Word: strickened
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MOSCOW: Moscow's Friday assurances that a print run of new rubles will be "strictly limited" to refloating Russia's stricken banking system is the financial equivalent of a recovering alcoholic's "just one drink." "Once you start printing money, it's very tempting to keep printing more because you need to pay unpaid wages," says TIME Moscow bureau chief Paul Quinn-Judge. "Fear of social unrest, which will grow if the government is seen to be bailing out the banks but not paying wages, adds to the pressure to print more...
...Details of the plan are sketchy, although it appears that opposition demands to let bad banks fail have been met by making assistance to the stricken Long Term Credit Bank -- one of the country's largest -- conditional on effectively declaring it bankrupt. "Compromise between Obuchi and the opposition is the first good sign that they're moving toward resolving the banking crisis," says Baumohl. "But with Japan's banks holding as much as $1 trillion in bad loans, there's a lot more to be done...
...forecast can measure the volcanic threat created by the crisis in Asia. Economists generally blame the drop in stocks on slumping U.S. exports to the stricken region. The decline limited the growth of U.S. corporate earnings--a key determinant of stock prices--with industries from chemicals to aerospace reporting lower profits in the second quarter than in the same period a year ago. "Asia is unpredictable," says Allen Sinai, chief global economist for Primark Decision Economics. "I can't guarantee that there will be no recession in the U.S. next year because no one can be sure about Asia." Observes...
Even a trip to the emergency room may not save those stricken by summer heat. A new study tracking 58 heat-stroke victims of the 1995 Chicago heat wave reveals that nearly half died within a year and most survivors were permanently disabled...
...Jennifer, the conscience-stricken mother, the party's still not over. Another crank-warped week has passed; another Friday night has rolled around; and though she's thinner, paler and less coherent, she's feeling considerably richer owing to the arrival this morning of her monthly child-support check. Swaying nautically on her favorite barstool, she reports that she has made some changes in her life in the past few days. She's moved out of her parents' place, leaving her daughter behind, and has taken up residence in a rented house with two male roommates who share her taste...