Word: upone
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...appeared to be a nation that was well supplied with raincoats. The economy was growing at double-digit rates, Chinese banks had little overseas exposure to the credit crisis, and the country's $1.9 trillion in hard-currency reserves stood as a vast emergency fund that could be drawn upon in the event of trouble. Just two months ago, while giant Wall Street and European banks were crumbling, China was relishing its role as host of the Olympic Games as the world paid tribute to its years of remarkable, seemingly unstoppable economic progress...
...business cycles of its big trading partners like the U.S. "The huge elephant in the China shop is the slowing global economy," says Merrill Lynch Asia economist T.J. Bond, who cites an obvious reason: China's manufacturing sector, which accounts for 43% of China's GDP, depends heavily upon sales to the West. Some 40% of China's exports go to the U.S. and Europe, and with potentially deep recessions setting in there, economists are slashing the country's trade projections. Bond estimates that China's export growth rate will fall to 10% in 2009 from 21% this year...
...over. It will be replaced by what will be one of the more painful, and consequential, economic chapters in our history: the great deleveraging of America. On Wall Street, the largest financial institutions on the planet are reducing their debt and trying to build up capital, which once upon a time was the seed corn of their business, and now must be again. Retail banks like Wachovia and investment banks like Morgan Stanley have been so burned by their own reckless use of debt that only recently - and after unprecedented government intervention - have they been willing to once again make...
...would almost automatically assume that the Douglas County, Neb., District Court does not hold jurisdiction over the omnipotent creator of the universe. State senator Ernie Chambers, however, took it upon himself to challenge that assumption last year, when he filed a lawsuit against...
...Chambers charged God with “making and continuing to make terroristic threats of grave harm to innumerable persons, including constituents of the Plaintiff who Plaintiff has the duty to represent…[and often causing] calamitous catastrophes resulting in the widespread death, destruction and terrorization of millions upon millions of the Earth’s inhabitants including innocent babes, infants, children, the aged and infirm without mercy or distinction...