Mark Mobius, executive chairman of Templeton Asset Management’s emerging markets group, said another financial crisis is inevitable because the causes of the previous one haven’t been resolved.
“There is definitely going to be another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis,” Mobius said at the Foreign Correspondents’ Club of Japan in Tokyo today in response to a question about price swings. “Are the derivatives regulated? No. Are you still getting growth in derivatives? Yes.”
Monthly Archives: May 2011 - Page 2
“There are basically two business models: manipulating girls through violence—that’s called ‘gorilla’ pimping—and controlling them with drugs,” says Patel, who prosecuted the case of New York–based trafficker Corey Davis, a.k.a. “Magnificent.” A high-living, highly educated pimp who kept the slave master’s manifesto The Willie Lynch Letter and the Making of a Slave in his Mercedes, Davis, Patel says, made sex slaves out of, among others, a 12-year-old runaway and a university coed on a track scholarship. To force them to do his bidding, Davis allegedly sliced a girl in his “stable” with a box cutter and stomped others into submission with a special pair of Timberland boots—a technique known as “Timming.” Another female, a 15-year-old patient of Dr. Sharon Cooper’s, was zipped into a duffel bag and deposited by her pimp on a six-lane highway. The pimp of Caroline (a former Connecticut 4-H Club member) plucked out her fingernails one by one until she passed out from the pain. Natalie, an ex–Catholic schoolgirl rescued by gems, was from the age of 13 tortured or beaten with water, belts, chains, even a bag of frozen oranges. “Pimping,” Natalie says, “is not cool. A pimp is a wife beater, rapist, murderer, child-molester, drug dealer, and slave driver rolled into one.”
The 22-member Arab states will seek membership for a Palestinian state — with East Jerusalem as its capital — during the next United Nations session in September, according to a statement released through QNA Saturday by the Ministerial Committee on the Arab Peace Initiative.
Throughout China’s dynastic history, keeping mistresses was not only tolerated, but actually had the official seal of approval from the men at the top. The country’s emperors maintained legendary harems of concubines, as did noblemen, wealthy merchants and anyone seeking to enhance their social status. Indeed, the country’s most famous classic novel, Dream of the Red Chamber, relates the story of an imperial concubine in the Qing dynasty who supports her entire family, including its own numerous concubines, thanks to the emperor’s patronage.
As the crisis in Syria continues, many observers are beginning to say that if the protesters cannot overthrow the regime, the economy will. With political uncertainty at a suffocating level, the Syrian pound has fallen against the U.S. dollar. As a result, Syrians are feverishly hauling their money out of banks — about 8% of all banks deposits have been withdrawn — and shifting it into more stable foreign currencies. GDP was predicted to grow at a steady 6% this year. Now, predictions are closer to a negative 3% contraction. “I think the crackdown on protesters will succeed in the next two months,” a senior western diplomat in Syria says. “But in six months time, the economy will have taken such a battering that [President Bashar al-]Assad will have lost the support of the majority of Syrians.”
A senior Israeli military official says the army is bracing for the possibility of renewed violent protests along the country’s borders in the coming days. The official could not be identified under military police
Facebook-organized demonstrators are promising unrest on the 44th anniversary of the 1967 Mideast war this weekend.
Furthermore, just as the Pakistanis want to use China as a bulwark against India, China — while not shying away from strategic competition with India — must at the same time be careful not to unduly antagonize India. For China is building or upgrading ports not only in Pakistan and Burma, but in Bangladesh and Sri Lanka, too. The point must be emphasized that it is unclear exactly what China intends for these Indian Ocean ports — China’s so-called “String of Pearls.” India already feels surrounded by China and has greatly enlarged its own naval base at Karwar, in the country’s south, partly in response to Chinese construction work in Gwadar. Given that India and China may soon constitute the world’s largest bilateral trading relationship, China must tread carefully. After all, it has always claimed to its neighbors that its rise is benevolent and non-hegemonic.
Indeed, Gwadar is important: not for what it is today, but for what it will indicate about Beijing’s intentions in the coming years and decades.
Congress gave him until the end of 2011 to report on the USPS’s woes. But Herr and his team concluded that the postal service’s business model was so badly broken that collapse was imminent. Abandoning a long tradition of overdue reports, they felt they had to deliver theirs 18 months early in April 2010 to the various House and Senate committees and subcommittees that watch over the USPS. A year later, the situation is even grimmer. With the rise of e-mail and the decline of letters, mail volume is falling at a staggering rate, and the postal service’s survival plan isn’t reassuring. Elsewhere in the world, postal services are grappling with the same dilemma—only most of them, in humbling contrast, are thriving.
It wasn’t merely that Medvedev had chosen a date almost comically far into the future to suggest when the two nations might come to terms; the particular date he chose carried special meaning. 2020 is the year when the State Department has estimated the U.S. will deploy the SM-3 Block IIB, a missile still on the drawing board but being designed to intercept medium- and intermediate-range missiles that might be launched from the Middle East.
Since the Russians purport to see the Block IIB as a threat to Moscow’s own ballistic missile arsenal, Medvedev’s reference to the projected date of its deployment, in an otherwise cordial photo-op with the American president on the sidelines of an international summit, sent an unmistakable signal.
“He puts that marker out there,” explained Michael McFaul, the senior director for Russian and
Vietnam protested to China over an incident yesterday in which it says three Chinese vessels cut the survey cables of a ship belonging to Vietnam Oil & Gas Group, more commonly known as PetroVietnam. The confrontation occurred inside lot 148, 120 nautical miles off the coast of Phu Yen province, the Ministry of Foreign Affairs in Hanoi said in a faxed statement. Lot 148 is also claimed by China.
China asserts “indisputable sovereignty” over most of the South China Sea, including oil and gas fields more than three times further from its coast than they are from Vietnam. Exploration in waters under China’s jurisdiction infringes its “sovereignty and interests and is illegal,” the Foreign Ministry in Beijing said May 12.