Word: deficits
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...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't look...
...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...
...This time of year teams change very quickly,” Farrar said.BROWN 11, HARVARD 10In the team’s final home game of the season, the Crimson stumbled out of the gate. Two exclusions and a Brown penalty shot provided the basis for an early 4-0 deficit. But Harvard refused to let the second match of the day go the way of the first and quickly turned the tide around.“We did a great job of digging ourselves out of that hole,” Farrar said. “And it was game...
...Into the singles, the Crimson knew it had to win four points to overturn the deficit and return to winning ways. It got off to the perfect start with an equalizing win at No. 5—freshman Davis Manghan, replacing the injured Ermakov, won 6-2, 6-2 against Gauthier in his Ivy League debut. A pair of gritty victories further increased the Crimson momentum; No. 3 Felton fought back to defeat Jonathan Fife (4-6, 6-1, 6-4), while the in-form No. 2 Chijoff-Evans overcame Goldstein...
...between the Pittsburgh Steelers and Seattle Seahawks on television. Did the game lift Detroit long-term? Well, Detroit's unemployment rate is 13%, worst in the country among major metropolitan areas. The city's bonds have junk ratings. Because its school system has run up a $305 million deficit, the city may have to close up to 50 schools. Thanks for the help...