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July 2003 Archives


Africa's Economic Morass-Will a Common Currency Help? Recommended!
Paul Masson & Heather Milkiewicz (Brookings) Jul 2003
Africa, like other regions of the world, is fixing its sights on creating a common currency. Already, there are projects for regional monetary unions, and the bidding process for an eventual African central bank is about to begin. Is it worth the effort, and will it provide an important solution to Africa's problems? Most observers judge that those problems are linked to civil conflicts, corruption, absence of rule of law, undisciplined fiscal policies, poor infrastructure, and low investment—the last of which is due in part to foreign investors—mistrust of African governments.

Making the Millennium Challenge Account Work for Africa
Lael Brainard & Allison Driscoll (Brookings) Jul 2003
President Bush has been rightly lauded for his visionary initiative to establish a Millennium Challenge Account (MCA) that would increase US resources directed toward the most promising development investments. In The Other War: Global Poverty and the Millennium Challenge Account, scholars from the Brookings Institution and the Center for Global Development endorse the Administration's proposal to use a set of publicly available, quantitative indicators to direct assistance to those countries with the most promising policy environments, which should address a longstanding political bias in US foreign aid allocations. But the particulars of the chosen methodology yield results that in large part exclude the poorest countries of Sub-Saharan Africa from eligibility.

The games bankers play
Antony Currie (Euromoney) Jul 2003
In the run-up to an increase in convertible and secondary issues in the US, bankers were desperate to find ways to stay in the league tables.

China set to allow overseas bond purchases
FT Jul 1, 2003
China, for the first time, plans to allow some top corporations to invest foreign currency earnings in bonds abroad, a move aimed partly at reducing pressure to revalue the renminbi.

Trade as politics by other means
IHT Jul 2, 2003
When he took office two years ago, Robert Zoellick, the top U.S. trade official, envisioned a ladder of trade agreements for countries interested in doing business with the United States.

A disappointing decade Financial Times Subscription Required
Martin Wolf (FT) Jul 2, 2003
If the world is to grow while the US private sector and external imbalances adjust, the rest of the world must generate demand growth well above potential GDP.

The Caravan to Cancun Wall Street Journal Subscription Required
Jagdish Bhagwati (WSJ) Jul 2, 2003
The U.S., EU, and the poorer countries have all let down the cause of truly free trade.

EU Ministers Reach Deal On CAP Reform, Trading Partners Respond Cautiously
BRIDGES Weekly Trade News Digest - Vol. 7, Number 24 Jul 3, 2003
After a 16-hour negotiating marathon concluding more than a year of heated internal debate, EU farm ministers finally agreed on a compromise deal outlining the future of the European Common Agricultural Policy (CAP) on 26 June in Luxembourg. While trading partners, such as the US, New Zealand and Brazil have cautiously welcomed the EU's decision, many civil society groups rejected the reform plan as being half-hearted and not going far enough to curb over- production in Europe or to halt dumping of agricultural products on developing countries.

Agriculture: WTO Meeting Takes Stock Of Progress, Discusses Way Forward
BRIDGES Weekly Trade News Digest - Vol. 7, Number 24 Jul 3, 2003
The WTO Committee on Agriculture (CoA) special negotiating session met for a formal meeting on 1 July, following a number of informal meetings after Members failed to meet an end-March deadline for agreeing on negotiating modalities. The session met to take stock of developments and agree on a progress report to the next Trade Negotiations Committee (TNC) meeting on 14-15 July. During the most recent informal meetings, held between 26 and 28 July, delegates discussed, inter alia, special safeguards and special products for developing countries, and the draft report to the TNC.

Seeing mortal danger in a superpower Europe
William Pfaff (IHT) Jul 3, 2003
Ezra Suleiman of Princeton University, who also teaches in Paris and has written distinguished works on French society, suggested in a recent newspaper article that the French position on Iraq was the capricious creation of President Jacques Chirac and his foreign minister.

