Word: euphoria
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...numbers for the rest of the week could either confirm or deny Tuesday?s newfound economic euphoria. Wednesday brings the revised productivity number for the second quarter - survey says a slight retreat from the former 2.5 percent to 2.0 percent. Being that we?re in the middle of a business-cycle inflection when layoffs and production cuts race each other to the ground, you may infer absolutely nothing of the New Economy?s long-term prospects from this news. Thursday brings up-to-the-minute unemployment-claims numbers for the last week of August, and a services report from today...
...jitters. The key reason: this, says Robert Hormats, vice chairman of Goldman Sachs International, is "the first synchronized downturn since the 1980s," when high interest rates squeezed the world economy like an orange. During the last U.S. recession, 10 years ago, Europe was in its post-cold war euphoria, while the Asian economies were the stuff of miracle. By the time a financial crisis declawed the Asian tigers in 1997-98, the U.S. economy was in the middle of its technology boom...
...does NATO, not to mention the Europeans who criticize limitations on the press or abuses in Chechnya. Moreover, the Kremlin's world view is informed by deep suspicion. Russian academics who work with foreign groups are potential spies. Despite this, the Putin administration is occasionally prone to fits of euphoria, like saying it would like to join the European Union...
...When Air released its album Moon Safari early in 1998, the world discovered the awesome potential French music could have once it freed itself from its inferiority complex. While precursor Daft Punk remained rooted in the strobe-lit euphoria of dance culture, Air's eclecticism hitched up '60s film soundtracks with drum machines and spacey synthesizers to create a crisp pop sound you could listen to outside the nightclub...
...power. Labour's promise to fix such things as the National Health Service was enough to win a huge parliamentary majority. Now, as Blair asks voters to give him another term in 10 Downing St. in this week's general election, he has a record to defend - and the euphoria that once greeted the earnest young man has dissipated...