Word: spiraling
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...announcement? Well, nobody dissented, for one thing. The five interest-rate cuts in the first half of this year all came in the face of no votes, as a hawkish minority on the Federal Open Market Committee (FOMC) worried that Fed Chairman Ben Bernanke risked setting off an inflationary spiral. Now everyone at the Fed seems to have come around to Bernanke's Great Depression-influenced view that it's a deflationary spiral that we really need to be worried about...
...vivid, detailed account of the "blood-soaked disaster" that was the American Rocketbelt Corporation, Montandon reveals the underbelly of this single-minded quest. Brawls and lawsuits over "Pretty Bird" - a "cherry red" belt whose "silver tanks shone so brightly you could comb your hair in their reflection" - spiral into a sordid tale of murder, kidnapping and torture. After being sentenced to life imprisonment, one of the perpetrators, Larry Stanley - "paunchy, graying, defeated, and washed-up at fifty-seven" - tallies the price of his dream: "My search for the rocket belt has cost me more than half a million dollars...
...risk, as consumers like Calderon cut their spending, is that bad economic news begets more bad news. Bernanke recently called this the "adverse-reaction loop": as consumers spend less, the economy weakens more, unemployment rises, mortgage foreclosures increase, putting more pressure on the financial system, and on the downward spiral goes. Capital Economics' Ashworth acknowledges that the "scenario is out there. It can't be totally dismissed. This deleveraging process could get very, very scary...
...Mohammad's sentiments echo those of a handful of diplomats and military commanders in Afghanistan who have warned that the country is in a "downward spiral." Afghans are disillusioned by the lack of security and the failures of their government; Westerners focus on the resurgence of the Taliban. But the two are inextricably linked. Until basic security and the deep flaws of the government are addressed, the Taliban will continue to chalk up successes. And that's something that neither Afghans nor Westerners can afford...
...facing a liquidity problem, a solvency problem and a macroeconomic problem. We are in the first phase of a downward spiral. It is, of course, part of the inevitable process of adjustment: returning housing prices to equilibrium levels and getting rid of the excessive leverage (debt) that had kept our phantom economy going...