Word: cheapness
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...continue to buy increasingly large amounts of U.S. debt. This provides the U.S. with an indirect funding source to prop up its banks and brokerages, but it's a compromised solution. After all, the willingness of central banks to lend almost without limit to America helped create this mess. Cheap money from abroad suppressed U.S. long-term interest rates, helping to set the stage for the housing bubble and its catastrophic collapse. Continuing such inappropriate monetary and exchange-rate policies feeds more asset bubbles in emerging economies as well as global inflation...
This time the disillusionment started in a neighborhood pub. I met up with a friend there, one with whom I hadn’t had much contact in a while. At first, all was well. The beer was cheap! It was good! My friend was also growing a beard! But then the empty pint glasses started to add up. Something in me turned, and nothing seemed right. This friend—a smart, funny, creative young guy—was still in Portland, living with his parents. As far as I could tell, he wasn’t doing much...
Plus, the beer’s cheap in Portland. And my beard’s always welcome. —Jake G. Cohen '09, a Crimson arts chair, is a History and Literature concentrator in Leverett House...
...military dictatorship under Colonel Mengistu and a dusk-to-dawn curfew had all but extinguished Addis Ababa's nightlife. The few hotels in the capital offering live entertainment were mostly the haunt of business and diplomatic flotsam and hookers, while the music was desultory generic pop, played on cheap synthesizers. "It took several trips and several more years before I understood what had happened," says Falceto. "These big bands were dead. They just didn't exist any more." Incredibly, the vibrancy of Addis's musical life in the 60's and 70's owed its all to the municipal...
...contribution to the game by bringing dozens of Brazilian players to star in their top teams. But Brazil may have been a victim of its own success: Today, the national team is struggling, and the resultant crisis in national pride has enraged everyone from the fans in the cheap seats to President Luis Inacio Lula da Silva...