Word: jong
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Dates: during 2000-2009
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...prediction would have once been laughable. After all, North and South Korea are still technically at war, and in the autumn of 2006 Pyongyang's insular regime defied the world by testing a nuclear bomb. But since February 2007, when North Korean dictator Kim Jong Il struck a deal with the U.S., Japan, Russia, China and South Korea to begin dismantling his nuclear program in exchange for aid and normalized relations with Washington, there has been a burst of cooperation between the two Koreas. In mid-December, a direct rail link opened between Seoul and the Kaesong Industrial Complex across...
...Edwards sees it, the people standing in the way of progress are not Osama bin Laden or Kim Jong Il, not even George W. Bush and the Republicans. The evildoers that Edwards promises to vanquish - to the delight of most crowds; "Go get 'em, John" is a frequent shout from the crowd - are America's CEOs. "I see the CEO of one of the biggest health insurance companies in America making hundreds of millions of dollars last year in one year. I see Exxon Mobil making billions and billions of dollars in profit, record profits. The top 1% of Americans...
...course, the "core problem" is the U.S. property market, says Han de Jong, chief economist for ABN Amro in Amsterdam. "In hindsight, the housing market in the U.S. was a bubble." The cause? Superlow interest rates that encouraged lenders to offer loans to virtually anyone, even those with bad credit. Those loans were then bundled together into exotic derivatives and sold off to financial institutions worldwide; when borrowers began to default on their mortgages, money managers from São Paulo to Seoul suffered huge losses...
...global market by a dwindling dollar. But for these U.S. manufacturers, the weak dollar is a spark of good news in an otherwise gloomy outlook. "If I were a policymaker in the U.S., I'd be happy to see the dollar slide," says ABN Amro's de Jong...
...Federal Reserve, said it's "absolutely conceivable that the euro will replace the dollar as [the] reserve currency, or will be traded as an equally important reserve currency." If that ever happens, says HSBC chief economist Stephen King, "the dollar goes into free fall." ABN Amro's de Jong agrees that this would trigger a crisis, but doesn't think it will happen anytime soon: "Ultimately, the U.S. will lose its unique reserve-currency status, but it may take 20, 30 years." At the moment, he says, "the world simply doesn't have an alternative...