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...business as usual in Abu Dhabi is extremely carbon-intensive. Gasoline costs less than 50¢ a gal. (13¢ per L), and public transport is all but nonexistent. The World Wildlife Fund says the U.A.E. has the biggest per capita carbon footprint in the world, and parched Abu Dhabi uses more water per person than anywhere else. There are no plans to put a price on carbon, as even the U.S. is considering. Lehmann and others would prefer to see Masdar spend its billions greening Abu Dhabi itself, not building an entirely new settlement in vacant desert. "We have to have...
...words is about to become very real. As he prepares a budget for next year, Gates must decide the fate of a number of fantastically expensive weapons programs the military services say they need. He can't fund them all--and might be wise to take a knife to them all. In this, Gates has little choice: the military's annual budget has finished growing, and the billions it once imagined it might spend on future weapons have evaporated. So cuts--and big ones--are coming, and Gates will be the man who makes them...
ASSETS In an effort to cleanse banks' balance sheets, the government will spend up to $1 trillion on a Public-Private Investment Fund that will provide private investors with incentives to acquire toxic assets...
Budget woes are perhaps most acute in California. The state, the most populous in the U.S., spends about $48 billion a year on K-12 education, or nearly half its general fund, which receives revenue from a variety of sources, including income and sales taxes. This year, however, the double whammy of endless layoffs and an imploding real estate market has decimated the fund, with legislators projecting a $42 billion deficit by the middle of next year...
...countries have morphed into a state of co-dependence that makes separation virtually impossible. Because the Chinese are dependent on American consumers to buy their goods (the U.S. had a $246 billion trade deficit with China as of November 2008) and because the U.S. is dependent on China to fund its $10.7 trillion debt, economics bind us indissolubly together. But we are also connected in one other way. Both the U.S. and China are rich in coal as an energy source and collectively produce upwards of 50% of the world's annual emission of greenhouse gases. Unless the two nations...