The current crisis should ______ as a warning not to be overconfident in the markets.
The financial crisis of l997—1998 ______.
Practice 6
The financial crisis presents an opportunity for China to seize the leadership baton for globalization and become its centre for goods, services and capital, while catalyzing a new China boom that could last a decade or longer. That boom could turn China into the world’s largest economy—and a developed country—within two decades.
The global economy has run like a motorcycle, with American consumption as one wheel and China’s savings as the other, with everyone else piled up on top. The sustainability of this world depended on foreigners believing in the Wall Street debt instruments that paid for America’s imports while keeping inflation at bay. Inflation came three years ago with surging oil prices. The tightening that accompanied it burst the US property bubble in 2006. It took another year for the subprime market, and still another for financial derivatives, to blow up. The resulting crisis has destroyed Wall Street’s credibility. The motorcycle economy has fallen over.
The global financial crisis is casting a shadow over globalization. Developed economies may resort to protectionism to keep jobs at home, leading to a vicious cycle of recession and more protectionism. China is in a position to carry the baton for globalization.
The current crisis should ______ as a warning not to be overconfident in the markets.
What was the impact of the currency crisis that broke out in Thailand in 1997?
The serious economic crisis in the late 1920s and 1930s first brought about by()
What is the real cause of the potential water crisis?
The current crisis should ______ as a warning not to be overconfident in the markets.
It seems()that no one saw this crisis.
Practice 7
That we are in the midst of crisis is now well understood. Our nation is at war, against a far- reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our healthcare is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.
On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord.
On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn out dogmas, that for far too long have strangled our politics.
This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions - that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America. (Barack Obama: Inaugural Address)