Word: interests
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Dates: during 1980-1989
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...confidence, and therefore the cooperation, of lenders. Announced by Treasury Secretary Nicholas Brady in March and endorsed by the World Bank and the International Monetary Fund, as well as at the economic summit in Paris last week, the plan calls for "reducing" -- in fact, forgiving -- some principal and interest, thus freeing borrowers' resources for growth. The banks end up holding IOUs that have a lower face value but a higher chance of being repaid. The increased prospect of the debtor nations' economic and political stability becomes reassuring collateral...
...revenues that it became the world's No. 1 debtor. Says C. Fred Bergsten, the director of the Institute for International Economics in Washington: "The richest country in the world is competing with the poorest for the pool of available capital. American indebtedness tends to drive up U.S. interest rates, which in turn drives up the cost of loans to other nations, which threatens to wipe out the benefits that Nick Brady has made possible." Meanwhile, the U.S. trade deficit is provoking protectionism, which would make it harder for developing countries to work off their debts by exporting their products...
...medical misdeeds. When the American Medical Association conducts surveys of public attitudes toward physicians, it finds a troubling loss of faith. Even people who esteem their own physicians often deride the profession as a whole. In 1987, 37% of those polled did not believe doctors take a genuine interest in their patients. Only 45% believed doctors "usually explain things well to their patients...
...tries to change human nature. This is its fundamental flaw. People are selfish. Give them an incentive to work, and they will. Give them a low-risk way to cheat on their taxes, and they will. We do, most of the time, what's in our own selfish best interest...
...didn't, then we just give him a bill for the $5000, plus any interest and penalties," she said...