Word: dollarization
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Dates: during 2000-2009
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...there were no bailout? All he wants from the rescue package is to assist the owners of banks and brokerage firms. If this were not the case, he would have stipulated that every company must hand over a specific number of shares to the government for every bailout dollar it receives. Colin Segal, Sydney...
...China's huge currency reserves and its vast holdings of U.S. securities make it a key player in the U.S. financial markets. If the Chinese decided to shift any of their money out of the U.S. or the dollar, it would cause a huge upheaval, potentially sending the dollar skidding and hurting markets even further. For the moment, though, China hasn't given any hint that it's unhappy about owning rapidly depreciating U.S.-dollar assets. (The greenback has actually strengthened in recent days, but some caution that this is temporary...
...also from regional financial centers, including Dubai and Singapore. And since financial services are such an important part of the U.S. economy, accounting for a massive 15% of New York's alone, any diminishing of its status as a financial center will have big repercussions on jobs. The dollar too may lose its long-held status as the currency of choice for central bankers everywhere. Snower of the Kiel Institute believes that in the future, "this will be seen as a historic period in which the U.S. will give up some of its reserve-currency role." Asian and Middle Eastern...
...advantage in having the rest of the world use your currency is that you can borrow easily: that's why the U.S. government and U.S. companies have long been able to borrow cheaply and why mortgage rates in the U.S. have historically been low. If the dollar has to share top billing with other currencies, it will be harder for the U.S. to finance a profligate lifestyle and run big deficits, as the nation currently does. Expect mortgage rates to shoot up and your overseas vacation to get a lot more expensive. In the past, Snower says, "the U.S. could...
Corsi had also planned to deliver a $1,000 check to Obama's half-brother George, who lives in a slum in Nairobi. One Republican ad has accused Obama of abandoning his brother, who was recently reported in Italian Vanity Fair to be living on a dollar a month. But George Obama has repeatedly denied that he said any such thing or that he feels abandoned by Obama. George Obama is currently in school studying to be an auto mechanic and says he has plenty...