Word: trades
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Dates: during 1990-1999
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Jiang has been sending warmer signals to the White House for several months and has been answered in kind, but none of the issues that breed conflict--human-rights abuse, nuclear proliferation, trade barriers, Hong Kong, Taiwan--have been settled. American intelligence agencies view the future darkly and has advised the White House that Jiang's coalition may be only a brief transition before a stronger leader takes power. Says an American intelligence official: "This is a leadership that exhibits a good mixture of hubris and insecurity...
Another leading contender is Vice Premier Li Lanqing, 68, a Shanghai reformer who has been in charge of international trade and education. He is a friend of Jiang's and has a reputation as a liberal. But, says a Chinese banker, "unlike some orthodox leaders, he doesn't carry any political baggage." And coming up on the outside is Hu Jintao, 55, the golden boy of the Politburo's inner circle. Also an engineer, Hu is in charge of the party's key organizational department and the promotion of younger members...
...master of the Confucian classics and thus fit to serve the Emperor in faraway Beijing. And the boy's forefather did just that, at the very height of empire, when the Sons of Heaven, as the Emperors were called, could afford to sneer at the Western barbarians begging to trade with their Celestial Kingdom...
Japan, where massive government spending programs have brought the economy "back from the lip of meltdown," said Courtis, is a study in contrasts. "The multinational manufacturers are today stronger than they've ever been," thanks to the weak yen (currently trading at 124 to the U.S. dollar). But "small and mid-sized Japan is going through a brutal rationalization." In four years, Courtis predicted, "we'll see 10% of GDP wiped out through liquidation of these companies." The big question is whether a new tax program announced by the government--equivalent to a whopping 2% of GDP--is too strong...
...prices to head north. Investors pumped more than $220 billion into stock mutual funds in 1996, nearly double the $128 billion registered in 1995. The bulk of the new money represents "patient" capital from boomers saving up for retirement, according to the Investment Company Institute, the mutual-fund-industry trade group. And the trend keeps getting stronger. Some $24 billion of fresh money flowed into stock mutual funds in January, double the amount for the previous month. At the same time, the still potent U.S. dollar is drawing foreign cash into stocks at the rate of more than $1 billion...