Word: dollarization
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Dates: during 2000-2009
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...Call it the Huber-Howell project, and we’re ready to drop some D’s on this hoe. If you want to ride on this pain train, betta buy yo ticket. For $9.95. No C.O.D.’s. Twenty dollar value...
...economic crisis. In an address on the economy last Thursday, he said, “we need to act boldly and act now to reverse these cycles.” Regrettably, his proposed action, the American Recovery and Reinvestment Plan, falls well short of bold. A $775 billion dollar bill might be the best way to win bipartisan support, but threatens to leave our economy in recession for years, sell the American people short, and tarnish Obama’s presidency...
...truly effective stimulus plan jolts the economy by lifting consumer confidence, since tax cuts can only increase economic activity when people spend, not save. A bigger plan would undoubtedly lead to more consumer confidence, especially if Obama had been brave enough to break the trillion-dollar mark. The flurry of news headlines and television news stories that would accompany such a big figure would show the public that Obama is serious about bringing up the economy, and hopefully motivate them to spend...
...should be - we can't afford to leverage tomorrow to build the infrastructure equivalent of buried banknotes, not when the deficit is a record $1.2 trillion and the debt a staggering $10.6 trillion. A depression would make both problems worse - tax revenues plunge when incomes plunge - but every public dollar we spend on depression avoidance also plunges us deeper into our hole. It's a bit galling to hear Republican leaders warn that Obama wants to spend money borrowed from our children when their own appetite for pork and tax breaks helped double the debt during the Bush years...
...Just a Deal - a New Deal Obama hasn't yet released details of his plan, so the debate has so far focused on the overall dollar amount (liberals want more, conservatives less) and general makeup (liberals want fewer tax cuts, conservatives more) rather than specific strategies for priming the pump. But the clichés are true: God - or the devil - will be in the details...