Word: grosse
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...tide is hard, especially given the heavy impact of taxes on Europe's economy. In 1970, total tax revenue measured as a percentage of the economy was roughly on a par in Western Europe and the United States. Today, it's far higher in Europe, at about 40% of gross domestic product in the E.U. compared with about 29% in the U.S. Income taxes have jumped, but so too have taxes on social insurance contributions and vat on goods and services. "Everyone feels like they are paying too much tax - and they are," says Baudouin Velge, chief economist...
...least one off-label drug as part of their chemotherapy regimen. And many doctors see the practice as life-saving science. Statins, for example, were initially approved to lower cholesterol but are now heavily prescribed (and blessed by regulators) to prevent heart attacks and stroke. Says Dr. Cary Gross, assistant professor of medicine at Yale: "You can't tell doctors never to try anything except what's been tested." Since 1998, the number of off-label prescriptions has nearly doubled, to around 115 million, according to an analysis by Knight Ridder Newspapers...
...prospect of having data from all clinical trials readily available is exciting, says Dr. Cary Gross of Yale: "This has the potential to dramatically change how medicine is practiced." But just as compelling is the ethical argument. "When people enroll in a study, they are told that this is going to benefit science," says Gross. "For trials results to then be shelved is a real betrayal of people who have trusted researchers with their lives." The pharmaceutical industry would be well advised to see it that way too. --By David Bjerklie
...first three months of this year, China and Hong Kong bought $167 billion of American securities (primarily U.S. treasuries and corporate bonds), while Japan bought $336 billion worth, according to the Asian Development Bank. Greenspan isn't the only one doing a double take. Last week Bill Gross, America's most influential bond investor, warned that the dollar could plunge by 20% if China and Japan stop supporting it by buying U.S. bonds. "Japan and China will change their stance," Gross told the Financial Times. "We don't know when, but we know they will." By investing in American assets...
...unprecedented move follows months of reported government abuse and widespread popular dissent against Gayoom's regime in the wake of riots in Mal? last September. Local human-rights groups have threatened a campaign to discourage travel to the Maldives, which depends on tourist dollars for 20% of its gross domestic product. "The whole thing was a real eye opener for Gayoom," says one Western analyst, who speculates that the President feared his legacy of transforming these poverty-stricken islands into a world-class holiday destination was under threat...