Word: budgetable
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...conduct its external trade. But with some 70% of its $2 trillion in foreign reserves parked in the U.S. currency, China is searching for ways to diversify. Beijing's main concern is that the dollar will inevitably weaken, eroding the value of its holdings, due to the growing U.S. budget deficit that is expected to swell to more than $1.75 trillion in 2009, the country's largest debt load as a percentage of GDP since World War II. "This is the tip of the iceberg," warns Joseph Tan, the chief Asia economist for private banking at Credit Suisse. "It doesn...
...heart of the world's nastiest economic problems. Early in 2008, a weakening dollar was a factor in spiking prices of energy, commodities and food, which placed a disproportionate burden on the limited incomes of the poor. The dollar-dominated system has also allowed the U.S. to finance its budget and trade deficits at a low cost, which perpetuated the global imbalances that contributed to the current economic crisis. A system like the one proposed by Beijing, argues Deutsche Bank economist Jun Ma, would make it possible "for China and many other countries to avoid being victims of the systemic...
...weaken in value against other major currencies, eroding its attractiveness as a reserve currency. Confidence in the health of the U.S. economy, and therefore the U.S. dollar, could plunge because of continued large U.S. current-account deficits, an unstable banking sector and a recession-busting, expansionist monetary policy. The budget deficit, which the Congressional Budget Office estimates will reach $1.8 trillion this fiscal year, or 13% of GDP, is reaching heights not seen since World War II. (See the top 10 worst business deals...
...NASA had such a dismal track record since the Apollo program? Reduced funding tells part of the story. The space program received around $40 billion a year (adjusted for inflation) in the mid-1960s, which was at least four percent of the federal budget. But, back then, Americans also had a much greater tolerance for risk: The first successful Apollo mission was launched just eight months after the three astronauts in Apollo 1 died during testing. NASA’s tighter leash today means that riskier programs like nuclear-powered spacecraft don’t make it off the drawing...
...announcement came on the heels of China’s first manned rocket launch, suggesting a new space race was underway. Constellation also seems to have the support of Congress, which this year proposed increasing funding for the program (at the expense of NASA’s science budget) in order to return to the moon...