Word: thirdly
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...epic story of China's modernization has often been told in numbers. Once dormant, insulated and ravaged by war and social upheaval, China is now the world's third biggest economy with more mobile-phone users and, by the end of this year, more car sales than anywhere else on the planet. But the story behind those numbers, of the coal miners and assembly-line workers, of the parents and children they've left behind and the arduous journeys made out of sheer desperation to find work, has rarely been given the same attention as the country's impressive economic...
There's not much to add to the first point - that really bad stuff can happen - other than to note that capitalism has just experienced the equivalent of a meteor near miss. But the second and third points demand more explanation. The reason a big federal debt undermines the dollar is that a government with really big debts will be tempted to inflate its way out by printing money to pay creditors. Printing more dollars (the process actually involves the Federal Reserve's purchasing government securities with dollars it conjures out of thin air) reduces the value of existing dollars...
Bloomberg won a third term by a surprisingly small margin, despite spending more than $85 million on the race. Many New Yorkers deemed the billionaire out of touch and resented his role in overturning term limits...
...reason for optimism, thanks to Xi'an residents like Lu Bo, shopping one recent evening for a new fridge at a Suning appliance store. The 32-year-old, who works as an salesman in the air-freight department at China Eastern Airlines, says his salary was reduced by a third last year when his company was hit hard by the financial crisis, but that hasn't stopped him from spending. With China's future so bright, he doesn't worry too much about saving for the future. "Judging from my job, my life, I think everything will become better...
...titles in as many divisions. At the end of the night, Pacquiao had his seventh. After the referee stopped the fight in the 55th second of the 12th and final round, Pacquiao became the new welterweight champion of boxing by TKO. He had knocked down Cotto in the third and fourth rounds, even as the Puerto Rican had traded tough blows to the head and body with Pacquiao throughout the early going. By the end of the sixth round, however, after Pacquiao's punches came at him from unexpected places, Cotto saw his power diminish. His defenses came down...