The Economist October 29th, 2011 volume 401 issue 8757 PDF
Preview The Economist October 29th, 2011 volume 401 issue 8757
Battle of the oil giants The Flat-tax plans for America Economist The West's decline in the Arab world Student loans: the next bust? Europe's reScue plan | | : FOR HER LATEST COLLECTION, FASHION DESIGNER JEN KAO FOUND INSPIRATION BENEATH THE WAVES. Credit Sui s helped a new talent surface. CREDIT Suisse™ mEXELIS (vse: xt) (wySE: 7] ‘TRANSFORMATIONITT.cOM INyse: vt) Contents Onthecover Theholesin Europe's rescue Planceader, pages. Nobig Bazoka, pages 26-21. Why (emansresorelacant stump up, page 3a ‘wobing government age ‘6. How onettallan cold ‘doom the ere, and another ‘ouldsavettsCharemagne, anes ‘he Economist onine edyerinisandopionton ‘ur tog psa an iso fection malt ewer Eoneniteomfemat at eon ate onneby pmtondontne sh huey Paterna focomlsdencry Keonmitam/ seein 9 The word hieweek eeders 13 coomicerisis trope’ ese plan 26 The rab word 16 The Tories and Europe Onorowup 16 Student oans Thetndetted ones 18 Mind-eading ‘ters 20 OnGustemala, Myanmar, ccupy Wallstreet, back 29 Theeurodeat Novigtorooka ried tater 33 The presidential race Thecrazeforfattases 24 The Louisiana governor's Bobby aps the ld 237 san energy in Cabfornia Dnitsonn sunny path 37 Thenew housing-reiet ple 28 Good food and bad Steers 44 Harrisburg Banouptey 461 Protecting forests Theroad not buldoned 42 Lexington The Americas 45 Eduction inchite The aught politics of 46 taation a Brat 46 Carupionin Quebec Digging deeper 48 The Latiobarémetr pol, Thedeconentsot ie 49 Food safety in China the guter '50 Unpaid wagesin china Cant py. wot pay 50 Amayeralracein Seoul 53 Japa’stre-tade ailemms Yes enous '54 Afghanistan's neighbours anon? ‘54 Rugbyand pies 6 Bayon intaligent Life ‘selection fom The Economists str‘ aterpage ida art and fica amit in 8 Libya after Onda ew timetable 59 The Saudi succession Time forthe young 59 Iragand America 60 Syria's army defectors 60 Kenya invades Somalia Abigomble 61 South Africa's opposition Getting blade? Europe 63 German ptt 64 Tals government Hands efou pension (65 Turkey and the Kurds 65 Northern Kosovo FlattaxAnericasfepubcan ‘Gndidaterareracogtathe towestpin page 33 TheArbautumnTheWest powerinthekrab words {ecining. That snob thing icaer page's. amiss Wn ‘intnia page s7 The timetable for tarlarming Libya poges8.Tetragissay ‘amercantioops sholeallg, pages Fsuresin Si’ Srmed forces maybe getting ier pageo Inteligentife selection from he conomit ster tite, withartileson the ‘dominance of Any War, thebestimeand pace tobe ave, aphotoesayonmist. Sroundthewotd and mach tore fer page Contents continues overeat Battle ofthe cilgiants ig Ottsbigger bathers page a From Tony lit: Schumpeter, pageso ‘students laans Debts becoming an enduring burden forstudnt shouldbe lightened ade page 6. The rnextig erect buble? PapeB3 artim 67 The Gyo London Banged about 68 Austerity ry Same enharted teatime 69 The EU referendum vote 70 Bagehot referendums international 71 Religion and economics 172 amctelevangeits Hotysnoke 173 Gtizen awmaking Goverment by a) the poe 73 Coruption Busines 15 The oilbusiness Big O's bigger brothers 16 Chevrolet s centenary Fromoto 100 77 The Olympus scandat Thee questions 177 Ohina’senvironment 78 Wealth caren America Inner get ager 78 Branton, Misour The Bay hres wih Bajos 79 Nokia's new phones Not owning, bt waving W's new boss Stendyasshe sbes ‘20 Schumpeter hat shut Wal Street oa Finance and economics {8 Student oan in America ‘debt mountain 1 Buttonwood Afaralané boom 15 Indan surance Rogue agents 6 Rajat Gupta Rooter it 186 aapanes investors rs Matanopportnity 87 Climate bonds Neal shade of green 88 Economics focus Fler andjobe icing 91 Hedge ands in Asa Thecroosies re coning Science nd technology 93 Reading the brain ind goaatig 94 Pollution and evlution Waters of change 95 The Prize Foundation Now eount toa hndree Books and ans 97 Isami galeriesat theme Centuries ory 98 SteveJobs insanely rst 98 Human decision-making Notsa smarenow 99 The Opium Wars Becrehwnatyou wshtor 00 Diana Ahi letters Dror aware 200 Abookaf fests ucts ane pioneers 108 Fzonomicandfrancal fndleatore Staite on 42 fconomieestackmarkets td commodities pres, Pluss cloerlokst trae Obieary 180 Laura Poin (ado freedom bagels itisponpossibleto {ansomeonesbranand get ‘easonableiden of whats ‘ingroup sing pages stereo wtewene te ‘Sepa at, boxe eg Subscription service steers p(s) 9) a SS Greece GREATNESS ‘e} \——] __— _— W ROLEX @satanat INTHE CITY THAT ATTRACTS MILLIONS GOULD A CAR BE AS MAGNETIC? RANGE ROVER EVOQUE TAND-) The world this week Politics ‘Madesisivesummiton the ‘eurozonecrisis.theleadess ‘St thespcountiesin the cur ‘ency block reached an agree ‘ment that wile private ‘Setorholdersof Greek debt fakeaso% cutinthe valu of theirbonds There wasalsoa ‘eal expand thescopeat he Buropean Financial Sabi Fray dhe euro zone's bal ‘utfundandtobocsthe ‘aphalbutlersof european Banks Butthe agreement was shortondetale David Cameron needed the ‘Support of his coalition pat mean the Laboutoppost tonto defeat arebelion by Conservative backbenchers, Ww wanted Plamen ta call {vote referendumon ‘whether Britain should stayin ‘heuropean Union. Aneanhquake ithe prov {nce of Van, inestern turkey Kiling indeed Although anfstrejecedallofersaf Tel, the government even Allyaccepted aid rom foreign ‘counties asitsoughttorescue the many people belevedto Detrappedundersubble ‘TheBasqueteroris group Fradeclreda-defintve ‘esto violence The ‘gouphas been severely weak ‘edn secent yearby aseles ‘of successful police operations IngpamandPance ‘The ant immigration Swiss People's Party unexpectedly Tostsuppor aan election in ‘Switrertand, hough itl remain the biggest partyin Parliament Under the coun try'scomplexpolicl range: smensanew cabinet wll nat ‘beformedunti December, ‘Aman witha plan, srt of ick Perry rigged hiscam ‘aig forthe Republican pres ‘ental nomination by a ‘ouneinga proposal ‘atonal to replaethe unentsytemofincome {aes The Democrats immedi Sly ciledialing tax ‘utforthe wealthy olin Oakland, Cabornia, fired ear gas todispersea <demonstation by antheapl talistpotester. tn London St PaulsCathedalshatits doors {ovistoreforthefistime ‘nce the second world war as {civistrefinedtomovetheir ampstefom the cathedats precins. Barack Obama confirmed that allvemaining American aed forces still numbering around 9,000, would withdraw rom Iragasplannedby theendof theyeat Negotiations withthe Inngstoretan uptos.o00 oopsasadvser and vaines {aed overa dagreementto rove the men wth immiuni {yom aglaw ‘tthe ballot box Inaneleston for aconsaent sembly in Tunis Naha, ‘hemain lariat pay which ‘washonned under the old egime of Zineck Abdine Ben ‘Alewon atleast ra the Seaiswithatleastas%of the ‘ote easly bet achutchat ‘more secular pres hela sto which won ofthe ‘Sats Ledby