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...1960s, the Netherlands discovered huge deposits of natural gas in the North Sea. A windfall, right? Wrong. The discovery effectively hobbled Dutch industry, since any surge in revenue from natural resources - or from foreign aid, for that matter - tends to drive up exchange rates, making exports less internationally competitive. But thriving export industries, Collier argues, are precisely the reason for Asia's dramatic economic rise. They are also what Africa will need to develop in order to follow the same trajectory. Collier's idea seems to be sinking in: last month, the large international aid organization CARE announced that...
...about light at the end of the tunnel--it's still pitch black," says Ian Shepherdson, chief U.S. economist at High Frequency Economics, a research firm. Shepherdson, not a congenitally bearish sort, was one of several prominent forecasters who began warning of housing troubles in 2005. Now he sees huge quantities of unsold inventory, which will lead to more cutbacks in construction, which will lead to more job losses and so on. "I don't want to call it an endless loop, because it will end," he says. "But not anytime soon...
...says. "But home prices in 1990 were at about the same level as in 1890." Shiller allows that the scarcity of property near the coasts might mean prices there will remain high, but then notes, "We can't make any more of the land, but we can build huge high-rises on the beach...
...Huge high-rises on the beach, in fact, played a major role in Florida's boom and bust. There are 40,000 condominium units being built right now in greater Miami, and consultant Lewis Goodkin estimates it will take five to seven years just to work through all that inventory. That's five to seven years of downward pressure on local housing prices, construction employment and the like. The great test of the coming months and years is whether the U.S. economy is strong enough to withstand that kind of pressure without buckling. Right now things aren't looking good...
...both remaining rounds. Over 54 holes, he carded ten birdies.Sophomore Nick Moseley came in at 5-over in a tie for 31st, while sophomore Danny Mayer and junior John Christensen both tied for 43rd with a final score of 8-over.“It makes a huge difference [playing in so many tournaments as freshmen]. We all gained a lot of experience going through everything,” Shuman said. “We’re all going to be better off.”That depth is also evident with a closer look at Harvard?...