Word: demands
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Dates: during 2000-2009
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...rates to near zero to stimulate the economy. But it was, as the economists say, "pushing on a string." Banks were reluctant to lend because they needed to hoard capital to repair their balance sheets - just as they need to do now in the U.S. Economic growth slowed, and demand for the credit that was available diminished. The result was Japan's infamous Lost Decade: 10 years of low or no growth...
...doubling its ad budget for the fourth quarter. (At times, TDECU has been accused of being too aggressive: community banks, which have also been faring relatively well, and the FDIC loudly objected when one ad painted the entire banking industry as "under a dark cloud.") To meet loan demand, TDECU is borrowing from corporate credit unions and the Federal Home Loan Bank of Dallas, but even then "we may not have enough money to go around," says Speed - especially now that car dealerships, jilted by the finance arms of auto companies, are flooding the credit union with calls...
...This economics made flesh is not just terribly moving - though it certainly is that. It also produces a sense of intense pride in those who are living it. It is that sense of pride - quite palpable throughout Asia today - that provides the demand for respect, for influence, for the nations that have achieved such economic success to receive their just deserts...
...many people improving their life chances so rapidly as in China today. Understandably, that is a source of immense pride to ordinary Chinese (not just in China, incidentally) and to their leaders. Sometimes this pride manifests itself as old-fashioned nationalism. But more usually it shows itself as a demand for recognition, for - to use that phrase again - just deserts. To be sure, Chinese leaders will often tell you that in some ways, great power status has come too soon to them, that they do not yet have the skills or expertise to handle difficult diplomatic challenges. But though modern...
Instead, what we are seeing now in Washington and other world capitals is fear we might be headed for an economic collapse caused by a collapse of demand caused by a collapse of credit. Confronted with that threat, governments seemingly cannot help turning to the remedy formulated by Keynes during the dark years of the early 1930s: stimulating demand by spending much more than they take in, preferably but not necessarily on useful public works like highways and schools. "I guess everyone is a Keynesian in a foxhole," jokes Robert Lucas, a University of Chicago economist who won a Nobel...