Word: turmoil
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...should take at the Fed’s upcoming policy meeting. Subprime mortgages—loans which banks make on highly favorable terms to potential homeowners with weak credit histories—became common in recent years, but a rash of recent defaults has sent the mortgage industry into turmoil. Amidst worries that the mortgage crisis could be causing a general economic slowdown, many argue that an interest rate cut is in order to push the economy back on track. But others say the Fed should not bail out a small segment of investors for their “greed...
Today the Horn of Africa also arouses keen strategic interest among world powers. Not far from the Red Sea and thus close to Arabia, Ethiopia is a possible conduit for turmoil from the northeast. As Christianity and Islam flowed south to Ethiopia centuries ago, Meles tells TIME, so today "with all sorts of terrorist activities [in the Middle East], we are susceptible to that influence too." Ethiopia's eastern neighbor Somalia is already home to the oldest jihadi bases in Africa and has been a sanctuary, the U.S. believes, for three senior al-Qaeda planners who blew up the American...
...close to the Middle East. And the three major religions, Christianity, Islam and Judaism came to Ethiopia much earlier than much of Europe. So the Middle Eastern influence has historically been huge. And in view of the fact that much of the Middle East is currently in turmoil, the Gulf in particular, with all sorts of terrorist activities, we are susceptible to that influence too. But we are in the middle of Africa, and the challenges to democracy, poverty and development are central to our survival. This is a country of almost 80 million now, diverse cultures and language...
Turkey today passed a political landmark when, for the first time in its history, a politician rooted in political Islam was elected President. Bringing four months of government turmoil to an end, Abdullah Gul won the post on the third round of balloting by the nation's parliament...
...given up on his Plan A for survival: imposing martial law. He came within a whisker of invoking emergency powers on Aug. 9; it took two phone calls from U.S. Secretary of State Condoleezza Rice to talk him down. Martial law would plunge Pakistan into political turmoil, further alienate the moderates and hurt U.S. interests in the region...