Word: boomings
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...maharajahs and nawabs of India's princely states - well into the 20th century. After independence in 1947, the country's few industrialist families became the most important collectors, but the field remained as insular as their privately held companies. Over the past 10 years, India's economic boom created a new class of affluent, salaried professionals, particularly in technology companies. "The collector base has really increased," says Himanshu Verma, a curator and art consultant in New Delhi. "There are more corporate executives with greater disposable income...
...even as the downturn forced Labour to dump its tarnished rule to start spending like Paris Hilton on a shopping spree, it revealed weaknesses in Labour's orthodoxy about wealth creation as the means to social justice. After years of boom, the gap between rich and poor in Britain has actually widened, while higher earners face swingeing future taxes to plug a widening deficit. And some of the things Brown does not do so well are the things that have made him vulnerable to leadership challenges. A serious man, a well-meaning man, he's a hopeless communicator...
Banks have cut off or pared back an estimated $1 trillion in credit lines since the peak of the credit boom, according to the now famously bearish analyst Meredith Whitney (who accurately predicted Citigroup's meltdown back in 2007). Moreover, according to a study from the maker of the all-important FICO credit score, recent cutbacks have hit twice as many of the most financially responsible consumers--those with a median credit score of 770--as those with crummy credit. "These people have done everything right," says Greg McBride, senior financial analyst with Bankrate.com "and now some arbitrary decision could...
...interesting aspect of the Iranian case is not just that the mullahs have demonstrated that they no longer place any store on allowing the election of a reform-minded President to satisfy popular discontent. It is that the Chinese option is not open to them. China's long boom has been dependent on its growing integration into the global economy. But so long as Iran maintains its nuclear ambitions, it will always be subject to sanctions from the most developed economies, principally that of the U.S. Without easy access to markets in the outside world, for both imports and exports...
...Tajik population of 7 million is migrant labor. Remittances sent home comprise some 40% of the country's total GDP, according to UN figures, and account for only slightly less in Uzbekistan and Kyrgyzstan. Now, with the collapse of the Russian economy and the drying up of its construction boom, tens of thousands are returning to rugged homelands that offer few opportunities and to families that depended on their labor abroad. Observers in Tajikistan tell of depressed village after village where groups of unemployed men amble around. The situation "is a potential time bomb," says the International Crisis Group...