Keep investment pacts off Cancun's agenda Financial Times Subscription Required
Kavaljit Singh (FT) Jul 7, 2003
Developing countries are right to resist proposals for a multilateral investment agreement.

The dollar is rallying as world stocks surge
IHT Jul 8, 2003
From Wall Street to Warsaw, investors are piling back into stocks, shortening memories of the market bubble and lifting the dollar out of its doldrums.

Bubbles & Bonds Recommended!
Economist Jul 8, 2003
Commentators are oozing Schadenfreude at the popping of a bubble in Treasury markets. But it is too soon to say there was a bubble in the first place.

Expect little change from Asia's currencies Financial Times Subscription Required
Jonathan Anderson (FT) Jul 8, 2003
Attempts to convince Asian countries to let their currencies strengthen are unlikey to succed.

Mexico needs a Chinese shock Financial Times Subscription Required
FT Jul 9, 2003
There is fear among Mexico's elite that China will soon displace it as America's second largest trading partner, writes David Hale, chairman of the board of China Online.

U.S. wealth: Richest nations can help the poorest Recommended!
Jeffrey D. Sachs (IHT) Jul 10, 2003
At a time when President George W. Bush has lavished billions of dollars in tax cuts on the richest Americans, his trip to Africa presents him with the perfect opportunity to call on them to take some responsibility for the dire state of the world's poorest citizens.

Hustling for the hedge funds' dollar Financial Times Subscription Required
FT Jul 10, 2003
More investment banks are going into 'value-added lending' to hedge funds, but there is concern over conflicts of interest and declining standards of risk management.

Free Trade and Competition Wall Street Journal Subscription Required
RObert B. Zoellick (WSJ) Jul 10, 2003
The administration's trade policy has strengthened America's global influence.

Agriculture: Members Still Far Apart On Key Elements Of Negotiation Modalities
BRIDGES Weekly Trade News Digest - Vol. 7, Number 25 Jul 10, 2003
At a 26-27 June and 1 July special (negotiating) session of the WTO Committee on Agriculture (CoA), Members mainly focussed on discussing a draft progress report prepared by CoA negotiations Chair Stuart Harbinson to be submitted to the Trade Negotiations Committee. In their comments, Members such as the EU, Switzerland and Barbados who favour the Uruguay Round (UR) approach to tariff reduction over the model proposed by Chair Harbinson, demanded a reflection in Harbinson's report to the Trade Negotiations Committee (TNC) to be held on 14-15 July that Members would not accept the current modalities draft as a basis for further negotiations.

WTO Environment Committees Stuck On Role Of MEA Secretariats, Eco-labelling
BRIDGES Weekly Trade News Digest - Vol. 7, Number 25 Jul 10, 2003
On 7 and 8 July, WTO Members convened for the final meetings of the Committee on Trade and Environment (CTE) regular and special (negotiating) sessions before the Cancun Ministerial Conference in September. A proposal by the EC to recommend to trade ministers in Cancun that the CTE hold three dedicated sessions on eco-labelling was opposed by most other Members. At the special session, another proposal by the EC for trade ministers at Cancun to invite the UN Environmental Programme (UNEP) and multilateral environmental agreement (MEA) secretariats to observe the CTE special session received a mixed welcome, but no consensus.

Joint Communiqué by the Six Core Agencies of the Integrated Framework -- IMF, ITC, UNCTAD, UNDP, World Bank, and WTO
IMF Jul 10, 2003
We reaffirm our commitment to assist in the effective integration of least developed countries (LDCs) into the multilateral trading system and the global economy. We believe that trade is an important means to achieve economic growth and poverty reduction. Focused and well-coordinated trade-related capacity-building and technical assistance are central to realizing the development benefits of trade. This requires a major effort to assist LDCs to build their capacity to formulate policy, to negotiate, and to tackle supply-side challenges in responding to new market access opportunities.

