Word: rising
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This breakdown in global security has been accompanied by an even more dramatic reversal of global economic fortunes. In early 2000, the dot-com bubble burst. More significantly, the rise in asset values that supported much global prosperity turned out to be an illusion largely fueled by easy credit; when the bubble burst, highly leveraged speculative positions reversed gear, and the international financial system came uncomfortably close to crashing. Even more troubling, the ongoing Greek debt crisis has suggested that weaknesses in sovereign debt may trigger another, even more profound global financial meltdown...
...positive as many of our advances have been, we have seen catastrophes as well. The tragedy of September 11 and the rise of global terrorism remind us of the fragility of peace in our time. Natural disasters like Hurricane Katrina and the Indian Ocean tsunami demonstrate the abiding power of Mother Nature, even as we burn fossil fuels at rates that put us at grave risk of irreversible climate change. And our recent pullback from an economic abyss shows us the insecurity of our global economic system, which has raised many boats but still leaves over one billion people tragically...
...addition, the recent rise in unrestricted giving has been a powerful engine for FAS during the financial storm. These generous gifts made an enormous difference in our ability to maintain our financial aid programs, continue essential services for our students, and launch new initiatives based on the most promising ideas of our faculty...
...some cases, the crisis was the impetus for new programs. It gave rise to the College Fellows program, which brought 22 fantastic young scholars to campus to teach our undergraduates and to further their professional development. As of today, eight fellows have secured tenure-track positions around the world...
STAR ON THE RISE...