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All this is perfectly true. | Helsinki-NLP/news_commentary |
But personally, I will also remember my grandmother’s sentence “Thank God we lost that war!” | Helsinki-NLP/news_commentary |
Thank God – and thanks to all those brave Allied soldiers who sacrificed their lives for the sake of Europe’s liberty. | Helsinki-NLP/news_commentary |
Crashing the SDR | Helsinki-NLP/news_commentary |
SANTA BARBARA – The Chinese government’s campaign to have its currency, the renminbi, included in the International Monetary Fund’s reserve asset appears to be on the brink of success. | Helsinki-NLP/news_commentary |
Last week, IMF staff formally recommended adding the renminbi to the basket of currencies that determines the value of its so-called Special Drawing Rights (SDRs). | Helsinki-NLP/news_commentary |
The addition of the renminbi to the basket, which currently includes the US dollar, the euro, the British pound, and the Japanese yen, would provide China with a boost to its prestige. | Helsinki-NLP/news_commentary |
More important, it would advance the government’s efforts to internationalize the renminbi. | Helsinki-NLP/news_commentary |
But it would also be a mistake. | Helsinki-NLP/news_commentary |
The decision to recommend the renminbi’s inclusion, far from having been made on sound economic grounds, can only be understood as political. | Helsinki-NLP/news_commentary |
As such, the long-term consequences are likely to be regrettable. | Helsinki-NLP/news_commentary |
On a purely technical basis, the renminbi’s qualifications for inclusion in the SDR basket are questionable. | Helsinki-NLP/news_commentary |
Traditionally, the IMF has insisted on two criteria: a currency’s issuing country must be among the world’s leading exporters, and the currency must be “freely usable” – widely used and traded. | Helsinki-NLP/news_commentary |
As the world’s largest exporter, China clearly meets the first condition. | Helsinki-NLP/news_commentary |
The second, however, is probably still beyond its reach. | Helsinki-NLP/news_commentary |
The renminbi is by no means in the same league as the SDR basket’s four incumbent currencies. | Helsinki-NLP/news_commentary |
In 2014, China’s currency ranked seventh in global central-bank reserves, eighth in international bond issuance, and 11th in global currency trading. | Helsinki-NLP/news_commentary |
Moreover, the renminbi remains non-convertible for most capital transactions, China’s financial markets are primitive, and trading margins for the exchange rate are still set daily by the monetary authorities. | Helsinki-NLP/news_commentary |
Indeed, as recently as August, the IMF was skeptical about adding the renminbi to the SDR basket, saying that “significant work” was still needed, and suggesting that a decision should be put off until 2016 in order to ensure a “smooth” transition. | Helsinki-NLP/news_commentary |
So why did the IMF flip? | Helsinki-NLP/news_commentary |
The answer is obvious: China mounted a full-court press to change minds. | Helsinki-NLP/news_commentary |
In August, the currency’s exchange-rate regime was loosened slightly. | Helsinki-NLP/news_commentary |
Renminbi-denominated government bonds were issued in London, and plans were laid to create new trading platforms for the currency in several European financial centers. | Helsinki-NLP/news_commentary |
And Chinese policymakers made it abundantly clear how unhappy they would be with a negative decision. | Helsinki-NLP/news_commentary |
Their pressure paid off. | Helsinki-NLP/news_commentary |
One by one, Western governments fell in line behind the renminbi, despite its practical limitations. | Helsinki-NLP/news_commentary |
