Word: dollarization
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Dates: during 2000-2009
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...York City cable access show Media Funhouse, Ackerman recalled that 165 people attended the confab. "We had a banquet so expensive that only 29 of us could afford it," he told Ed. "I couldn't even afford to lend the money to Ray Bradbury, 'cause it was one dollar a plate. Of course no food, you understand, just a dollar for a plate." Forry wore the spaceman outfit around the city, attracting cries of "Buck Rogers!" and "Flash Gordon!" from local children. He added: "They had an Esperanto convention, the artificial language, which I know. ... So I was in this...
...flatter China, the world's rising economic power, and to enlist its cooperation on big, global issues like increasing the use of renewable energy and protecting the environment. And if, along the way, Beijing managed to raise the value of its currency, the renminbi, against the dollar as the U.S. desperately wanted, so much the better...
...record will show that over the course of the past two years, China did in fact raise the value of its currency against the dollar more than 15%. But it will also show that during his last visit to Beijing as Treasury Secretary - which ended today - Paulson and his team had to ask the Chinese government not to backtrack on its commitment to "continued currency reform," as a Treasury spokesman put it. The RMB has recently weakened against the dollar, raising global alarm bells that China might try to devalue it as a way to revive its gasping export sector...
...same time, it's not clear where else China would stash the dollars it earns via its massive trade surplus other than in U.S. Treasuries. Europe's economies are in no better shape than the U.S.'s, and it has again become clear during this crisis that the dollar - not the euro - remains the world's safe-haven currency. Beijing's other option - bringing home the dollars it earns via trade - would complicate China's own monetary policy and possibly drive up the value...
...That's something the Chinese increasingly want to avoid. Indeed, as Paulson and his team noted at this week's meetings, Beijing has started to make its trading partners nervous with a recent, relatively small reversal of the slow and steady rise in the RMB's value against the dollar. As a senior executive at a state-owned financial institution conceded to TIME two weeks ago, there is undeniable pressure from China's politically powerful export sector to weaken the RMB, which would make Chinese goods more price competitive abroad. If China triggered a wave of devaluations from other East...