Word: dollarization
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Dates: during 2000-2009
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...course, publishers are not the first to view so-called micropayments as a potential source of revenue for digital content. Apple's iTunes store showed it was possible to build a billion-dollar business by selling songs for 99 cents each. And, although many analysts doubt publishers can make the switch from free to fee, there is another industry that is currently making a similar transition: online gaming...
...addition to its multibillion-dollar deficit, California faces a severe cash-flow crisis and state controller John Chiang warns that the state could run out of money in July. California has the worst credit rating among the 50 states, so its leaders have pressed the Obama Administration and Congress to act as a co-signer on the state's borrowing. As with AIG, California officials argued, the state is too big to fail. "A fiscal meltdown by California ... would surely destabilize the U.S., if not worldwide financial markets," state treasurer Bill Lockyer wrote U.S. Treasury Secretary Timothy Geithner...
...solutions. TV bulletins have even shown federal lawmakers swinging at one another in fistfights in Congress. Voters are also furious at their representatives' six-figure salaries in a nation where the minimum wage is $5 a day. And while video evidence has shown prominent politicians stacking wads of dollar bills into briefcases or extorting businessmen, the same candidates keep beating the courts and getting back on the ballot. For the voto en blanco movement, Mexico has swung from dictatorship to a kleptocracy. One YouTube video for the campaign shows supposed politicians from the three main parties laughing as they tear...
Northeastern Exposure. Warming will make skiing, ice-skating and snowmobiling pastimes of the past in many areas of the Northeast, decimating the multibillion-dollar winter-sports industry. The center of maple-syrup production will shift from New England to Canada, and production of apples and other produce that depend on cooler winters will decline...
...officials for "panicking people" early on by sending out conflicting messages about buyouts. "Most of the people who lived in the flood area were people of limited means, and it opened up a terrible, terrible opportunity," says King. Many sold their houses to speculators for "10 cents on the dollar" because "there was no direction from the city council...