Word: latinate
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Dates: during 1990-1999
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Perched on an island in the middle of bustling streets and the mouth of the Harvard T Station, Out of Town News is a model of cosmopolitan life. True to its name, Out of Town features dailies and weeklies from around the world, including Ireland, France, Italy, Vietnam, Czechoslavakia, Latin America, Israel and Austin, Texas. With its efficient, business-like staff and broad selection of prepackaged snacks, this newsstand caters to today's city mover and shaker. Steeped in tradition, Out of Town retains pride in its long history with a commemorative stone pillar outside its primary entrance, which pays...
...most worrisome problem is the trade deficit, now running in excess of $150 billion annually. The humming U.S. economy is sucking in imports, while struggling economies in Asia and Latin America have cut their purchases of American goods and services. The result is a current account deficit--the measure of net dollars owed to other countries--of some $226 billion in 1998. Courtis says if the U.S. runs a current account deficit of 2.5% of GDP--lower than his 1999 estimate--for the next four years, "the U.S. net external debt in 2003 will be over $2 trillion, which...
...depress the stock market, turning the wealth effect that has made Americans so willing to buy on credit into a bad hangover. And if Americans curtail their buying, that will kill the main engine of recent U.S. expansion, which in turn will stunt other economies, particularly Asian and Latin American countries that aim to build their recoveries around pumping up exports...
China, meanwhile, is on track for 7% to 8% growth, and Asia's battered tigers appear to have bottomed out, according to Courtis. But Russia is far from recovery. And the choice this year in Latin America, says Moises Naim, editor of Foreign Policy magazine, is "between slowdown or meltdown. There's no other option." But the board agreed that this year's performance by the emerging economies will depend less on their own policy choices than on core country growth...
Last summer Russia's collapse had the peculiar result of spurring foreign banks and money managers to run screaming from Brazil--and Brazil's tumble cascaded through Latin America. "So we are living in this funny interconnected world," says Naim, "where a country that does not trade with Latin America, does not have investments with Latin America, is on the other side of the world from Latin America, crashes and takes down Latin America...