Word: panic
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Gephardt's comments sent the White House into a panic. Erskine Bowles, Clinton's chief of staff, tracked Gephardt down in Kentucky to complain, and urged the Missouri Democrat "to walk this thing back," as a top aide to the President put it. Gephardt did what Bowles asked, but only up to a point. "I do trust the President," he assured TIME the next day, adding that "we ought not jump to conclusions one way or the other." But no amount of rephrasing could hide the fact that Democrats are distancing themselves from Clinton as they nervously wait for Starr...
...many countries, the pitch of chaos Russia reached last week would have produced panic, fury, demonstrations, even riots. The street value of the ruble halved. Banks are tottering and closing, and the Moscow stock market has all but evaporated. The crash has shaken investors and governments around the world. But in Russia, home of the stolid and the depoliticized, the streets are calm and there is no sign of unrest. Russians are nervous and ask one another what is going to happen, but the only visible reaction is at the banks, where the relatively few citizens who trusted other people...
...sell out, until the limp, overloaded markets finally shut down. Russia, deprived of international capital--James Dorn of the Cato Institute calls it "financial morphine"--went into shock. Explained Steven Halliwell, a partner at River Capital Management: "As far as we can tell, Russia is in an absolute panic situation...
...panic spread. Hardest hit were countries in Latin America. To outsiders, the link seemed strange: nations such as Venezuela and Brazil have very little exposure to Russia, but their economies suffered nonetheless. "Latin markets are right to think that this is a moment of complete irrationality," says Bond Snodgrass, an analyst at Warburg Dillon Read in Mexico City. "But this should finally drive home the point: Mexico is no longer just Mexico, Brazil is no longer just Brazil. They're all part of one asset class now, and investors aren't distinguishing between any of them." And the dramatic drop...
...devaluation and debt moratorium flop, the result is likely to be not only another financial panic, but also a discredited political establishment. Russia's leaders have proclaimed too often that they have found the way to lead the country out of its penury--only to falter. In this case, the currency reserves would run out, and so would the Kremlin's kredit doveriya--its fund of public trust...