Word: deficits
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Dates: during 1990-1999
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...China, eight times as populous as Russia and with an economy that last year expanded 20 times as fast as Russia's, suffers many of the same infirmities. Its banking system is just as rotten, corruption flourishes beyond the central government's control, labor unrest is widespread, a budget deficit is growing, taxes can't be collected, and an inefficient network of state enterprises still hamstrings a full transition to the free market...
Rafter, who had to rally from a two-set deficit in the first round but never was threatened again in the tournament, won $700,000 and moved up to No. 2 in the world rankings--just behind Pete Sampras, whom he defeated Saturday in the semifinals...
...result is an almost cashless society where business is transacted mostly by trading goods and services. Since most firms and citizens have no money, they can't pay their taxes. That means the government is always short of funds and the deficit keeps growing. It's even worse than that, says Brookings Institution fellow Clifford Gaddy. The basic problem, he says, is Russia's "virtual economy." Stuck with the unreformed Soviet industrial sector, the country turns out goods that are worth less than the value of the labor and raw materials that go into them. "This is eating the core...
...calls a "government of accord," he could produce no more than stalemate. But if he acts on the compromise program he approved last week, things will get worse fast. When Chernomyrdin last served as Prime Minister, he took a crucial step: he stopped financing the government's budget deficit by printing rubles, and switched to paying for it with loans from the International Monetary Fund and banks abroad. This halted Russia's hyperinflation--but created the pyramid of debt on which Moscow has now defaulted...
...tortured legalisms, his artful dodges, his facile wordplay, his resort to idiosyncratic definitions that recall nothing so much as the "private language" of some autistic children, constitute an authentic escape from falsehood. It makes you wonder whether what appears to be Clinton's cynicism is instead a cognitive deficit, that he has by now and by habit lost all recognition of the difference between truth and lies...