Word: bankes
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...that many doomsayers are convinced is on the way. And while there's been talk of the dollar being supplanted as the world's reserve currency by the euro or the Chinese yuan, that would still leave a monetary system dependent on the whims of one central bank...
...Gold is the one currency a central bank can't print," says Martin Murenbeeld, a veteran gold watcher who is chief economist for Canadian money-management firm DundeeWealth. Gold's big attraction as a pillar of the global monetary system is that it isn't beholden to national politics. The downside is that its supply increases fitfully, with no regard for the state of the world economy. That's why John Maynard Keynes called the gold standard a "barbarous relic," and why you won't find anyone outside the goldbug fringe calling for a full return to the gold standard...
...stimulus because it would've been too easy for employers to manipulate by firing and rehiring workers. House Financial Services Committee chairman Barney Frank has proposed a $2 billion fund to help homeowners avoid foreclosure. In the Senate, Virginia's Mark Warner wants to use $50 billion in leftover bank-bailout funds for small-business loans (as of the end of October, the so-called TARP program still had $300 billion left). And Senator Jack Reed, a Rhode Island Democrat, has taken inspiration from Germany's successful weathering of the financial crisis and proposed a $600 million fund to subsidize...
...Senate balked at raising gas taxes, which is how the bill is traditionally paid for. Instead, Oberstar and House Appropriations Committee chairman Dave Obey have suggested a smaller, Band-Aid program of $100 billion drawn from general Treasury funds, though Oberstar has also suggested using some of the leftover bank-bailout money. He still hasn't heard anything back on either proposal. "It's like shouting out into outer space - nothing's coming back from the other side of the Hill, nothing's coming back from the other end of Pennsylvania Avenue," he laments...
...less than $40 at black-market exchange rates - and any amount above that threshold would be, in effect, worthless. NGOs in Seoul reported that in response to citizens' immediate and widespread anger, those limits were raised to 150,000 won in cash and 500,000 won in bank notes. (See pictures of the rise of Kim Jong...