The Fund got the message, and now the fix is in. | Helsinki-NLP/news_commentary |
The recommendation to enlarge the SDR basket has been warmly backed by Christine Lagarde, the IMF’s managing director, and a final decision by the Fund’s executive board is expected at the end of the month. | Helsinki-NLP/news_commentary |
Many would argue that this is a positive development. | Helsinki-NLP/news_commentary |
Certainly, it mollifies China’s leaders, offering them a stronger incentive to continue to work within the existing international monetary regime. | Helsinki-NLP/news_commentary |
Recent Chinese initiatives, especially the creation of the Asian Infrastructure Investment Bank, have given rise to fears that the country intends to build a new set of international institutions to compete with Western-dominated organizations like the IMF. | Helsinki-NLP/news_commentary |
The decision to add the renminbi to the SDR basket may have put that danger into remission. | Helsinki-NLP/news_commentary |
On the other hand, the move sets a worrying precedent, injecting politics into a policy area that had been governed by objective economic considerations. | Helsinki-NLP/news_commentary |
Conceivably, over the longer term, China’s successful campaign could now open the door to lobbying by other governments to include their currencies as well. | Helsinki-NLP/news_commentary |
Why not add the Swiss franc or the Canadian dollar? | Helsinki-NLP/news_commentary |
Or, for that matter, why not include the Russian ruble or Indian rupee? | Helsinki-NLP/news_commentary |
What was once the dignified preserve of obviously elite currencies could become the site of messy political battles for elevated status. | Helsinki-NLP/news_commentary |
Of course, it can be argued that China’s recent economic trajectory means that it is only a matter of time before the renminbi does become a match for the SDR’s incumbents. | Helsinki-NLP/news_commentary |
After all, international use of the currency has been growing exponentially. | Helsinki-NLP/news_commentary |
But that optimistic assessment overestimates the renminbi’s prospects and illustrates the danger of linear extrapolation of the past into the future. | Helsinki-NLP/news_commentary |
Likewise, use of the renminbi for the purpose of invoicing and settling trade with China is bound to continue growing. | Helsinki-NLP/news_commentary |
But in terms of the all-important roles of a currency as an investment vehicle or reserve asset, the outlook for the renminbi is much less promising, owing to China’s still-tight capital controls and low level of financial development. | Helsinki-NLP/news_commentary |
Nor is inclusion of the renminbi in the SDR basket likely to provide as big a boost to the currency’s internationalization as many believe. | Helsinki-NLP/news_commentary |
Some central banks may decide to follow suit, adding renminbi-denominated assets to their reserves to match the composition of the basket. | Helsinki-NLP/news_commentary |
But the increase will be marginal at best – some $40 billion in the next few years, according to the IMF’s calculations. | Helsinki-NLP/news_commentary |
With global reserves now totaling more than $10 trillion, that is a mere drop in the proverbial bucket. | Helsinki-NLP/news_commentary |
The political reasons for including the renminbi in the SDR are all too clear. | Helsinki-NLP/news_commentary |
Unfortunately, the risks of doing so are no less obvious. | Helsinki-NLP/news_commentary |
अंतर्राष्ट्रीय कर सहयोग की विफलता | Helsinki-NLP/news_commentary |
