Word: inflationitis
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The Chinese government has quickly awakened to the threat of a sharp slowdown. Until a few months ago, Beijing's top priority had been fighting inflation. Now policymakers are easing off the brakes and hitting the gas again in an effort to stimulate growth. The central bank lowered its benchmark...
The out-of-control inflation of the 1970s wreaked havoc with Keynesian fine-tuning and seemed to confirm the criticisms of Lucas and Friedman. But their victory was never complete. The U.S. economic boom of the 1980s was at least partly the result of deficit spending. As financial crises battered...
Beneath the froth, Syria's financial picture is still grim. Oil production--which once accounted for 90% of government revenue--is on the decline. Inflation has rendered unsustainable the food and fuel subsidies on which millions of poor Syrians depend. Enter President Assad, who Syrians hope can help attract much...
This sudden vulnerability of emerging markets will be a key issue at the World Economic Forum on Europe and Central Asia, which begins on Oct. 30 in Istanbul. While Turkey has reason to blame its worsening economic outlook on the rest of the world, some of its woes are self...
The Bretton Woods system itself collapsed in 1971, when President Richard Nixon severed the link between the dollar and gold - a decision made to prevent a run on Fort Knox, which contained only a third of the gold bullion necessary to cover the amount of dollars in foreign hands. By...