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...entrepreneurship of the poor has produced assets in the “underground economy” worth over $9 trillion. But the poor are prevented from entering the legal realm by bureaucratic runaround. To document the extent of the challenges, Peruvian economist Hernando de Soto describes in The Mystery of Capital how he tried to obtain legal permits to build a small house and license one sewing machine for commercial...
...BOTTOM LINE "Derivatives are financial weapons of mass destruction" WARREN BUFFETT, chairman of Berkshire Hathaway, in his annual letter to shareholders, lashing out against the $127 trillion market in complex futures contracts See Also: Comeback Crusader
...estimated the total cost of war would be $100 billion to $200 billion. In one much quoted analysis, economist William Nordhaus of Yale University has said that the cost of war and reconstruction over a decade could range from a low of $100 billion to a high of $1.9 trillion. At current prices, that would make an Iraq war second only to World War II in its financial impact on Americans...
...fiery bravado but also his business savvy. Even during his four-year stint as Vice Premier, Wen was rarely called upon to deal with foreigners or promote market economics. Some question whether he has the clear vision and political will to run China's contentious Cabinet while managing a trillion-dollar economy, overseeing the layoffs of millions of angry workers in state companies and forcing another round of market-friendly reforms on the entrenched bureaucracy. "If he remains wishy-washy, we'll get policy paralysis that will threaten reforms," says Joseph Cheng, a political scientist at the City University...
...purchase of fighter jets in order to boost funding for Zero Hunger. Perhaps the most important - and most immediate - steps that Lula needs to take are pension and tax reform. Brazil has a millstone public bureaucracy: its salaries and pensions take more than 8% of the nation's $1 trillion gross domestic product. Reining in the corrupt pension system, simplifying Brazil's baroque tax code and combatting massive tax evasion could help Lula drop interest rates and free up at least $5 billion - more than half of Brazil's entire education budget - for projects like Zero Hunger. "This government...