Word: turmoil
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...with the program! That was the message U.S. policymakers delivered to Indonesia and Japan last week as Washington struggled to keep the economic turmoil in Asia from spiraling out of control. In a week of public and private arm twisting, Bill Clinton dispatched former Vice President Walter Mondale to riot-plagued Indonesia, where President Suharto is trying to backpedal from the terms of a $43 billion International Monetary Fund bailout. Among the 70-year-old Mondale's tasks will be to persuade the 76-year-old Suharto to make good on promises to break up monopolies and cartels...
Things are really nasty in Pleasantville these days. The Reader's Digest Association, best known for its pocket-size magazine, is in a state of protracted turmoil. The sputtering 76-year-old publisher founded to "inform, enrich, entertain and inspire people" has lately just incited a group of big-game-hunting shareholders, who want to see the Digest company restructured or sold. "This is a company that has been asleep," says Nell Minow, a principal of Lens, an activist Washington-based money manager with a substantial stake in the firm. "We are trying to bring them into the 20th century...
Pentagon planners are quietly reviewing their options for how to extricate the 11,000 Americans living in Indonesia if turmoil in the South Pacific archipelago continues to escalate. Fiscal problems have led to a $43 billion International Monetary Fund bailout, but the resulting austerity measures have sent the cost of basic necessities in the world's fourth most populous country soaring, and last week rioting broke out on several islands. The anger comes from 90% of the 202 million Indonesians who are Muslims and is largely directed against the nation's ethnic Chinese, who account for only...
...century London, risking hanging if the law discovers him, all because he wants to see Henry Phipps, the young English gentleman he has "made" by sending money from abroad. Does that premise sound familiar? It will to those who have read Charles Dickens' Great Expectations and remember Pip's turmoil when he learns that his elevation in society has been financed by the fearsome felon Abel Magwitch. The novel being described here, however, is Peter Carey's Jack Maggs (Knopf; 306 pages; $24). What the dickens is Dickens' plot doing in Carey's new fiction...
...international body had been alarmed at Suharto's plan to peg the rupiah to the dollar, which would force up interest rates and bring even greater economic hardship to a nation already in the grip of mounting social turmoil. President Clinton on Friday called Suharto -- for the second time this month -- to urge him to comply with IMF requirements for the $43 billion bailout of Indonesia. "Suharto is sitting on a political volcano," says Van Voorst, "which is why it's not easy for the IMF to simply pull the plug on its promised bailout. The collapse of Indonesia...