Word: centralizes
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Dates: during 1990-1990
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...more than just a bank. For 125 years, the Hongkong & Shanghai Banking Corp. has been virtually synonymous with the crown colony. Its 42-story headquarters looms over the central financial district, housing what is often referred to as Hong Kong's "real" government. The bank prints 83% of the colony's currency and performs many of the functions of central banks elsewhere. Thus last week's announcement came as a terrible shock: the banking company was moving its legal domicile to London...
Things moved very fast after that. If Gorbachev was the final policymaker, Shevardnadze was the executor of his wishes as Eastern Europe freed itself and lingering regional disputes were defused in southern Africa, Central America and Southeast Asia. Negotiations that had been stalled for years or decades , suddenly bore fruit: intermediate-range missiles had already been abolished in 1987, but a treaty mandating major reductions in conventional forces in Europe was signed last month; and the START pact cutting strategic nuclear forces is to be signed in February...
...always resided in an evanescent popular mood that has swung from euphoria to near despair as political breakdown has been mirrored in economic chaos and shortages of everything. The conservatives, in contrast, command the hard, physical tools of power: troops, tanks and vertushki, the direct telephone lines to the central authorities that are the lifeline of the government bureaucracy...
...people's well-being." That might have been the trigger for Shevardnadze's resignation. One of the first targets could be his home republic of Georgia, where ethnic animosities are boiling high and a newly elected noncommunist, nationalist government appears to be on a collision course with the central government...
Chernyak hit on a central irony. While Gorbachev seems to be relying more and more on the army, KGB and other conservatives to buttress his presidential powers and save what remains of perestroika, the right seems convinced that it can do very well without Gorbachev. Many of its members regard him with open contempt as a leader who has reduced the Soviet Union, once a proud superpower, to literal beggary, making it dependent on food and other economic aid from the West...