Word: dollarization
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Dates: during 2000-2009
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...obvious example, which will be front and center when U.S. President Barack Obama makes his first visit to China on Nov. 15, is the exchange rate of Beijing's currency, the renminbi (RMB). After allowing it to rise against the dollar by about 15% earlier this decade, China has since the onset of the crisis kept the RMB's value tightly pegged at about 6.8 to $1. Economists differ on how greatly undervalued the RMB is. The International Monetary Fund and World Bank contend that it's about 15%-25% below where it would be if it were allowed...
...steadfast Obama cheerleader - wrote a column ripping Beijing for its "outrageous" currency policy. He was followed late last week by Martin Feldstein, a former chief economic adviser to Ronald Reagan, who made a similar argument in the pages of the Financial Times. Both noted that the RMB-dollar peg is badly hurting economies in Europe and East Asia and that if Obama raises this issue in Beijing (as he surely will), he'll have tacit backing from a lot of precincts...
...firms to report how much stock each of their executives held, a point that a number of execs said might call into question their loyalty to their firm. AIG and a number of its top earners refused to give back past bonuses or rewrite contracts that guarantee multimillion-dollar bonuses at the insurer next year. And a number of companies insisted that his plan would hurt their ability to attract and retain talent...
...Lost America I wholeheartedly agree with Michael Schuman's views in "American Lament" [Oct. 12]. America's influence, reach and power is waning, but on the other hand, we read President Obama's compelling speeches on the Internet, follow the Nasdaq index, and accept the U.S. dollar as a base currency. America might have lost its direction in recent years, but I believe the best is yet to come under Obama's leadership. Sirinthra Malhotra, Bangkok, Thailand...
...economic problem for countries like Australia," says Anthony Richardson, a marine biologist at the University of Queensland in Australia. If the deadly box jellyfish that plague the country's northern beaches migrate south to the Gold Coast, it could have huge implications for the region's multibillion-dollar tourism industry. (See TIME's special report on the environment...