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...favorite customer. It's a deal that has been beneficial for both sides. A boom in exports to America has fueled economic growth in Japan and China. Asia's eagerness to buy bonds, in turn, has helped America avoid the full consequences of its reckless spending. The U.S. current account deficit touched $542 billion last year and the fiscal deficit, which has burgeoned because of tax cuts and the war in Iraq, is projected to hit $521 billion this year. Huge deficits usually make investors nervous and drive up interest rates, but Asia's bond purchases have allowed Greenspan...
...have worked a bit too well for China, with strong exports contributing to the over-heating of the mainland economy. The biggest failing of the goods-for-bonds deal, however, is that it has hooked American consumers onto cheap imports and caused a huge deterioration in the U.S. current-account deficit. If U.S. interest rates surge, the ripple effect will be felt throughout the world in the form of higher mortgage payments, credit-card repayments, and lower corporate investment...
...market leaders Coca-Cola and Pepsi. "What they can do, the Chinese people can do as well," says Shan Qining, a Wahaha spokesman. (Never mind that French yogurtmaker Danone owns 51% of Wahaha.) But the homegrown alternative has yet to pose a challenge to the American biggies, which account for 67% of the market in China, according to Beverage Digest. In the U.S., Wahaha already has a toehold: last year it sold $1 million worth of its sweet milkbased drink for children, AD Gai Nai, which it says "promotes brain development." But can the future of Future be America...
...harrowing events in the war on terrorism since 1996, chiefly because it focuses on the most difficult to pierce subject: the hidden machinery of U.S. intelligence. Bamford is a veteran chronicler of the spy world whose The Puzzle Palace, published in 1982, is still considered the classic account of the mysterious National Security Agency (NSA), which electronically snoops on friends and enemies overseas. His account of 9/11 and its aftermath is studded with new details, including some about the undisclosed location known as Site R, an underground bunker on the Maryland-Pennsylvania border where the Vice President spent much...
Michael Housewert isn't your typical IRA investor. Four years ago, the real estate agent at Charde Group Inc. used $195,000 of the funds in his individual retirement account to purchase a piece of undeveloped land along a sun-washed canal on Marco Island, Fla. He sold the property two months ago for more than three times that amount, tucking a $500,000 profit back into...