Brand new cash funds government policy because the Fed can buy the newly-issued debt (indeed, they own the largest share of government debt).

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In his determination to be the "un-Bush, " he has declared his intention to repair what some have called "Brand America" and to pursue a nonideological foreign policy of multilateralism and moderation.

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By appearing carelessly to brand Republicans as isolationists, and by fuelling partisanship in foreign policy, the administration makes the task much harder.

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Conversely, competitor Samsung is not so precious about its brand and has not only partnered in India but adopted a policy of aggressive localization in China.

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If the acquisition goes ahead, Barclays, copying Lloyds's current policy in handling its acquisitions, would keep the Woolwich brand.

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But such an unexpected and public U-turn on a major policy will be seen as a definite blow to the Gove brand.

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