When a bank fails in the United States, questions about who is to blame are often directed at many different regulatory agencies, because the system is complex and hard for outsiders to understand. In the wake of the collapse of Silicon Valley Bank, the case for an overhaul could not be stronger.
laments that the post-2008 Dodd-Frank reforms left in place a framework riddled with structural shortcomings.
Richard Haass
explains what caused the Ukraine war, urges the West to scrutinize its economic dependence on China, proposes ways to reverse the dangerous deterioration of democracy in America, and more.
If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
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拉荷亚,加利福尼亚—权威人士早就预测,生物学将主宰二十一世纪,正如物理学主宰二十世纪。但生物医学研究并为实现与伴随燃烧、电力和电子的产业化所出现的那种生产率提升。“生物学的世纪”最后会成为镜花水月吗?
这一问题在很大程度上可以归结为生物医学研发支出的下降。目前,该领域每年的投资规模大约为2,700亿美元,产生令人瞩目的五十万项发表成果,但只能带来20—30种新药。
支出和产出之间的矛盾符合所谓的“逆摩尔定律”。摩尔定律是关于计算机处理能随时间增长而变化的定律,具体而言,在一块集成电路上所能廉价布置的晶体管数量每18—24个月会翻一番。相反,逆摩尔定律是关于新药批准数量的,该定律指出,开发新药的成本大约每九年会翻一番。
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