Word: westernness
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Dates: during 1990-1999
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Malaysian prime minister Mahathir Muhammed blames it all on the Jews. The rich Western economies. The foreign currency speculators. And of course on George Soros, a rich Western Jewish foreign currency speculator whom Mahathir calls a "criminal" and "a moron." Mahathir believes the IMF, far from wishing the current crop of East Asian leaders a speedy recovery from their current economic crises, engineered Indonesian president Suharto?s fall and would like very much to bring about his own. So it shouldn?t have come as too much of surprise when the defiant Dr. Mahathir threw the switch Tuesday...
...Asia. According to their formula, a package of stopgap loans and high internal interest rates can protect the currency and attract foreign capital in the short term by restoring investor confidence. Follow that with swift and painful economic reforms, and recovery should be imminent. But for Mahathir, flipping the Western economic establishment the bird is part of his plan?s allure. The West, Mahathir insists, fears a ascendant Asia, with its large Muslim populations and strong governments, and is gleefully exploiting the Asian crisis as an opportunity to tear down the region's governments and replace them with toadies...
...great consolation in this crisis: By refusing to devalue the yuan, even as slowing growth threatens to derail her own emergence as a first-world economy and nation, China has kept a bad situation from getting much worse. Strict currency controls -- its invisible Great Wall against the briefcase-wielding Western barbarians -- have allowed China this bravery...
KINSHASA, Congo: The western front is closed in the Congo's civil war. President Laurent Kabila declared Monday that government troops, backed by the Angolans, have turned the rebels away from the capital of Kinshasa and have vowed to follow them east toward Rwanda and Uganda until the fight is finished. But TIME reporter Clive Mutiso says the rebels have two things in their favor: terrain and their own desperation...
...Chernomyrdin is trying to cobble together a coalition involving Communists and other opposition parties, but Monday's rejection was a bid by the opposition-controlled Duma to secure further concessions before confirming him in a later ballot. Western lenders are alarmed at the concessions Chernomyrdin has already offered, such as reintroducing Soviet-era price and exchange controls. Any further horse-trading will simply confirm doubts about a Chernomyrdin government's ability to stop the economic hemorrhaging...