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Russia

An Economic Crisis May Be Looming For Russia

It was prepared during the global economic collapse of 2008, but it isn't now.

Trouble ahead in Moscow?
Trouble ahead in Moscow?
Aleksander Zotin

-Analysis-

MOSCOW — On Aug. 17, 1998, the Russian government announced a default on short-term obligations and a currency devaluation. The financial system was practically destroyed. Ten years later, in 2008, there was another crisis, this time a global one, that hit all the world’s economies, including Russia’s.

There were both similarities and differences between the two crises — each resulted from internal and external shocks. But we haven’t learned our lessons from them, and there are reasons to be worried that a new economic catastrophe is on the horizon.

Although it’s been five years since the last global crisis, it wouldn’t be accurate to say that the world economy is truly healthy. An exterior shock similar to the one that caused the economic collapses in 2008 and 1998 is still possible. In 2008, the epicenter of the crisis was the United States, but today the biggest threat comes from China — and from the fact that the entire developed world still balances on the edge of recession. If, in addition to that, there is a major shock from China, such as a slowdown in growth to just 3%, the world will be faced with another economic meltdown. A slowdown in demand for metals, for example, is already a menacing hint that this could happen.

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Ideas

García Márquez And Truth: How Journalism Fed The Novelist's Fantasy

In his early journalistic writings, the Colombian novelist Gabriel García Márquez showed he had an eye for factual details, in which he found the absurdity and 'magic' that would in time be the stuff and style of his fiction.

Colombian novelist Gabriel Garcia Marquez reads his book

J. D. Torres Duarte

BOGOTÁ — In short stories written in the 1940s and early 50s and later compiled in Eyes of a Blue Dog, the late Gabriel García Márquez, Colombia's Nobel Prize-winning novelist, shows he is as yet a young writer, with a style and subjects that can be atypical.

Stylistically, García Márquez came into his own in the celebrated One Hundred Years of Solitude. Until then both his style and substance took an erratic course: touching the brevity of film scripts in Nobody Writes to the Colonel, technical experimentation in Leaf Storm, the anecdotal short novel in In Evil Hour or exploring politics in Big Mama's Funeral. Throughout, the skills he displayed were rather of a precocious juggler.

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