

A | LONDON -- Microsoft’s purchase of Call of Duty maker Activision Blizzard won final approval Friday from Britain’s competition watchdog, reversing its earlier decision to block the $69 billion gaming deal and removing the final obstacle for one of the largest tech transactions in history.The Xbox maker’s quest to acquire Activision — maker of other blockbuster games like Candy Crush, World of Warcraft, Diablo and Overwatch — could close imminently ahead of a Wednesday deadline. That would wrap up a merger delayed for close to two years by intense scrutiny from authorities around the world.The blessing from the U.K.'s Competition and Markets Authority was expected after it gave preliminary approval last month to a revamped Microsoft proposal meant to address concerns that the deal would harm competition and hurt gamers, especially in the emerging cloud gaming market where players can avoid buying pricey consoles and stream games to their tablets or phones. “The new deal will stop Microsoft from locking up competition in cloud gaming as this market takes off, preserving competitive prices and services for UK cloud gaming customers,” the watchdog said. Microsoft was grateful for the “thorough review and decision” on a tie-up that “will benefit players and the gaming industry worldwide,” President Brad Smith said.Activision CEO Bobby Kotick says the game maker looks "forward to becoming part of the Xbox Team.”The deal will benefit gamers and be “productive for the gaming industry as a whole," said Josh Chapman, managing partner at venture capital firm Konvoy, which invests in video game startups.However, it also tilts the “balance of power significantly" in favor of Microsoft, whose Xbox console has lagged behind Sony's PlayStation and Nintendo, said George Jijiashvili, senior principal analyst at tech research and advisory firm Omdia. Microsoft “now has a big opportunity to dictate the future of the games industry,” he said. Since the deal was announced in January 2022, Microsoft has secured approvals from antitrust authorities covering more than 40 countries. Crucially, it got a thumbs-up from the 27-nation European Union after agreeing to allow users and cloud gaming platforms to stream its titles without paying royalties for 10 years.But the deal faced resistance from British and American regulators who worried it would stifle competition in the video game industry. Top rival Sony also feared it would limit PlayStation gamers’ access to Call of Duty, Activision’s long-running military shooter series. The U.S. Federal Trade Commission lost a court bid to pause the deal so that its in-house judge could review it. The FTC hasn't given up, appealing the decision and last month filing notice of its plan to resume that trial. That signals the U.S. regulator's intention to unwind the deal even after it closes. In the meantime, the U.K. regulator was the last major hurdle to the transaction going through. To gets its approval, Microsoft will sell off cloud streaming rights outside the EU and three other European countries for all current and new Activision games released over the next 15 years to French game studio Ubisoft Entertainment. British regulators had initially blocked the transaction over concerns Microsoft could withhold Activision titles from the cloud gaming market. Then, in an unprecedented move, the U.K. watchdog said it needed to reconsider.One factor was the EU’s approval, granted after Microsoft promised to automatically license Activision titles royalty-free to cloud gaming platforms. Another “material change of circumstance,” according to court documents, was an agreement Microsoft signed with Sony to make Call of Duty available on PlayStation for at least 10 years.But the regulator still criticized how the deal came together and warned other companies not to use the “tactics employed by Microsoft.”“Microsoft had the chance to restructure during our initial investigation but instead continued to insist on a package of measures that we told them simply wouldn’t work,” the watchdog's CEO, Sarah Cardell, said in a statement. "Dragging out proceedings in this way only wastes time and money.”The U.K. regulator “deserves credit for imposing a structural remedy on Microsoft that is significantly stronger than the weak commitments accepted by the European Commission," said Max von Thun, director of the Europe office of the Open Markets Institute, a proponent of stronger antitrust enforcement. But the CMA's flip-flopping makes the U.K. regulator look “weak and indecisive,” he said.“Moving forward, there is now a serious risk that in their dealings with the CMA, merging companies and their advisors will no longer take no for an answer,” von Thun said. ___AP Technology Writer Matt O’Brien contributed from Providence, Rhode Island.。

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D | 在美国,美联储为了大量增发货币,美国财政部就需要增发国债,再由美联储买入,这正是“债务的货币化”的表现。

E | 1791年,美国第一银行被国会授权成为美国的央行,以稳定该国当时的财政以及处理战争债务,授权期限为1791年到1811年。然而随着战争债务基本得到解决,再加之以托马斯·杰斐逊为代表的政治家认为联邦政府成立央行有“违宪”之嫌,许多人认为该国不再需要有央行的存在。为此,在1811年投票决定是否“续约”时,关于“美国第一银行续约”的提案因一票之差未能通过。美国第一个央行就此停止运营。

F | 在缺少央行的这数十年间,美国遭遇了多次经济危机,出现“银行恐慌”(即储户在无法提款后产生恐慌,导致银行挤兑)。

G | 但随着金融危机的出现,美联储的货币政策不可避免地招致批评,甚至被要求废除。专注于研究美国政策的智库“传统基金会”在2023年的分析中写道:“只要美联储在一天,美国经济就会在通胀和衰退中摇摆。

H | 美国历史上出现过不止一个央行,但最终都成了‘历史的灰烬’。”

I |

J | ”如果既废除美联储,也不回归“本金位”,那财政部有可能充当美联储这一角色吗?有分析认为,现在的美联储独立于白宫和国会,若以后由财政部接替,其经济自主权很容易消失。

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L | ”

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