Word: slumping
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...they do their job, the longer they have to do it. After 13 years running Africa's biggest economy, Manuel actually would quite like to do something else. "You bet I would!" he tells TIME. But any plans are on hold for now. In the middle of the global slump, he knows he's needed more than ever. "There is a silly part of me that sees this appointment as a service to the people," he says. (See pictures of the global financial crisis...
...option but to trim costs. The sport's leading teams last year had annual budgets of $400 million or more. The huge gap back to the other teams not only created a predictable title fight between just three or four drivers but has forced teams out. Worried by the slump in the global auto market, Japanese carmaker Honda, which spent $350 million in 2008, cut its ties in December. (The team has been bought out by former boss Ross Brawn and will now compete as Brawn...
...priority: restarting trade. Behind the stomach-churning drop in the world economy is a factor that governments have largely ignored: a slump in trade. The flow of imports and exports has actually contracted more dramatically than the world economy as a whole, because its lifeblood, private-sector trade finance, has dried up. This is fixable, since most governments have export-credit organizations dedicated to trade finance. Governments should instruct them to jump-start trade flows until private sector financiers return...
...more. Each of these cities - Casper and Cheyenne, Wyo., Charleston and Morgantown, W.Va., Bismarck, N.D., and Jonesboro, Ark. - is now suffering the effects of the economic slump. "In the beginning, it was the manufacturing areas, the high-foreclosure areas, the places with the construction jobs and the banking and financial industries," says Bureau of Labor Statistics (BLS) economist Lisa Williamson. "Now, there's a ripple effect throughout the economy." (See pictures of Americans in their homes...
...lately Orszag has been reading up on that aspect of the economy ungoverned by numbers: the realm of groundswell and mojo - our "animal spirits," in the vivid words of economist John Maynard Keynes. Spirits such as trust, belief and confidence. When surging, these spirits can turn a slump into a boom and a boom into a bubble, but once they shatter, it's a devilish job trying to resurrect them. That's because other animal spirits rise up to take their place: doubt, fear, even panic...