Crisis delayed
The fine print on an investment prospectus always says something like, "Past performance is no guarantee of future returns." And, indeed, there are no sure things in matters of money. Except perhaps one. You can bet your bottom dollar, crown or euro that the U.S. government and cooperating financial institutions will do every-thing they can to keep the American dream afloat. So when the EU and CR are contemplating an interest-rate hike, the Fed is about to cut its rates, so that U.S. consumers can spend the country out of a possible recession. In the short term, most everyone will benefit, including Czech consumers and homebuyers, who will be shielded from the worst effects of the subprime crisis. Eventually, though, the U.S. debt bubble will have to burst, and the entire world will get icky stuff splashed all over it. Take small comfort in knowing that the moment has not yet arrived.
Glossary of difficult words
fine print - inconspicuous details or conditions printed in an agreement or contract, esp. ones that may prove unfavorable;prospectus - a printed document that advertises or describes an investment opportunity, commercial enterprise, etc.;
sure thing - a certainty;
you can bet your bottom dollar - you can bet your last amount of money;
to keep something afloat - to keep something from sinking or from experiencing difficulties;
to contemplate - to consider, think about;
subprime mortgage - low-quality mortgage;
icky - nasty or repulsive (in other words, the world economy will be greatly affected).