Word: bonde
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...acquisition of U.S. assets, then the dollar will be dumped on the foreign-exchange market and money will flow into currencies in countries where such investments will be welcome. And if foreigners turn away from dollar investments, the economic repercussions will be severe. Without overseas buyers, stock and bond prices in the U.S. will fall and the dollar will continue to slide. This will drive up the price of imports, especially oil, worsening inflation and reducing consumers' income...
After the stock-market crash of 2001 and 2002, the Fed worried that inflation was so low it might turn into deflation. So it cut short-term rates even further, reducing them to 1% in 2003, while the yield on the 10-year Treasury bond--a key benchmark of long-term rates--dropped as low as 3.13%. The result: a real estate boom, as ultra-low mortgage rates made houses affordable at ever higher prices. Cash from refinancings and home-equity loans also kept consumer spending strong. By mid-2004, confident that deflation was out of the picture...
Because the world economy is so strong, times are still good for business in general. Recent jitters in the riskier parts of the bond and loan markets may slow the private-equity boom (private-equity firms use borrowed money to purchase the likes of Chrysler and Hilton) but don't necessarily presage a crash. The Federal Government, which gets an ever higher percentage of its revenue from the minority of taxpayers who are profiting from the global boom, is making out O.K. as well. But the era of easy money, when ordinary Americans could count on borrowing their...
...also tickled by what his actress wife Kelly Preston, who a few minutes before served us iced tea and scones, might find a curious sight: one middle-aged, heavyset man bear-hugging another. In a way, Travolta's giving me an in-person demonstration of the intimate bond he has created with moviegoers and is ever ready to display. "I have a tacit agreement with the audience," he tells me when we return to our respective couches, "that 'John's gonna do this thing now, and it'll entertain...
...Blair was also able to forge a bond with Clinton's successor. More surprisingly, the chippy Campbell found common ground with President Bush: a passion for running, and perhaps also the wordless empathy of the man's man, fuelled on testosterone. Both were once heavy drinkers, both now abjure the bottle. Campbell regularly enters competitive races to raise money for leukemia research (his best friend and his best friend's daughter died of the disease). One check he keeps as a souvenir came from Bush. The two men were sitting in a room in Northern Ireland between set-piece public...