Word: turning
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...futures market is a zero-sum game. When you trade oil futures, all you're really doing is exchanging cash with other traders. You're all betting with each other on the price of oil ... except it turns out that your bets, in turn, determine the price. It's a bit of a catch-22, but that's the market...
...Trading Places A few years ago, that question - and the notion that China could drive global growth - would have seemed absurd. After all, China's economy was dependent on manufacturing, which was in turn dependent on demand from the U.S., the world's undisputed economic locomotive. But that engine remains sidetracked. The IMF predicts the U.S. economy will contract 2.6% this year. American home prices continue to fall in some cities, while the unemployment rate has soared to 9.5%, the highest since 1983. The U.S.'s much ballyhooed stimulus plan has so far yielded little measurable benefit, save putting some...
...This isn't baloney, but it is hardly the whole story - as you would discover if, instead of being mesmerized by the sight of Pudong, you were to turn around and look at the solid, early 20th century buildings of the Bund, just behind you. Modernity did not come to China because Deng Xiaoping said it should. As Rana Mitter of Oxford University argues, there had been modernizing streams in Chinese society long before 1978, and had some of them taken a different course, our view of what China represents for the future would be unrecognizable from the standard text...
...will not adopt liberal values in the future ignore the part of China that already has. For Taiwan, as Mitter says, has a deep sense of Chinese cultural identity (more so than the mainland, arguably) and yet is a "highly modern, liberal democracy." Who knows? The island may yet turn out to be a model for China as a whole. (Read "Taiwan: How to Reboot the Dragon...
...series of attacks over the past few years, the sense of alienation in the Muslim community is reflected not just in the terrorists' rage but also in moderate Muslims' readiness to believe conspiracy theories that pin blame for 9/11 and other attacks on Western governments. Dutch citizens, in turn, have become more suspicious of Muslim neighbors, resentful that Dutch hospitality has seemingly counted for nothing...