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Russia's foreign policy assertiveness, funded by revenues from natural resources, makes many believe that a new energy empire is on the rise. The country today is ruled by post-Soviet security and military elites that have internalized the jingoistic values of the Russian Empire and the Soviet Union. These elites view the outside world almost exclusively through the lens of economic and military might. They also use foreign policy as a tool to buttress domestic support and to foster a perception that Russia is surrounded by enemies at a time when its democratic legitimacy is deteriorating. Despite its projected might, the Kremlin is not capable of dealing with some of Russia's critical demographic, social, economic, and political vulnerabilities. These flaws may well challenge the current sense of stability in Russia, especially after the 2007-2008 election cycle or if the economy deteriorates.
Bankruptcy law leads to more foreclosures
Washington Mutual Inc. got what it wanted in 2005: A revised bankruptcy code that no longer lets people walk away from credit card bills. The largest U.S. savings and loan didn't count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit-card debts that might have been wiped out under the old code, said Jay Westbrook, a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank. "Be careful what you wish for," Westbrook said. "They wanted to make sure that people kept paying their credit cards, and what they're getting is more foreclosures." Washington Mutual, Bank of America Corp., JPMorgan Chase & Co.
Business Briefing
Lafrenz Ford holding canned food driveMASON CITY — Lafrenz Ford is holding a canned food drive through Thanksgiving.For each can of food a customer donates, he will receive $100 off the price of a vehicle up to five cans per customer.The food will be donated on Thanksgiving Day to the Hawkeye Harvest Food Bank in Mason City."At Lafrenz Ford, we are so very thankful to all our current and future customers for all your business, support and friendship," said General Manager Tim Behm, adding that the dealership wants to give back to the entire North Iowa community. Lafrenz Ford is located at 215 15th St. S.W.Wall Street makes late-day comebackNEW YORK (AP) — Wall Street ended a volatile week with a late-day comeback Friday after investors set aside some concerns about the banking sector and the health of the overall economy.Stocks began Friday’s trading having fallen in six of the prior seven sessions.
A bank account is just another investment
NOTHING is guaranteed in life, so why should bank deposits be? This is the only possible reaction to Chancellor Alistair Darling's unseemly rush to underwrite the risk assumed by savers in the wake of the Northern Rock fiasco. It is perfectly understandable why the new man at the Treasury - and his prime minister - do not relish the spectacle of panicked investors queueing in Britain's high streets. But does that really merit treating a cash deposit radically differently from every other class of investment? .
Eileen Ambrose: How to make the most of shrinking dollar
Supermodel Gisele Bundchen grabbed headlines when she reportedly demanded to be paid in euros instead of dollars. Her spokesman later denied it. Long before that, the greenback had been out of fashion with billionaire Warren E. Buffett, who repeated last month that he remains down on the dollar.
Big deal, you might say. You're not planning a trip overseas anytime soon. And you're willing to forgo imported brie in favor of Vermont cheddar until the dollar strengthens.
But small investors can take advantage of the weak dollar, just like the big players. And some new investments make currency plays easier.
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