Word: gloom
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...gloom-and-doom camp makes a persuasive case. Nouriel Roubini, a professor at New York University, had been warning for years of the dangers of an international financial implosion - and the current economic crisis proved him depressingly right. In a recent article Roubini has laid out a bleak scenario for China. "The risk of a hard landing in China is sharply rising," he writes. "A deceleration in the Chinese growth rate ... is highly likely, and an even worse outcome cannot be ruled out." But a clique of China specialists inside the country predicts a different outcome. They believe that...
...news from China in recent weeks has been dire. Violent strikes and protests are reported almost daily. Millions of workers are out of jobs. Economic indicators presage more gloom, with electricity production for industry falling 4% in October, the first time it has declined in a decade. So is China - the "fragile superpower," as historian Susan Shirk memorably termed it - about to experience the one thing its leaders have feared for years: a so-called hard landing of its economy that could spark widespread social unrest...
...news from China in recent weeks has been dire. Strikes and protests - some of them violent and involving as many as ten thousand people - are reported almost daily. Millions of workers are being thrown out of their jobs, and economic indicators seem to presage more gloom, with electricity production for industry falling 4% in October, the first time it has declined in a decade. Even the country's seemingly insatiable thirst for oil to fuel its decades' long boom seems to be fading: China's national oil company said late in November that demand had declined "sharply" in recent months...
...Economic Cycle Research Institute (ECRI), a New York City firm that compiles a weekly leading index from a secret sauce of indicators. Its latest was released Friday and showed the sharpest decline in the history of the data series, which goes back to 1949. "We have plenty of gloom," says ECRI managing director Lakshman Achuthan. "But having said that, we haven't gone into doom...
What's more, who's to say that we, like our grandparents and great-grandparents in the Depression, couldn't use a little glamour amidst the gloom? It's worth remembering that Hollywood's tuxedoed, martini-soaked movies about the carefree rich gave people an escape that helped get them through the 1930s. A-Rod and Klum may not be Astaire and Rogers but Miami Beach wants to help us forget our troubles for an hour...