न्यूयॉर्क – दुनिया की अधिकतर सरकारें कराधान के मामलों में सहयोग करने में रुचि रखती हैं क्योंकि वे विकास के वित्तपोषण के लिए अधिक कर राजस्व जुटाने और ऐसी व्यापक कर-वंचन योजनाओं पर अंकुश लगाने के लिए उत्सुक हैं जिनका पिछले वर्ष तथाकथित लक्ज़मबर्ग लीक कांड में खुलासा हुआ था। फिर भी पिछले महीने अदीस अबाबा में आयोजित विकास ... | Helsinki-NLP/news_commentary |
विकसित देशों ने इस सम्मेलन में संयुक्त राष्ट्र की विशेषज्ञों की मौजूदा समिति के स्थान पर संयुक्त राष्ट्र के भीतर एक अंतर-सरकारी कर निकाय की स्थापना करने के एक प्रस्ताव को रोक दिया। ये देश इस बात पर जोर देते हैं कि कर सहयोग के मामले पर अनन्य रूप से ओईसीडी के नेतृत्व में विचार किया जाना चाहिए, जो एक ऐसा निकाय है जिसका नि... | Helsinki-NLP/news_commentary |
दुनिया के बाकी देशों को यह आशा करनी चाहिए कि 13 साल पहले मॉन्टेरी, मेक्सिको में विकास के लिए वित्तपोषण पर पहले अंतर्राष्ट्रीय सम्मेलन में जिस अंतर्राष्ट्रीय कर सहयोग की शुरूआत हुई थी, इससे उसकी प्रगति का अंत नहीं होगा बल्कि इसमें एक ठहराव आएगा। दो वर्ष बाद, 2004 में, संयुक्त राष्ट्र आर्थिक और सामाजिक परिषद (ECOSOC) ने ... | Helsinki-NLP/news_commentary |
चार वर्ष बाद, दोहा, कतर में विकास के लिए वित्तपोषण पर दूसरे सम्मेलन में, नीति निर्माताओं ने यह स्वीकार किया कि कर संबंधी मामलों में अभी और अधिक किया जाना जरूरी है, और उन्होंने ECOSOC से अनुरोध किया कि वह संस्थागत व्यवस्थाओं को मजबूत करने पर विचार करे। और उसके बाद, अदीस अबाबा सम्मेलन के वर्ष में, संयुक्त राष्ट्र के महास... | Helsinki-NLP/news_commentary |
उनके समर्थन, गैर-सरकारी संगठनों और अंतर्राष्ट्रीय कॉर्पोरेट कराधान के सुधार के लिए स्वतंत्र आयोग का भारी समर्थन मिलने से 77 देशों के समूह और चीन के इर्द-गिर्द संगठित विकासशील देशों की इस मांग को और अधिक बल मिला कि वैश्विक कर मानदंड स्थापित करने के मामले में उन्हें भी अपनी राय प्रकट करने का समान अधिकार मिलना चाहिए। अदीस... | Helsinki-NLP/news_commentary |
लेकिन इसका कोई लाभ नहीं हुआ: संयुक्त राज्य अमेरिका और यूनाइटेड किंगडम - जो "लक्स लीक" में फंसे कई बहुराष्ट्रीय निगमों का मूल-स्थान है - के नेतृत्व में विकसित देश वैश्विक शासन में इस बहुप्रतीक्षित कदम को रोकने में सफल रहे। अंत में, अदीस अबाबा की कार्रवाई के एजेंडा के अनुसार विशेषज्ञों की वर्तमान समिति अपने 2004 के अधिदे... | Helsinki-NLP/news_commentary |
विकसित देशों के पास तर्क तो है - लेकिन कोई ठोस तर्क नहीं है। ओईसीडी, जिसके सदस्य मुख्य रूप से दुनिया के 34 सबसे अमीर देश हैं, के पास निश्चित रूप से कराधान पर अंतर्राष्ट्रीय मानक स्थापित करने की क्षमता है। फिर भी कर मानदंडों के मामले में कुछ देशों के एक चयनित समूह का वर्चस्व होने का मतलब यह रहा है कि वास्तव में, कराधान ... | Helsinki-NLP/news_commentary |
2002 में हुई मॉन्टेरी आम सहमति में अंतर्राष्ट्रीय आर्थिक निर्णय लेने और मानदंड स्थापित करने में विकासशील देशों की राय सुने जाने और उनकी भागीदारी को बढ़ाने की मांग को शामिल किया गया था। हालांकि ओईसीडी मानदंडों को स्थापित करने के लिए अपने विचार-विमर्शों में भाग लेने के लिए कुछ विकासशील देशों को आमंत्रित तो करता है लेकिन ... | Helsinki-NLP/news_commentary |
इस तरह के निकाय का संचालन संयुक्त राष्ट्र के तत्वावधान में किया जाना चाहिए जिसके पास वैश्वीकरण की चुनौतियों के लिए सुसंगत वैश्विक मानकों के साथ प्रभावी ढंग से प्रतिक्रिया करने के लिए आवश्यक संस्थागत औचित्य उपलब्ध हो, ताकि अपमानजनक कर प्रथाओं का विरोध किया जा सके और विश्व भर में कंपनियों के लाभों पर उचित कराधान सुनिश्चि... | Helsinki-NLP/news_commentary |
अदीस अबाबा में हुई निराशा के बावजूद, अंतर्राष्ट्रीय कर प्रणाली में सुधार के लिए मांग को दबा पाने की संभावना नहीं है। इसके बजाय, यह मांग चहुँ ओर अधिक जोर से बढ़ेगी, क्योंकि अंतर्राष्ट्रीय सहयोग के मामले में किसी प्रकार के समझौते के बारे में विकसित देशों के प्रतिकूल प्रतिरोध का परिणाम ऐसे एकतरफा कर उपायों की सुनामी के रू... | Helsinki-NLP/news_commentary |
The Mouse Click that Roared | Helsinki-NLP/news_commentary |
CAMBRIDGE – Until recently, cyber security has primarily interested computer geeks and cloak-and-dagger types. | Helsinki-NLP/news_commentary |
