Word: turning
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Dates: during 2000-2009
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...short, Asia's growth model resembles a vast Ponzi scheme, one that is precariously perched on the expectation that Americans will continue buying more and bigger TVs, computers and cars forever - which in turn allows Asia to forever goose its growth by adding industrial capacity to feed the West...
...look at Jupiter shows how hard that can be. Jupiter owns 223 other mortgage bonds. One of those bonds is Mantoloking, which in turn owns 126 other bonds. Not done yet. Mantoloking's mortgage bonds own hundreds of other mortgage bonds. Those mortgage bonds are then all made up of thousands of actual loans, some of which may be current, while others may have expired. Go figure...
...with secrecy: it's long been known as a place to put your money if you don't like taxes or you commit crimes for a living. Not an entirely fair characterization, to be sure, but it's a safe bet that the decision by Swiss bank UBS to turn over the names of some accused tax evaders has a few of the world's richest criminals a bit nervous. (See 25 people to blame for the financial crisis...
...with tragic consequences. Salih's other novels include The Wedding of Zein and the Bandarshah stories, although none of them inspired the kind of devotion that Season evokes in its readers. Like my college friend, I have over the years recommended the novel to dozens of people, who in turn have done the same...
...don’t think the store would turn them away unless they had to,” MacDonald says. “It’s probably the university putting pressure on the store, saying, ‘You’re corrupting our young men, our fine young...