Word: accountant
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...wanting to play host to the Olympics [July 4-11]: I returned to Athens after nearly two decades abroad, and I can attest to the great improvements that the Games brought to life in this city, which was the site of the 2004 Summer Games. Hard economic figures cannot account for the can-do sense of achievement that all Greeks felt for a job that all who attended the Games agreed was extremely well done. So I cannot criticize other cities for enthusiastically wishing to act as host to future Olympics. But I can fault your magazine for failing...
...Second, the revaluation is a big plus for the Chinese economy. China has already taken actions to cool off its overheated property sector, and it does not want to risk overkill by crushing exports. Collectively, fixed investments and exports account for 80% of China's GDP, and they are both still growing at close to a 30% annual rate. China's boom would quickly turn into a bust if both slowed sharply. A small upward adjustment of the currency should reinforce the modest slowing of Chinese exports that was already in the cards. China's leadership will most likely adopt...
...asset markets?especially property. Asset-dependent American consumers may slow their spending as a result. While this may be painful, it may also be the only way for the U.S. and the rest of the world to come to grips with the U.S.'s glaring foreign-trade and current-account imbalances. China's dollar peg was a major impediment to the rebalancing of a global economy, which has become dangerously dependent for growth upon the unsustainable excesses of U.S. consumption...
...nonfiction that Wendt, the first Polynesian professor of New Zealand literature, believes will last. "As I write these words ? the sound of that vexed harbour hums in my ears," writes Stevenson in A Footnote to History (1892), his journalistic account of the cultural friction that greeted his 1889 arrival in Apia. Samoa was shaping up as the site of a naval conflict between Germany and the U.S., backed by Britain, but war was averted when a hurricane sank several battleships in Apia's harbor. Stevenson prophetically saw the disaster - which led to the signing of the Berlin Treaty...
...shorter version of this account appears in the Aug. 1, 2005 issue of TIME Magazine...