The epic, slow-motion crisis unraveling the global
economic system continues to gather momentum, taking down Southeast
Asia, Japan, Russia, now Brazil. Who's next?
The election of new AFL-CIO leaders more than three years ago ushered in an era of
On January 1, 1999, the euro comes into existence.
After seven years of economic "reform" financed by billions of dollars in U.S.
Ron Carey looked like a tired stereotype: the disgraced labor boss on the witness stand, with dark bags beneath his eyes, denying accusations of wrongdoing in a made-in-Queens accent.
At the turn of the year, the Western media, like
latter-day Columbuses, suddenly discovered that
Europe was speaking with an increasingly strong
German accent. Their surprise was surprising.
By the skin of their teeth... Watching on French
television the gloomy faces of the alleged winners
one could not help feeling there was an element of
defeat in their victory.
The plans painstakingly prepared by the master builders of Maastricht now lie torn to ribbons. The once mighty mark is showing signs of wear under the strain of German reunification.
Wall Street did not simply drag Europe's exchanges down in its fall.