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...back in 1998," says Eric Berglof, chief economist at the European Bank for Reconstruction and Development in London, who reckons the financial-market problems will result in a "smallish blip" in the economy rather than any bigger meltdown. Certainly, the situation today is very different from a decade ago, he and others point out: Russia currently has a whopping $550 billion in foreign-currency reserves, a hefty budget surplus, a negligible national debt and an economy that remains on course to grow by 7% this year. The fount of much of the nation's newfound wealth...
...crash and resulting credit crunch are already forcing U.S. households to retrench. Government--fearing disaster if everybody retrenches at the same time--has stepped into the breach. Again, that makes sense in a crisis. But once the panic has passed, the U.S. will simply be steering toward another, even bigger, crisis unless it finds something to replace debt as its No. 1 export...
...didn't. On Sept. 17, the Dow plunged more than 400 points, and all three were picking up signs of an even bigger nightmare, one that most Americans were yet unaware of: the whole financial system was seizing up, from formerly rock-solid banks and money-market funds to the esoteric but vital market for foreign-exchange swaps. Credit--the access to cash that keeps the U.S. and other economies oiled--was simply drying up. Banks stopped lending to other banks, out of fear they would not get the money back. Big companies were having trouble raising cash...
...code that would reward savings and investment while curbing deficit spending - whether by individuals, private institutions or the government. The cut is only one among many in a budget that is wildly out of balance. How would President McCain convince people that they can't have a bigger flat-screen than they can afford while he's running a government that promises more services than it has money for? Neither McCain nor Obama has put forth any concrete plan for deficit reduction. If, as the latest polls suggest, McCain is seen as less credible on the economy than Obama...
...unify the pension and healthcare systems, which could win points with Japan's aging population and embarrass LDP leaders, who have at times appeared insensitive to the pocketbook issues of ordinary citizens. Ozama also wants to narrow Japan's growing income gap by raising low-income wages and give bigger childcare allowances to families...