Word: centralization
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...Thanksgiving is a central part of the civic religion [in America]; a feast of almost political proportions, whereas Canadian Thanksgiving is a more modest family affair,” said European Studies Professor Peter A. Hall...
...Founded in 1914, the Electricity Workers' Union had kept some families on its membership lists through six generations. It had fervently backed the nationalization of electricity grids, and assumed a central role in the state-run Light and Power company when it was formed in 1960. The union had loyally backed the PRI, but as the country moved toward multiparty democracy, the electricity union veered left, supporting the Democratic Revolution Party (PRD), which claims to defend Mexico's workers' rights. PRD lawmakers denounced Calderón's move as unconstitutional, and demanded that it be reversed by Congress. (Calder...
...Most will raise rates - but one very conspicuous central bank is unlikely to follow suit. With the U.S. jobless rate at 9.8% and still rising, the U.S. Federal Reserve cannot risk a rate increase anytime soon, despite the danger of inflation. Raising rates would add to the burden on U.S. businesses, particularly small- and medium-size enterprises that account for the majority of U.S. jobs. Higher rates would also make mortgages, credit-card debt and other forms of personal financing more expensive, further crimping consumer spending, which accounts for the bulk...
...Chairman Ben Bernanke tried to talk up the dollar last week by declaring that the central bank would tighten monetary policy in order to avert inflation. But he also emphasized that the Fed is committed to keeping interest rates at near zero to help the battered economy. In the tug of war between those two antithetical positions, it's virtually certain that near-zero rates will win for the foreseeable future...
...report sounds fantastical on its face, and Muhammad al-Jasser, Saudi Arabia's central bank governor, lost no time in branding it "absolutely incorrect." But the fact that these assertions are being made at all shows how seriously confidence in the dollar has been shaken. The world's central banks are starting to shun the dollar. According to Barclays Capital, nations reporting currency breakdowns of their reserves invested 63% of new cash in euro and yen in the quarter to June 2009. It seems the U.S. will have to resign itself to a weaker currency until its economic house...