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Citibank's private-banking unit holds more than $100 billion, which makes it about the same size as the entire bank was in 1982. Those funds are in turn part of a $17 trillion global pool of money belonging to what bankers euphemistically call "high-net-worth individuals"--a pool that generates more than $150 billion a year in banking revenue. The numbers are especially impressive when you consider that except at a few sleepy British and Swiss institutions, the private-banking industry didn't exist until the 1980s. Citibank predicted early this year that it would reach $1 trillion...
...correspondent Mark Thompson. "2MRC is the requirement that calls for the military to be prepared to fight two wars?at the same time." The doctrine has stayed in place, Cold War or not, and it is one of the major reasons why the military budget -- now targeted at $1.4 trillion over the next five years -- remains? so massive. 2MRC requires maintaining a certain level of equipment and personnel -- all of which costs more and more each year. Until the basic doctrine is reassessed -- and "President Clinton is not about to jettison 2MRC," says Thompson -- expect the Pentagon to keep holding...
...trade deficit, the object of these legislative exercises? The nation has run deficits in all but one of the 26 years since the tax breaks on export income were enacted in 1971. Total deficits for those years: $2.3 trillion...
...wild guesses. Aczel, however, does not even attempt to give values for all of the variables in his calculation. Instead, he gives rough approximations for two of the variables in the equation and then lumps the remaining terms together in an arbitrarily chosen, "extremely remote," one in a trillion probability for intelligent life occurring on a planet that lies within its star's habitable zone...
Included in this choice are all of the questions that we began with in trying to determine the probability of the extraterrestrial life. Aczel gives no convincing reason why we should choose one in a trillion as our base probability, and we really have no way of knowing whether his number is correct even to a few orders of magnitude. With so many uncertainties involved, Aczel's statistical argument is attractive, but it does not warrant his unqualified conclusion that, "The probability of extraterrestrial life is 1.00, or a number that for all purposes is 1.00. We are not alone...