Word: creditably
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...recession since 2001, and that this one could be a doozy. "The asset bubbles underpinning the US economy have started to unwind the other way," says Stephen Roach, Chairman of Morgan Stanley Asia. "This recession was triggered by the bursting of the housing bubble and the bursting of the credit bubble and those developments will run their course [even with the rate cuts...
...western Australia to toys manufactured in southeastern China is already slowing, because for the first time in decade, the "key driver of the global economy, the U.S. consumer, seems to have finally thrown in the towel," says Xie. If that's true - if the American consumer's decade long, credit-driven party is really over - then soon enough they're not going to be the only ones suffering from a hangover...
...Amid such a "serious credit crisis," says Buik, stock markets will only remain immune to genuine credit market volatility for so long. But the plunging share prices offered another kind of correction: that growth in Asia isn't enough to protect its markets against the effects of a U.S. recession. So while shares in China soared last year, "the idea [it] can decouple and not be affected by what happened in their most important export market [the U.S.] was always rubbish," says Stein, so long as domestic consumption can't make up for any shortfall. And neither is Asia resistant...
Except the markets aren't taking it that way. On Monday, stock exchanges around the world swooned, from east to west, as investors, spooked by more fallout from the subprime crisis and credit crunch, failed to be reassured that a $145 billion stimulus package rolled out by the Bush Administration would do much to keep the U.S. economy afloat. The main index in Hong Kong dropped 5.5%, its biggest percentage loss since Sept. 11, 2001. India's benchmark shed 7.4%. In Europe, Britain fell 5.5%, France 6.8%, and Germany 7.2%. Brazilian stocks dropped 6.6% and Canada's main index lost...
...report issued last month by the D.C.-based NAFSA: Association of International Educators said that there existed "potentially questionable financial arrangements between institutions and program providers and questionable credit-transfer policies," and brought to light issues regarding "the challenge of integrating study abroad into all aspects of an institution, and the unique risk-management and quality-control issues inherent in study abroad...