Word: ultra
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...mayoral race widely seen as a struggle for the soul of Jerusalem, Nir Barkat, a secular, high-tech multi-millionaire and ex-paratrooper, defeated Meir Porush, candidate of the city's large, ultra-orthodox Jewish community...
These setbacks have not helped Gaydamak's chances of being elected mayor of the Holy City. He is an outsider, joining an election fray that has polarized the city's black-hatted community of ultra-Orthodox haredim from the rest of its secular inhabitants. The outcome of this race will have repercussions for the Obama Administration's Israel-Palestinian peace plans, since the dilemma of Jerusalem - whether it will be shared with the Palestinians or remain the undivided Jewish capital - lies at the heart of any future accord. Gaydamak's rivals for the mayoralty are an ultra-Orthodox...
...third of Jerusalem's 750,000 population are ultra-Orthodox Jews, another third are a mix of secular and less Orthodox Jews, while the remaining third are East Jerusalem's Arabs. Gaydamak, 56, can forget about winning the ultra-Orthodox vote. It will be delivered in a bloc to Meir Porush, 54, a former Knesset member who has the backing of the city's key rabbis. Says Anat Hoffmann, a former city council member: "When Porush says 'our children,' he doesn't mean Jerusalem's children. He means those of his community. And when he says 'our Jerusalem,' he means...
...Japan discovered the futility of ultra-low interest rates in the 1990s, when the Bank of Japan (BOJ) tried to prod the country out of a protracted recession by lowering the rate all the way to zero in 1999 - where it stayed, with one brief interlude, until 2006. Despite the fact that lenders could essentially get free money from the government, Japanese banks were busy recapitalizing and paring down mountains of bad assets, and had little interest in doling out more loans in a moribund economy. The zero-rate policy did little to stimulate growth...
...According to Japanese analysts, U.S. Federal Reserve Chairman Ben Bernanke may decide that it's best to lower rates again, to below 1%, in the coming months as the economy weakens. Even though ultra-low rates may have little immediate economic impact, they help to stabilize the financial sector as well as stock markets. Equities become more attractive when interest earned by stashing cash in the bank is lower than the inflation rate. "While the BOJ's zero-rate policy did not work as expected in terms of reviving the economy, it contributed to preventing the financial system from collapsing...