Word: excesses
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Shrum Populism is dramatically different from the populism that wins. Yes, Jimmy Carter ran against “entrenched Washington insiders,” Ronald Reagan used non-existent “welfare queens” to symbolize government excess and Bill Clinton attacked “brain-dead politicians.” But that wasn’t who they were. They were Common-Man Populists—Carter on his peanut farm, Reagan at his Santa Barbara ranch, Clinton from small-town Arkansas. They were guys you would enjoy inviting over for a beer, and who seemed...
...have more experience treating chronic inflammation than the physicians who specialize in rheumatoid arthritis, multiple sclerosis, lupus and other autoimmune disorders. For decades these diseases have provided the clearest example of a body at war with itself. But the spark that fuels their internal destruction doesn't come from excess cholesterol deposits or a stubborn bacterial infection. Instead, in a bizarre twist of fate, the body's supersophisticated, learned immunological defenses mistakenly direct an inflammatory attack against healthy cells in such places as the joints, nerves and connective tissue...
...recipe for glut that could reverberate around the globe, and not just in cars. From microwaves to T shirts to sheet steel, China is building up excess capacity at a breakneck pace. The country's economy grew 9.1% last year and attracted $53 billion in foreign investment, second only to the U.S. economy. The emerging middle class pushed retail sales up 9% in 2003, but industrial output shot up 17%. Economists warn of a crash waiting to happen: if too many factories make too many goods chasing too few buyers, the results are likely to be deflation, widespread business failures...
...part of the 50 million tons in increased capacity expected nationwide by 2005. "Banks are offering us loans even without our asking," says Wu. That money will have to be repaid. Letting extra capacity sit idle is no option. If the economy cools down and demand drops, "all that excess steel could hit world markets and send prices into a death spiral," says Brian Levich, senior steel analyst at the London-based Metal Bulletin Research...
With the government still holding many of the strings in China's economy, it is hard to predict when the problems of excess capacity will boil over. While overheated, China's economy isn't close to collapse. Whatever happens, the country will surely remain heavily dependent on exports. Currently the value of what it sells abroad is equal to roughly 30% of its total economy (the figure for the U.S., in contrast, is 10% to 12%). But the pressures are building, and when bomb factories are producing cars financed by an electric-battery company, the future can only be described...