Rach ‘Ghannouchl Naha says its ‘willing formalin ‘lon withitesecularivas ‘Thenew asembly willap points governmentand data Following he cape and {eathon October oth of ‘Muammar Qadat, Libya's ew ulerssidafiesh govern ‘en wouldbe appointed ‘wihina month and elections toaconsituentasrembiy would beheld wihinelght ‘months. ‘Te death on October 2andof Grown rinceSutanbin Abel ‘Auth tothe Saud throne {nda brother to King Abd Ula raised questions about the Stud sucesion. The next Inline tothe thrones ely 0 bePrine Sula’ full broth, Prinee Nayelte interior ‘miniter wholseonsidereda ‘sauncheonservatve Protestersin Syria's thd iy ms sfourhy. Hama in ‘ariossthertowne anda parsof Damascus, the capital, held agenealsike Suppor ters Presiden Bashar Asad taledin his tavourin Damascus Oficialsof the country Arab League met Mrassadtherin aneflor to ‘eqotateanendiotheuntest that has rocked country since March South Afric’ president ‘Taco Zuma sacked wo senior ‘ministers and suspended he ‘het of poli allamid acu Sstions of oeaption. ‘ucen false surveys (Cristina Fermnder sshed berrivalstowina second em ss Argentina’ presen, Securing nearly sof the ‘ote Her nearest challeng Hermes binnet moder socialist won only a7 Ms Feminderssupporesre- fgnned amar inboth Rowsesof congress. ‘Braxtssportsministerre signedfolowingeorrupion Slleatons made against him, Heisthe ith miniterin Dima oussells government to departhisyearamid aims of gat Baa hosts the World Cupinso Andre Holness 239 year-old former education minster ‘became Jaman’ youngest, ame minister He waseosen bythe rlingamaicaLabour Party orepace Bre Golding, ‘who announced hisresgn. ‘on emonthago. Doctors tating Hugo Chi ‘er, Venezuela president, ‘Senied a cai made by an ‘ther doctor that he has only {wa years tolve However, ‘hey id not reveal what kind ‘of cancer Mr Chiverhashad Bolivia's president E00 Morales scape aroad roecthrough lowland Pavional park yleldngto Drotetsby teindgenous Inhabitants whom ead tale derided The Indians ‘Sidtheroad wouldbeaboon ‘coca rowers whose union ‘MrMovstesslheads and ‘expand her plantations Inundated uthostesin Thailand gave people five daysoffworkto. ‘ow residents of Bangkok to Teavethecaplal ahead! ‘expected flooding. The govern ‘menthadalready imposed ‘tloning oa ood Hunareds ‘of peoplehavebeen killed by ‘the delugeimotherparts of he ‘ountryand thousands of Taetoes cloned ‘Vietnam confirmed thatthe Tnsihinccerosin he country ‘waskilled erie this year, ‘most ely by poachers was thelastof island tohave ved ‘onthe Asan mainland few ‘Sozen remain on ava. Other ‘species lage mammalsin ienarareimimminent anger of extinction, because ‘of deforeationandilega! ‘tadein wi animal par Japanese researchers scouring the dep seabed around ‘Nazasak uncovered the ‘emainsof «Mongol ‘shipwreck rom heh ‘eur bla than ce ‘wed andfalledtoinvade Japan: dncovery may shed Tighton the Mongol military of thetime Deutsche Bank reported net {nome of err (Suillon) forthethind quarter Akhough this waster hanexpected, the Germanbank recorded a ‘sharp fallin evens rom estment banking.tading andseeuiles Josef Ader ‘mann Deutsche Bank's xeutiv, ad business ond ‘tons were worsethanatany Ue since the collapse of {shman Brothers, ‘umsmadea quately net, proto sn bilion abi Koma earning ats wealth ‘managementbusinessand an ‘atcoumting gimmick seta {edinglossfoman alleged rogue tadingepisode hat ‘ockedthe Sin bakin Sep tember uns ised