Nor does he need to deal with an artificial exchange rate set by the Pakistani central bank — a rate of exchange intended to rip off (tax) Pakistanis in foreign countries who are purchasing rupees with their repatriated earnings. Instead, the local hawaladar in Karachi deals on the white market and gets a market-determined exchange rate. (The central bank calls the free market in currencies a "black market," but since the...

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Every other defense secretary since Elliot Richardson held the post in 1973 has ties to a private equity firm: Bill Cohen, the last defense secretary, entered the private equity market with his own firm, TCG Financial Partners. Cohen's immediate predecessor at the Pentagon, William Perry, founded Global Technology Partners to help equity firms invest in defense, aerospace and technology companies, after he left office.

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E-Trade And De-Dollarization Sanctioned states, hindered by obstacles to international shipping and financial services, employ a number of different methods to conduct trade among themselves. "They can engage in barter or trade that is not denominated in U.S. dollars," wrote Tsai.