Word: meltdown
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...lives than those who saw positive changes. With time softening the memories of autocratic rule, nostalgia for overthrown dictators is spreading. Some are even calling for a resurgence of so-called "Asian values," a mix of paternalistic discipline and market economics that fell into disregard after the 1997 financial meltdown proved that crony capitalism thrived in the absence of democratic checks and balances. In Thailand, as in many parts of Asia, members of the educated élite bristle at the notion that Western-style democracy is a one-size-fits-all political system. "You can't expect us to have...
Just before U.S. markets went into meltdown and venerable financial institutions teetered or collapsed, several of Iraq's 18 provinces, including Diyala in the northeast, suffered their own cash crunch, literally running out of cash. Bank notes. Bills. Some public-sector bank branches, mainly in Diyala, ran out of physical bank notes because of a combination of unforeseen demand and a lapse in importing new currency notes from printers based overseas. It is the latest inefficiency to stymie the country's long-delayed reconstruction efforts...
...Mumbai attack may wear off soon, the economic downturn has only just begun to bite, and many expect next year to be worse. "We are all aware of the Bali and Madrid incidents and how things have looked up after that," says Sud of FHRAI. "But yes, the economic meltdown may last a bit longer...
...Gore received warm applause from the crowd, but it's not clear his message really got through. Though expectations for the annual summit weren't high, thanks in part to a leadership vacuum in the U.S. and the nagging distraction of a worldwide financial meltdown, neither were its accomplishments. More optimistic observers pointed to pledges from individual developing nations to cut their carbon emissions; under the Kyoto Protocol, those countries aren't actually required to take any concrete action on climate change. Mexico should take a bow - America's significantly poorer neighbor promised to cut carbon emissions 50% below...
...outrage at the government's $35 billion in aid to the nation's lenders at a time when one out of five citizens lives below the poverty line. And so, nearly a week after they began, the Greek riots offer the first tangible sign since the West's financial meltdown of the potential social unrest percolating just below the surface. (See the top 10 underreported stories...