Word: tradings
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That reluctance is not necessarily for the reason often cited when U.S.-China trade issues come up. A frequent assertion by critics of U.S. trade policy is that Washington can't afford to get tough with China on trade because Beijing buys so much U.S. Treasury debt. Washington can't even say "Boo" to the Chinese, this argument goes, without risking that China would take its money and go home, driving U.S. interest rates up in the process...
...Perhaps it's true that if sufficiently angered by U.S. trade policy, China would feel compelled to inflict economic pain on itself by dumping U.S. debt, in order to send a message to Washington. But Geithner, despite his brief rhetorical flourish about manipulation, knows what his job is when it comes to persuading foreigners (whether governments or individuals) to continue to invest in Treasuries. Sources close to the Administration say that thus far he has argued privately that "what the world wants to know, first, is that we are going to fix this [economic and financial] problem and make people...
...trade conflict with China, Geithner knows, doesn't fit anywhere in that prescription...
Funny thing is, CRE and Ossie did trade in currencies - they were just lousy at it. SEC documents show that in June 2008, CRE shifted $12 million from its Atlanta fund to Deutsche Bank in London. In short order, it lost $8 million in European currency trading. (See pictures of the global financial crisis...
...that between one-third and two-thirds of carbon offsets under the U.N.'s Clean Development Mechanism - which oversees offset projects under the Kyoto Protocol - do not represent actual emission cuts. In addition, the USCAP proposal recommends that many of the initial carbon emission allowances under a cap-and-trade system should be given to industry free, rather than auctioned - even though auctioning would push carbon reductions faster. (President-elect Obama has said he's in favor of auctions.) "The proposal is a dead end - and an even deader starting point," writes Romm. (Read "Obama Cleans Up After Bush...