Word: dollarization
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Dates: during 2000-2009
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...such thing as ‘too mean’. And hey, not to sass back here, but since when did mistrust of everything ain’t white become a party plank for us?” “Probably about the same time trillion-dollar deficit spending and torture did. Let me ask you: When has the miscegenation card not worked? Bang that drum: Have you seen these crowds Sarah’s been drawing? Talk about fired up.” “Listen, lynch-mob fired-up is not the same as Rock...
...digits. For a nation already struggling with a bleak economic reality, it was a less-than-reassuring display. Several news organizations quipped about such a literal "sign of the times," while the satiricial newspaper The Onion offered its own brand of gallows humor: "If everyone just donated one dollar, we would have enough money to buy a new clock...
Luckily, citizens won't have to pitch in. New York real estate firm The Durst Organization, which owns and operates the clock, plans to install an updated model sometime next year that can display a quadrillion dollars. In the meantime, the company has hacked the current display to provide a temporary solution - replacing the dollar sign at the front of the number with an extra digit...
...bought up some $1 trillion in U.S. debt, making it a major financier to the American credit binge. There have been longstanding fears that Beijing would at some point stop buying U.S. Treasury securities. That is unlikely because it could spark a selloff that would cause the U.S. dollar to plunge in value, eroding China's huge dollar holdings. Besides, China is still earning billions a day through its exports and "has to do something with the money," says one senior Beijing economist who asked not to be named. He and others note that a sudden move into the euro...
...What China will likely not do is buy direct stakes in troubled banks, says economist Arthur Kroeber of Beijing-based Dragonomics consultants. "They have been burned already and will be very cautious," Kroeber says, referring to previous multibillion-dollar investments in companies like Blackstone and Morgan Stanley that have plunged in value. On Oct. 6, Ping An, one of China's largest insurance companies, announced it was forced to take a $2.3 billion write-off on an investment it made in the ailing Dutch-Belgian financial giant Fortis...