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Updated: May 22, 2025
That this amount was not increased at an embarrassing period in these important negotiations was due in large measure to the action of the Committee in calling together the various foreign arbitrage houses, and securing from them an agreement to cable to their correspondents in Europe not to make further shipments of securities, because borrowed stocks could not be returned and deliveries effected.
The judgment of his peers this, he had often told himself, was the sole arbitrage he could submit to; but then, who was to be on the bench? Peerless, he was irresponsible the captain of his soul, the despot of his future. No injunction but from himself would he bow to; and his own injunctions so little Danish was he had always been peremptory and lucid.
In the rich West $1 in equity generates $3-5 in debt for a total investment of $4-6. In the developing world, $1 of tax-evaded equity generates nothing. The state has to pick up the slack. Growth and employment are public goods and developing countries are in a perpetual state of systemic and multiple market failures. Rather than lend to businesses or households banks thrive on arbitrage.
Rampant arbitrage ask anyone in Asia often leads to the need to impose exchange controls, thus eliminating convertibility and inducing panic. A uniform exchange rate policy is only one of the concessions members of a monetary union must make. Joining always means giving up independent monetary policy and, with it, a sizeable slice of national sovereignty.
By the consent of all the parties, the subjects in dispute were submitted to the arbitrage of the French Emperor Napoleon III., who decided that the two concessions of 1854 and 1856, being in the nature of a contract and binding on both parties, the Egyptian government should pay an indemnity equal to the fellah labour and $6,000,000 for the resumption of the lands originally granted, two hundred metres only being retained on each side of the canal for the erection of workshops, the deposit of soil, etc., and $3,200,000 for the fresh-water canal, and the right of levying tolls on it.
When Sweden refused to continue to sell its gold at the officially fixed price the other members declared effective economic war. They forced Sweden to purchase enormous quantities of their token coins. Sweden found itself subsidizing an arbitrage against its own economy. It inevitably reacted by ending the import of other members' tokens. The Union thus ended.
There was some surplus wheat in the Banat, some surplus coal in Czecho-Slovakia, some extra locomotives in Vienna. So under the arbitrage of himself and his lieutenants there was set up a wholesale international bartering, a curious reversion to the primitive ways of early human society.
They feed off market failures, market imbalances, arbitrage opportunities, shortages and inefficiencies. Many post-Communist countries have either made the provision of such services a part of their economic life or are about to do so. Free zones, off shore havens, off shore banking and transshipment ports proliferate, from Macedonia to Archangelsk.
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