Word: inflationitis
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Although the generals have been adept at political repression, their record on economic management is abysmal. In 1987 a former regime leader demonetized Burma's currency, wiping out the savings of millions, and introduced new bank notes that were divisible by the number 9 simply because he considered the digit...
Such is the razzle-dazzle of French President Nicolas Sarkozy that he is able to turn a speech to business leaders on such staid topics as labor contracts, taxation, inflation and purchasing power into some truly captivating theatrics. During a nearly 45-minute address billed as the blueprint of the...
The last big mortgage debacle, the savings-and-loan crisis, was made mostly in Washington. The S&Ls were required by law to borrow short (via savings deposits) and lend long (via 30-year, fixed-rate mortgages). When that led to big losses in the inflation-racked early 1980s, Congress...
In past years, certain types of outreach had bought the state reluctant acquiescence from lower- and middle-class Iranians struggling with joblessness and record inflation. Low-interest loans and subsidies on basic foodstuffs have helped. High oil prices enabled this largesse. But oil's munificence is not limitless. The government...
The affair has also brought into focus the issue of alleged corruption in the Kirchner administration. Only last month, economy minister Felisa Miceli was forced to resign after a bag containing cash totaling some $60,000 was discovered in her office bathroom. Her resignation followed other revelations regarding bribery and...