Word: globality
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Dates: during 1990-1999
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...acute when he added that to try to "manifest your greatness" by detonating atomic bombs "when everybody else is trying to leave the nuclear age behind is just wrong." India seems to have missed the message of the turning century: it is economic power, not military might, that buys global influence these days. India's nuclear bid for importance is more likely to earn it international isolation than the permanent seat in the U.N. Security Council New Delhi covets...
What is seriously troubling about the week's events is the prospect of an unstoppable chain reaction of proliferation. Plenty of other nations have just as much pride, insecurity and ambition to be global players, along with entrenched faith in the curative power of nuclear possession. If the five acknowledged nuclear powers couldn't keep democratic India from blasting into the club, how can they keep anyone else...
...billion in credit exposure to derivatives--that's more than enough to wipe out the $250 billion in equity capital that the same banks keep on hand as a cushion to absorb losses. Few believe that Asia's troubles could jeopardize the entire amount--that would take a global, systemic collapse--but the possibility for some big hits is real. And although the losses in derivatives last year were small and manageable ($125 million), "these losses tell me that banks are taking on more risks," says Mike Brosnan, director of the treasury and market-risk division for the Office...
...derivatives will behave under certain assumptions. The computer models use past market performance to portend the future, but they can't account for the unaccountable: every once in a while an asteroid does strike or countries blow up. These things aren't fully factored in the modeling. Besides, the global economy today is radically different from just five years ago. "Banks have been going out further and further on the risk spectrum, especially the big banks," says Furash. "They are all looking for bigger returns, since they aren't getting it through lending. The danger is that the expansion...
...sets off a chain reaction of failures. In the meantime, Howard Greenspan still awaits information to see if his bank will suffer from the fallout. "In the final analysis, this has little to do with Asia," says Greenspan. "It's derivatives themselves. We are into the age of global financial risk...