Word: debt
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...core of the mounting concerns about deflation is this: the global financial system is going through a vicious process of deleveraging. Financial institutions are reducing debt and raising capital, either directly from governments or from private-sector sources. By desperately trying to rebuild their battered balance sheets and regain some semblance of investor confidence, banks and investment banks are not doing much lending. Indeed, the definition of deleveraging is reducing debt relative to assets. Assets, for banks, are loans. And these days pretty much everyone is deleveraging...
...Japan's charm offensive is taking shape on several fronts. Cash-flush Japanese banks, which have only just emerged from their own decade-long debt crisis, are infusing money into distressed companies such as Morgan Stanley. Japan Inc. is going on another of its famous investment sprees abroad, opening factories and representative offices across Africa and Asia. In October, the country's central bank even offered part of its nearly $1 trillion in reserves to financially strapped nations like Iceland. In November, Japan also expressed willingness to lend up to $100 billion to the International Monetary Fund...
...alive than dead, so inventive people figured out ways to reorganize them rather than shut them down. "The investment banks and lawyers and managers would negotiate a deal and get the courts to bless it," says David Skeel, a law professor at the University of Pennsylvania and author of Debt's Dominion: A History of Bankruptcy Law in America. "It was a very flexible reorganization process." It was also a uniquely American answer to business failure. The private sector took the lead. Reinvention--and rebirth--was the goal. (See pictures of the global financial crisis...
...economic crash and collapse of the region's oil revenues. Although tourism and property developers are still planning massive new projects, there are signs of a shakeout in Dubai's boomtown housing values, with some analysts expecting up to a 20% decline in the next three years. The combined debt of Dubai's government and public-sector companies has escalated to the point where some analysts say the city-state Dubai might one day need a bailout from its super-rich sister emirate Abu Dhabi, which has more than 8% of the world's petroleum reserves...
...years as a result of efforts by the federal government to increase ownership rates and widespread leveraging of real-estate assets. “Real financial alchemy was performed in order to transform the lead of sub-prime mortgage to the gold of a AAA-rated piece of collateralized debt,” said Ferguson, a professor of history in the Faculty of Arts and Sciences and business administration at Harvard Business School. In order to avoid future economic crises, it may be necessary to create an international financial regulatory body similar to the World Trade Organization, Ferguson said...