Word: subs
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...credit has to continue accelerating in order to keep the good times rolling. This is no longer happening-not just because the Fed has tightened credit but because the market has done so. In late 2006 some cracks in the credit system were already becoming visible when several sub-prime lenders went out of business as home prices began to decline. Lending standards quickly tightened and as credit flows into housing slowed, the sector experienced some illiquidity. Consumption growth waned and the rate of growth of the U.S. current-account deficit, which is the principal driver of international liquidity, decelerated...
...more momentous than others. When citizens of the British colony called the Gold Coast gathered to witness the founding of their new nation a half-century ago, they carried not only their personal hopes and fears but also the aspirations of a continent. As the first colony in sub-Saharan Africa to break away from its foreign master in the post-1945 era of independence, Ghana was the symbol of a land throwing off its shackles, the first breeze of what British Prime Minister Harold Macmillan would later dub "the wind of change." "The independence of Ghana is meaningless unless...
...next two decades Ghana was racked by instability and economic mismanagement. A revolving cast of military leaders left people with little faith in their government and no chance to change things. It was a cancer eating the entire continent. Beginning with the first successful coup in sub-Saharan Africa, in Togo in 1963, at least 200 attempts were made to seize power in Africa over the following four decades; 80 or so were successful. Bitter civil wars erupted, some of them tribal struggles for natural resources, some of them prompted by foreign powers. By the 1970s, Africa had become...
...Talkie Walkie” tracks like “Surfing on a Rocket” and “Cherry Blossom Girl,” and instead embrace the moody cinematic quality of their music that has landed them on so many soundtracks. Air has created a musical sub-genre of their own by dusting off the synthesizers discarded after the 1980’s and putting them to mellow use. Their first full album, “Moon Safari,” rose to number six on the British music charts and caught the eye of writer/director Coppola...
...does Habiba deal with National Front policies demanding a halt to the same immigration that brought her parents here. "Until we have the means to offer every citizen a good life, we can't continue allowing foreigners in, where they, too, will live sub-standard lives," she explains. "Is it more humane to let them keep coming to live disadvantaged lives in segregated ghettoes, where they'll feel the hostility against immigrants every day? Or is it is better to tell them they're better off at home?" The answer may depend on which side of the immigration divide...