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Warren Buffett, the legendary American investor, likes to say that it's only when the tide goes out that you find out who's been swimming naked. In the long-sheltered world of European banking, the tide has gone out very fast in the past few days - and it's exposing some stark truths: a worrying number of banks are overstretched or have taken outsized risks, and the system of banking regulation that is supposed to watch over them is too narrowly focused for comfort...
...China FOOD FEARS GONE GLOBAL The impact of the melamine-tainted-milk scandal has spread beyond China's borders, with major multinational brands testing or recalling their products. Several firms, including Heinz, say their actions are only precautionary, while Mars Inc. has questioned the accuracy of the Indonesian government's tests of its candy. Meanwhile, the parents of a 1-year-old boy have filed a rare lawsuit against a Chinese manufacturer, claiming its milk powder had sickened their...
...years, I have gone to Shea myself to experience in and through it the frequent futility and fitful success of the New York Mets on summer nights when the air is alive with heat and possibility, and the world takes on the ethereal glow that only baseball on a summer night can give...
...helped organize the event. Deresiewicz said that being a thinker is very different from being a leader. “I am telling you to be counter-cultural,” he said. “Forget about Harvard. Forget about all the other prestigious institutions you have gone through.” The discussion panel was organized by the Humanities Center’s undergraduate committee. Kim said that the purpose of the discussion panel was not to start an argument between students and Deresiewicz, but instead to “talk about what the purpose of elite education...
...America's misfortune. Things are too serious for that. But there is a palpable sense that the financial crisis, and Washington's stumbling reaction to it, represents a defining moment. The days when the U.S. could lecture other nations on the correct way to run their affairs are gone. The British philosopher John Gray put the case at its starkest in the Observer: "The era of American global leadership, reaching back to the Second World War," Gray wrote, "is over...