Word: voorst
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Dates: during 1990-1999
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...highly unusual show of fiscal solidarity, the U.S. Treasury today launched a selloff of its own currency, hoping that driving down the dollar would arrest the fall of the yen. "The Japanese recession has set off alarm bells in Washington," says TIME correspondent Bruce Van Voorst. "If the yen continues to fall, it will put pressure on China and other Asian economies to devalue their currencies to remain competitive, and that would have a disastrous effect on the already huge U.S. trade deficit...
...selloff was the surest sign that the global danger posed by the Asian crisis is far from over. But Van Voorst believes the action won't be sufficient to save Japan: "The few billion that the U.S. spends on propping up the yen are spit on a hot stove," says Van Voorst. "They're important mostly as a psychological reassurance to Tokyo. It's up to the Japanese to get themselves back in shape." Japan has been sluggish in responding to G7 pleas for urgent action, but Treasury official Larry Summers flies to Tokyo later today to press the case...
...last week's issue, TIME interviewed Bill Gates about the impending antitrust case. On Friday, Washington bureau chief Michael Duffy and senior correspondent Bruce van Voorst talked to Joel Klein...
...already been hesitant about disbursing the next installment of its long-term $10 billion loan to Russia, but more serious is the fact that the IMF is essentially broke, says TIME correspondent Bruce Van Voorst. Replenishment of IMF reserves was stalled by the U.S. Congress's failure to approve an $18 billion contribution. But with a lot of American investors likely to be badly burned if Russia is allowed to go belly up, Gingrich and company may soon be feeling the heat...
...White House, meanwhile, announced that former FBI and CIA director William Webster would review the practices of the IRS?s criminal investigative division. Van Voorst believes that while the agency badly needs reforming, ?the IRS is probably as bad as any other government agency, but no worse.? That, of course, is meager consolation for the victims of IRS zeal -- and they?re the ones who?ll have the mike in the days to come...