Word: europeanate
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...shop for car companies. According to Reuters, the chief of China's large Chongqing Changan Auto Co. is prepared to take a vulture-fund approach to buying assets. He said, "The longer the crisis lasts, the bigger the chance of failure or a scale-down of some American and European automakers." It is a brutal but honest assessment of the industry, and a clear and public sign that China believe that "money talks...
Japanese companies were able to aggressively move into the U.S. and European car markets in the 1970s and 1980s to a large extent because of their low labor costs. The Japanese auto firms created brands, instead of acquiring them. Toyota (TM) and Honda (HMC) developed reputations for quality and service that often eclipsed those of their competition in the West...
...extra money is just part of the story. Along with the new resources come, at least in theory, important changes in the way the IMF functions. In the future, European countries will no longer have an automatic right to pick its managing director, as they do at present. And through a reform of its arcane shareholding or "quota" system, the domination of policy by the U.S. and other developed economies will give way to a more balanced system of governance, under which developing countries such as Brazil, China and Russia will have a greater say. The IMF's focus...
...being thrust upon it. The huge boost to its reserves exists on paper, but it's not yet clear where all that money will come from. Japan has pledged $100 billion. Gordon Brown, the British Prime Minister who hosted the G-20 summit, said the European Union would put up $100 billion and that China would provide $40 billion. But Chinese officials wouldn't confirm that amount - and even if the money is forthcoming, it still leaves $260 billion unaccounted for. At a time when governments are financially overstretched, that's no small sum. Moreover, the thorny issues involved...
...countries to spend their way out of this crisis, it so surprised his audience, who were more used to traditional IMF calls for austerity, that Larry Summers, now a top U.S. economic official, described it as a "historic moment." More recently, Strauss-Kahn has put public pressure on European governments to increase the size of their economic-stimulus packages, and has criticized the U.S. for not tackling more forthrightly the toxic assets still on the balance sheets of many banks...