Word: arsenals
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...fight inflation, the Bank of Japan is using the only weapon in its arsenal: higher interest rates. A credit squeeze seems likely. John Hickling, portfolio manager of Fidelity Investments' Pacific Basin Fund, thinks the liquidity drought has arrived. Since nothing spooks stock-market investors like the prospect of rising interest rates and a credit crunch, Japanese shareholders have been cleaning out their portfolios, driving the Nikkei average on the Tokyo exchange down more than 30% from its late December high...
...much more likely, though, that Saddam's government was accurate in warning the U.S. that taking it on would not be "like Panama and Grenada." His military arsenal is the largest in the Arab world and is capable of doing extensive damage. At sea, Saddam's modern, Soviet-built magnetic mines are difficult to detect and could be a major menace...
...current emergency in the gulf came about because there is now a vacuum of deterrence. Israel's unacknowledged but undisputed nuclear arsenal makes it the only Middle Eastern country within range of Iraq's ballistic missiles that has felt relatively safe. But Jerusalem is not about to offer -- and no Arab state would ever accept -- an Israeli nuclear umbrella over anyone else's head. As for Iran, even if it emerges from its medieval isolation, it will take a long time to regain enough strength to make Saddam think twice before he sends forth his tanks and bombers again...
...Saddam, the end of the cold war, the breakup of the Soviet empire and America's re-evaluation of its military spending offered a safe opening for his claims of hegemony. He has the army, the arsenal and the audacity to pursue his grand ambition to rule the region -- or rock the world. In effect, Saddam has leveled a brazen challenge: Stop me if you can. Last weekend one of his spokesmen snarled that if anyone moved against Iraqi forces, Baghdad would "chop off his arm from the shoulder...
Backed by his chemical-weapons arsenal and million-man army, Iraq's Saddam Hussein has become increasingly belligerent. But the Arab world was taken by surprise last week when Saddam rattled his saber at fellow OPEC members Kuwait and the United Arab Emirates. He accused the two countries of "stabbing Iraq in the back with a poisoned dagger" by conspiring with the U.S. to glut the world oil market. By some estimates, lower oil prices caused by overproduction have cost Iraq, whose debt is as much as $70 billion, some $14 billion in lost revenue. Iraq also charged Kuwait with...