Word: systems
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Dates: during 1980-1989
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...PBHA cabinet's recent opposition to Prop 1-2-3, a Cambridge ballot initiative that would weaken the city's system of rent control, is a classic example of the ambiguous political implications of opposing social problems. Ehrenreich defended the move by saying that "the proposition would severely hurt the populations our programs are trying to serve...
...coke smugglers can accomplish this feat because they have plenty of help. They rely on a booming money-laundering industry that serves a clientele ranging from tax-avoiding corporations to the Iranscam schemers. The system depends on the collaboration, or often just the negligence, of bankers and other moneymen who can use electronic-funds networks and the secrecy laws of tax havens to shuffle assets with alacrity. The very institutions that could do the most to stop money laundering have the least incentive to do so. According to police and launderers, the basic fee for recycling money of dubious origin...
Much is at stake as the powerful flow of narcodollars is recycled through the world's financial system. Drug lords and other lawbreakers are believed to be buying valuable chunks of the American economy, but clever Dutch sandwiches and other subterfuges make it almost impossible for U.S. authorities to track foreign investors. A case in point: blind corporations based in the Netherlands Antilles control more than one-third of all foreign-owned U.S. farmland, many of the newest office towers in downtown Los Angeles and a substantial number of independent movie companies producing films like Sylvester Stallone's Rambo pictures...
...world's prosperity depends on a fluid and unfettered financial system, yet the lack of supervision is producing a large shadow economy. The IRS estimates that tax cheats skim as much as $50 billion a year from legitimate cash-generating businesses and launder the money to avoid detection. Banking experts calculate that the private citizens of debt-choked Latin American countries have smuggled more than $200 billion of their savings abroad in the past decade...
...volume is so great that no regulators can really monitor it all. Such traffic has exploded because of the globalization of the world economy, which has multiplied the volume of international trade and currency trading. On an average working day, the Manhattan-based Clearing House for Interbank Payments System handles 145,500 transactions worth more than $700 billion, a 40% increase in just two years...