Word: america
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...Federal government could not have imagined that the defaults on sovereign debt from countries in South America would make Citibank technically insolvent in the 80's. But it happened anyway...
...Asia's favorite customer - the American consumer - appears to be making profound changes in his purchasing habits. In the long run, this may be a good thing. Roughly 25% of Asia's final exports end up in the U.S., and economists have been warning for years that America's penchant for borrowing and spending, coupled with Asia's pattern of saving and selling, created massive trade imbalances that would ultimately prove to be economically destabilizing...
...scheme is unraveling. Debt-ridden, house-poor and increasingly unemployed, U.S. shoppers are cutting back. Consumer spending in the U.S. dropped at an annual rate of more than 3% in both the third and fourth quarters of 2008 - the steepest consecutive quarterly declines on record. As incomes shrink and America adopts a more frugal mind-set, some economists do not expect shoppers to return to free-spending ways for years - or perhaps generations. Economist Stephen Roach, chairman of Morgan Stanley Asia, says that "there is good reason to believe the capitulation of the American consumer has only just begun...
Change has not come to America. TROPICANA does an about-face on new OJ packaging...
...Kyrgyzstan BYE-BYE, BASE Kyrgyzstan's parliament voted to unilaterally terminate a U.S. lease on Manas Air Base (above), the only such facility left in central Asia, depriving Washington of a crucial staging point for troops, munitions and cargo destined for Afghanistan. Moscow, which has opposed America's presence in the region, pledged over $2 billion in loans to bolster Kyrgyzstan's faltering economy shortly before the decision was made, though both parties insist that the aid was not contingent on the base's closure. U.S. negotiators hope Manas will be reopened in the future, pending further financial discussions...