity, but the rules of the road have to change to align benefits and costs with decision-making. We have felt the consequences of bankers leveraging other people’s money on speculative bets or politicians dispensing favors using debt that will be saddled on the next generation. The new architecture of business and political economy will have to assure that those who gamble must bear their own losses, and that public spending does not distribute benefits today while postponing burdens until the next generation...