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...worse; excess capacity left over from the boom years haunts the recovery; and the drastic stimulus programs utilized to fight the recession are creating a new menu of potential troubles. Dominique Strauss-Kahn, managing director of the International Monetary Fund, said in an address in London in late November that "the storm has passed" but "the global economy remains very much in a holding pattern - stable, and getting better, but still highly vulnerable." He added: "There is a lot of uncertainty in the air." (See 25 people to blame for the financial crisis...
...burdened by heavy baggage created during the boom times, problems that could take years to resolve. U.S. consumers are undergoing their own debt workout, one that might even worsen if joblessness continues to rise. Though defaults on credit cards in the U.S. fell in October, delinquencies, or late payments, rose - a sign that financial firms could expect more losses down the road. Japan, which experienced its fastest growth in two years in the third quarter, is dealing with the nasty problem of deflation, an indication that the economy is suffering from excess capacity. The falling prices, by eating away...
...Even countries apparently powering through the recession are hounded by tricky policy conundrums. After Chinese banks engaged in massive lending aimed at combating the global downturn, China's regulators warned in late November that they must meet mandated capital requirements or risk sanctions, a strong sign that Beijing is worrying over the possible fallout from its stimulus program. China also faces a tough choice on its currency regime. The government is under increased pressure from the U.S. and European Union to allow the yuan to appreciate, though policymakers remain nervous about the negative effect that could have on its struggling...
More than 20 years after he transformed Italian TV, Berlusconi is Prime Minister for the third time; he has already served longer in the office than anyone since 1946. Of late, to be sure, he's taken some lumps. Italy's Constitutional Court overturned a law granting Berlusconi immunity from prosecution while in office, clearing obstructions to trials in which he is accused of bribery and illicit accounting at Mediaset. But even were he to be turfed out tomorrow, Berlusconi would leave a lasting legacy. His TV shows have seen to that. "Berlusconi changed the culture of Italy before...
Scientists first detected the cyanobacteria that now infests Atitlan in the 1970s. But the genesis of the problem dates to the late 1950s when the Guatemalan government introduced non-native black bass into the lake's waters believing that hotels and restaurants could lure more tourists if they could offer freshly caught lake fish on their menus. Over the years, however, the bass ate through nearly the entire food chain, including the the young of the rare Pato Poc duck. Their consumption disrupted the ecosystem and destroyed the organisms that would have kept the bacteria...