Word: dollarization
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Dates: during 2000-2009
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...interest - the contracts currently being traded - at the New York Mercantile Exchange (NYMEX). To put it in perspective, Saudi Arabia alone produces four times that much oil. Consider the leverage that the futures market allows - you can trade more than 10 times your money in oil - and suddenly every dollar you put into the futures market controls well over $300 worth of oil. We can put a price tag on the whole market: for a mere $4 billion, you can easily control the fate of the entire multitrillion-dollar industry. Goldman Sachs pays out more than that in annual bonuses...
...campaign. "One thing reporters aren't asking the Administration is - it's such a simple question, and people around here in the real world, outside of Washington, D.C., want reporters to ask - President Obama, how are you going to pay for this one- or two- or three-trillion-dollar health-care plan? How are you going to pay off the stimulus package, those borrowed dollars? How are you going to pay for so many things that you are proposing and you are implementing? Americans deserve to know...
...some places, the crisis has actually helped stimulate business. Ukraine's currency, the hryvnia, has lost about 35% of its value against the dollar and euro since the start of the downturn, a change that experts say is likely to boost the country's growing tourism sector and thereby the number of visitors willing to pay for a thrill. "The country is becoming a paradise for sex tourism before our eyes," says Yuri Lutsenko, Ukraine's interior minister, who worries about the trend. Police experts forecast that Ukraine's sex industry will more than double its revenues this year, generating...
Goldman Sachs is a giant pig. A giant pig that blows bubbles through a wand shaped like a dollar sign. A giant pig that laughs at us when we invest in worthless dotcom stocks. A giant pig that happily watches us get carried away and burned by rising home prices. A giant pig that smiles widely when we have to fill our tanks with $4-a-gallon gas. Quite simply, the investment bank that is revered on Wall Street could just be a bunch of crooks, and greedy ones at that...
...layoffs and Harvard's financial planning in recent weeks, emphasizing that even the world's richest university is being forced to slash budgets, the staff cuts are not unprecedented. In 2004, while the endowment was growing, Harvard laid off over 200 employees, citing the need to eliminate multi-million dollar "systemic" budget deficits wrought by capital expansions and a slumping national economy...