Word: abyss
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...consequences of a Daewoo failure looked catastrophic. Daewoo, it turned out, had about $75 billion in debt and other liabilities - a hit the Korean banking sector could ill afford. The banks had just been yanked from the abyss by a government bailout (sound familiar?) made necessary by the 1997-98 Asian financial crisis. And the timing also could not have been worse: the economy was emerging from its deepest recession since Korea's accelerated growth began in the early 1960s. Arguably, a Daewoo collapse was more threatening to Korea than, say, a GM bankruptcy would be to the U.S., simply...
...material. They're a larcenous bunch; literature is an economy based almost entirely on theft. But when a writer steals from him- or herself, something quite different is going on. This kind of revisiting is a way for older writers to make contact with their younger selves across the abyss of time--to engage themselves in conversation, to argue over what they missed and what they got wrong and, above all, to register the ways that time has altered their understanding of the world--to get, by means of triangulation, some perspective on the years that separate them. By going...
...global financial system sinks deeper into the abyss, policymakers and economists in Asia are reflecting on their own past financial meltdowns in search of lessons that could help the U.S. and Europe. As ministers for the G-7 group of industrialized nations meet in Washington today to discuss the crisis, Japanese officials in particular are expected to offer up guidance to their Western colleagues. "Japan can be of help by letting them know our experience of struggling" with economic turmoil, Japan's Finance Minister Shoichi Nakagawa told reporters Tuesday...
...America’s consumption slows down, the upward pressure on prices of scarce commodities will dwindle. Foreign countries will surely welcome appropriate restructuring of the U.S. economy (American shoppers make growth much easier in a number of countries), but they are not standing on the edge of an abyss; the world is different from two decades...
...crisis to the Great Depression of the 1930s and the Savings and Loans debacle of the late 1980s. And who better than Federal Reserve Chairman Ben S. Bernanke, that erudite, Ivy League scholar of the Great Depression, to steer the world’s largest economy away from the abyss of the past...