Word: creditors
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...dubbed the twin towers, a reference to Manhattan's World Trade Center and the long shadows it casts across Wall Street, the hulking deficits are threatening to sink the U.S. economy. In just a twinkling, between 1981 and 1986, the U.S. has metamorphosed from the world's largest creditor to the biggest borrower, carrying a net debt to foreigners that is expected to hit $1 trillion...
Japanese businessmen are throwing the U.S. for a loop in a number of ways. Japan, the world's largest creditor country, where consumers save 17% of their earnings (vs. 4% in the U.S.), has the mightiest bankroll of all to engage in buying America. Bereft of enough investment opportunities at home to absorb their astonishing pile of savings, the Japanese are hungrily looking abroad for places to park the excess cash. Japan's direct investments in U.S. real estate and corporations reached $23.4 billion at the end of 1986, a jump of about 18% from the previous year. Predicts Amir...
...latest default could make life more austere in Kim's kingdom. Lawyers representing the creditor banks are already scouting for North Korean assets to seize, including reserves believed to be stashed in bank accounts in Switzerland, Austria, West Germany and elsewhere. There is speculation too that the creditors could try to intercept the shipments of gold, worth about $27 million each, that Pyongyang sells each month through the London bullion market. Juche, in other words, could encompass even harder times ahead...
Such writers are frightened--and rightfully so--by our sluggish economy, our losses in international trade, and our rapid transformation from the world's largest creditor to the world's largest debtor in the space of a few years. They have watched the United States' share of the world economy drop from nearly half to close to a quarter. They observe the growing power of the Japanese and Germans, and they say the decline is unstoppable. They chart the failures of our military power in Vietnam and now the Gulf, and they cry "Uncle...
...Club: a discreet group of officials from 16 industrialized countries who meet regularly to ponder overdue Third World loans owed to their respective governments. The club was started in 1954, when Argentina, faced with a liquidity squeeze, called for an ad hoc meeting in Paris with all of its creditor governments. Since then, the group has evolved into one of the financial world's most important "non-institutions," as one representative called it. The club has no official charter, no staff of its own or even a permanent headquarters. It works by a set of unwritten rules and owes much...