Word: cash
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Also a factor in Monday's slide: plans announced by Prudential, a British insurer, to buy the Asian operations of AIG for an eye-popping $35 billion. Much of that would be paid in cash, Prudential said, which would mean swapping huge piles of sterling for dollars. Toss in the relentless pressure from speculators betting on a falling pound, as well as Britain's generally horrible fiscal position, and "sterling has sailed into a perfect storm of negativity," Nick Beecroft, a senior foreign exchange consultant at Saxo Bank, wrote in a research note earlier this week...
...should pause before following the pack. He says the diminished view of the housing market is causing some people to walk away from their house too quickly. Defaulting on your home loan, like defaulting on your credit cards, can hurt your credit score. Instead, he suggests splitting your available cash between your credit-card and home-loan commitments and contacting your lenders. Bilker says you can often strike a deal, especially these days. "Tell them you are thinking of contacting a bankruptcy lawyer, so they can work with you on a plan now or face not getting paid back...
Murray said she hoped to pad the SEAS budget by cutting down cash reserves and increasing aggressive fundraising efforts. In addition, she promised not to terminate current staff members, instead pledging to increase the number of staff hires...
...Carrefour-Feuilles, at least, cash-for-work also encourages local entrepreneurship. Much of the recyclable waste collected from the rubble there is used to make long-burning fuel bricks for cooking, manufactured with equipment workers helped design and build. The venture is an economic engine for the bidonville and a sustainable one as well, since it provides an alternative to the traditional charcoal fuel that has contributed to Haiti's vast deforestation...
Bruno Lemarquis, a UNDP director in Haiti, says the plan now is to "redirect" cash-for-work beyond clearing streets to tackling the country's drainage infrastructure, which is impossibly clogged with earthquake rubble but has to be cleared now that the rainy season is near. In the end, says Lemarquis, "cash-for-work can only be a temporary step in the recovery process. After that, Haiti and the international community have to take this approach to a broader level, especially to the private sector." It's not a panacea, but so far it's proven...