Word: third world
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They live outside the margins of ordinary American life, isolated and unassimilated, a Third World society within a First World nation. Theirs is a Hobbesian universe where life is nasty, brutish and often cut short by violence, disease and drugs. They live lives without: mothers without husbands, men without work, families without homes, days without structure, neighborhoods without hope. They are America's Underclass, a disturbing daily reminder that American Democracy has not measured out liberty and justice...
...world record of 21.56; less than two hours later, she obliterated it in the final with a time of 21.34 seconds. When she saw her time, Florence kneeled on the track in ecstasy. Then her husband and coach Al Joyner ran onto the field, took her in his arms and joyfully twirled her around. "Getting down in the starting blocks and hearing the cheers gave me a lot of energy," she said later. "I gave it all I had going home." But Flo- Jo's feats were not over. She ran the third leg of the women...
...World Bank encountered more than the usual round of interminable speeches and parties. While the world's top moneymen jawed away inside the International Congress Center, outside in the streets legions of leftist demonstrators chanted, "IMF, meeting of murderers!" At one point, policemen carrying Plexiglas shields and billy clubs broke up a boisterous crowd of 2,000. Another day, 75,000 marchers paraded peacefully. While the protests did not disrupt the conference, the bankers knew what they symbolized: a growing anger around the world with the way banks and governments have handled the thorny dilemma of Third World debt...
...experts now believe that some debt of the developing countries should be simply forgiven. Until recently that was a radical proposal to voice in the company of Western creditors. Economic consultant David Smick, president of Smick Medley International, recalls a 1986 conference in which a banker suggested that a Third World debtor should be treated like a financially troubled company whose outstanding obligations should be partly forgiven. "Two years ago, that was a renegade view," says Smick. "Now half the bankers share...
...should Third World debt be reduced? At the World Bank-IMF meeting, the Japanese presented a general plan. Borrowers would exchange some loans for long-term bonds, unofficially dubbed "junk debt." Interest on those notes would be guaranteed by special funds set up by the IMF, although the money would come from the debtor countries. Remaining commercial bank debt would be rescheduled. Brady, in what was seen as an attack on the plan, suggested that the Japanese proposal would transfer private debt to the public sector -- that is, to taxpayers -- since the notes would be insured by an IMF-administered...