Word: nationalism
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...struggling Europe is bad news for the rest of the world, since more than one-third of all foreign direct investment into countries such as China and Brazil comes from the 27-nation European Union. The E.U. with its 490 million population has also been an ever larger consumer of goods and services from Asia; last year it imported about $1 trillion worth from emerging markets alone, and China is its biggest supplier. With the U.S. economy also expected to drop off, it'll be up to Asia to generate its own growth for a while...
...first glance, there are still plenty of signs of the good life to which this nation of 320,000 had grown accustomed. The parking lot of Kringlan shopping center in Reykjavík is filled with sparkling Audis, Range Rovers and Mercedes. But inside the mall, bleary, blond-haired Icelanders pace the floor like zombies going through the motions of their former existence. "How can I rest easy knowing that everything I've saved all my life is gone?" asks a red-eyed advertising consultant dressed in a woolly cardigan and slippers as he sits in the food court...
...down the street a few local bars have begun selling "recession beer" at $2.60 a glass, compared with the normal price of $6 or so. But with more layoffs and further turmoil expected, it will take more than hearty stew and a pint of cheap cheer to rescue this nation from economic despair. - by Jonas Moody
...everyone is so lucky. Recent industry research shows that falling purchasing power and consumer fear of a looming downturn have caused spending in France's cafés and restaurants to slump around 20% this year. Nearly 3,000 of the nation's restaurants closed down or went bankrupt in the first half of 2008. That wave of failure may well rise as newcomers who relied on credit to get started find themselves stretched to make their payments as revenues slump. "If I were 30, starting out with loans to reimburse, I'd be in big trouble," says Bonduel, relieved...
...work." But despite the mounting anxiety, few blame the global forces that have exacerbated Zalabaromfi's predicament. As the IMF offers Hungary financial and technical assistance to stem the flow of millions of dollars in foreign investment out of the country, and to help steady the nation's sinking currency, Hungarians are pointing fingers at people much closer to home. Work-council president Kiss Tóthné is frank in her appraisal. "On second thought, if I had a gun I might not shoot myself," she says. "I might shoot the management instead." - by John Nadler