Word: centralism
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...Salwa Judum movement has worsened the situation, draining the countryside of potential informants and convincing thousands of people that the Indian state really is as bad as the Naxalites say it is. A central government committee has recommended closing the camps and disarming the special police officers, whom India's Supreme Court recently termed illegal. Salwa Judum supporters say the criticism is proof of how widespread sympathy for the Naxalites is. "Should we stop fighting terrorism?" asks Chhattisgarh opposition leader Mahendra Karma, a member of the Congress Party and a strong backer of the militia. "Even [Mahatma] Gandhi...
...figure even in the notoriously indebted U.S. is only 5%. In January banks worldwide clamped down on loans in response to the global credit crunch, and investors began to worry that Icelandic banks had leveraged themselves too aggressively. Rumors swirled that the banks would default and that Iceland's central bank, with its modest $2.5 billion reserve, would be hard-pressed to bail them out. As investors pulled out of the market, the Icelandic krona fell by 27% against the U.S. dollar, the cost of insuring Icelandic debt soared to record levels, and inflation surged, hitting a 20-year high...
...more profitable than their Nordic peers. First-quarter results suggest the financial climate has started to warm: the three largest banks all reported strong core earnings, with Landsbanki's rising by 27% compared to the same period last year. On May 16, in a show of support, the central banks of Denmark, Norway and Sweden offered to loan Iceland $2.4 billion in emergency credit, doubling the nation's reserves; the krona immediately gained 5% against the euro. Iceland's central bank asked parliament on May 28 to let it borrow up to $6.9 billion so it can better protect...
...banks flatly dismiss the notion that the central bank will need to bail out the system. "That's just unthinkable," says Ásgeir Jónsson, chief economist at Kaupthing, Iceland's largest bank. Following the 2006 crisis, banks greatly strengthened their liquidity positions and shifted their liabilities further into the future: on average, newly issued bonds now mature in 2010 or after, rather than within a year. Although Iceland's major banks had hoped to grow quite quickly this year, they will use their liquidity conservatively as a buffer instead. Meanwhile, to their relief, Iceland's banks have negligible...
Rescorla had once led soldiers through the night in the Vietcong-controlled Central Highlands of Vietnam. He knew the brain responded poorly to fear - but he also knew it could be distracted. Back then, he had calmed his men by singing Cornish songs from his youth. Now, in the crowded stairwell, Rescorla sang into the bullhorn. "Men of Cornwall stand ye steady. It cannot be ever said ye for the battle were not ready. Stand and never yield...