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International copper prices rose markedly earlier in this decade. Instead of spending the funds on projects of near-term political value, Chile’s President Michelle Bachelet and Finance Minister Andrés Velasco (the latter on leave from the Kennedy School) took the lead to create an investment fund that would not be tapped for ongoing operational expenses. The fund could be used to help the Chilean economy avoid an economic collapse; when the worldwide financial crisis broke out 18 months ago, the Chilean government was ready with a countercyclical budget—it spent to cushion...
...recent signing ceremony, Chilean Finance Minister Andrés Velasco noted his view about good long-term macroeconomic forecasting: Look around a Harvard PhD classroom. Countries with students in such classes are a good indicator of good performance 10 to 20 years ahead. In the Harvard of 20 years ago, that would have led to forecasting that China and South Korea would perform well. The forecast for Chile already looks good, and it should be better. Neither Chile nor Harvard won the lottery, but, together, we are doing something better—not relying on chance but investing in some...
...would join two other conservatives trying to unseat McCain. In a sign of the incumbent's concern, he has already raised $4.7 million to defend himself, and he has more than $20 million left over from 2008. Prevailing in the primary would all but secure McCain a fifth term in the Senate: Democratic leaders in Washington say they aren't bothering to recruit a local Democrat to face...
Taking a long-term view might also have helped better predict Islamist terrorism in the 21st century. MI5 was slow to realize the potential threat, as it was busy dealing with IRA campaigns in the 1990s. It's not until 2003 that MI5 grasps that the radicalization of minority British Muslims is leading to terrorist attacks on British targets. (See pictures of terrorism...
Still, in the short term, Abdullah's visit is at least a sign that the leaders of the Arab Middle East have backed away from a regional confrontation. However, with Israel threatening to shut down Iran's nuclear program the old-fashioned way - by military strikes - if an alliance of Western nations can't do so through negotiations, it's unlikely that peace will hold for long...