Word: debts
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...Federal government could not have imagined that the defaults on sovereign debt from countries in South America would make Citibank technically insolvent in the 80's. But it happened anyway...
...This expectation has now been dashed, and the scheme is unraveling. Debt-ridden, house-poor and increasingly unemployed, U.S. shoppers are cutting back. Consumer spending in the U.S. dropped at an annual rate of more than 3% in both the third and fourth quarters of 2008 - the steepest consecutive quarterly declines on record. As incomes shrink and America adopts a more frugal mind-set, some economists do not expect shoppers to return to free-spending ways for years - or perhaps generations. Economist Stephen Roach, chairman of Morgan Stanley Asia, says that "there is good reason to believe the capitulation...
Sadly, that Utopian scenario will arrive around the same time as the flying car. Meanwhile, my waistline is expanding in proportion to the national debt. A recent checkup confirmed my worst suspicions: I'm borderline everything, from diabetes to elephantiasis. Luckily, there's a raft of new gadgets on the market that use high-tech sensors to help me get a handle on my love handles. During the past month, I've focused on two gizmos that promise to pound the Quittner bod back into its more kittenish shape. One, the cigarette-lighter-size (and awkwardly named) Smheart Link, works...
...downturn is playing havoc with Eastern Europe's currencies. Since last summer, the Polish zloty has lost 48% against Europe's common currency the euro, the Hungarian forint 30% and the Czech Krona 23%. That makes euro-denominated debt, which has risen dramatically anyway in the past few years, much harder to pay back. In Poland, foreign currency debt held by households has tripled in three years to 12% of the GDP last year, with some 70% of mortgages taken in foreign currencies. In Hungary, foreign currency loans make up 62% of all household debt, up from 33% three years...
...claims" that rolling back tax breaks for the wealthy is a "massive tax increase on the American people," one Congressman shouted out of turn, "You're right!" A large group of Republicans broke into disruptive cheering when Obama vowed to not pass on to the nation's children a "debt they cannot...