Word: dollarization
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Dates: during 2000-2009
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...expected to cut its key policy rate below the current 0.5% soon. Though rates in Japan are already almost nil, Tokyo's hand is to an extent being forced by Washington. That's because as U.S. rates fall, fewer investors are willing to hold U.S. dollar debt, which undermines the value of American currency vs. the yen - and a stronger yen is bad news for Japan. It makes the country's exports more expensive, curtailing economic growth. Credit Suisse's Shirakawa believes the chances of the BOJ returning to a zero rate is less than 50%, "because they know that...
Free Money. When was the last time a hotel gave you cash at check-in? The Hard Rock Hotel in Chicago is handing guests $20 in one-dollar bills in the hopes that they'll use the money charitably during their stay. The hotel suggests giving back by tipping a street musician or paying the highway tolls of 10 cars behind you. If you upgrade your room, the hotel will donate $25 to one of three local charities, including the Chicago Food Bank. Generosity must be contagious: Another Chicago hotel, Hotel Indigo, is handing guests $25 gift cards to Target...
...Cambridge as a municipality is in extraordinary good shape fiscally. We have been thoughtful about not spending down to the last dollar, so we have about $94 million in what they would call “free cash.” That puts us in a position where we don’t have to look at layoffs or cutting programs or services or increasing the tax that we levy on our residents. The presence of the universities, just in terms of the intellectual capital, the people that it brings into the city that take advantage of our goods...
...there has always been a darker side to this paradise. Since coming to power in 1978, Gayoom has tended to run the Maldives as his personal sultanate, awarding seats in government to members of his own family while, to this day, 40% of the population earn less than a dollar a day. Political parties were banned and dissent stifled while Gayoom periodically renewed his own mandate through elections with only one name on the ballot. "There was a catalog of human rights violations," says Abbas Faiz, a South Asia researcher for Amnesty International. "Authorities could detain anyone and treat them...
Since Kilpatrick's resignation, Detroit politics have been in turmoil. Federal authorities are investigating several members of the city council for alleged bribery involving a multimillion-dollar sewage contract, and a public shouting match between councilwoman Monica Conyers and interim mayor Kenneth V. Cockrel has become a running joke among residents...