Word: borrowable
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...beleaguered U.S. dollar isn't getting much love these days, except from one small but powerful group: deep-pocketed institutional traders, who are piling into dollars with ever greater enthusiasm because it is so weak and cheap to borrow. "Dollar borrowing picked up steam after the G-20 summit {that ended in Pittsburgh on September 25} when traders concluded that interest rates in the U.S. were going to stay low for a long time," says Mark Matthews, chief Asia strategist for Fox-Pitt Kelton Securities. Adds Olivier Desbarres, a currency strategist for Asia with Credit Suisse: "Hedge funds, pension funds...
...trade in question is known as the "dollar carry trade" because it allows traders to borrow dollars at low rates while investing in another currency that offers a significantly higher short-term yield. One factor behind its growing popularity in Asia is because the other side of the trade - the currency one buys with the dollars one cheaply borrows - are mostly to be found in the Asia-Pacific region. Most coveted, according to traders, are the Australian dollar, the Indonesian rupiah, and even the infrequently circulated Sri Lankan rupee...
...dollar didn't always enjoy the dubious honor of being the global currency a trader could most cheaply borrow. For much of the last decade Japan has been the world's largest moribund economy, with an economy so weak the Bank of Japan never dared to lift interest rates significantly above zero. During this time the Japanese yen was the currency traders loved. No longer, it seems. "The yen has become the least obvious carrying currency," says Credit Suisse's Desbarres, mainly because the near-zero interest rates Japan once exclusively offered are now available from central banks across...
...phrasing is interesting in that it makes Chanel the woman sound like a good suit. Later, when Boy asks Etienne if he can "borrow" Coco for a few days, the way you'd ask for the loan of a sweater, our hearts sink for her. Any happiness she has seems likely to be fleeting, but he, like so much else in the film, is a provider of inspiration. His shirts, his pajamas, his own elegance will eventually be reflected in her clothing. They are emblems of him, but also hold pieces of her past; her simple life of poverty...
...that perhaps does best under the proposed rules is the government's own car company, General Motors. GM benefits from the EV exception and also from the changes in the rules that will allow sales of larger vehicles like pickup trucks through a separate loophole that permits automakers to "borrow" credits from the future. Kliesch says the flexibility is fine but asks where the guarantee is that the companies will make good on promises to repay borrowed credits. "That's why you need some kind of backstop [in the rules] to make sure the companies actually meet the standards," says...