Word: booming
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Ireland's attempts to navigate its way out of trouble will be watched closely by its neighbors. The country's economic boom, which followed years of underperformance, drew both international plaudits and curious visitors. Delegations from Chile to China dropped in to learn first hand from its turnaround. But just as Ireland offered a blueprint during the good times, so its recent stumble - and prospects for recovery - may offer lessons to others in the grip of the global downturn...
...complicating that belief. Agriculture was not established in the Levant when the Natufians lived there, but they still erected rudimentary structures to inhabit. Traces in the soil of the remains of mice and sparrows - animals that exist most commonly in places of human settlement - point to a significant population boom in the Natufian period. They may not have had seasonal harvests, but the people of this time lived in a complex and perhaps even flourishing society. "What we see [with the Natufian burial rites] is the beginning of a tribal system," says Bar-Yosef. The shaman, buried with her mysteries...
Eastern Europe avoided the first wave of banking problems caused by the sub-prime mess, but as the global economy slows and credit dries up, there's plenty to cry about. Many of the region's capitals borrowed heavily to fuel the boom, and those bills are coming due. On Oct. 26, the International Monetary Fund (IMF) announced a $16.5 billion bailout for Ukraine, to prevent a run on its banks and shore up its currency. Three days later, the IMF agreed with the World Bank and the European Union on a $25 billion rescue package to restore confidence...
...when property prices began to fall last year, people like Lepik, who had grown accustomed to making 50% a year on their real estate investments, suddenly struggled to sell. As the banks that helped finance the boom clamped down on credit, dozens of companies went bust. Land on the outskirts of Tallinn that had cost $0.50 per square meter in 2000, and peaked at $90 per square meter in 2006, now fetches just...
...often ignored. In August 2007, one of Merrill Lynch's top risk managers warned his boss that a decision to wager $3 billion on indexes of mortgage-related securities was too risky. The firm made the bet anyway; three months later, the risk manager left. "The psychology during a boom makes it very difficult to come up with large stress scenarios and get management to consider them to be credible," says Ed Hida, a partner in Deloitte & Touche's risk- and capital-management practice...