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...reeling, and with a deep housing slump in the United States crippling growth in the world's largest economy, Bernanke's Fed is now frantically ladling the punch out - even though almost everyone already has a brutal hangover. The Fed's surprise January 22nd rate cut - it slashed its key interest rate three quarters of a percentage point, and signaled that another half point cut could come as soon as next week - arrested, at least temporarily, the rout in equity markets around the world, which had hit Asia's bourses particularly hard. In the trading day before the rate...
...begin to spur a new round of worldwide growth next year. But getting from here to there is going to be painful. Demand for everything from iron ore mined in western Australia to toys manufactured in southeastern China is already slowing, because for the first time in decade, the "key driver of the global economy, the U.S. consumer, seems to have finally thrown in the towel," says Xie. If that's true - if the American consumer's decade long, credit-driven party is really over - then soon enough they're not going to be the only ones suffering from...
...Tokyo's Nikkei 5.7% and Mumbai's Sensex 12.9%. It was a worldwide mini-meltdown, and the Federal Reserve Board wasn't about to let that go unanswered. Before the U.S. markets had even opened, Fed Chairman Ben Bernanke - not a man known for dramatic gestures - slashed a key interest rate three-quarters of a percentage point. The surprise move arrested the rout, and the markets have since rallied, but investors are left to absorb an unavoidable truth: the U.S., still the world's biggest market for exports, appears to be in real economic trouble...
...with all the daring and chivalry of a medieval knight. The Justice Minister's honor - and particularly that of his wife, a local politician - had been sullied, he fumed, when a magistrate near their hometown east of Naples leveled influence-peddling charges at both of them. And thus this key centrist ally of Prime Minister Romano Prodi announced that he, "with great courage," was withdrawing his party's support for the fragile majority, opening the door to a government crisis. "Che coraggio!?" an Italian might say with an apt double meaning: "What courage?" and "What gall!" Just 24 hours later...
...When Brown's company arrived in southern Baghdad in August they found 50 roadside bombs in one day; they would sometime engage in two or three firefights daily. Now he pays nine Sunni contractors to manage 10 checkpoints with about 300 guards, in the process protecting schools, clinics and key intersections 24 hours a day. Soon there will be a total of 1,000 guards...