The world has not heard the last of the Third Way Financial Times Subscription Required
Anthony Giddens (FT) Jul 11, 2003
Compassionate conservatism may have helped Bush scrape into power but it is hardly a developed political philosophy.

Schröder urges ECB action over strong euro
FT Jul 11, 2003
Gerhard Schröder, German chancellor, issued a veiled call for the European Central Bank to intervene in the currency markets to reduce the value of the euro and help European exporters.

Your Farm Subsidies Are Strangling Us
Amadou Toumani Toure and Blaise Compaore (NYT) Jul 11, 2003
Subsidies for cotton farmers in developed countries keep African nations that rely on the crop from entering the world market.

World interest-rate cuts
Economist Jul 11, 2003
Interest rates in Asia are falling, as economies struggle with recession and the after-effects of the SARS crisis. But Europe’s central bankers are resisting the rush to cheaper money.

Been There, Done That
Stephen Roach (MSDW) Jul 11, 2003
With the US equity market now having staged the strongest of its several post-bubble snapbacks, there is growing conviction that the long nightmare is over. Financial markets are beginning to discount the time-honored magic of a full-blown cyclical recovery -- an upturn that is presumed to eliminate the risk of deflation and underwrite sustained momentum on the earnings front. I remain highly suspicious of this macro verdict. Here’s why.

Poor in Money, but Even Poorer in Democracy
Charles Onyango-Obbo (NYT) Jul 12, 2003
President Bush doesn't realize Africa needs freedom more than aid.

Only world's favourite empires will last Financial Times Subscription Required
Rod Eddington (FT) Jul 14, 2003
Substitute globalisation for the British Empire and we see a vast political and commercial system facing age-old imperial problems.

Köhler begins Africa visit Adobe Acrobat Required
IMF Survey Jul 14, 2003
Plus: Uruguay mounts successful debt exchange; Financial sector reform; Evaluating inflation targeting; Policy options and underground economies; Harberger on Latin America and policy advice.

Is the Tide Turning?
Rebecca McCaughrin (MSDW) Jul 14, 2003
With the flurry of M&A deals announced over the last few weeks, the market appears to be signaling a recovery in global M&A. Conditions certainly appear to be ripening for a rebound -- corporate profits are surprising on the upside, equity markets are rallying, geopolitical uncertainty has abated, valuations are not as stretched, growth prospects are improving, and with global interest rates at their lowest levels, acquisitions can be financed more cheaply. While we do not dispute the fact that conditions have turned more favorable, we believe the market has gotten ahead of itself and caution against jumping to the conclusion that the latest spate of announcements will spark another wave of M&A activity. There are a number of lingering pressures that continue to weigh on the market.

Literary economics - a short, handy history Recommended!
John Plender (FT) Jul 14, 2003
Kindleberger, wit and wisdom.

Asia needs time to adjust to a weaker dollar Financial Times Subscription Required
Mansoor Mohi-Uddin (FT) Jul 15, 2003
Asia should be advised to end its strong dollar policy quietly.

Population-Control Politics
NYT Jul 15, 2003
In a crucial vote today, the House can restore tens of millions of dollars in vital American aid for the United Nations Population Fund.

The Price of Tariffs Wall Street Journal Subscription Required
WSJ Jul 15, 2003
The European Union promises retaliation for steel tariffs.

Dollar rises against euro on word from Fed
IHT Jul 16, 2003
The dollar rose sharply against the euro Tuesday after the chairman of the Federal Reserve, Alan Greenspan, said U.S. economic growth was poised to accelerate.

KL 'to gain most in region' from China's WTO entry
ST Jul 17, 2003
Already its biggest trading partner in Asean, Malaysia could complement the production facilities of China, says a World Bank report

Greenspan warns China on currency peg
FT Jul 17, 2003
Alan Greenspan, chairman of the US Federal Reserve, warned that the Chinese authorities could not continue to peg their currency without endangering their domestic economy.

