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...sponsor. For his trouble, the ex-Armed Forces Chief of Staff was branded "antichurch" by the president of the hugely influential Catholic Bishops Conference of the Philippines, and "Satan" and "anti-Christ" by the faithful. That the impoverished nation's birthrate (2.36%) is negating any economic growth (3.1% of GDP) and that the population is projected to double by 2030 hasn't moved the church to reconsider its stance. In fact, its spokesmen disavow links between population size and poverty...
...that fallen-and-I-can't-get-up economy, that's a big "whew." Although residential real estate activity makes up less than 8 percent of total U.S. GDP, with the country's GDP as a whole going nowhere fast, a housing market like this one can make the difference between positive and negative growth (and likely did in the fourth quarter). It also provides the 68.3 percent of American households which own their home (also a new record, according to the Census Bureau) with a sense that there's somewhere they can put their money without some analyst...
...momentum gained from low mortgage interest rates will carry strong home sales into 2003, with an improving economy offsetting modestly higher mortgage interest rates as the year progresses," said David Lereah, chief economist at the National Association of Realtors. Lereah forecasts GDP growth of between 2.7 percent and 3.1 percent (depending on whether Bush gets his stimulus package) and still expects the housing market to log its second-best year ever - behind, of course, 2002. Even the prospect of a big war-and-a-tax-cut budget deficit shouldn't nudge interest rates prohibitively high, as long...
EUROBLUES Vive le Déficit With nary a whimper, Germany joined 14 other E.U. members to approve disciplinary measures for its own violation of the Stability and Growth Pact, which limits deficits to 3% of GDP. But when the E.U. warned France for an expected 2.9% deficit this year, Finance Minister Francis Mer said au contraire, "we will climb the mountain at our own rhythm." Mer was rebuked by E.U. Commissioner Pedro Solbes, and by week's end, the French resistance seemed to be cracking. Mer vowed to use reserve funds to keep deficits down. But unless France reins...
...with significant offensive capabilities would cause a diplomatic furor. Such a move would also require the tacit blessing of China?hardly likely as long as Koizumi continues to indulge in provocations like visiting the Yasukuni Shrine. Further-more, Japan already labors under a government debt that tops 130% of GDP, giving it scant fiscal justification for a military buildup...