Word: brazile
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Although the U.S. economy has been nothing but sunshine, it has been a terrifying year in world markets: famed financier George Soros lost $2 billion in Russia last summer; a hedge fund blessed with two Nobel prizewinners blew up in an afternoon, nearly taking Wall Street with it; and Brazil's currency, the real, sambaed and swayed and then swooned. In the past 18 months 40% of the world's economies have been tugged from robust growth into recession or depression...
...economy is far from over. The tremendous appetite of American consumers for imports--an appetite whetted by stock-market wealth--has provided some support for Asia and Latin America. Yet the tiniest perturbation could send the whole economy tumbling, and there are perturbations all over the place. Brazil is just hanging on, which means so is the rest of Latin America. Europe, which suffers from high unemployment, is slowing. And Asia's comeback is predicated on Japan's getting its troubled economy into gear...
Argentina may want to consider getting itself some new neighbors. First Brazil's crippled economy brings doom to its border; then Uruguay's hormonal teenagers keep PAMELA ANDERSON from crossing it. The remarkably cantilevered V.I.P. star was set to visit Argentina after filming a commercial in Uruguay but cut her tour short after being swarmed by hundreds of randy Uruguayan boys eager to cop a feel. Following a press conference, the teens shouted vulgarities at poor Pam, then attempted to grope her. Unnerved, Anderson fled back to the relative safety of the States, where teenage boys are happy just...
Will investors be reassured by one of their own? Brazil put a former George Soros aide in charge of its central bank, hoping that Arminio Fraga Neto's track record might restore investor confidence. The real strengthened on the news, but it may take more than appointing a former Soros investment director to turn the country around. "To regain the confidence of foreign investors and the IMF, Fraga will have to convince them that Brazil can close its budget gap and restore its financial health," says TIME senior business reporter Bernard Baumohl. "There may be a momentary rebound...
...Many of the changes demanded by foreign investors are beyond Fraga's domain. "Brazil's economic health depends on the central government's convincing state governors to cut spending and increase taxes," says Baumohl. "That's a political battle over which the central bank has no control." Still, anything that suggests speculative compassion from Soros -- however wishfully -- certainly can't hurt a vulnerable currency...