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...addressing global warming. The sweeping bill, sponsored by Democratic Senators Barbara Boxer and John Kerry, will cut U.S. greenhouse-gas emissions 20% below 1990 levels by 2020, and 83% by 2050 - targets that in the short term are a bit more ambitious than a similar carbon cap-and-trade bill passed by the House two months ago. "This is the beginning of one of the most important battles we will face, as legislators, as citizens," Kerry said Wednesday, flanked by veterans, local legislators and clean-energy entrepreneurs. "It is time to reinvent the way America uses energy...
Congress is one of them. The Kerry-Boxer bill is only one of several pieces of legislation that the Senate will need to consider as it takes on cap and trade - about which the Finance Committee is only one powerful group that will have its say - and the chances that any kind of carbon cap will pass seem vanishingly small. As long as the Senate is stuck on other business, like health care, Obama and his negotiators will have their hands essentially tied at the U.N. climate-change summit in Copenhagen three months from now. They can't commit...
...More important, the liquidity the dollar carry trade creates, like alcohol, can also be hazardous if taken in immoderate amounts. For instance, Citigroup's Chua says one of the reasons Asia's stock and property markets have been rallying over the last six months is because of the overabundance of short-term liquidity. "A lot of dollars are seeping into Asian economies," she says. "That's pumping up asset bubbles." When those bubbles burst, as they frequently do, there will no doubt be unpleasant messes to clean...
...like the abysmal Charybdis to swallow Athens down.” It’s still eerie to modern ears, for though New York’s skyline may stand mostly intact, 143 stalled building sites loom over the city, and after eight years, the World Trade Center site still looks like Ground Zero. The unemployed—now over a tenth of New York City’s population—often roam the streets in greater numbers than the tourists...
...same time, Lula is on a crusade to make Brazil, with the world's fifth largest population and ninth largest economy, a serious international player. He's stumping hard for a permanent Brazilian seat on the U.N. Security Council and more input from developing nations in setting global trade and economic policy. (He is also personally cheerleading in Copenhagen for the Brazilian bid for the 2016 Olympics, a move that may have helped convince Obama to head to Denmark himself to back Chicago's candidacy.) It's hard to keep a pristine non-interventionist tradition with ambitions like those...