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...going to fare very well. It's the old gambler's-ruin problem: you can only lose so much and you're not likely to keep making money indefinitely, so you're going to get wiped out eventually. But some players are big enough to triumph. They have low trading fees and get the best prices on their trades. They're the ones definitively moving prices. It's not the small speculators that we should be worried about. It's the larger speculators, like the investment banks. Because they don't even have to worry about getting wiped out - they...
...settled in renminbi by 2012 (though few other economists believe this will happen anywhere near that fast). This willingness to make its positions known publicly and push other governments to see things China's way "is very different from 10 years ago, when Beijing was much quieter and more low-profile," says Jun Ma, an economist at Deutsche Bank in Hong Kong. (See China covers...
During 12 years in power, the Labour Party has raised living standards for many low-income families, but Britain remains one of the most unequal countries in the developed world. Labour's repositioning as New Labour, a party of middle England, also left swathes of its traditional working-class voters with a sense that their own party had abandoned them. In June, these voters proved most susceptible to the BNP's promises of better representation for "the invisible majority" of white citizens and a stop to immigration and asylum. Similar conditions and promises boosted the Front National's first-round...
...Washington Home Sales on the Upswing At last, some good news on the housing front. In June, sales of new U.S. one-family homes saw their strongest increase in more than eight years as buyers hurried to take advantage of bargain-basement prices, low interest rates and a federal tax credit for first-time homeowners. Home prices are still dropping, however, with the median June figure of $206,200 down 12% from $234,300 a year earlier. And with a huge backlog of unsold homes, analysts continue to disagree on whether the higher-than-expected increase signals a coming recovery...
...What They're Unplugging in Cuba: The Obama Administration has taken down a 5-ft.-high (1.5 m) electronic news ticker, installed under President George W. Bush at a low point in diplomatic relations, from the windows of the American mission in Havana. The sign, used to annoy Cuban officials with pro-democracy messages, had been blocked by Fidel Castro with massive black flags. According to American University professor Robert A. Pastor, the act of goodwill "has permitted both sides to act like mature adults...