Word: recordability
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...would-be wordsmiths play the contest each week; of those, three entries are selected by the magazine as finalists, and the winner is chosen in an online vote. On June 1, Wood, a 46-year-old attorney from Chicago, found out he'd captured the weekly contest for a record third time. (Another caption-master has also won three times, though one was under different rules.) Wood spoke to TIME about how to game the contest and how he gets out the vote...
...were only that easy. Contrary to the lore of the "Asia century," the region continues to suffer from a lack of internal support from its 3.5 billion consumers. The private-consumption share of developing Asia's overall GDP fell to a record low of 47% in 2008 - down from 55% as recently as 2001. In other words, Asia remains an export machine. Developing Asia's export share rose from 36% of pan-regional GDP during the financial crisis of 1997-98 to a record 47% in 2007. And recent research by the International Monetary Fund shows that Asian exports continue...
...Little wonder that in the aftermath of a record contraction in U.S. consumer spending in late 2008 - 4% average annualized declines in the final two quarters of the year in real terms - every major economy in Asia either slowed sharply or tumbled into deep recession. More than ever, the region's fate remains made in America...
...June 4 report from Fitch Ratings provides another glimmer of stability. The company's measure of credit-card late payments fell in May, after four straight months of record highs. The rate, though, was still 40% higher than a year before, and credit-card charge-offs which happen when a lender gives up on ever being repaid did continue to rise. Fitch analysts have anticipated that eventually one out of every ten dollars in credit-card debt will be written off this way, although the drop in delinquencies may indicate that people are getting a handle on their finances more...
This universality has been on Obama's mind all week. In Cairo, he addressed the Muslim world in sweeping terms about the need to forge again a common purpose. "Human history has often been a record of nations and tribes subjugating one another to serve their own interests," he said. "Yet in this new age, such attitudes are self-defeating. Given our interdependence, any world order that elevates one nation or group of people over another will inevitably fail...