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BeeBop and Tumbles are 8-month-old kittens with severe balance and coordination problems, who now live at the Miller and Clark Animal Hospital here.
In the summer of 1991, a few months before leaders of the Soviet Union would meet in a dacha outside Moscow to formally dissolve their nation, India confronted a severe balance of payments crisis.
There has been speculation that the government in Britain — where the budget deficit is projected to rise above 13percentt of gross domestic product next year — may face more severe balance of payments difficulties.
After sobering briefings by the secretaries of state and defense, I (as Treasury invitee) reported an even more serious financial development: Pakistan's foreign currency reserves had just fallen below the amount required to pay for two months' worth of critical imports, pushing the country toward a severe balance of payments crisis.
Parity adjustments would require the permission of the international monetary authority and could be granted only in cases of severe balance of payments imbalances.Of course, this system would run into the famous trilemma; a country can have a fixed exchange rate, independent monetary policy or free capital movements, but not all three.
These measures gradually resulted in an overvalued exchange rate, causing severe balance of payments difficulties, which, after a period of speculation against the currency, usually led to devaluation.
Similar(41)
And when a bubble bursts, it may cause severe balance-sheet strains of the kind now showing in America.Mr Greenspan offers two defences for failing to respond to the bubble.
Protectionist policies, however, may have contributed to the extreme decline in the world price of raw materials, which caused severe balance-of-payments problems for primary-commodity-producing countries in Africa, Asia, and Latin America and led to contractionary monetary and fiscal policies.
Heavy borrowing leaves firms and individuals dangerously exposed: when asset prices collapse, the nominal value of their debts remains fixed, creating severe balance-sheet problems for households and firms as Japan has painfully discovered since 1990.It would have been better if the Fed had raised interest rates earlier in the late 1990s to head off America's stockmarket boom.
This has already caused severe balance-sheet problems in Japan, and now America and Germany may be at risk: in both countries debts have surged to record levels.Central bankers in America and Europe but not in Japan still have room to cut interest rates.
As everybody knows, the United States suffers from a severe balance-of-trade problem that threatens American jobs and the basic economic strength on which both future prosperity and national security depend.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com