Word: servicesâ
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...banks and other financial-services??companies starved for cash by the subprime-credit crises, where they obtain bailout money is less important than the fact that it's available at all. Just ask investors in Citigroup or UBS. The big Swiss bank had to take a $10 billion write-down--it had already taken a $4.4 billion hit--on the value of its "super-senior" subprime portfolio, those formerly top-rated bonds. To restore its capital base, UBS sold $8.9 billion in convertible notes to the Government of Singapore Investment Corp. (GIC) and an additional $1.8 billion...
...same token, several studies have suggested that older folks who are socially active?who, for example, do volunteer work or attend religious services???have a reduced risk of dementia. There are, of course, plenty of caveats that go along with those observations, including the same old chicken-or-egg problem that haunts all observational studies: In this case, is withdrawal from society a cause or result of Alzheimer's disease...
...adults have served in the security service or cooperated with it. Bulgaria's secret police is especially valued for its loyalty. Explains an East European expert in London: "In Soviet eyes, the Bulgarian security service does not carry the same risk of defections as the Polish or Czechoslovak secret services???this is important in operations with a high risk of exposure...
...than one-third of its supply. The nation's bill for foreign oil pyramided from $3.9 billion in 1972* to $24 billion last year. The $20 billion jump meant that Americans either had to increase their foreign debts greatly or produce and export $20 billion more in goods and services???food, steel, planes, machinery, technology?to pay for oil imports. Unless the oil price comes down or the country sharply reduces its oil imports or substantially increases production, the U.S. will have to spend that extra $20 billion or more every year. This will drain off more of the nation...
...problem of distributing ever more limited resources, thinkers like U.S. Economist Robert Heilbroner foresee a Hobbesian descent into authoritarianism and a siege economy in many nations?even in America. Heilbroner believes that perhaps modern man's aggressive and competitive instincts can be transferred from nature-destroying production to services???education, health care and the arts. But he doubts this can be done without paying a "fearful price" in democratic freedoms...