Word: defaulting
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...easy, crafting such language is what U.N. diplomats do for their free parking and East Side apartments. And, in fact, the U.S. has more supporters than may appear to be the case. The British, of course, are staunch. Partly, Blair's support for Bush reflects the traditional British default position--back Washington whenever possible. "America," said Blair last week, speaking of the dangers of terrorism and weapons of mass destruction, "shouldn't be left to face these issues alone." But instinctive support for Washington isn't the whole story. Blair is one of the few modern European politicians comfortable thinking...
...easy, crafting such language is what U.N. diplomats do for their free parking and East Side apartments. And, in fact, the U.S. has more supporters than may appear to be the case. The British, of course, are staunch. Partly, Blair's support for Bush reflects the traditional British default position - back Washington whenever possible. "America," said Blair last week, speaking of the dangers of terrorism and weapons of mass destruction, "shouldn't be left to face these issues alone." But instinctive support for Washington isn't the whole story. Blair is one of the few modern European politicians comfortable thinking...
...Naipaul, who won last year's Nobel Prize for Literature. The Writer and the World (Knopf; 524 pages) brings together his best short work, most of which has been languishing uncollected for decades. A native of the tiny island of Trinidad, Naipaul is a travel writer almost by default--he is a foreigner everywhere he goes--and it's a privilege to look through his outsider's X-ray eyes at Mobutu's Zaire, or at a would-be revolutionary in Guyana, or at a holy man in Bombay, and see what is normally invisible to the tourist...
Politics was the bottom line, after all. Investors set off Brazil's crisis out of fear that the two leftist candidates leading in presidential election polls would reverse the country's laudable efforts to adopt free-market reforms. A Brazilian default could upset the tenuous U.S. recovery and cost U.S. Republicans in November's congressional elections. That vote also coincides with the start of new negotiations for a giant hemispheric free-trade pact. If Brazil's economy continues to melt down, those talks will implode, causing Bush political embarrassment...
...expected worse to come in the second half. Adding to the troubles: the prospect that come October's elections, a left-wing government could take power in Brazil, bringing with it tax cuts and an increase in public spending. At worst, analysts fear this could precipitate a Brazilian default on $100 billion in government debt - of which some Spanish banks, like SCH, still hold a sizable chunk...