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...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." U.S. consumer spending as a percentage of GDP reached 72% in 2007, well above the pre-bubble norm of 67%. Using that as a gauge, Roach says that only 20% of the potential retrenchment of spending has taken place, even after the dramatic decline...
...continued into Thursday afternoon, Hasina addressed the nation, exhorting the soldiers to stand down. "Lay down your guns immediately and go back to barracks," she said. "Do not force me to take tough actions or push my patience beyond tolerable limits." Government officials confirmed that the rebel soldiers have begun surrendering their arms. About 4,000 guards were believed to be at the headquarters, and it was not immediately clear how many had surrendered. Some 42,000 guards are posted at 64 Bangladesh Rifles camps throughout the country...
...sign of the times: In addition to his morning national-security briefing, President Barack Obama has, starting today, begun to receive a daily economic-intelligence document, put together by several U.S. intel agencies. Obama already gets a daily outline on the state of the U.S. economy; the new report concentrates mainly on intelligence about foreign economies. (See which country has the best bailout plan...
...critics have begun to question the trend. They call extradition an expensive, overused legal procedure and one that - like most drug-war tools - has failed to stem the flow of illegal narcotics into the U.S. "Every day we extradite more people, but the problem continues," says Maria Victoria Llorente, director of the Bogotá think tank Ideas for Peace. (While the U.S. says Colombia's cocaine production has decreased from 680 tons in 2002 to 535 tons in 2007, the United Nations says it has increased from 580 tons to 630 in the same period...
...were siphoned off by petty bureaucrats. In the province of Quang Ngai, dozens say they were forced to donate to a so-called rural traffic fund. Other destitute villagers reported they had to contribute to a fund for the poor. Investigations of these and scores of similar cases have begun across the country...