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...reality, with 64% of the world's reserves held in dollars at the end of last year - way more than in any other money - a move to a new reserve currency would be both time-consuming and complicated. And since China holds so many dollars, selling even a small amount of its reserves would dent the value of those that remained. But despite the glitches, argument over the need for a new international reserve does little to lift sentiment in the dollar's favor. Its replacement might be an "implausible suggestion," analysts at HSBC wrote in a May note...

Author: /time Magazine | Title: Outlook for U.S. Dollar Darkens | 7/2/2009 | See Source »

...camps have started a tiered-payment system in which parents essentially use an honor code to determine whether they need to get up to a $400 discount on the $1,397 tuition for the two-week sessions. As of June, 43% of enrollees had opted to pay the full amount, 13% took $200 off and 44% took all $400 off. (Read "Recession Shopping: 10 Things to Buy Right...

Author: /time Magazine | Title: The Recession Hits Summer Camp | 7/2/2009 | See Source »

...highway bill pending before Congress would instruct all 50 states to require all motorists convicted of driving under the influence to equip their cars with interlock systems that shut down a vehicle when a measured amount of alcohol is detected. (See the most important cars of all time...

Author: /time Magazine | Title: Coming Soon: A Breathalyzer in Every Car? | 7/1/2009 | See Source »

...ones. Kentucky, where 38% of roads are in poor condition, is spending 88% of its stimulus money on new additions. Then there is the sheer scale of the challenge. In many of these same states, the biggest concern is not the type of stimulus spending but the amount of it. "Of course it's not creating enough jobs," Senator Sherrod Brown, an Ohio Democrat, says of the stimulus. "We're not going to have enough [jobs] because we lost so many." (See 10 perfect jobs for the recession -- and after...

Author: /time Magazine | Title: What Happened to the Stimulus? | 7/1/2009 | See Source »

...linking economic cooperation with Pyongyang's dismantlement of its nuclear-weapons program. The result is that North Korea is now more dependent than ever on its main patron, China. Nicholas Eberstadt, a North Korea expert at the American Enterprise Institute in Washington, figures that the gap between the amount of goods China ships into North Korea and what it receives in return has quadrupled in four years to more than $1.5 billion in 2008. Eberstadt considers this "de facto aid" since it is unclear what North Korea may be providing China for all of its imports. "China has become...

Author: /time Magazine | Title: North Korea's Other Crisis: An Economy in Tatters | 6/30/2009 | See Source »

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