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Practice 2George Soros the Financial Crocodile “The US governs the international system to protect its own economy. It is not in charge of protecting other economies. ”Soros says. “So when America goes into recession, you have anti- recessionary policies. When other countries are in recession, they don’t have the ability to engage in anti-recessionary policies because they can’t have a permissive monetary policy, because money would flee. ” In person, he has the air of a philosophy professor rather than a gimlet-eyed financier. In a soft voice which bears the faces of his native Hungary, he argues that it is time to rewrite the so-called Washington consensus—the cocktail of liberalization, privatization and fiscal rectitude which the IMF has been preaching for 15 years. Developing countries no longer have the freedom to run their own economies, he argues, even when they follow perfectly sound policies. He cites Brazil, which although it has a floating currency and manageable public debt was paying ten times over the odds to borrow from capital markets. Soros credits the anti-globalization movement for having made companies more sensitive to their wider responsibilities. “I think [the protesters] have made an important contribution by making people aware of the flaws of the system,” he says. “People on the street had an impact on public opinion and corporations which sell to the public responded to that.” Because the IMF has abandoned billion dollar bailouts for troubled economies, he thinks a repeat of the Asian crisis is unlikely. The fund ‘s new “tough love” policy—for which Argentina is the guinea pig——has other consequences. The bailouts were a welfare system for Wall Street, with western taxpayers rescuing the banks from the consequences of unwise lending to emerging economies. Now the IMF has drawn a line in the sand, credit to poor countries is drying up. “It has created a new problem-the inadequacy of the flow of capital from center to the periphery,” he says. The one economy Soros is not losing any sleep about is the US. “I am much more positive about the underlying economy than I am about the market, because we are waging war not only on terrorism but also on recession.” he says. “I have not yet seen an economy in recession when you are gearing up for war.” He worries that the world’s largest economic power is not living up to its responsibilities. “I would like the United States to live up to the responsibilities of its hegemonic(霸权的) power because it is not going to give up its hegemonic power, ” he says. “The only thing that is realistic is for the United States to become aware that it is in its enlightened self- interest to ensure that the rest of the world benefits from their role.”
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更多 “问答题Practice 2George Soros the Financial Crocodile “The US governs the international system to protect its own economy. It is not in charge of protecting other economies. ”Soros says. “So when America goes into recession, you have anti- recessionary policies. When other countries are in recession, they don’t have the ability to engage in anti-recessionary policies because they can’t have a permissive monetary policy, because money would flee. ” In person, he has the air of a philosophy professor rather than a gimlet-eyed financier. In a soft voice which bears the faces of his native Hungary, he argues that it is time to rewrite the so-called Washington consensus—the cocktail of liberalization, privatization and fiscal rectitude which the IMF has been preaching for 15 years. Developing countries no longer have the freedom to run their own economies, he argues, even when they follow perfectly sound policies. He cites Brazil, which although it has a floating currency and manageable public debt was paying ten times over the odds to borrow from capital markets. Soros credits the anti-globalization movement for having made companies more sensitive to their wider responsibilities. “I think [the protesters] have made an important contribution by making people aware of the flaws of the system,” he says. “People on the street had an impact on public opinion and corporations which sell to the public responded to that.” Because the IMF has abandoned billion dollar bailouts for troubled economies, he thinks a repeat of the Asian crisis is unlikely. The fund ‘s new “tough love” policy—for which Argentina is the guinea pig——has other consequences. The bailouts were a welfare system for Wall Street, with western taxpayers rescuing the banks from the consequences of unwise lending to emerging economies. Now the IMF has drawn a line in the sand, credit to poor countries is drying up. “It has created a new problem-the inadequacy of the flow of capital from center to the periphery,” he says. The one economy Soros is not losing any sleep about is the US. “I am much more positive about the underlying economy than I am about the market, because we are waging war not only on terrorism but also on recession.” he says. “I have not yet seen an economy in recession when you are gearing up for war.” He worries that the world’s largest economic power is not living up to its responsibilities. “I would like the United States to live up to the responsibilities of its hegemonic(霸权的) power because it is not going to give up its hegemonic power, ” he says. “The only thing that is realistic is for the United States to become aware that it is in its enlightened self- interest to ensure that the rest of the world benefits from their role.”” 相关考题
考题
You played so well.You () a lot.
