Word: breakdown
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...breakdown of the crisis talks poses a dilemma for Southern African governments which had hoped to see a power-sharing compromise to resolve the political crisis that has roiled Zimbabwe since A March 29 election in which Tsvangirai won a greater share of the vote than Mugabe.Resolving the power struggle is an essential precondition for restoring the international aid and investment necessary to rescue an economy in free fall, with unemployment at 80% and inflation out of control. Although Mbeki had managed to persuade the two leaders to share power in a Sept. 15 deal, once the discussion moved...
That assessment could back up McCain's case against a hasty withdrawal from Iraq, although the fact that the Iraqi government has demanded it makes that a more complicated argument. Then again, if the intra-Iraqi power struggle creates a new security breakdown, various Iraqi political leaders may yet see considerable value in a continued U.S. presence, if directed against their foes...
...None of this means we won't see sharply rising unemployment and falling economic output in the coming months as we work off the financial excesses of recent years. Higher productivity makes higher economic growth possible; it doesn't guarantee it. What's more, a financial breakdown can trump long-term fundamentals for years. Gordon identifies the peak years of the 20th century's big wave of productivity growth as 1928 to 1950. A lot of good that did anybody...
...assuming such a breakdown is averted - and recent government actions in the U.S. and Europe make that a plausible assumption - economic fundamentals, and productivity growth in particular, are going to matter a lot. Strong productivity growth makes inflation less of a threat, giving the Federal Reserve more leeway in battling recession. And because it enables more economic growth down the road, it could make it far easier to pay off the giant debts the Federal Government is incurring to save the banking system and the economy...
...example, banking-sector repair and reform is likely more needed in India than in China, because India's financial sector is more intertwined with Western markets than China's is. Less sophisticated economies that rely on manufacturing and agriculture may largely avoid the pain that has accompanied the worldwide breakdown of complicated financial systems...