The agreement reached in the Council of EU Finance Ministers (Ecofin) on 1 December 1997 on taxation policy can be considered as a landmark in EU direct tax harmonisation. The Council agreed on a package of measures to combat harmful tax competition in the EU, including a code of conduct on corporate taxation and elements which should enable the Commission to draft a new proposal for a directive on the taxation of income from savings. The Council invited the Taxation Policy Group to continue its work and instituted a Review Group to assess harmful tax competition. The first and, until now, last EU measures in the area of direct taxation date back to 1990. These abolished double taxation between enterprises of the same group.
Today's U.S. military is about one-third smaller and one-third less expensive than it was at the end of the Cold War. Even so, on a unit-by-unit basis it is as good as the U.S. armed forces of Ronald Reagan's presidency. It is far from hollow; its readiness to carry out a wide range of operations from warfighting to peacekeeping to deterrence remains quite good on the whole.
In a front-page story on April 21, 1998, The New York Times broke the news of Auburn Endeavor, a secret U.S.-British operation to airlift fissile material from a nuclear research facility in Tbilisi, Georgia. This operation seems to be another success for the U.S. Departments of Defense and Energy in preventing the transfer of nuclear weapons, material or technology to nuclear weapons aspirants.
Topic:
Security, Arms Control and Proliferation, and Nuclear Weapons
According to Secretary of State Madeleine Albright, terrorism is the most important threat the United States and the world face as the 21st century begins. High-level U.S. officials have acknowledged that terrorists are now more likely to be able to obtain and use nuclear, chemical, and biological weapons than ever before.
The devaluation of the Russian ruble this year was predictable, especially considering Russia's poor monetary history. State-manipulated money has been a Russian hallmark since the time of Peter the Great and shows that the country's money problems are endemic and do not depend on who controls the central bank. Czarist, Soviet, and post-Soviet governments have used the central bank printing press to finance deficit spending, resulting in high inflation, confiscation of savings, capital controls, or a combination of the three.
The International Monetary Fund and the U.S. Treasury Department's Exchange Stabilization Fund are undemocratic institutions unaccountable for their actions. Their current functions have little to do with their original missions. The ESF is used by the executive branch to circumvent Congress in the provision of foreign aid. Its foreign exchange interventions have, in any event, always been wasteful and ineffective at controlling the relative price of the U.S. dollar. The IMF has also been used to provide massive bailouts in the cases of Mexico in 1995 and of Asian countries since 1997. Defenders of the IMF as an international lender of last resort are misinformed since the IMF does not and cannot serve that purpose. Both institutions should be abolished, not reformed, because they are not needed to resolve currency crises and they preclude superior solutions.
Topic:
Economics, International Trade and Finance, and Political Economy
This report presents summary data on the 100 companies, and their subsidiaries, receiving the largest dollar volume of Department of Defense (DoD) prime contract awards during fiscal year (FY) 1997. Table 1 lists the 100 companies in alphabetical order and gives their associated rank. Table 2 identifies the parent companies in rank order, with their subsidiaries, and gives the total net value of awards for both the parent company and its subsidiaries. In many cases, the parent company receives no awards itself, but appears on the list because of its subsidiaries. Table 2 also shows what percentage of the total awards each company's awards represent, as well as the cumulative percentage represented by all companies. Table 3 lists the top 100 companies DoD-wide in rank order and breaks the totals into three categories of procurement: Research, Development, Test, and Evaluation (RDT); Other Services and Construction; and Supplies and Equipment. Table 4 lists the top 50 companies for each of the Reporting Components in rank order, and by category of procurement.