eyebrow, however by allocating Stat theincome omits invest ‘ment banking division during ‘he quarter‘ pay salaries and bbonanes eventhough he divisionmade alos i Raja oin Rae Prosecitrsin New York ‘brought erminal hares ‘eluted lider trading apins Rajat Gupta. former head of Mekiney andex ‘drecor of Goldman Sachs. Mr ‘Gapta, who denies any rong Going isthe most prominent person yettobe charedina rackdonn on inside trading ‘The casalleges amongother the pused sensitive 5a) Rajratnam, former hedge und ee who was sSentencedhis month oss ‘yeasinjllforseeuries fraud, was an expensive week for ‘Pharmaceutical giants. A Eenputasdesysomtosetle ‘Tleyations that tboosted Sales of Aranesp,acdrugio teat Snsemia,andotermedcines ‘hough improper sales tech rigues Abbot taboatoiey| fentatvey agreed pay $3, Dillon osette calms ard: ‘ngitemaketngpracces for Astreatmentfor epilepsy. ArceloeMital the work's ‘gest stecimaker pulled out of aointacqlsion of Aust lis’ Macarthur Cos Only few dayseatleritandis pannerinthe venture had lgedshareholders who were balding outto accept the deal ‘long-haul ight oeingsaid would spread the development cost is ‘new 787 Dreamliner ver the Tistsiooplanes.ammuch high ‘rnumberthanfor ts previous Jetsandan nication thatthe project may notbe profitable {orsometime Boeing made ‘heannouncementon he day {thatthe Dreamliner made ‘maiden commercial ight, fom okyoto Hong Kong V pte, Reseach frm the non pat ‘an Congesional Bude tice show tat between syrpand007afertax Income grew by ex forall howseholdsin the United States butby 25% forthe top ‘Heofeamers. The topz® cerved morethan 0% of total ‘atonalincome in 2007. dou blethel shareinsoys The study omesamidadebate ‘agingin Congress about ‘tion andthe defi, [News Corporation leased ol shareholders support, fr diectorat its nial ‘meeting hich showed most Independent investors ving ‘gums keeping Rupert Mar doch'stwosons on the board James Murdoch haseome tinder parte ers for hishandlingof the phone Ihacking scandalat News Corp's btish newspapers. ‘Alough thescaleof the ‘scent wa temarhable had impaction the Murdochs! conrafthe compan. ane confrmed that Virgina ome wouldbecome ts new hel executive athe start ‘text yeazmakingher one of Sroundadoren women head Fortune soo company. ‘Thechairman of Olympus resigned, hanks toa rumblng Controversy surrounding ‘tnusual payments edhe ust India's central bank risedsts ‘benchmark interes rate gai. ‘ast TheReservefanka Indiasiso decided alow banks tosetthelr own interest, fatesonsavingsaccount. fending decades ents ‘Nokla unveiled the frstsmart phonestobebor outofis parinership wih Micros. ‘Thefinalsh company hop Ingitenew rngeot Windows ‘opernted devices cancompete ‘eter with Apple. srreand thers in therapy expand Ingsmartphonematketn ‘whichithasbeen flagging. Sony bought out Ericsson's soxstakein thel'Sony nsson mobile phone joint ‘venture ving Sony fll eon ttlof the business an allow Ingltointegratesmarphones ‘white networ connected ‘consumer devices. The hangover parttwo NNedixsssteshae price ‘plunge by 5% after revealed Thatta ostmany more Sbseribersthan tha ered ‘because of hefty price in ease tots DvD rental sevice Snditseumsyavemptio Scpuaterenals fom online Streaming hich wasreversed Sera cantomer revel Netix registered 0.000 fewersub Serer the third quartets frstever drop ‘ther economic data ad news ‘an be ound om pages 108108
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