Word: worldlys
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...elaborate? It's cut a destructive path through everything that we see. But people lack the courage to call it what it is. You look at Lil Wayne standing up dancing on the BET Awards - with his daughter on the stage - singing "I wanna f___ every girl in the world." You look at it and tell me what you think about...
There's nothing like financial Armageddon for reviving the work of an old economist. Amid the recessionary doom and gloom, the world has channeled Adam Smith, dusted off John Maynard Keynes and revisited Eugene Fama. In recent days, it's been James Tobin's turn. Close to four decades since the Yale economist proposed a levy on foreign-exchange transactions - or a "Tobin tax," as the suggestion became known - the idea is enjoying a new lease of life. At a meeting of G-20 finance ministers last weekend, British Prime Minister Gordon Brown suggested the group of leading countries consider...
...offer twin benefits. By slapping an additional fee on each transaction, the tax "would naturally drive [investors] toward those that are more sensible, more profitable, more rational," suggests Julian Jessop, chief international economist at the consultancy Capital Economics in London. What's more, even a modest levy on the world's financial markets - Tobin first proposed a 1% charge on currency deals, before advocating even lower rates - would generate hundreds of billions of dollars in revenue. (See pictures of London during the financial crisis...
...watering debts and shoddy risk assessment at the oversize banks that got us into the current pickle. That job falls to regulators. Moreover, evidence of the impact of transaction charges on the volatility of assets is mixed: buyers in Britain's housing market - which, like many others around the world, cratered in 2007 - have been required to pay a transaction tax on their purchases for years. (Read "How to Know When the Economy Is Turning...
...discovering that the sooty air isn't good for the climate either. According to some estimates, black carbon may be responsible for as much as 18% of the planet's warming, making it the No. 2 contributor to climate change after carbon dioxide, which accounts for 40%. "The world could think that we just cut CO2 and the problem is solved and we all go home, but it's not," says Veerabhadran Ramanathan, a climatologist from the Scripps Institution of Oceanography and an expert on black carbon. "That's my nightmare." (See the world's most polluted places...