Word: surplus
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Dates: during 2010-2019
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...farmers out of poverty. "Transforming one-crop land to multicrop land and providing land to the landless was his greatest contribution," says Mohammed Salim, a colleague of Basu's in government. By the 1980s, West Bengal had gone from a famine-plagued state dependent on food subsidies to a surplus grain producer. "But that's where it all ended," says Rajat Roychowdhury, a political analyst based in Kolkata, West Bengal's capital. Resting on its agrarian reforms, the state became a byword for industrial decay, as its share of India's industrial output fell from...
China, contending with a huge trade surplus with the U.S., bought more and more Treasury bonds, pushing down yields and making Treasuries less attractive to other foreign investors. As a result, the rising demand for higher yielding U.S. debt opened the door for Wall Street investment bankers to spin out new classes of fixed-income securities, most notably collateralized debt obligations or CDOs. Much of the money raised by those investments was funneled in the mortgage market. That gave lenders the ability to make more loans, allowing more people to buy houses and push up real estate prices. Many...