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...underappreciated development: folks have gone so much deeper into hock that even the lowest interest rates in a generation haven't cut their average monthly household debt payments, which are at an all-time high and increasing. As rates rise, that will get worse...
...political power. After months of escalation, tensions climaxed two weeks ago when protests in China over Japanese schoolbook revisions that glossed over some of Japan's worst World War II atrocities metastasized into widespread anti-Japanese riots. Newspaper editorials and politicians in Japan began talking ominously about "the lowest point in Sino-Japanese relations in 30 years" and the rising likelihood of an "Asian cold...
...muscle without any special political merit. Worst of all, the proposal is so hopelessly lengthy and technical that it is incapable of stimulating the least enthusiasm among European citizens. On February 20, 77 percent of Spaniards approved the treaty by referendum, but the turnout, at 42 percent, was the lowest of any national vote since the death of Franco...
...sales during the past five years because the overweight U.S. currency made their goods and services much more expensive than products from foreign competitors like Japan. But last week the dollar continued to fall sharply against Japan's currency, dipping to a value of 203 yen in Tokyo, the lowest closing level since February 1981. The decline is already showing some concrete results. Japan's Sony announced last week that it plans to raise its U.S. prices by 5% to 12% on everything from TV sets to magnetic tape. That should make it easier for U.S. firms to compete with...
...shot down Korean Air Lines Flight 007 over the Sea of Japan in September 1983, the justifiable U.S. outrage sent relations into a deep freeze. Two months later the first Pershing missiles were deployed in England and the Soviets walked out of the arms talks. Relations dropped to their lowest level since cold war days...