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...supposed to go bankrupt. Governments, after all, are funded by the tax revenues of entire economies, and, since they manage nations, they're not likely to evaporate, Enron-style, in a sudden financial flame out, or close up shop and flee their creditors. That's why lending money to states is considered the surest bet around. Reputation aside, however, politicians abuse their ability to borrow just like any spendthrift with too many credit cards, and often pile up more bills than they can handle. Argentina, Russia, Mexico and others have stiffed their bankers over the past 30 years. In fact...
...woes will spread to other weaker members of the euro zone, such as Portugal, Ireland, Italy and Spain - a collection of countries traders have nicknamed the PIIGS. Government leaders nowhere near Europe are concerned as well. "Such events far away can hurt Singapore," warned Lee Hsien Loong, the city-state's Prime Minister, in his Chinese New Year address. "Singaporeans should be psychologically prepared ... and not let down our guard too soon." (See pictures of the global economic crisis...
...crest or foam," he recalled, "it was a wall." Locals in Hawaii know which areas to worry about when a tsunami warning goes off. Phonebooks have maps in the front indicating the likeliest inundation zones. Authorities also know which harbors to evacuate. That's why as soon as state officials were notified about the tsunami rippling out from the quake in Chile, ships were evacuated from the harbors in Honolulu, Kahului and Hilo. The airport was also shut down in Hilo, which in recent decades has been hit by not one but two tsunamis. In 1946, a quake in Alaska...
...beach in Waikiki at 6 a.m. when the first tsunami warning sirens went off, blaring for 10 minutes - as they would every hour throughout the state. (They went off again at 7 a.m., in case anyone missed it.) By then, news of the massive quake in Chile had already filtered into hotels and homes in the area. (See pictures of the earthquake aftermath in Chile...
...last time Hawaii ordered a major evacuation was after an earthquake and tsunami ravaged Russia's Kuril islands, in 1994. The government closed down schools, state and county offices and sent workers home. But nothing ended up happening in Hawaii. This time, however, while the Pacific Tsunami Warning Center in Hawaii said that no one was predicting a "worst case scenario," it said that damaging waves are quite likely to occur...