Word: turmoils
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Among those Cantabrigians who were not dissuaded from voting by the turmoil in the nation's capital, many expressed disappointment with an uninspiring field of candidates...
...outbreak of violence is already having repercussions outside Albania's borders. Italy and Greece fear the turmoil will create a new influx of refugees, while NATO is concerned over the effect on its efforts to stabilize the conflict between ethnic Albanians and the Serb authorities in neighboring Kosovo. "The last thing the West needs now is for Albania to slip further into chaos, just as [the West's] hard-hearted policy in Kosovo appears to be containing that situation," says Calabresi. But there's little cause for optimism when opposition politics is conducted with machine guns and tanks...
Federal Reserve Chairman Alan Greenspan, speaking after the markets closed last Friday, revealed that Fed policymakers are worried that the threat to the U.S. economy from global financial turmoil rivals the danger of wage and price inflation. The Fed is now as likely to cut interest rates, he hinted, as to raise them. "It is just not credible that the U.S. can remain an oasis of prosperity unaffected by a world that is experiencing greatly increased stress," Greenspan said in a speech at the University of California, Berkeley. Then he headed off to join Treasury Secretary Robert Rubin...
...mattered was that someone would buy the hot stock that some greater fool would soon bid up to an even higher price. The price-earnings ratio for the S&P 500 has approached a record 30 this summer, twice its historical norm. Securities analysts, reassessing the impact of the turmoil in Asia and other foreign markets, last week began chopping down their estimates for growth of U.S. corporate profits, to as little as 3% for all of 1998, and zero growth for 1999, a sharp drop from last year's robust...
Japan's crisis, perhaps the root cause of today's economic turmoil, occurred in slow motion, giving plenty of time for its leaders to step in with the hard but manageable changes required to forestall full-scale recession. Over eight years, land prices crashed and then stock prices, and then the entire banking system threatened to cave in. But the country's politicians and bureaucrats repeatedly buried their heads in vain hopes that the problems would just go away. Having let its own ailments fester for years, Japan was in no position, despite its wealth, to help when its neighbors...