A miserly response to a global emergency
FT Jul 17, 2003 Financial Times Subscription Required
Rich countries need to devote more resources to the cause of fighting Aids, writes Jeffrey Sachs, director of the Earth Institute at Columbia University.

Global AIDS Fund Finding Few Answers to Its Cash Shortage
John Tagliabue (NYT) Jul 17, 2003
Representatives of countries contributing to a fund to fight AIDS made little progress toward easing a cash crisis expected later this year.

The FAQs About Cancun Wall Street Journal Subscription Required
Pascal Lamy (WSJ) Jul 17, 2003
The EU is ready to shed trade barriers. Is the U.S.?

TNC Reports Scant Progress; Draft Text For Cancun To Be Released Shortly
BRIDGES Weekly Trade News Digest - Vol. 7, Number 26 Jul 17, 2003
The WTO Trade Negotiations Committee (TNC) met from 14-15 July for its last session prior to the fifth WTO Ministerial meeting to be held from 10-14 September in Cancun, Mexico. The TNC heard reports from the chairs of five negotiating bodies established under it, and considered the general status of negotiations with a view to Cancun. WTO Director- General Supachai Panitchpakdi informed Members that a first draft of a potential ministerial declaration for Cancun would be released at the end of the week. The TNC also considered outstanding implementation issues, on which negotiations have picked up again

Services: Chair Jara Reports On Post-Doha Process, Developing Countries Disappointed
BRIDGES Weekly Trade News Digest - Vol. 7, Number 26 Jul 17, 2003
In a report presented to the Trade Negotiations Committee (TNC) on 14 July, Ambassador Alejandro Jara, Chair of the special (negotiating) session of the WTO Council for Trade in Services (CTS), wrapped up the work under the mandate of the Doha Declaration undertaken by the CTS, as well as its subsidiary bodies, since the last Ministerial Conference in November 2001. Jara also addressed in his report -- prepared under his own responsibility -- key issues related to future work to be undertaken for Members to successfully conclude the services negotiations by the end of 2004. The report will be further synthesised to provide language on services for the Cancun Ministerial Declaration. While the report suggests that the Ministerial Conference should set "landmark dates" to accelerate the market access negotiations in the services area, many developing countries reportedly voiced their frustration at the lack of a matching degree of ambition with respect to rule-making, the issue of assessment and other areas of particular importance for developing countries, such as mode four (movement of natural persons). Meanwhile, the EU tabled a new submission on possible disciplines for licensing procedures at the Working Party on Domestic Regulation (WPDR).

Escape from Global Deflation Recommended!
Kenneth Rogoff (IMF) Jul 17, 2003
The International Monetary Fund has recently issued a much-discussed research paper on global deflation. Although we view the risk of deflation in the United States as low, our indicators suggest that the prospect cannot be entirely dismissed, and the same would be true for the euro area as a whole, although there are higher risks for Germany. Given apparently tepid growth now in the United States, and with Europe virtually stalled, growing excess capacity is putting downward pressure on prices. Despite the recent rise in long-term rates in Japan, interest rates and inflation rates will remain near or at fifty year lows throughout the globe, and a sufficiently strong negative demand shock could tilt the balance towards worldwide deflation.

Anti-GM lobby a trade threat
Alison Rehn (CheckBiotech) Jul 17, 2003
Australia faces being frozen out of the global crop market if it doesn't adopt genetically modified technologies soon, a prominent scientist warned yesterday.

EU Constitution: A 'Superpower Europe' it won't be
Robert Lane Greene (IHT) Jul 18, 2003
A quick read of the European Union's draft Constitution provides plenty of evidence of the creation of a world power. The draft, which will be formally presented to European leaders Friday, calls for a bill of rights, a foreign minister and a single trade policy. It even proposes a motto, "United in Diversity." But those who hope for the emergence of a Superpower Europe that can rival the United States - and those who fear such an entity will be an anti-American menace - will have their expectations disappointed.