A.had to have practicedB.must practiceC.must have practicedD.should practice
考题
When paying cnline,you should pay attention to(75） your personal and financial InformationA.readingB.writingC.executingD.protecting
考题
When paying online，you should pay attention to ( ) your personal and financial information.A.reading
B.writing
C.executing
D.protecting
考题
What is your favourite colour? Do you like yellow , orange ,red? If you do ,you must be an optimist, a leader, an active person who enjoys life, people and excitement. Do you prefer greys and blues? Then you are probably quiet,shy, and you would rather follow than lead. You tend to be a pessimist. At least, this is what psychologists tell us, and they should know,because they have been seriously studying the meaning of colours preference, as well as the effect that colours have on human beings. They tells us, among other facts,that we do not choose our favourite clour as we grow up----we are born with our preference.If you happen to love brown, you did so, as soon as you opened your eyes, or at least as soon as you could see clearly.
Colours do influence our moods----there is no doubt about it .A yellow room makes most people feel more cheerful and more relaxed than a dark green one; and a red dress brings warmth and cheer to the saddest winter day. On the other hand ,black is depressing. A black bridge over the Thames River, near London, used to be the scene of more suicides than any other bridge in the area ----until it was repainter green.The number of suicide attempts immediately fell sharply ;perhaps it would have fallen even more if the bridge had been done in pink or baby blue.
Light and bright colours make people not only hppier but more active. It is an established fact that factory workers work better,harder ,and have fewer accidents when their machines are painted orange rather than black or grey.
Those who committed suicide preferred the bridge over the Thames River near london to others because of _______.
a.its shape
b.its structure
c.its colour
d.its building materials
考题
根据下列内容，回答211-215题。
A house is the most expensive thing most people will ever buy．Very few people have enough money of their own to buy a house，so they have to borrow money from a bank．Borrowing moneyfrom a bank to buy a house is called“take a mortgage”．The bank usually lends money or gives a me．gage for twenty—five years．Houses are so expensive that many people nowadays have to borrow as much as$50，000．In other words，they will have a$50，000 mortgage．
How can you get a mortgage? When you find a house you like．you go to a bank．The bank will research you financial history and decide if they think you are a good risk．They will want to know what kind of job you have，what kind of salary you make and how long you have had the job．
They will a]so want to know how much money you have．In addition．the banks will require a down payment．Depending Oil which state you live in，the bank may require as much as 30%of the price of the house as a down payment．The bank will then lend you the rest of the money to buy the house.Many people are never able to buy a house because they can not save enough money for the
down payment．
What does a house mean in the United States．? __________A.It is a dream which many people can hardly realize
B.It is so expensive that many people can not really buy them
C.It is the most important property that many people try to buy
D.It doesn’t belong to people if they can not borrow morley from the bank
考题
资料：New York and London may rule the roost, but other financial hubs in America and Europe have managed to carve out useful specialist niches for themselves. Chicago, for instance, has consolidated its position as the world’s derivatives center, and Houston, the largest city in Texas, is home to America’s biggest energy firms and has spawned an active cluster of energy traders and hedge funds.
Europe has also developed a diverse set of financial centers ranging from big cities to island havens such as Jersey and to niche markets such as Luxembourg and Dublin. Edinburg, an established banking center, is now touting itself as a low-cost alternative for financial operations. Among the larger hubs, Frankfurt is an important center for banking and derivatives trading through Eurex, a German-Swiss exchange, with significantly lower costs than London.
Switzerland’s twin financial centers, Geneva and Zurich, have done well in their specialists of private banking, wealth management and insurance. The main attractions are low taxes, political stability and a reputation for discretion. Urs Roth from the Swiss Bankers Association says, however, that given its tiny domestic market, Switzerland has had to fight for open markets on an international scale.
Paris has long lagged far behind London, dogged by a reputation for excessive regulation and high taxes. The new government is aware that some of France’s best financial brains have crossed the Channel for more lucrative careers in London. Yet Paris has many advantages: a large number of international banks; more international companies than Frankfurt; and easy access to regulators. It has the largest market in Europe for trading in mutual funds. Few would dispute that Paris offers an attractive quality of life and has good transport links. What makes Paris a place to watch just now is the NYSE’s recent merger with Euronext. The combined group will base its international equities business in the French capital. Euronext, which operates exchanges in five European countries, also illustrates the importance of a common language.
