The crisis involved the collapse of Iceland’s banks and currency. The banks are slowly being rebuilt, but the crown has effectively ceased trading, creating headaches for importers.
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Whether the currency is stabilised quickly or not, a bleak winter looms. Annual consumer price inflation exceeds 17 percent and is at its highest since 1990. Unemployment is set [...]

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People normally do not think of doom scenarios until they happen. This was true of Pearl Harbor and 9/11. Repeated warnings and mounting evidence were ignored in the highest places. In this same way, nobody thinks of the possibility of World war III until perhaps it suddenly blows up in our faces, if it will.
This [...]

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China faces its worst power shortage in at least four years as soaring coal prices and government-set electricity tariffs force dozens of small power plants to shut rather than face mounting losses.
Almost half of China’s provinces have started to ration electricity as the country enters the peak summer season, facing what analysts describe as its [...]

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How would we like it if Russia placed interceptor missiles in Cuba or Venezuela? That question is disingenuous. Both Russia and China have been quietly helping Iran with its missile and nuclear programs. And now they’re mad that we actually want to protect ourself from a rogue state that they’ve been helping for years. That’s [...]

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Wealth and innovation are bubbling up in the most unexpected places. The tallest buildings, the biggest dams, the highest grossing movies, some of the most advanced technologies: they’re all being created outside of the United States. It’s called “the rise of the rest”, and as global power shifts, Washington will face its greatest challenge: it’ll [...]

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A 2,000-mile pipeline envisioned as a way to lessen Western Europe’s dependence on Russian natural gas is being threatened by escalating costs, missed deadlines and uncertain supply.
The project, known as Nabucco, is behind schedule, with a start date expected to be pushed back from next year to 2010. Recent reports indicate that the cost of [...]

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