The closer rates come to zero, the less impact they are likely to have, which is why the Fed will not want to use up what ammunition it has left before it is convinced it needs to.

ECONOMIST: Still on amber | The

In December last year, I wrote a Charlemagne column trying to puzzle out why the centre-left was not doing better from this crisis, and came to the conclusion that it is about globalisation, and how the left has still not really worked out what it thinks of competition.

ECONOMIST: European politics

What Mr Kim has been ditching, and must keep on ditching, is not a left-wing ideology but pre-election waffle.

ECONOMIST: South Korea��s new start

Huntington, of Severna Park, Maryland, has now left the Secret Service, but it was not clear under what circumstances.

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The changes he has now proposed are an absolute minimum, and might not be sufficient to rescue what is left of the chancellor's reputation.

ECONOMIST: Schr?der still struggles

On the other hand, Gates has managed to do what Rathmann and other startup CEOs have not: remain with his company as it left behind the fast-growing startup years and entered maturity.

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