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...most perilous assumption about driving down the budget deficit is that, if the number of people out of work over the next two years moves up to the level where unemployment stays above 10% for any period of time, tax revenue into the Treasury will be so badly impaired that cutting costs in some large programs will not be able to make up for it. (See pictures of the Top 10 scared traders...
...because Western banks have huge exposure to emerging European economies, either directly or through local subsidiaries. Austrian banks alone have a more than $293 billion exposure to Eastern Europe, roughly 80% of the Austrian GDP. When, on February 17, rating agency Moody's warned that it might downgrade a number of western European banks with exposure to the region, the euro plunged to a three month low of $1.26 against the dollar. "Given the combination of banking and trade links between Eastern and Western Europe that have been built up over the past five to ten years, it's clear...
...smaller number of these dogs, the alternative to adoption may be a fate worse than death. In 1966, LIFE magazine shocked the nation with an expose entitled “Concentration Camps for Dogs,” detailing the gruesome trade of dog dealers who plied impounded pets to animal testing laboratories. And, though that trade has since been regulated, 70,000 dogs still go unwillingly under the vivisectionist’s scalpel in America every year, some of them former pets...
...Enchanters of the economy! You who are so great in number, what purpose do you have in causing anguish to these people? With what audacity do you deprive good men of their livelihood, strip once bustling towns of commerce to planks and ghosts, and all the while hide your faces behind your masks of metal? Reveal yourselves! I shall at once run straight through any such villain as dares confront me, correcting these deep injustices and winning glory for my good lady Michelle of Chicago...
...Taliban has destroyed more than 180 schools across the valley, mostly girls' schools but a number of boys schools too. Now government schools are expected to reopen in March, after the winter break. Government officials insist that under Mohammed's Shari'a regulations, the Taliban's prohibition on female education will be lifted. But many of the teachers who were threatened have fled the area and are too fearful to return anytime soon. "The Taliban have threatened us not to come back," says Zunaiba Hayat, a 35-year-old middle-school teacher who moved to Islamabad after her school...