Word: worldly
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...states that elect chief executives the year after the country picks a new President, so the contests there - in Virginia the governor's mansion is open, and in New Jersey Democrat Jon Corzine is seeking re-election in a ferocious three-way battle - assume outsized importance in the political world as ostensible bellwethers...
...Does Beijing care? In its response to the financial crisis - the depth of which absolutely stunned Chinese policymakers - China desperately pushed every familiar button to keep its economy from succumbing the way the developed world's did. It has thrown buckets of practically free money at state-owned banks, which in turn loaned it out to mostly state-owned companies in a wide range of industries. Banks also loaned money to real estate developers, who have added inventory to what were already overbuilt residential and commercial markets in several major Chinese cities. And now the government has turned around...
...even regard Gandhi as an individual who was given to self-destructive impulses. The reason for the preponderance of this phenomenon in Middle East today is not the different nature of Islamic faith or moral values. It is first and foremost the social disruptions that these parts of the world are undergoing. In other words, the basic cause is social while the second is religious and aesthetic...
Just before the global financial crisis exploded, the conference halls in China were alive with the rhetoric of economic reform. Hardly a week went by without some think tank or ministry in Beijing toasting the 30th anniversary of China's great opening to the world and outlining what the next phase of China's historic development would entail. At a time when experts and policymakers everywhere were decrying "global economic imbalances," China would do its bit to rectify them...
...After allowing it to rise against the dollar by about 15% earlier this decade, China has since the onset of the crisis kept the RMB's value tightly pegged at about 6.8 to $1. Economists differ on how greatly undervalued the RMB is. The International Monetary Fund and World Bank contend that it's about 15%-25% below where it would be if it were allowed to float freely. Virtually all agree that it needs to move higher, both for China's sake and the sake of its trading partners. An undervalued currency reduces real household income in China...