Word: dollarization
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Dates: during 2000-2009
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...could bash their home country the hardest. Rogers called China "the next great country of the world," while comparing a debt-burdened America to the failed British Empire. Daley lambasted American economic policy as ill conceived and out of touch. Rogers warned his listeners against a declining U.S. dollar; Daley said the U.S. consumer, who has been the world's most important, was spent as an economic force. The severity of the criticism became so uncomfortable that one Chinese audience member took hold of a microphone and said: "You don't have to say bad things about the United States...
...support from external demand. A closed capital account and an undervalued renminbi (RMB) were icing on the cake for China's powerful strain of export-led growth. Moreover, to the extent that its currency-management objectives required ongoing recycling of a massive reservoir of foreign-exchange reserves into U.S. dollar - based assets, such capital inflows helped keep longer-term U.S. interest rates at exceptionally low levels. In effect, China's implicit interest-rate subsidy ended up becoming an important prop to bubble-prone U.S. asset markets and, ultimately, for the asset-dependent American consumer...
...turns out our very own Greenhouse Café's joining the bandwagon of affordable eats. In addition to their month-long specials, today they'll be serving up cheese pizza for a dollar per slice, according to HUDS spokeswoman Crista Martin...
...Dollar Tree seems to have a knack for good timing. "They saw the recession coming," says Brent Rystrom, analyst at Feltl & Co., "and started selling more non-discretionary consumable products like food and health and beauty items." The store now sells Hormel sausages and Green Giant frozen vegetables, and over 1,200 of its stores now have refrigeration units. Now, in anticipation of an economic uptick, Rystrom is seeing Dollar Tree shift back to more discretionary items like decorations and toys, which tend to offer higher margins...
Rystrom also points out that Dollar Tree caters to a slightly more upscale consumer than its competitors do - the company says the average family income for an average Dollar Tree consumer is above $40,000. Nor are these consumers likely to abandon Dollar Tree when times improve - they may simply buy more discretionary items. "Consumers are watching every penny, and this isn't temporary," says Davidowitz, the retail consultant. "Dollar Tree is positioned phenomenally...