Word: surplus
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...Rouges, the oldest covered market in Paris, for the organic produce, delicatessens and wine merchants. After lunch, we might hit the vintage-clothing stores Oh Lumière, tel: (33-1) 4357 5126, for vintage sneakers and the like, and Doursoux, tel: (33-1) 4700 0182, a classy military-surplus store with great aviator jackets and sweaters. For dinner, we'd reserve a table at Autour d'un Verre, tel: (33-1) 4824 4374, a friendly restaurant that serves great food. To finish the night, we'd head to La Java, tel: (33-1) 4202 2052 - a historic club where...
...Since the late 1990s, the U.S. has been spending far more than it has earned, sending huge sums of capital overseas, a dynamic measured as the current account deficit. This "giant pool of money," as the radio program This American Life described it, did not stay in low-spending surplus countries like China or oil-producing states. Instead, much of it came back to the U.S. in the form of cheap credit. "Like water seeking its level, saving flowed from where it was abundant to where it was deficient, with the result that the United States and some other advanced...
...more, and the U.S. will seek to spend less. Many economists are critical of the lack of specific policy solutions beyond these acknowledgements, saying the imbalances and the resulting distorting effects on currency exchange rates should have been a central agenda item at the G-20. "Unless and until surplus countries recognize that this cannot continue, no durable escape from the crisis will be achieved," Martin Wolf, author of Fixing Global Finance and the Financial Times' economics columnist, wrote in Wednesday's edition. "Understandably, but foolishly, they are unwilling to do so." But as Wednesday showed, the issue...
...There are massive ironies in the "protection" of those damaged by imports. If you listen to many politicians, especially American ones, you would think that imports are bad, a signifier of economic failure. Trade only "works" if a country runs a surplus. (A logical impossibility when extended to all countries, but never mind.) Free-traders scream: No! It is imports, not exports, that are the whole point of trade; we trade precisely so we can enjoy those goods in whose production others have a comparative advantage. But that message is not easy to get across in hard times...
...planned E.U. reforms are part of a wider overhaul that aims to drain the surplus production in Europe's so-called wine lake and slash some of the E.U.'s $1.8 billion annual subsidies paid to the industry. Commission officials say the new rules could help European wines compete against their New World cousins. "We're importing rosé made by blending, so it's pretty daft that we don't allow it in Europe," says Commission spokesman Michael Mann...