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...even more important difference is that the stakes are higher with China. Japan seemed like a fearsome economic rival a quarter-century ago, but it wasn't really a political rival and, with a population less than half that of the U.S., it was unlikely ever to surpass the U.S. as an economic power. China, with its billion-plus population, seems destined to surpass the U.S. in economic clout, and it appears to have designs on rivaling the U.S. as a political and military power. Which means there's no easy way out of the U.S.-China trade impasse...
...little over a year ago, the credit crisis caused the municipal-bond market to grind to a halt. Shell-shocked investors pulled back from even munis, which are normally considered a relatively safe bet. Bond yields soared. Local governments were forced to delay raising money. And auctions of short-term variable-rate muni securities failed. (Read "Five Painless Ways to Cut Expenses...
Thanks in part to these forecasted cuts in spouse-to-spouse gifting, Beemer is predicting a 2.9% drop in holiday retail sales, compared with a 2.7% drop a year ago. "I know some analysts are predicting positive numbers, but I just don't see it working out as well," he says. Given his track record - Beemer's sales predictions have been accurate within a half of 1% over the past 17 of 18 holiday seasons - the economy shouldn't expect a Christmas gift. "It's a heck of a challenging time," says Mark Israel, president of Hearts on Fire...
...other side of the Pacific. While Obama is popular in China, his celebrity has done little to move public opinion about the U.S. overall, according to the Pew Global Attitudes Project. The favorability rating of the U.S. among Chinese is just 47%, exactly what it was two years ago...
...residents of East Tehran expressed to TIME their concern about rising bread prices and the possible removal of energy subsidies by the government in the coming year. As in the rest of the world, Iran's economy has slowed down from its oil-fueled overheated state just two years ago. The government, however, has yet to explain to most people if any economic good will come via a nuclear agreement...