Financial executives around the world increasingly view Europe as a single market. Soon a new European rule called MiFID （Markets in Financial Instrument Directive） is due to be implemented. It aims to increase competition among and transparency within financial markets. Financiers in other parts of the world are wondering how to achieve a similar degree of cross-border financial integration.
Which of the following is NOT true about Paris, according to the passage?
A.Merger of NYSE with Euronext makes it the biggest financial center in Europe.
B.The excessive regulation and high taxes have affected its financial development.
C.Paris has many advantages that may help in its future financial development.
D.Paris offers good quality of life as well as good transport links.
考题
Beads， stones， seashells， paper， precious metals such as gold and silver， base metals such as iron have all been used as money. Today， money is printed on paper. A lot of countries use their own currency， with n ames such as dollar， pound， franc， ruble， yuan and so on. Since 2002， 18 of the EU members have replaced their national currencies by Euro notes and coins. If you want to pay for something in another currency, you have to change your money into the other money. If you want to travel outside your native country, you need to change your own country's money for the money of the country you are visiting. Most large banks sell foreign currencies. You can exchange money at a bank or at an office of a tourist agency Wherever you go, exchanging money puts you in touch with international finance, which is concerned with exchange rates between different currencies. Deciding the rate for the international exchange of money is one of the most complex aspects of international banking. Currency means money in the form of paper.A对B错
考题
Beads， stones， seashells， paper， precious metals such as gold and silver， base metals such as iron have
all been used as money. Today， money is printed on paper. A lot of countries use their own currency， with n
ames such as dollar， pound， franc， ruble， yuan and so on. Since 2002， 18 of the EU members have
replaced their national currencies by Euro notes and coins.
If you want to pay for something in another currency, you have to change your money into the other money.
If you want to travel outside your native country, you need to change your own country's money for the
money of the country you are visiting. Most large banks sell foreign currencies. You can exchange money
at a bank or at an office of a tourist agency Wherever you go, exchanging money puts you in touch with
international finance, which is concerned with exchange rates between different currencies. Deciding the
rate for the international exchange of money is one of the most complex aspects of international banking.
This best title for this passage is The history of money".
考题
Beads， stones， seashells， paper， precious metals such as gold and silver， base metals such as iron have
all been used as money. Today， money is printed on paper. A lot of countries use their own currency， with n
ames such as dollar， pound， franc， ruble， yuan and so on. Since 2002， 18 of the EU members have
replaced their national currencies by Euro notes and coins.
If you want to pay for something in another currency, you have to change your money into the other money.
If you want to travel outside your native country, you need to change your own country's money for the
money of the country you are visiting. Most large banks sell foreign currencies. You can exchange money
at a bank or at an office of a tourist agency Wherever you go, exchanging money puts you in touch with
international finance, which is concerned with exchange rates between different currencies. Deciding the
rate for the international exchange of money is one of the most complex aspects of international banking.
Foreign exchange rates have significant impact on the economy of a country.
考题
Personal Finance
When it comes to our finances, each of us has our own individual approach. Some of us are savers, some are spenders, and others are some-where in between. This continuum is a paradigm that our popular culture uses to frame differences in the way people approach money.
I believe that the way we approach our finances goes beyond that particular behavioral characteristic. In reality, I think our approach to finances can be viewed in more of a multi-dimensional setting, where money has a different role in our lives. For some, money means survival, plain and simple. For others, money is something that is a part of their lives but rarely on their mind, regardless of the role it actually plays. For yet others, money is an obsession, as accumulation indicates achievement. Some people view money as a defensive resource to protect against future setbacks. Some people want money to provide a good home, to contribute to the ability to have certain hobbies, or to provide something to future generations and so on. Sometimes the same person may view money differently in different situations. The bottom line is that we each have our own relationship with money, and our own conscious and subconscious needs for money, rooted in our value systems.
This is an area of personal finance that has interested me for a while. Why do people behave the way they do with respect to their money? What's driving this behavior? Of course, a starting point for anybody is to consider how you personally view things. Taking an introspective approach，I have spent time figuring out my own take on money，and the role it plays in my life. What I have determined is that for me，it fits into a framework that includes the following elements：health, wealth, and relationships. These are linked together as a part of a system. They're all connected, and to the extent one is strengthened, the others will be strengthened as well. If one is weakened, the others will be weakened as well. So to me, money is a part of the wealth aspect of HWR. Beyond basic survival, money gives you the opportunity to live a healthier life, with the time and means to have more positive relationships. One thing I want to make clear is that I am not saying that money buys friends. Well, it could, but those aren't true friends. What I am saying is that the more money you have ,on balance, the less stressed you are about it, and the more time you have to do other things, such as cultivate true, genuine relationships that aren’t based on money. Money is but a component in the system.
