Word: fears
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...clinical trials) other than inspiring the company to take a closer look at a similar group of synthetic compounds. Says a spokeswoman for another major U.S. firm: "We've started scaling back. We just don't think you can define 'traditional knowledge' in that kind of legalistic way." Others fear that, given the notorious corruption of many Third World governments, any royalties that drug companies pay to struggling indigenous peoples might end up in officials' pockets. And by keeping First World scientists at arm's length, the new laws risk slowing development of medicines, such as malaria and cholera remedies...
...there are deeper reasons to fear a persistently weak dollar. For decades, various emerging markets in Asia and the Middle East have either officially or unofficially matched their currency rates to the dollar to limit their own currency fluctuations and thus stimulate trade. Since these countries tend to be exporters, they have also historically generated buckets of surplus dollars, which they funneled into U.S. Treasury bills, attracted by the dollar's long-term stability. This arrangement benefited the U.S., providing it with a bountiful source of buyers willing to fund its debts, despite the relatively low interest rates on offer...
...despite the fear, the end is not, in fact, nigh. After an orgy of excesses in the credit and housing markets, a measure of sobriety and restraint may have a useful cleansing effect. That said, tremendous risks remain - not least a mounting threat of a U.S. recession. Surveying this treacherous landscape, Paul Donovan, a global economist at UBS, predicts: "It's going to be very unpleasant but it's not a disaster...
...ramifications of this housing and credit debacle now look far worse than previously expected. Housing sales and starts are down sharply, while shares in everything from homebuilders to banks to mortgage insurers have been massacred. Moreover, there's a deepening fear that U.S. consumers - a key driver of global economic growth - might dramatically pare back their spending in the wake of this assault upon their wealth and confidence. In a recent letter to shareholders, legendary U.S. money manager Bill Miller warned: "The difference between what is unfolding now and the Crash of '87, or the problems with Long-Term Capital...
...that the U.S. realized the same. I believe in the exit strategy suggested by New York Times opinion writer Thomas Friedman—that is, a set withdrawal date accompanied by a last-ditch, United Nations-led effort to get the Iraqi political parties to reconcile. As Friedman argues, fear of U.S. withdrawal and of an all-out Iraqi civil war may be the only thing that will actually motivate Iraqi factions to resolve their differences. When M-11 took place, the War in Iraq was only in its second year. Now it’s been twice as long?...