Word: dollarization
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Dates: during 2000-2009
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...cites the "paradox" that women are still unhappy, even with all their current "equality." Then it states that the poll showed women often contribute to household income yet take on more of the responsibilities for the household, children and sick or elderly parents, while earning 77 cents on the dollar compared with men. Maybe there's a correlation. Missy L. Haney, LEESVILLE...
Since March, the dollar has lost about 15% of its value against the world's other major currencies. That's a dull way to put it, though, so you're more likely to read or hear that the greenback is "wobbling," "slumping," "plunging" or even "collapsing." Marc Faber, a Hong Kong-based investment guru with a flair for the dramatic, went so far as to declare in a TV interview a few weeks ago that the U.S. currency was on its way "to a value of exactly zero...
Those are strong words for what, going strictly by the numbers, has been nothing more than a retracing of the dollar rally that followed last fall's financial panic. When investors around the world got scared late last year, they poured money into U.S. Treasury securities that they perceived to be safe. That drove up the dollar. Then, after a few months, investors began taking risks again, putting money back into the U.S. stock market and into all sorts of investments in the rest of the world. So the dollar fell. (See 10 things you didn't know about money...
...still hasn't fallen even with the levels of summer 2008. So why all the hullabaloo? Why the sky-is-falling talk? Part of it is political. When you hear Republicans trying to pin the dollar's troubles on the Obama Administration, for example, it's worth remembering that the dollar has been on a downward trend since 2002. There's also a noisy colony of goldbugs and other Cassandras who are always predicting the dollar's demise...
Still, it's not just partisan hacks and Chicken Littles who are worried about the dollar. There are (at least) three good reasons to fret. First, the events of the past 14 months have made predictions of impending economic doom seem a lot more credible than they used to. When Faber forecasts not only a worthless dollar but also a "collapse of our capitalistic system as we know it today," it's impossible to dismiss him out of hand. Second, the data point that has dollar worriers most alarmed - burgeoning U.S.-government debt - is for real. Finally, the global monetary...