Word: marketization
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Dates: during 1990-1999
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...many countries, the pitch of chaos Russia reached last week would have produced panic, fury, demonstrations, even riots. The street value of the ruble halved. Banks are tottering and closing, and the Moscow stock market has all but evaporated. The crash has shaken investors and governments around the world. But in Russia, home of the stolid and the depoliticized, the streets are calm and there is no sign of unrest. Russians are nervous and ask one another what is going to happen, but the only visible reaction is at the banks, where the relatively few citizens who trusted other people...
...seemed prepared last weekend to surrender many of his presidential prerogatives. The communists have called for currency controls, re-nationalization and printing more rubles. On the weekend, however, Chernomyrdin went on TV to reassure Russia--and probably the West as well--that there would be no retreat from market economics. "We have already joined the world economy, and there will be no return to the past," he declared. The future, though, remains deeply uncertain...
...face like a stock ticker, he has been labeled the world's brightest currency trader, an Einstein of the pits. Druckenmiller's paycheck is signed by George Soros, for whom he oversees $22 billion. Uh, make that a little less. Last week Druckenmiller watched helplessly as the Russian debt market vaporized into fiscal neutrinos, taking the last of $2 billion of Soros' Russia-invested money into hyperspace. Fessing up on CNBC, the crestfallen trader blinked at the camera and softly explained that the Moscow meltdown had turned "a very good year into a mediocre...
...billion markdown is small change compared with the devastation that the Russian collapse inflicted on central banks and stock markets in other countries, even those seemingly out of harm's way. Venezuelans stumbled through a valiant, painful defense of their bond market, Brazilians scrambled to save their currency, and Americans watched a nervous stock market plummet, pause and plummet again. Russia's slide was a reminder that every investment is at heart a bet on the future. Last week the future looked awful...
...popular guessing games: What will Barry do next? Since leaving Fox in 1992, Diller has dabbled in home shopping, proselytized for the digital revolution, failed to buy Paramount and, last February, succeeded in acquiring the majority of Universal's TV operations. Despite persistent rumors that he is in the market for a major network, such as CBS, Diller says he is more interested in fashioning his latest collection of TV properties--including the USA cable network and a group of 16 UHF stations--into yet another TV network that features lots of local content. O.K., America, are you ready...