According to the author, money is the most important in HWR.（ ）A、TrueB、FalseC、Not Given
考题
Half of your network uses RIPv2 and the other half runs OSPF. The networks do not communicate with each other. Which two of these factors describe the impact of activating EIGRP over each separate part？ （）A、EIGRP will not be accepted when configured on the actual RIPv2 routers.B、OSPF will no longer be used in the routing table， because you only have EIGRP internal routes running.C、OSPF will no longer be used in the routing table， because you only have EIGRP external routes running.D、RIPv2 will populate its RIP database but not its routing table， because you only have EIGRP external routes running.E、RIPv2 will populate its RIP database but not its routing table， because you only have EIGRP internal routes running.F、OSPF database will have RIPv2 routes.
考题
问答题Practice 1 ‘Mini presentation’—about 6 minutes In this part of the test you are asked to give a short talk on a business topic. You have to choose one of the topics from the three below and then talk for about one minute. You have one minute to prepare your ideas. A WHAT IS IMPORTANT WHEN MOTIVATING STAFF? ● FINANCIAL BENEFITS ● CAREER DEVELOPMENT OPPORTUNITIES ●... B WHAT IS IMPORTANT WHEN SATISFYING CUSTOMERS? ● A GOOD AFTER-SALES TEAM ● MORE CUMMUNICATION WITH CUSTOMERS ●... C WHAT IS IMPORTANT WHEN PREPARING FOR A JOB INTERVIEW? ● STUDYING THE JOB ADVERTISEMENT ● STUDYING THE COMPANY ●...
考题
问答题Modern means of transportation, telecommunication and mass media have shortened the geographical distance of the world. The international community appears to be no more than a global village, in which people of different nations engage themselves in cultural exchange, while seeking common development in harmonious and respectful relationship. I think different cultures should learn from each other’s strengths to offset their own weaknesses. However, we also have to understand that cultural exchange is by no means a process of losing one’s own culture to a foreign one, but a process of enriching each other’s national cultures. Of course, the culture of a nation must withhold its own distinctive national characteristics in its extensive exchange with other cultures, and make contributions to the development of human civilization.
考题
问答题Practice 20 Card-holders of Holiday Sunshine Hotel automatically become registered members of its Reservation(预定) Network. They are able to enjoy the services offered by its member hotels. We encourage card-holders to use the card as often as possible, and they will be awarded with prizes when their marks(积分)reach a certain amount. Before checking into a hotel, please always reserve your room first. When you check out, you will only have to pay the member price.
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单选题How to Start Your Own Business
I have recently started a business and have learned some crucial lessons in the process that I feel privileged to share with you.
1. Identify your motivation. __1__ To have more time? To make more money? To be your own boss? To have creative control over what you love to do? Write out all of your motivating factors and prioritize them. When you see them listed, you might see a pattern in that you're just unhappy at your current job and starting your own business isn't the answer.
2. Identify your passion. What do you love to do? What skills and knowledge do you uniquely bring to the table? What gets you excited about your work? __2__ If you keep your passion in plain sight, you will stay focused on the purpose of your business and not solely on the logistics.
3. Identify your market. If you are starting your business locally, research your competitors. Determine if there is room in the market for your business. What will you do differently to draw in customers? What niche market are the other businesses missing? __3__ Your business cannot survive without customers, so do enough research on the front end to determine if there are enough potential clients to keep your business alive.
4. Identify your finances. __4__ You have to buy furniture, trash cans, a garage door opener, light fixtures and landscaping equipment, and before you know it, you've far exceeded your financial boundaries. That can happen just as easily in a business. Do exhaustive financial planning. Meet with a financial advisor or someone at your bank to examine the financial viability of your business and the process of getting it up and running. __5__ Be prepared for financial loss and get advice on how to alleviate that burden in the future.
___2___内应为（）A
Plan wisely and do not assume the best about your business.B
Why do you want to start your own business?C
The tragic reality is that when business fail, the passion often dies with it.D
Keep that passion at the forefront of your business plan, your marketing strategies, and your daily routine.E
If you have ever purchased a new home, you know that the financial obligations extend beyond the down payment and the mortage.F
If you are starting an Internet company, research the requirements for your own unique Web presence.