The Rigged Trade Game Recommended!
NYT Jul 20, 2003
Poor countries trying to pull themselves into the world market keep coming up against the richest nations' insistence on stacking the deck for their own farmers.

How globalization thwarts economic recovery
IHt Jul 21, 2003
For nearly 29 months, the United States has struggled through a recession and a weak recovery.

Era of cheap money takes its toll on business Financial Times Subscription Required
Dan Roberts (FT) Jul 21, 2003
Companies' reactions to interest rate cuts are defying traditional economic expectations.

Dinar Plans Wall Street Journal Subscription Required
Steve H. Hanke (WSJ) Jul 21, 2003
If we're scrape the Saddam currency anyway, why not dollarize?

Ahead of Information Summit, U.N. Should Examine Itself
Barbara Crossette (Atlantic Online) Jul 21, 2003
The United Nations has many skilled people who know exactly what communications tools the organization needs to improve its image, its outreach and its effectiveness. But they hit wall after wall--political, bureaucratic or budgetary.

Seizing the Opportunities of Globalization in Central America
Horst Köhler (IMF) Jul 21, 2003
Our meeting takes place against the background of still considerable uncertainty for the world economy. But, overall, the balance of risks has improved. In the United States, there is substantial stimulus in the pipeline and forward-looking indicators have strengthened. In Europe and Japan, while there are as yet few firm indications of an imminent recovery, I am encouraged by the new momentum for much-needed structural reform. Therefore, I expect a gradual recovery of the global economy in the second half of this year, with a strengthening of global growth to about 4 percent in 2004. This will also create a better external environment for the strengthening of growth in Central America.

Globalization and Cultural Diversity: Friends or Foes?
The Lighthouse Vol. 5, Issue 29 Jul 21, 2003
Tonight's talk is about free trade, and the main claim is that free trade is beautiful. This, I think, is a somewhat surprising claim. We are used to economists, such as Milton Friedman, telling us that free trade is efficient, that free trade increases our wealth; it brings us more goods and services. We have also had philosophers, such as Tibor Machan, who is with us tonight, tell us that free trade and free exchange are just, moral, the only moral system. And I agree with those arguments.

Academic Council on U.N. System Leaves U.S. for Canada
Barbara Crossette (Atlantic Online) Jul 21, 2003
There is an unmistakable resistance on American campuses to treating the study of international institutions seriously.

The hunt for yield hots up Financial Times Subscription Required
FT Jul 22, 2003
A return to a 1950s world of low interest rates and low nominal returns need not be cause for alarm provided that investors can adjust to the change quickly and that it remains in place.

The Great Catfish War Recommended!
NYT Jul 22, 2003
The fate of Vietnam's catfish offers a warning to poorer nations that try to play by the big boys' rules in the world trading system.

Global: Losing Control
Stephen Roach (MSDW) Jul 22, 2003
The current rout in the US bond market is starting to reach epic proportions. Yields on 10-year Treasuries have backed up an astonishing 108 bp in just five weeks. Given the record low yields that were prevailing on June 13 (daily close of 3.11%), this sell-off is far worse on a percentage change basis -- a 35% surge in long-term government interest rates. It’s a carnage that is now taking on the trappings of the worst sell-off of them all -- the great bond market rout of 1994, when yields on 10-year Treasuries rose by 44% (or 246 bp from 5.57% in January 1994 to 8.03% in November 1994). Needless to say, if the rout continues, all bets could be off on other asset markets, to say nothing of the nascent recovery in the US economy.

The Neoliberal Take on the Middle East Recommended!
Ronald Asmus & Kenneth Pollack (WP) Jul 22, 2003
A consensus is emerging in Washington that the greater Middle East constitutes the primary strategic challenge of our time and that the West must fundamentally rethink the way it approaches this region. In the past, Washington assumed it didn't have to care about the internal order of these countries so long as they accommodated our interests in their foreign policies. If things got really bad, Washington would step in and intervene, in a modern-day version of the popular game whack-a-mole.

