The samba effect

Article Abstract:

President Fernando Henrique Cardoso in Jan 1999 announced he would devalue the Brizilian currency by 7.5%, which resulted in a 350 points drop of the Dow in two days. Cardoso's move suprised many International Monetary Fund and US Treasury officials, who criticized him for devaluing the currency before a fiscal fix. They also hinted that a package of $4.5 bil that was scheduled for March would not be approved quickly. Consequently, after two days of discussions, Cardoso announced he would let the market determine the value of the currency.

Economic aspects, International Monetary Fund, International aspects, Economic policy, Brazil, Cardoso, Fernando Henrique, Currency devaluation, Devaluation (Currency)

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Chinese (soap) opera

Article Abstract:

New Chinese television melodramas weave tales of romantic love into career advice for difficult times. These programs urge workers to prepare for economic hardship as the government discards state support of factories. The stories' endings celebrate diligent individuals who rebound from layoffs to find success in the new market economy. Among the themes is Shanghai's failing textile industry.

China, Popular culture, Soap operas

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