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The way modern credit default swaps work is that if a company or country defaults on its bonds, there is a somewhat complicated auction for those bonds, in which people who own CDS can sell their bonds and people who sold CDS can buy those bonds and anyone else who wants to can also participate. The auction sets a clearing price for the bonds, and then the CDS contracts are settled for cash based on that clearing price. So if the auction sets a price of 38 cents on the dollar, CDS will pay out 62 cents on the dollar; the rough idea is that a package of $100 of bonds and $100 of CDS should be worth $100 after the default.
Elon Will Read the Tweets
bloomberg.com
As technology companies and governments negotiate for control over digital space, U.S. and Chinese technology giants will operate in one of three geopolitical environments: one in which the state reigns supreme, rewarding the national champions; one in which corporations wrest control from the state over digital space, empowering the globalists; or one in which the state fades away, elevating the techno-utopians.
The Technopolar Moment
foreignaffairs.com
The first was that of the __evening papers (wanbao)__, which in the early years of the reform era were the only newspapers permitted to play to the popular consumer desires of China’s “ordinary people” (laobaixing), and for this reason were able to run highly profitable businesses through the sale of their advertising space. The second model was that of the __metropolitan papers (dushibao)__, which had to compete much harder for readership and did so by proffering bolder and more sensationalized news, while also boosting their revenues by producing and selling soft and black articles. The third model—of which The Times was a product—was that of the __high-end news platforms__ that broke away from the market for massappeal news to target a wealthier and more elite stratum of readers, and sell both conventional advertising space and soft and black articles to companies that wanted to reach this particular demographic. To better appreciate the journalists’ sense of what their newsmaking practice consisted in, it is helpful to consider each of these models more closely.
The Currency of Truth
Emily H. C. Chua
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