Word: openings
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Dates: during 2000-2009
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...supplement instead of micromanaging conditions for success - is a step in the right direction. I'm reminded of something I learned in philosophy class at university: one can't always solve intangible problems with tangible solutions. Let's pray and hope that we learn from, as Gelb wrote, "open-ended stalemates" like the Vietnam War. Cheryl C.Y. Lee, Oita, Japan...
...Indeed, China is increasingly open about both its ambitions and its concerns over U.S. economic policy, given its position as Washington's largest foreign creditor. Beijing never signed on to what became known in the late 1990s as the Washington Consensus on global economic policy, which called for free trade, privatization, light-touch regulation, prudent fiscal policies and - at least as many interpreted the consensus - free capital flows. The U.S. Treasury, in the wake of the credit meltdown, has put forward a plan to enhance regulation of its own capital markets, but that is unlikely to prevent Beijing from continuing...
...Little Big China Those caveats are important. But China's technocrats are well aware of the risks they are running. "They came into this [crisis period] with eyes wide open," says Barber, recognizing that loans being granted in a relatively weak economic climate could start to go bad in droves. The country's once shaky financial sector was cleaned up several years ago - in 2007, nonperforming loans amounted to just 3% of total bank assets - and vehicles set up to deal with China's last banking crisis still exist. In other words, Beijing thinks its financial system is strong enough...
...This is particularly apposite in the case of China, a country with not only many possible futures, but (as it were) many pasts. There is a crude but commonly held thumbnail sketch of modern Chinese history that goes something like this: Two centuries ago, European powers tried to open a hermetic society to trade; they failed until the Opium Wars forced the issue; China then entered an era of foreign domination and internal chaos, which ended with the imposition of political stability by the Communist Party in 1949; in 1978, after another round of internal unrest, China chose to modernize...
...green. "I've never seen him get to the point where he just picks up," says Marvin Nicholson, the White House trip director and a regular partner. "I've seen him write a 10 down. I've seen him write an 11 down." (See the top 10 U.S. Open golf duels...