Duration : 0:4:55

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Greece’s debt crisis has shaken investors in the United States and worldwide. They worry that it could spread far beyond Greece. On May sixth, a day after huge protests in Athens, the Greek parliament approved a series of spending cuts. Greece has to cut thirty billion dollars as part of a bailout deal with the European Union and the International Monetary Fund. The deal is for one hundred forty-five billion dollars in loans.The cuts include wage freezes and reductions in retirement pay for government workers. Critics say the austerity plan will hurt the poor especially. But Greek labor costs are high even for Europe. And Greece’s public debt is equal to at least one hundred fifteen percent of its economy. The cuts may be the only hope to avoid declaring bankruptcy.Sebastien Galy is senior currency strategist for the French bank BNP Paribas. He says other European countries delayed rescuing Greece because it was politically unpopular. Now they are paying for it.European countries promised to make eighty billion euros in loans available over the next three years. The International Monetary Fund promised thirty billion. The quality of Greek government debt is now rated at “junk” levels. The high risk has investors demanding higher interest rates, and not only on Greek debt. Portugal and Spain have also had their credit ratings reduced. Both borrowed from credit markets. And both had to pay far higher rates than Germany, the safest investment in the euro area.The euro is eleven years old and used as the currency of sixteen countries. But less trust in the euro has reduced its value to the lowest levels in over a year. Sebastien Galy says growth expectations for the euro area have dropped. This has affected producers of raw materials such as Australia, Brazil and Canada. But he says the falling euro should help ease the crisis. He expects the exchange rate against the dollar to reach one-to-one within a year. That would be good news for European countries with heavy debt loads. He said: “The lower the euro is, the more competitive these economies become and, therefore, the more the fiscal concerns are going to be reduced.”While the euro has fallen, the dollar has gained value. Investors fleeing risk have bought dollars and American debt.And that’s the VOA Special English Economics Report.

(Adapted from a radio program broadcast 07May 2010)

Duration : 0:3:59

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Sittin’ on the couch with the morning post
With a cold cup of coffee and some boring toast
Thinkin’ I’m-a change it up, yeah that’s always fun
What you reckon, Remz? A McDonald’s run

So we hit the couch cushions, need some dollars, friend
Yo, I found a five. Man, that’s Canadian.
How ’bout a loonie? A twonie? A spoon or The Goonies?
Oh, it’s 10:25. Dude, you gotta move, G.

Got the cash, got the car, got the pedal to the floor
Speed limit’s 25, but I’m doing 34
Going drive-thru style, man it’s fast express
You can call it trans fat, I call it happiness

Roll up to the teller fella with a minute to spare
Frenchy with a headset, “can I take your order?”
A McGriddle with a little sweet and sour there, son
A McMuffin, then be stuffin’ muffins up in my trunk

Then a tray or two of hotcakes, man I can’t decide, uh…
All’s I know is hit them things with Aunt Jemimah
How ’bout an egg fajita for some Texas flavor
No drama but my momma wants a breakfast bagel

Don’t forget my #4, or there’ll be to spend
And I want them eggs poached like an elephant
Frenchy back on the line, “is that all your order?”
No it ain’t, fool, I want a Coca-Cola!

Get my cup of Coke and I’m-a start a riot
Cuz on the cup lid, dude depressed the “diet”
Check his shirt tag, and I catch the name
Brian, I ain’t tryin’ to drink aspartame

Sittin’ on the couch, ’bout an hour later
Pickin’ at a pouch of some Now n’ Laters
Hardly starving, man, but I find a hunch
Start the car up fast because it’s time for lunch

It just takes two bucks and I get what I need
Two beef patties, special sauce, lettuce, cheese
“Supersize Me” said he’s had enough of it
But how is it bad for my heart if I’m in love with it?

If you never had McDonald’s, heck, well dude you should
It’s a party, like a Hardee’s, except the food is good
Just don’t get a large #2, I plead with you friend
Cuz it’ll be a large #2 when you see it again

Enter the store, first you holla, then you
Pick a couple items off the dollar menu
Four hot McNuggets, dessert with custard
Mix the sweet n’ sour with a squirt of mustard.

A Big Mac attack, you can max the lettuce
Paying ain’t a pain, they take cash or credit
Want a water? You can pay up there for spring
Or get the free Grimace cup–how embarassing

They say, “you’re playing with a cardiac arrest, my boy”
Only thing bad for my heart’s when they forget my toy
Now I’m-a have a milkshake, but before you rant
It’s made of shamrocks–now that’s a plant

People say it’s bad, but I don’t believe them
McDonald’s is peace–just ask Tom Friedman
Momma catch me with a ‘zine, and she’s screaming “stop!
Don’t you worry, Mom, it’s just my man Ray Kroc

Thanks to dubzattic for the beat!

Duration : 0:2:49

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Duration : 0:7:26

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One year ago, President Obama signed the economic recovery bill aimed at pulling the country out of recession. The bill promised jobs — including many in the nuclear energy industry.

In February, the president announced plans for the government to guarantee more than eight billion dollars in loans for two new nuclear energy centers in the state of Georgia. The Southern Company plans to build the nuclear power centers. The first would start operations in twenty sixteen.

Mister Obama announced the plan at a job training center in Lanham, Maryland. The message was that nuclear energy projects will create jobs. President Obama said: It is a plant that will create thousands of construction jobs in the next few years, and some eight hundred permanent jobs — well paying permanent jobs — in the years to come.

In February, the Federal Reserve predicted that unemployment will remain near current levels through the year. The present rate is nine point seven percent. The central bank said unemployment could remain high for the next two years.

President Obama has received sharp criticism from Republicans over the lack of progress in job creation.

The seven hundred eighty-seven billion dollar American Recovery and Reinvestment Act is also unpopular because of its cost. Critics said the money is being spent too slowly with less than sixty percent being spent so far. But the administration said the measure has saved or created two million jobs.

By supporting nuclear energy, the president may be seeking common ground with Republicans who have called for building as many as one hundred new nuclear power centers.

Mister Obama has linked clean energy with economic growth. He also warned that the United States is falling behind in developing nuclear energy. He said: There are fifty-six nuclear reactors under construction in the world: twenty-one in China alone; six in South Korea and five in India.
The United States has not built a new nuclear power plant in nearly thirty years. American public opinion about nuclear energy has been mixed. In recent years, public opinion studies show more than half of Americans approve of nuclear energy. About one-fifth of the nations electricity is generated by nuclear power.

And that’s the VOA Special English Economics Report.

(Adapted from a radio program broadcast 19Feb2010)

Duration : 0:3:54

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Duration : 0:1:35

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