考题
问答题Practice 2 Until early in this century, the isolationist tendency prevailed in American foreign policy. Then two factors projected America into world affairs: its rapidly expanding power, and the gradual collapse of the international system centered on Europe, the watershed presidencies marked this progression: Theodore Roosevelt’s and Woodrow Wilson’s. These men held the reins of government when world affairs were drawing a reluctant nation into their vortex. Both recognized that America had a crucial role to play in world affairs though they justified its emergence from isolation with opposite philosophies. Roosevelt was a sophisticated analyst of the balance of power. He insisted on an international role for America because its national interest demanded it, and because a global balance of power was inconceivable to him without American participation. For Wilson, the justification of America’s international role was messianic: America had an obligation, not to the balance of power, but to spread its principles throughout the world. During the Wilson’s Administration, America emerged as a key player in world affairs, proclaiming principles which, while reflecting the truisms of American though, nevertheless marked a revolutionary departure for Old World diplomats. These principles held that peace depends on the spread of democracy, that states should be judged by the same ethical criteria as individuals, and that the national interest consists of adhering to a universal system of law.
考题
问答题Practice 3 On July 10th the company will hold its first worldwide video conference(电视会议). All twenty facilities will be linked by a satellite broadcasting system so that employees can see and speak with each other. Mr. Black will begin the conference by telling us about our goals for the next five years. Next, each manager will speak about current challenges. The last hour will be devoted to questions from all locations. If it proves successful, we hope to schedule worldwide video conferences annually.
考题
问答题Practice 3 We are glad to welcome our Chinese friends to this special Business Training program. Here, you will have a variety of activities and a chance to exchange ideas with each other. We hope that all of you will benefit a lot from this program. During your stay, please do not hesitate to speak to us with questions or concerns. We believe this will be an educational and enjoyable program.
考题
问答题Practice 5 “The US governs the international system to protect its own economy. It is not in charge of protecting other economies.” Soros says. “So when America goes into recession, you have anti- recessionary (反衰退的) policies. When other countries are in recession, they don’t have the ability to engage in anti-recessionary policies because they can’t have a permissive monetary policy. because money would flee.” In person, he has the air of a philosophy professor rather than a gimlet-eyed (目光敏锐的) financier. In a soft voice which bears the faces of his native Hungary. he argues that it is time to rewrite the so-called Washington consensus—the cocktail of liberalization, privatization and fiscal rectitude which the IMF has been preaching for 15 years. Developing countries no longer have the freedom to run their own economies, he argues, even when they follow perfectly sound policies. He cites Brazil, which although it has a floating currency and manageable public debt was paying ten times over the odds to borrow from capital markets. Soros credits the anti-globalization movement for having made companies more sensitive to their wider responsibilities. “I think [the protesters] have made an important contribution by making people aware of the flaws of the system,” he says. “People on the street had an impact on public opinion and corporations which sell to the public responded to that.” Because the IMF has abandoned billion dollar bailouts(紧急融资)for troubled economies, he thinks a repeat of the Asian crisis is unlikely. The fund ‘s new “tough love” policy—for which Argentina is the guinea pig——has other consequences. The bailouts were a welfare system for Wall Street, with western taxpayers rescuing the banks from the consequences of unwise lending to emerging economies. Now the IMF has drawn a line in the sand, credit to poor countries is drying up. “It has created a new problem-the inadequacy of the flow of capital from center to the periphery(外围),” he says.
