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...tumbled into outright recession. Far from having the autonomous capacity to decouple from weakness elsewhere in the world, export-led developing Asia had become even more tightly tethered to foreign markets than was the case a decade earlier. The export share of panregional gross domestic product (GDP) hit a record 47% in 2007, fully 10 percentage points higher than the portion in the late 1990s. With approximately 50% of those exports earmarked for the rich countries of the developed world, a rare and sharp synchronous downturn in the U.S., Europe and Japan undermined an increasingly important source of Asia...
...seven of the 10 most polluted cities in the world and whose level of organic water pollutants is, by far, the worst in the world - more than three times the emissions rate of the No. 2 polluter, the U.S. Asia has attempted to explain away its poor track record, arguing that when scaled by its enormous population, its pollution problem still falls well short of developed countries'. Asian leaders have also argued that since economic development, itself, is a resource-burning and pollution-intensive endeavor, the delayed onset of the region's economic takeoff casts it unfairly as the villain...
...past quarter-century. But the endgame of sustained economic development and rising prosperity continues to be a moving target. Developing Asia has enjoyed spectacular success in the decade after the wrenching financial crisis of the late 1990s. But, as they say in the investment business, a track record of success is no guarantee of future performance. The current global recession is an important wake-up call for Asia - a not-so-subtle hint to find a new recipe for its growth model. The Next Asia that emerges from this transition will need to be all about a shift in focus...
There have been cameras pointed at war zones since 1855, when the British photographer Roger Fenton toted his tripod and glass-plate negatives to the scenes of the Crimean War. A few years later, Matthew Brady and his team made their unprecedented record of battlefield deaths and civilian devastation in the Civil War. For most of us, our memories of war in the 20th century are from an image bank of photographs, from D-day to Korea and Vietnam--pictures that not only recorded those wars but also informed the way people felt about them...
...Another winner is gold, which breached the $1,000 level in September as the dollar started to weaken and then hit three record highs after the Australian announcement, ending the week at $1,049. Gold is still regarded as a hedge against a weak dollar and also against inflation. No one is listening to Warren Buffett, who describes the metal as having no utility, something that gets dug out of the ground, melted down and then buried again in another hole guarded by people who are paid to do the job. "Anyone watching from Mars," says the Sage of Omaha...