The Internet’s creators, part of a small, enclosed community, were very comfortable with an open system in which security was not a primary concern. | Helsinki-NLP/news_commentary |
But, with some three billion or so users on the Web nowadays, that very openness has become a serious vulnerability; indeed, it is endangering the vast economic opportunities that the Internet has opened for the world. | Helsinki-NLP/news_commentary |
A “cyber attack” can take any number of forms, including simple probes, defacement of Web sites, denial-of-service attacks, espionage, and destruction of data. | Helsinki-NLP/news_commentary |
And the term “cyber war,” though best defined as any hostile action in cyberspace that amplifies or is equivalent to major physical violence, remains equally protean, reflecting definitions of “war” that range from armed conflict to any concerted effort to solve a problem (for example, “war on poverty”). | Helsinki-NLP/news_commentary |
Cyber war and cyber espionage are largely associated with states, while cyber crime and cyber terrorism are mostly associated with non-state actors. | Helsinki-NLP/news_commentary |
The highest costs currently stem from espionage and crime; but, over the next decade or so, cyber war and cyber terrorism may become greater threats than they are today. | Helsinki-NLP/news_commentary |
Moreover, as alliances and tactics evolve, the categories may increasingly overlap. | Helsinki-NLP/news_commentary |
Terrorists might buy malware from criminals, and governments might find it useful to hide behind both. | Helsinki-NLP/news_commentary |
Some people argue that deterrence does not work in cyberspace, owing to the difficulties of attribution. | Helsinki-NLP/news_commentary |
But that is facile: inadequate attribution affects inter-state deterrence as well, yet it still operates. | Helsinki-NLP/news_commentary |
Even when the source of an attack can be successfully disguised under a “false flag,” governments may find themselves sufficiently enmeshed in symmetrically interdependent relationships such that a major attack would be counterproductive. | Helsinki-NLP/news_commentary |
China, for example, would lose from an attack that severely damaged the American economy, and vice versa. | Helsinki-NLP/news_commentary |
An unknown attacker may also be deterred by cyber-security measures. | Helsinki-NLP/news_commentary |
If firewalls are strong, or redundancy and resilience allow quick recovery, or the prospect of a self-enforcing response (“an electric fence”) seems possible, an attack becomes less attractive. | Helsinki-NLP/news_commentary |
While accurate attribution of the ultimate source of a cyber attack is sometimes difficult, the determination does not have to be airtight. | Helsinki-NLP/news_commentary |
To the extent that false flags are imperfect and rumors of the source of an attack are widely deemed credible (though not legally probative), reputational damage to an attacker’s soft power may contribute to deterrence. | Helsinki-NLP/news_commentary |
Finally, a reputation for offensive capability and a declared policy that keeps open the means of retaliation can help to reinforce deterrence. | Helsinki-NLP/news_commentary |
Of course, non-state actors are harder to deter, so improved defenses such as pre-emption and human intelligence become important in such cases. | Helsinki-NLP/news_commentary |
But, among states, even nuclear deterrence was more complex than it first looked, and that is doubly true of deterrence in the cyber domain. | Helsinki-NLP/news_commentary |
