Word: reals
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...citizens can put their nest eggs to work. Bank interest rates remain regulated and miserly - offering less than 1% return on a standard savings account - and China has only just begun to open the door to its citizens being able to invest legally abroad. For most savers, that leaves real estate or the stock market - and if an apartment is the equivalent of a bar of gold, the stock market is the equivalent of a casino. Generally speaking, the Chinese love to gamble, but they love their bars of gold more. (Read "Five Things the U.S. Can Learn from China...
...During his opening address to the NPC, Premier Wen said that 2010 was going to be a year of unprecedented economic complexity. He certainly got that right. A real estate downturn, perhaps a severe one, will hit China sooner or later. The problem is that if it arrives sooner, the world's fastest-growing economy doesn't have a whole lot to fall back on. Its export markets are still weak and its capacity to increase infrastructure spending again, after the massive increases of the past two years, is limited. With the rest of the world still trying to regain...
...Read "China's Own Version of the Real Estate Bust...
Merkel is indeed in the stronger position. The FDP won a record 14.6% of the vote in last September's election, but it was never going to join up with the left-of-center Social Democratic party. That means there is no real alternative to the current coalition. But Merkel's lack of authority remains worrying. "Angela Merkel's strategy is to calm things down - her coping style is emotional and palliative," says Thomas Kliche, a political psychologist at the University of Hamburg. The problem is, "stagnation doesn't overcome crisis...
...York, a city of Islands and rivers, has almost no accessible waterfront. Highways line Manhattan's riverbanks. Frontage real estate in Brooklyn and Queens - which comprise the bulbous western end of Long Island - is largely postindustrial wasteland. Most New Yorkers rarely venture to Staten Island, and much of the daily commuter traffic across the Hudson and East rivers occurs underground in subways and tunnels...