Word: governmentalize
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Progress will be slow. A recent government reshuffle has moved power away from technocratic experts and outside consultants, and back into the hands of the royal family, especially the crown prince, Sheik Hamdan. But without oil money of its own, Dubai has little choice but to listen to its foreign...
Two monster snowstorms blanketed the northeastern U.S. in a single week, temporarily shutting down the federal government (at a cost of $100 million per day) and closing schools up and down the East Coast. Airlines canceled thousands of flights, while thousands of homes in Washington--where winds reached up to...
In what is being billed as the largest military operation in Afghanistan since the U.S.-led invasion in 2001, 20,000 coalition troops are set to invade Marja, a Taliban stronghold in the country's southern Helmand province. The offensive will target Taliban fighters who for years have holed up...
After a decade of overspending, Greece has fallen into a debt crisis. The country--which along with Portugal, Ireland, Italy and Spain is a member of the so-called PIIGS group of troubled European economies--is carrying a deficit close to 13% of GDP, more than four times the E.U...
In 1973, 100 Greek Drachmas would get you $3.33. By May 2000, that was down to 27¢. That's the way the currency crumbles in a smallish, less than rich nation beset by government budget deficits, inflation and a spotty record of economic policymaking. Convincing foreign investors to buy your...