Given its global nature, the Internet requires a degree of international cooperation to be able to function. | Helsinki-NLP/news_commentary |
Some people call for the cyber equivalent of formal arms-control treaties. | Helsinki-NLP/news_commentary |
But differences in cultural norms and the difficulty of verification would make such treaties hard to negotiate or implement. | Helsinki-NLP/news_commentary |
At the same time, it is important to pursue international efforts to develop rules of the road that can limit conflict. | Helsinki-NLP/news_commentary |
The most promising areas for international cooperation today most likely concern problems posed for states by third parties such as criminals and terrorists. | Helsinki-NLP/news_commentary |
Russia and China have sought to establish a treaty establishing broad international oversight of the Internet and “information security,” which would prohibit deception and embedding malicious code or circuitry that could be activated in the event of war. | Helsinki-NLP/news_commentary |
But the US has argued that arms-control measures banning offensive capabilities could weaken defenses against attacks and would be impossible to verify or enforce. | Helsinki-NLP/news_commentary |
Likewise, in terms of political values, the US has resisted agreements that could legitimize authoritarian governments’ censorship of the Internet – for example, by the “great firewall of China.” | Helsinki-NLP/news_commentary |
Moreover, cultural differences impede any broad agreements on regulating online content. | Helsinki-NLP/news_commentary |
Nonetheless, it may be possible to identify behaviors like cyber crime that are illegal in many domestic jurisdictions. | Helsinki-NLP/news_commentary |
Trying to limit all intrusions would be impossible, but one could start with cyber crime and cyber terrorism involving non-state parties. | Helsinki-NLP/news_commentary |
Here, major states would have an interest in limiting damage by agreeing to cooperate on forensics and controls. | Helsinki-NLP/news_commentary |
The transnational cyber domain poses new questions about the meaning of national security. | Helsinki-NLP/news_commentary |
Some of the most important responses must be national and unilateral, focused on hygiene, redundancy, and resilience. | Helsinki-NLP/news_commentary |
It is likely, however, that major governments will soon discover that the insecurity created by non-state cyber actors will require closer cooperation among governments. | Helsinki-NLP/news_commentary |
समलैंगिक होने की विकास लागत | Helsinki-NLP/news_commentary |
लंदन – नाइजीरिया में रहने वाले समलैंगिक व्यक्ति के रूप में, मेरी सबसे बड़ी चुनौती थी, अपनी लिंगीयता और अपने कार्य में से किसी एक का चयन करना। | Helsinki-NLP/news_commentary |
2004 में, मैंने अपने अभिनय कैरियर की शुरूआत की थी। मैंने अभी-अभी विश्वविद्यालय छोड़ा था, और मुझे नाइजीरिया के एक सबसे अधिक लोकप्रिय टीवी स्टेशन, गैलेक्सी टेलीविज़न पर प्राइम टाइम धारावाहिक "रोज़ेज़ एंड थॉर्न्स" में मुख्य पात्र के रूप में प्रस्तुत किया गया था। मैं एक अमीर परिवार के इकलौते बेटे "रिचर्ड" की भूमिका निभा रह... | Helsinki-NLP/news_commentary |
तभी मेरे निजी जीवन के बारे में कानाफूसी होनी शुरू हो गई, और मैंने फ़ैसला कर लिया कि अब इससे बाहर आने का समय आ गया है। इसलिए अपनी लिंगीयता के बारे में चर्चा करने के लिए मैं नाइजीरिया के सबसे ज़्यादा देखे जाने वाले टीवी वार्ता शो पर जाने के लिए राजी हो गया। | Helsinki-NLP/news_commentary |
लगभग तुरंत ही, धारावाहिक से मेरे पात्र को हटा दिया गया। और मेरा कार्य ख़त्म होते ही, मेरी वित्तीय सुरक्षा भी ख़त्म हो गई। अफ़्रीका में अनेक समलैंगिक पुरुषों और महिलाओं की तरह, मुझे आर्थिक स्वतंत्रता और मानसिक कारावास में से किसी एक को चुनना था। | Helsinki-NLP/news_commentary |
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