Word: spiralled
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...criticized for moving too slowly, but at least when it comes to some of its assets, slowly is just the right pace. A rush to sell could lower real estate prices, forcing new defaults and a downward spiral. It is thus somewhat alarming to note that this is exactly the direction the RTC of late seems to be heading. As Barron's subtly headlined its April 30 cover story on the agency: SELL! SELL! SELL...
Whether Peres takes power or not, neither he nor anyone else seems capable of braking the new arms spiral. "The superpowers can't impose a settlement," says Martin Indyk, executive director of the Washington Institute for Near East Policy. "They can only encourage the parties to settle." Perhaps the only hope is that the sheer terror of Armageddon, if not reason, will bring all parties back to their senses. That terror helped keep the superpowers from each other's throats for 45 years. Whether it can do so in the Middle East is another question altogether...
...unbanning of the African National Congress and the release of Nelson Mandela? As the A.N.C. prepared for its first meeting with the government of President F.W. de Klerk -- an April 11 session has already been called off by the A.N.C. in protest at the Sebokeng shootings -- the spiral of violence was forcing Mandela to face a sober reality: that he may have wielded more moral authority as the world's most famous prisoner than he does as a political leader in his second month of freedom...
...cash crunch was deliberate, the result of new President Fernando Collor de Mello's desperate all-or-nothing attempt to "obliterate" Brazil's inflation spiral, which hit a monthly rate of 73% in February. The severe clampdown, which the President unveiled just hours after his inauguration on March 15, went into full effect last week. By presidential decree, the plan freezes 80% of the country's banking and investment accounts; no one can withdraw more than $1,200 from savings for the next 18 months. And to cement his reform, Collor replaced Brazil's latest currency, the new cruzado, with...
...reality, American political culture is stagnating. The 1988 election saw a voter turnout of less than 50 percent nationwide--the lowest since World War II. And no wonder. As political advertising costs and campaign expenses spiral to record levels, candidates must spend the bulk of their time on the phone with the rich and powerful, leaving just scraps of time for the citizens they supposedly represent. In order to finance the average campaign for the U.S. Senate, a senator must raise roughly $10,000 per week every week of the six year term of office. This system clearly favors incumbency...