Word: havener
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Catalonia's announcement raised a series of pressing questions. Are governments or businesses the best entities to build wide-area wireless broadband networks? And what technology should those networks employ? Funded by citizens' tax dollars, governments generally look after roads, schools and defense. But telecoms? Haven't most governments been privatizing their fixed-line phone networks over the past 25 years? Why jump back into the same business? Wouldn't state-backed initiatives undermine free-market efforts to build networks and offer wireless services...
There may be something more significant afoot this time, though. It has little to do with the economies of Europe (or of Canada, Australia or New Zealand, whose dollars have made big gains against the U.S. version). Instead, the real action involves the countries whose currencies haven't gained on the dollar despite dramatically improved economic prospects relative to those...
...haven't these countries' currencies been gaining on the dollar? Because their governments won't let them. China's dollar peg, established in the mid-1990s, is often portrayed in the U.S. as a mercantilist attempt to sell more stuff here (if the Chinese yuan is cheap relative to the dollar, imports from China are cheaper too). But there's much more to it than that: by reining in the often pointless fluctuations of currency markets, countries can bring stability and encourage trade...
...dollars that they don't know what to do with. Up to now they've been content to recycle most of them by buying Treasury bills and other U.S. securities. The U.S. has enjoyed the low interest rates that have resulted, while China, the gulf states and Japan haven't wanted to face the consequence that by selling dollars, they would decrease the value of their remaining dollar holdings...
...massive amount of computing power, as much as some of the world's largest supercomputers, and all they do with it is send out spam and conduct the occasional denial-of-service attack (bombarding a specific server with traffic until it shuts down). We're lucky: so far they haven't gone in for more lucrative, damaging activities like online gambling, stock scams and stealing passwords and credit-card information. Is it possible that even a worm can have a conscience...