Word: rising
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Dates: during 2000-2009
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...years away, I'd missed this rise of ultra-nationalism and somehow not noticed the way the Australian flag had become embedded with a silent message for nonwhite Australians: "You're out, and we're in." It's a message that affects a large proportion of the country. Since the removal of the last vestiges of the White Australia Policy in 1973, Australia has become markedly multiracial. The 2006 census showed that of a 20 million - strong population, over 40% were either born overseas or have at least one parent born overseas. After English, the most common languages spoken...
...policymaking committee's other critical task is to reform the IMF itself. Its 24-member executive board is dominated by Western nations, and doesn't take into account the rise of new powers like Brazil, Russia, India and China - the "BRIC" nations. Under a complex system of voting rights, Italy has greater clout than Russia or India. "Belgium and the Netherlands have one seat each, the same as Brazil, which is totally absurd," says Cornell's Prasad...
...Dubai's rise had been decades in the making, but the property market really exploded following a 2003 law change that made it easier for foreigners to own land. With credit cheap and readily available, no income tax, and many more sunshine hours than Britain or Russia, Dubai attracted a new wave of Europeans, who arrived with big hopes and little understanding of Muslim values. In one infamous culture clash, two Britons were imprisoned for having sex on a public beach and insulting police officers after a drunken Friday brunch...
...economic boom in the gulf countries over the past few years - fueled by the continuous rise of oil prices between 2003 and 2008 - helped put the region on the global economic map. In some ways, the boom became captive to a "mine is bigger than yours" syndrome. Competing states embarked on advertising campaigns and hired in public-relations firms to tout their wares. Developers and rulers alike pushed artificial islands (Dubai, Abu Dhabi, Qatar, Bahrain, Kuwait), and in many places real estate became the main economic activity. Officials promoted their cities as financial hubs as a way to diversify away...
...owners, have been able to hang on longer than the typical strapped consumer. But now that the recession is 16 months and counting, developers are facing the same problems that individual homeowners began facing two years ago. With vacancies in malls and office buildings around the country on the rise, more and more developers will be unable to pay their mortgages. And as those loans go bust, so too will more and more of our nation's smaller banks...