Word: dollarization
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Dates: during 2000-2009
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...Japanese businesses and financial institutions, however, are in a good position relative to their foreign counterparts. Japanese companies have ample cash on hand at a time when cash and liquidity matter most. As mergers-and-acquisitions activity increases abroad, the appreciation of the yen (currently 90 to the dollar) can actually work in favor of Japanese businesses, making acquisitions more affordable as the market caps of their competitors decline. And banks, even with some financial constraints, are seeing lending increase, with growth of 3.7% in December from a year earlier. Positive news, to be sure, but not quite the stuff...
...poor. It is crucial that Harvard’s Black intelligentsia no longer permit the usual suspects of the criminal justice industry to control the policy discourse on questions of public safety that so disproportionately affect poor Black people. The Boston Foundation’s current twenty-six million dollar Street Safe initiative, led by Robert Lewis Jr., presents an excellent opportunity for Harvard undergraduates to volunteer in local community-based organizations in the effort to stem violence in the Black community...
...this is, of course, just one small piece of the broader, potentially trillion-dollar stimulus plan, but it's one that Oberstar swears has the best shot of fixing the economy. "We are facing a worldwide economic, financial meltdown," he says. "And these measures taken so far by Treasury to stabilize the bank system itself, free up credit, are either not working or working so slowly that there is no trust in the credit system. And you need something much bigger. You need to put people to work...
...example, if you want to upgrade infrastructure, there's a big difference between fixing and building. When you fix a road, the dollars you spend reduce your need for future road repairs. When you build a road, you increase your need for future road repairs. Repairs are also quicker to get moving than new construction, and the Federal Highway Administration has calculated that repairs create 9% more jobs per dollar spent. And while repairs eliminate potholes and other problems that cost motorists time and money, new construction tends to produce rural or exurban sprawl roads that promote speculative development, overstretch...
...warming, volatile gas prices and our addiction to foreign oil; transit projects also create 9% more jobs. Then again, transit projects like high-speed rail lines and subway stations tend to take more time to build than roads or repairs. And while a recent study calculated that the average dollar spent on infrastructure ricochets into $1.59 worth of short-term growth - a bit better than aid to states or broad-based tax cuts and a lot better than tax cuts for businesses or investors - increasing food-stamp or unemployment benefits packs even more bang for the buck...