Word: dollarization
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Dates: during 2000-2009
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...players, including McNabb and Jets linebacker Bart Scott have announced they wouldn't play for a Limbaugh-owned team. That's understandable, but they shouldn't forget that playing in the NFL is to be working for sport's biggest plantation. Yes, guys like McNabb are making multimillion-dollar paydays. Yet he and the rest of the players labor within the confines of a football monopoly that has never taken kindly to outside competition or an activist workforce. Consider the NFL players' strike of 1987, which the owners crushed with all the sensitivity of Kentucky coal-mine operators. In ensuing...
...cauldron of Middle East politics, the unlikely alliance between Turkey and Israel often stood out. Seemingly impervious to Arab opposition and the tracts of disputed land lying between them, the two countries had over the past decade traded intelligence, struck billion-dollar arms deals and hosted each other's militaries for training sessions. Even when Turkish leaders occasionally railed against Israel's policies toward the Palestinians, military cooperation continued unhindered behind the scenes, anchored by Washington across the Atlantic...
...growing differential in interest rates is only one element in this process. On the day Australia raised interest rates, Britain's Independent newspaper reported that the Gulf Arab states and China, Russia, Japan and France are working to end the use of the dollar in oil trading by 2018. Citing "Gulf Arab and Chinese banking sources in Hong Kong," the newspaper said the plan is to price oil using a basket comprising gold, euro, yen, renminbi and a new unified currency for the Gulf Cooperation Council countries...
...Then again, the hypothetical Martian would also scratch his head at the notion of paper money. The dollar has no intrinsic value. It has become the world's storehouse of value because it is backed by the economic might of the U.S. If another super-economy emerges, be it the European Union, China, India, Brazil or Russia, then that new power's currency could replace the dollar as the world's reserve currency, just as the dollar replaced sterling in the last century. (See pictures of the best-selling cars in China...
...report sounds fantastical on its face, and Muhammad al-Jasser, Saudi Arabia's central bank governor, lost no time in branding it "absolutely incorrect." But the fact that these assertions are being made at all shows how seriously confidence in the dollar has been shaken. The world's central banks are starting to shun the dollar. According to Barclays Capital, nations reporting currency breakdowns of their reserves invested 63% of new cash in euro and yen in the quarter to June 2009. It seems the U.S. will have to resign itself to a weaker currency until its economic house...