Word: welling
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Dates: during 2000-2009
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...price - or risk losing more than you can afford. As the price falls, and all of the other "smart" traders around you are forced to unwind their long positions and sell oil, the price will fall even faster against you. Why would the big boys do this to you? Well, any money lost by one trader must be gained by another. If they can make you take a loss, it ultimately translates to their gain...
...going to fare very well. It's the old gambler's-ruin problem: you can only lose so much and you're not likely to keep making money indefinitely, so you're going to get wiped out eventually. But some players are big enough to triumph. They have low trading fees and get the best prices on their trades. They're the ones definitively moving prices. It's not the small speculators that we should be worried about. It's the larger speculators, like the investment banks. Because they don't even have to worry about getting wiped out - they...
...Little Big China Those caveats are important. But China's technocrats are well aware of the risks they are running. "They came into this [crisis period] with eyes wide open," says Barber, recognizing that loans being granted in a relatively weak economic climate could start to go bad in droves. The country's once shaky financial sector was cleaned up several years ago - in 2007, nonperforming loans amounted to just 3% of total bank assets - and vehicles set up to deal with China's last banking crisis still exist. In other words, Beijing thinks its financial system is strong enough...
...continued development will be one of the forces that shapes the century. It is equally true, as he argues, that China will not be just any old superpower. It has its own distinctive combination of attributes: a huge population, a sense of its identity as a civilization as well as a nation state, a long-standing influence on the nations and cultures that border it, and a diaspora that impacts not just its region but the world. China's habits of governance, Jacques argues, are not those of the Western world; its values (let us say harmony and stability, rather...
...tomorrow. History rarely runs in straight and predictable lines. At the end of the 19th century, Germany - or perhaps more accurately, Germanic central Europe - was a technological and scientific powerhouse, its universities nurturing geniuses like Einstein, Heisenberg and Schrödinger, whose discoveries changed the way we thought of, well, everything. Then came the carnage of World War I, the rise of fascism and communism, the mass murder of European Jews and the flight of those who could escape it, often to the U.S. All of this contributed to a shift of the center of scientific progress away from Europe...