Word: nationalism
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...wars financed by debt and eliminate the income-tax deductions for home-mortgage interest. Plus, don't artificially lower interest rates - this punishes those who saved sensibly. And we must all prioritize our spending wisely. I'd rather have fewer mortgage brokers and more architects or engineers rebuilding this nation's decaying infrastructure. Joseph Oppenheim, Rancho Bernardo, Calif...
...Fresh Wounds The current financial catastrophe has a special emotional impact on this nation of 49 million people. South Koreans remain scarred by the previous crisis in 1997, with memories of the bankruptcies, unemployment and uncertainty about the future still fresh and painful. In a country where economic success has become an integral part of national identity, the IMF bailout was seen as an embarrassment. Today's financial chaos seems like a return to those tumultuous days. South Korea has been among the Asian countries hardest hit by the global meltdown; its currency, the won, has fallen to levels...
...panic-stricken behavior makes perfect sense in light of the nation's recent history. Of all of the amazing growth stories in Asia's economic miracle, South Korea's is probably the most miraculous. In a mere generation, the country transformed itself from an impoverished backwater living on American aid to a globally competitive manufacturer of microchips, cars and flat-screen TVs. Any setback to that progress is taken with grave seriousness. During the 1997 crisis, office workers, too ashamed to tell their families they had lost their jobs, donned business suits each morning only to hide...
...recent years, the Philippines has faced an unprecedented exodus. Though millions of men have come and gone to work overseas over the past century, the world's ever-increasing demand for "female labor" like caregiving and domestic service has swung open the exit door for the nation's women. Today, about 8.7 million Filipinos - some 10% of the population - are registered with the government as overseas workers. Thousands of workers leave the country every day, and half of the new hires are women, flying off to earn salaries that are propping up the country. Last year alone, overseas workers sent...
...Many parents go abroad hoping to finance a better future for their children. The country's public schools are overcrowded and underfunded, and that's not likely to change anytime soon. The Philippines' young population - over 35% of the nation is 14 or younger - is on track to double between 2000 and 2030, sending tens of millions more into the workforce. With some 30% of the population stuck in poverty and 7.4% without jobs despite the nation's steady economic growth, Filipinos see few opportunities at home. Isabel Pedrosa, who lives in a village near Mabini and whose 20-year...