考题
问答题George Soros the Financial Crocodile “The US governs the international system to protect its own economy. It is not in charge of protecting other economies. ”Soros says. “So when America goes into recession, you have anti- recessionary (反衰退的) policies. When other countries are in recession, they don’t have the ability to engage in anti-recessionary policies because they can’t have a permissive monetary policy, because money would flee. ” In person, he has the air of a philosophy professor rather than a gimlet-eyed (目光敏锐的) financier. In a soft voice which bears the faces of his native Hungary. he argues that it is time to rewrite the so-called Washington consensus—the cocktail of liberalization, privatization and fiscal rectitude which the IMF has been preaching for 15 years. Developing countries no longer have the freedom to run their own economies, he argues, even when they follow perfectly sound policies. He cites Brazil, which although it has a floating currency and manageable public debt was paying ten times over the odds to borrow from capital markets. Soros credits the anti-globalization movement for having made companies more sensitive to their wider responsibilities. “I think [the protesters] have made an important contribution by making people aware of the flaws of the system,” he says. “People on the street had an impact on public opinion and corporations which sell to the public responded to that.” Because the IMF has abandoned billion dollar bailouts(紧急融资)for troubled economies, he thinks a repeat of the Asian crisis is unlikely. The fund ‘s new “tough love” policy—for which Argentina is the guinea pig——has other consequences. The bailouts were a welfare system for Wall Street, with western taxpayers rescuing the banks from the consequences of unwise lending to emerging economies. Now the IMF has drawn a line in the sand, credit to poor countries is drying up. “It has created a new problem-the inadequacy of the flow of capital from center to the periphery(外围), ”he says. The one economy Soros is not losing any sleep about is the US. “I am much more positive about the underlying economy than I am about the market, because we are waging war not only on terrorism but also on recession.” he says. “I have not yet seen an economy in recession when you are gearing up for war.” He worries that the world’s largest economic power is not living up to its responsibilities. “I would like the United States to live up to the responsibilities of its hegemonic(霸权的) power because it is not going to give up its hegemonic power,” he says. “The only thing that is realistic is for the United States to become aware that it is in its enlightened self- interest to ensure that the rest of the world benefits from their role. ”
考题
单选题Personal Finance
When it comes to our finances, each of us has our own individual approach. Some of us are savers, some are spenders, and others are some-where in between. This continuum is a paradigm that our popular culture uses to frame differences in the way people approach money.
I believe that the way we approach our finances goes beyond that particular behavioral characteristic. In reality, I think our approach to finances can be viewed in more of a multi-dimensional setting, where money has a different role in our lives. For some, money means survival, plain and simple. For others, money is something that is a part of their lives but rarely on their mind, regardless of the role it actually plays. For yet others, money is an obsession, as accumulation indicates achievement. Some people view money as a defensive resource to protect against future setbacks. Some people want money to provide a good home, to contribute to the ability to have certain hobbies, or to provide something to future generations and so on. Sometimes the same person may view money differently in different situations. The bottom line is that we each have our own relationship with money, and our own conscious and subconscious needs for money, rooted in our value systems.
This is an area of personal finance that has interested me for a while. Why do people behave the way they do with respect to their money? What's driving this behavior? Of course, a starting point for anybody is to consider how you personally view things. Taking an introspective approach，I have spent time figuring out my own take on money，and the role it plays in my life. What I have determined is that for me，it fits into a framework that includes the following elements：health, wealth, and relationships. These are linked together as a part of a system. They're all connected, and to the extent one is strengthened, the others will be strengthened as well. If one is weakened, the others will be weakened as well. So to me, money is a part of the wealth aspect of HWR. Beyond basic survival, money gives you the opportunity to live a healthier life, with the time and means to have more positive relationships. One thing I want to make clear is that I am not saying that money buys friends. Well, it could, but those aren't true friends. What I am saying is that the more money you have ,on balance, the less stressed you are about it, and the more time you have to do other things, such as cultivate true, genuine relationships that aren’t based on money. Money is but a component in the system.
Money is only a part of the HWR system.（ ）A
TrueB
FalseC
Not Given
考题
问答题Practice 3 ● You are Head of Marketing for an international computer manufacturer. You have to make an urgent trip tonight to visit Sally Jones, a potential and influential client in US. ● Write a memo to your secretary: ● telling her who you are going to see and where and when, ● asking her to book flight tickets and make accommodation for you, ● stating the work you would like her to do in your absence. ● Write 40—50 words.
考题
问答题Practice 6 If there's a threat of dangerous deflation—a general fall in prices—the causes lie as much in Europe and Japan as in the United States. The inevitable collapse of America's speculative boom need not have been especially damaging if the world's other advanced economies were healthy. Their expanding appetite for imports would have bolstered the United States and so-called emerging market countries, from Brazil to South Korea. The trouble is that other advanced economies aren't healthy. Deflation could emerge from simultaneous slumps in the world's three major economies. Prices drop because there's too little global demand chasing too much global supply—everything from steel to shoes. Japan's ills are well known. Its banks are awash in bad loans. Less understood (at least in the United States) is the fact that Europe's troubles stem significantly from Germany. Germany is Europe's “sick man”, just as Japan is Asia's. Only 15 years ago, these countries seemed poised to assume leadership of the world economy. Now they are dragging it down.
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