Word: dollarization
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Dates: during 2000-2009
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...Currencies have been moving just as wildly. The U.S. dollar continued its surge against the euro by pushing below $1.27 against the European currency Friday - a dramatic rebound from its record low of $1.60 in April. As investors sell out of stocks in other parts of the world they are rushing back into dollar assets, a traditional safe haven. That would ordinarily be good news for Asian and European exporters, whose products have suddenly become more competitive. But with American consumers cutting back spending, there may not be anyone to sell...
...result, we've been able to partially default on our giant debts to the rest of the world without actually defaulting - thanks to the decline in the dollar over the past five years. Chinese taxpayers, whose government holds a lot of that debt, may end up losing as much or more money (as a share of GDP) on the U.S. financial crisis as taxpayers here will...
...Leverage was the mother's milk of Wall Street - and of Main Street - for the past 20 years. Leverage meant debt, specifically the number of dollars you could borrow for every dollar of wealth you had. It meant borrowing other people's money to invest in something you wanted to invest in, or to buy something you wanted to buy. On Wall Street, debt funded investments in pretty much everything a financial firm could bet on, including the toxic mortgage-backed securities that led the way into this crisis. On Main Street, it meant borrowing to buy a house...
...Goldman Sachs, now U.S. Treasury Secretary. Four years later, the SEC complied, amending the rule; the effect was to allow Wall Street to borrow even more money to finance its businesses. At the most aggressive investment banks, leverage ratios reached 30 to 1. That is, for every dollar in equity capital the firm had, it borrowed...
...Instead of full reimbursement, the hospital system now receives 60 to 70 cents for each dollar of uncompensated medical service provided, according to its chief financial officer Gordon H. Boudrow...