Word: deficit
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Dates: during 2000-2009
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...possibility that the dollar, after its recent show of strength, will again 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...
...Despite all the nervousness, the dollar is not necessarily destined to decline. Large budget deficits don't automatically lead to weaker currencies. In the early 1980s, the dollar strengthened even as the Reagan Administration embarked on a spending spree, because higher interest rates attracted foreign money, pushing the dollar up. The budget deficit "is not at the center of thinking about the dollar," says Richard Portes, an economist at the London Business School...
...that cash is highly unlikely to come from any source other than the U.S. government. In that case, the sums needed for the TARP and other programs will almost certainly increase. And, the amount could easily be several hundred billion more dollars. Rising unemployment will also move the budget deficit higher by several hundred billion more dollars in the next two years because of the need for additional capital to stimulate the economy and a shortfall in tax revenue from people who were not supposed to be out of work. (See pictures of the global financial crisis...
...Stack-Babich deposited an offering from Cornell’s David Rochefort over the center-field fence to give Harvard its second straight walk-off win over the Big Red, which had roared back from a four-run deficit to tie the game at five on a Nathan Ford jack in the top of the ninth...
...Meehan and Tom Stack-Babich each hit walk-off homers in a thrilling sweep of the Big Red (4-16, 2-6 Ivy).Meehan capped off a five-run ninth with a two-run shot in Game 1 to bring Harvard all the way back from a 5-1 deficit and give the team a 6-5 victory.Stack-Babich took his classmate’s cue in the nightcap—stepping up to the plate with the score tied at five and a man on base in the bottom of the ninth and hammering the ball over the centerfield...