Word: europeanate
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...difficulty. His most important novel is generally considered to be Désert, published in 1980 and largely set in the Moroccan Sahara. A lyrical, occasionally hallucinatory work, it deals with the marginalized but still fundamentally vital lives of African nomads, as contrasted with the bleakness of modern urban European life. "Western culture has become too monolithic," Le Clézio said in a 2001 interview with the French newsmagazine Label France. "It places the greatest possible emphasis on its urban and technical side, thus preventing the development of other forms of expression - religiosity and feelings, for example. The entire...
...moral of this tale is that you can try to hide, but you can't run; there is no "decoupling," as the Europeans had hoped when the global crash was still a stumble back in January. Just look at the stock markets since the beginning of the year. By market close on Oct. 7, the Dow Jones Industrial Average had dropped by 27.5%; the FTSEurofirst 300 Index of European shares was down 32.5% over the same period. The pattern continues. As go U.S. shares, so go Europe's, but faster and harder on the downswing - and more slowly...
...There was a Treasury Secretary to devise and present a rescue plan, and a Congress - after an initial case of the vapors - to act on it. But there is no Hank Paulson in Europe, nor a precise counterpart to Federal Reserve Chairman Ben Bernanke. Jean-Claude Trichet heads the European Central Bank, but it cannot play the lender of last resort, as the Fed did on Sept. 16 by loaning $85 billion to prop up the U.S. insurance giant AIG. In Europe, governments must act instead...
This is the oldest European story in the book, the mother of all sobby mantras: no will, no purpose, no power. Yet Europe will get out of this mess by being Europe: by bickering, compromising, doing less than required, and doing it slowly. Americans underestimate the Old Lady's moxy just as Europeans underrate Yankee vitality and ingenuity. Still, it's a reasonable bet that the U.S., one nation with one government, will emerge from the wreckage sooner than the E.U. does...
...mortgage lender Bradford & Bingley, and earlier this year it took over another debt-ridden bank, Northern Rock, guaranteeing the deposits of retail customers. Britain's protection scheme for private-sector banks guarantees deposits only up to $87,500, causing some jittery savers to look on enviously as some European Union countries announced full protection for all retail accounts...