If the world is on the brink of an out-and-out currency war, a variety of battalions has been out on manoeuvres in the past few weeks. The Bank of Japan, after six years off the battlefield, has launched a fusillade of intervention to hold down the yen in foreign exchange markets. Brazil used the guerrilla tactic of doubling taxes on capital inflows to stop the real surging. India and Thailand warned that they too might bring heavy ordnance into play.
The main combatants, the US and China, continued to exchange rhetorical salvos. Washington (and Brussels) identified undervalued currencies such as the renminbi as a prime cause of global macroeconomic imbalances. Beijing retorted that such aggression risked bringing mutual destruction upon the great economic powers.
On Monday Dominique Strauss-Kahn, managing director of the International Monetary Fund, voiced his concern. “There is clearly the idea beginning to circulate that currencies can be used as a policy weapon,” he said. “Translated into action, such an idea would represent a very serious risk to the global recovery.”
Daily Archives: October 7, 2010
Computers & Cars: MyFord Touch
Instead of the usual array of knobs, dials and passive screens, MyFord Touch is dominated by a giant 8-inch touch screen, with large function icons in the center and color-coded corners that you touch to switch the screen among four main functions: multisource audio entertainment, navigation, phone and climate control. There is also a “home” view, combining common functions that can be personalized.
The system also has several other elements. There are twin 4-inch screens on either side of the speedometer. The one on the left presents vehicle information, such as miles traveled, and allows you to customize some of the gauges so that, for instance, you can finally banish that tachometer you never use in favor of, say, a digital readout on gas-mileage efficiency. The one on the right replicates, in simpler form, the main functions of the center screen, so you can select and check things like audio and climate control without looking at, or touching, the main screen.
These smaller screens are controlled by five-way arrow clusters on the steering wheel, like controllers on iPods and other devices usable by touch alone. There also are some large, touch-sensitive buttons below the main center screen for things like setting volume and fan speed.
Plugging into the age of uncertainty
For most of the past century, the big global narrative has been the clash of rival paradigms: Nazism versus liberal democracy, communism versus free market democracy, and, more recently, fundamentalist Islamic states versus the secular, democratic west. When the cold war ended, Francis Fukuyama predicted that this clash of paradigms would end. He was right, but not for the reason he thought.
The battle of rival ideologies has ended not because, as Fukuyama foresaw, the triumph of capitalist democracy has been universally acclaimed. Instead, it is because all of us have realized we face a new challenge — how to thrive in the high tech, global economy — and no one country or single ideology is yet certain of getting this exactly right.