Word: dams
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Dates: during 1990-1999
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...widespread than party leaders imagine. In an effort to remove the dead economic hand of the government, which has kept China poor and backward, the new leadership is unleashing the energy and ambition of 1.2 billion people to fend for themselves. It is like opening the floodgates of a dam. It is the force that makes the China that U.S. President Bill Clinton will see this week a much different place from what it was only a few years...
Zhang sounds the ferry's horn at an oncoming barge. He is in favor of the controversial Three Gorges Dam, which, he says, will deepen the water and allow big ships to sail all the way upstream to Chongqing, bringing economic development in their wake. "We are only half developed compared with the Mississippi, where you have dams that make the water flatter and easier for shipping," he says. Like most Chinese today, he is fascinated by the wealth of the U.S. and by its political system. "Mao started the Cultural Revolution on his own. Even if you want...
...with such place names as the Bellows Gorge, Drinking Phoenix Spring, Witches Gorge and Misty Screen Peak. The rapids that wrecked many wooden junks in the past have been tamed over the years by dynamiting rocks, and are now destined to disappear under 600 ft. of water after the dam is built...
...That dam may have started to crack. While the U.S. banking industry pocketed record earnings last year, Morgan's fell 7%, to $1.46 billion. Derivatives are partly to blame. Morgan last year declared it had $659 million in nonperforming assets, 90% of which were defaults from Asian derivative counterparties. Among the defaulters were three South Korean companies, led by SK Securities, which early this year refused to pay $490 million that Morgan claims it is owed...
Northeastern's Betsy Dyke and junior defenseman Claudia Asano had swapped goals in the first period. Then the dam burst...