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Honduras, in fact, is the latest example of how little progress Central America has made since the coups, civil wars and corruption of the past. The institutional rot that spawned those Cold War conflicts remains, not just in Honduras but in nearby countries such as Guatemala, Nicaragua and Panama. In Nicaragua, for example, leftist President Daniel Ortega last month had Supreme Court justices loyal to him summarily lift a constitutional ban on presidential re-election so he can run again in 2011, even though most Nicaraguans oppose the change. In Panama, members of the powerful Arias family have...
...Surprisingly, it is provincial cities like Xi'an that are leading this transition. In China's heartland, you won't find many factories churning out cheap toys or clothing for overseas markets, the kind of industrial activity that underpinned China's economic miracle and made Shanghai and Shenzhen wealthy. Total international trade represents a mere 18% of Xi'an's GDP, compared with 160% in Shanghai. Xi'an is being built instead on the burgeoning spending power of its own consumers, and on the expansion of Chinese companies churning out products for Chinese. "The domestic market will be the leading...
...signed a historic peace deal with the Indonesian government in 2005, in the wake of the devastating Indian Ocean tsunami, which claimed about 160,000 lives in Aceh alone. Today, Aceh's governor is a tsunami survivor and former GAM rebel called Irwandi Yusuf, whose background seems tailor-made for REDD: he was trained as a veterinarian and once worked for FFI. "He's one of the few Indonesian politicians who gets it," says Linkie. "He's thinking way beyond his five-year electoral term." In June 2007 Irwandi banned commercial logging in his province, "an unprecedented environmental...
Wanna bet? Prechter does. He has made a career out of his belief that financial markets are ruled not by fundamentals but by waves of irrational behavior. Lately, after a long run of relative obscurity, he's been getting lots of attention. So have other believers in cycles and waves: the New Yorker recently expended 10 pages on Martin Armstrong, a self-taught forecaster (currently imprisoned for fraud) who made several eerily on-the-mark calls using a formula based on the mathematical constant pi. Prechter appeared in that piece too, but only briefly. He comes across as too reasonable...
...himself at what he dubbed the Elliott Wave Institute. In 1981 he moved his operation to Gainesville, Ga., an hour north of Atlanta, and he's been there ever since. His accurate forecasts of a stock-market boom in the 1980s and a crash in the autumn of 1987 made him, for a time, one of the most influential Wall Street gurus. After the market started its 1990s bull run, though, Prechter seemed to lose his touch. In 1995 his book At the Crest of the Tidal Wave predicted the onset of a "great bear market." The bear arrived...