Word: systemic
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...aren't as revolutionary these days, but his liberal leanings persist. The heroes of his plays are the people left to clean up the messes made by those in power: "priests or policemen, social workers or teachers," he says. Where his earliest works urged the collapse of the capitalist system, his later works are less absolute, exploring "the necessary hypocrisies of public life." With the state of politics today, Hare won't be out of a job anytime soon. But, as he has discovered, sometimes audiences would rather focus on hope than hypocrisy. He frets that Gethsemane's initial reception...
...Unsurprisingly, several big-name Chinese companies on the international stage - Lenovo, Alibaba, Sina and Haier - registered many of their operations as foreign firms, accessed Hong Kong's capital market and legal system and thus succeeded not because of the regime's economic conduct but in spite of it. For reinforcement of the mainland's shortcomings, Huang points to Shanghai, where the mushrooming Pudong skyline masked a poor record on innovation and a lack of private-sector companies of note (its greatest success story, e-commerce star Alibaba, fled to Hangzhou in the neighboring and more entrepreneurial Zhejiang province...
...Would Teddy Have Approved? Re Joe Klein's Teddy awards honoring courage in the political arena: A John McCain regime would have probably finished the job that the Republicans began so well of dismantling the National Parks system [Dec. 29]. This - and the concept that we should protect our national resources - is Teddy Roosevelt's greatest heritage. You really think he'd like McCain? Richard Bagwell, Berkeley, Calif...
Every year at the end of August, the high priests of the U.S. financial system - the board of governors and staff of the Federal Reserve - gather at a remote resort high in the mountains near Jackson Hole, Wyo., and there, amid the Tetons, listen to lectures by invited economists on a variety of topics, hoping the fresh air and proximity to genuine cowboy bars might lead to clear thinking and sound economic policy...
...Committee (which sets interest-rate policy), had quietly been raising red flags among his colleagues. Earlier that month, the European Central Bank had startled traders by pumping close to 100 billion euros into the short-term-credit markets - an unexpectedly massive intervention. It was as if the global financial system had had an angina attack, a brief, unexpectedly painful episode that signaled what a few senior Fed officials were beginning to fear: a full-blown economic heart attack might well be coming. During the Jackson Hole meetings, Geithner pressed the view that Fed policy was behind the curve; the problem...