Currencies: Yen drops on fear Tokyo is selling currency
IHT Jul 23, 2003
The yen fell Tuesday on speculation the Japanese government is selling its currency in a bid to bolster exports. The dollar rose against the euro as U.S. stocks gained.

S Korea presses China over currency peg
FT Jul 23, 2003
South Korea has urged China and other Asian countries to allow their currencies to appreciate against the US dollar.

'Our enthusiasm for central Europe has taken a hit' Financial Times Subscription Required
FT Jul 23, 2003
With less than a year to go before EU enlargement, growth is slowing and reform stalling in the accession countries.

Russian roulette
Economist Jul 23, 2003
A turning point for emerging-market bonds.

Outsiders waiting to be insiders
IHT Jul 24, 2003
Many economists and demographers say that Japan's success or failure in addressing the concerns of immigrants will go a long way toward determining whether it remains an economic powerhouse.

WTO May Deliver Justice Denied at Ballot Box Wall Street Journal Subscription Required
Phelim Kyne (AWSJ) Jul 24, 2003
WTO entry holds the promise of tempering Cambodia's corrupt government.

The 'Free Trade' Fix Is In Recommended!
NYT Jul 25, 2003
The United States government has just added a final flourish of hypocrisy to its efforts to crush the Vietnamese catfish industry under a mountain of protectionism.

Competing Theories Wall Street Journal Subscription Required
David Evans (WSJE) Jul 25, 2003
Hiring a top economist solves only part of the problem.

Mercantilism, USA
Llewellyn H. Rockwell, Jr. (Mises Daily) Jul 26, 2003
The great economic error of mercantilism is the belief that foreign buyers are great but foreign sellers are not, and thus are barriers to imports necessary. For a nation at large, this error can be extremely costly because it dooms producers in the home country to inefficient lines of production and foists unnecessarily high prices on consumers.

Bilateral deals are no threat to global trade Recommended! Financial Times Subscription Required
Daniel Griswold (FT) Jul 28, 2003
The Bush administration's FTA agenda is worth pursuing.

An obstacle to global recovery
Philip Bowring (IHT) Jul 28, 2003
Asian currencies are on the move from the business pages to the front page. Just as the overvaluation of Asian currencies in the mid 1990's helped create conditions for the Asian financial crisis, so undervaluation now is an obstacle to restoration of global financial equilibrium.

The Quality of Economic Recovery
Stephen Roach (MSDW) Jul 28, 2003
After three tough quarters, the world’s major economies were overdue for a bounce. And now a quickening of undetermined magnitude and duration appears to be at hand. With leading indicators in the United States suggesting that the global growth engine may be about to shift gears, the rest of a US-centric world can’t be too far behind. The key question: Is this fillip in the global business cycle sustainable, or is it just the latest in a long string of temporary rebounds that will quickly fade?

Capital Flows Update
Rebecca McCaughrin (MSDW) Jul 28, 2003
Sifting through the most recent global capital flow data, the key theme to emerge is that the US remains the dominant destination for foreign investment, despite the dollar’s depreciation. At the margin, spare capital has trickled into Euroland debt, but those flows have been muted by a renewed interest in overseas assets by Euroland investors. On the surface, UK net inflows have been especially strong this year, but a closer look at the data shows that inflows have been primarily driven by repatriation. Meanwhile, Japan has recently attracted sizeable net capital inflows, but the sustainability of the underlying drivers (repatriation by pension funds and foreign demand for Japanese equities) is questionable. Below, we sort out the various dynamics in greater detail.

Trade in Agriculture
EU DGT Jul 28, 2003
An independent study prepared by the French institute of research INRA (Institut National pour la Recherche Agricole) for the European Commission shows that the EU is one of the world's most open market to imports of farm products from third countries and especially from developing countries. Taking into account trade preferences given to developing countries, the average customs duty actually applied by the EU to farm imports is 10.5 %, a figure three times lower than frequently mentioned data. As a result of this low level of protection, the EU is by far the world’s number one importer of agricultural products, and the main importer of farm products from developing countries as well as from Least Developed countries.

