Word: panic
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...there are two other panic attacks under way that should unfold in rapid fashion this week: first, if current trends hold, it may turn out that the Senate cannot even manage a much promised vote on whether the President's "surge" is a good idea. And thanks in part to that, the President's nominee to take over the embattled, overstretched and increasingly underequipped Army - a man who opposed the surge for most of the last year - now may have trouble being confirmed...
...These days, though, little Tramaine has grown accustomed to the gunfire; when it begins, he ignores it. Sonja, who has childhood friends now in the gangs, cannot remember how many funerals she has attended. Still, she sighs, "when I hear shots and they're close by, I panic. But if they be far away, it's like, 'I'm tired, it's fine...
...inspectors from London's department of trade and industry arrived unannounced at the West End headquarters of a major British corporation. They demanded to see the company's books. Within hours, rumors had linked the unusual investigation to disgraced Wall Street Arbitrager Ivan Boesky, and a whiff of panic spread throughout the London Stock Exchange. By the end of the day securities listed in the closely watched Financial Times index had dropped in value by 1.5%, or nearly $6 billion. Thus began for London's City a week that rapidly worsened...
Only a few years ago, Hong Kong was gripped by panic that the rapidly ascending Chinese city of Shanghai was set to usurp its coveted position as China's premier financial hub. Shanghai's budding stock market and burgeoning financial community were supposed to be the future; Hong Kong, the fusty remnant of a colonial past...
...happened even faster. Within days of the Austrian ultimatum, the delicate web of international credit was torn to shreds. German trading companies ceased to remit the money they owed to brokers in London. European investors rushed to withdraw their money from New York. As nervous banks called in loans, panic selling swept the world's financial markets. But the further asset prices fell, the worse the crisis became. Securities that had been the collateral for immense pyramids of debt were suddenly unsellable. The central banks had to admit they lacked the means to stem the outflow. The only...