Members Debate Draft Ministerial Text At WTO General Council
BRIDGES Weekly Trade News Digest - Vol. 7, Number 27 Jul 28, 2003
At a 24-25 July meeting of the WTO General Council -- the last session prior to a two-week WTO recess -- Members discussed a draft Ministerial Declaration put forward by General Council Chair Carlos Perez del Castillo (Uruguay) on his own responsibility for adoption at the fifth WTO Ministerial meeting to be held in Cancun, Mexico, in September. On agriculture -- a key sticking point in the current negotiations -- the Chair expressed cautious optimism that agreement could be reached on modalities at the September meeting. He warned that lack of progress on this issue could negatively affect other negotiating areas, notably the decision on whether to launch negotiations on the Singapore issues (investment, competition policy, trade facilitation and transparency in government procurement).

Civil Society Groups Criticise Negotiating Process, Members More Positive
BRIDGES Weekly Trade News Digest - Vol. 7, Number 27 Jul 28, 2003
In their reactions to the draft WTO Ministerial text released on 18 July (see related story, this issue), civil society groups criticised the "chair-driven" drafting process, which they say flouts rules of procedure guaranteeing an inclusive and consensus-based process. For their part, most Members cautiously welcomed the current process while also highlighting areas of particular concern where they would like to see further work carried out.

WTO Members Remain Divided Over Singapore Issues
BRIDGES Weekly Trade News Digest - Vol. 7, Number 27 Jul 28, 2003
The WTO working groups on the so-called 'Singapore issues' of investment, transparency in government procurement, competition policy and trade facilitation submitted their respective reports to the WTO General Council (GC) on 24-25 July. The reports contained procedural information on the working groups' activities (sources and materials used, meetings held and cooperation with other intergovernmental organisations) as well as a substantive discussion on elements. While outlining various Members' views on the way forward, the reports did not contain any conclusions or recommendations with regard to whether negotiations should be launched at the WTO's fifth Ministerial meeting in Cancun in September. The process toward Cancun was also discussed at the GC.

Pentagon Prepares a Futures Market on Terror Attacks
Carl Hulse (NYT) Jul 29, 2003
The online market would allow anonymous speculators to bet on forecasting terrorist attacks, assassinations and coups.

Clothing Costs Wall Street Journal Subscription Required
WSJ Jul 29, 2003
The textile lobby opens a new protectionist front.

The ultimate speculation
IHT Jul 30, 2003
Once upon a time, anonymous speculators could have forecasted terrorist attacks, assassinations and coups in an online futures market.

The myths and realities of international migration Financial Times Subscription Required
FT Jul 30, 2003
Population flows, though proportionately smaller than in the 19th century, are now a global phenomenon affecting both developed and developing countries.

The Fed is in a dangerous game with China Financial Times Subscription Required
FT Jul 31, 2003
China is glad to see Americans going on another shopping spree, writes Chen Zhao, chief emerging markets strategist at Bank Credit Analyst Research Group.

The Reimportation Controversy
Jude Blanchette (Mises Daily) Jul 31, 2003
In an odd twist, pro-market conservatives and libertarians have lined up en masse to protest the passage by the House of the drug reimportation bill authorizing the purchase of prescription drugs from Canada and roughly two dozen other countries. From Cato to Heritage, the American Enterprise Institute to The Weekly Standard, those with historically free trade predilections now find themselves contorting and twisting in an attempt to reconcile their opposition to the new law with the tenets of free trade.

A Good Idea With Bad Press
Hal R. Varian (NYT) Jul 31, 2003
The Pentagon-sponsored futures market in terrorism indicators was announced and squashed in all of two days. Too bad. It was a good idea, killed by terrible public relations.

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