Word: dollarization
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Dates: during 2000-2009
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...investment community by asking creditors of its main corporate arm, ports-and-property conglomerate Dubai World, for a six-month payment standstill on its almost $60 billion of liabilities. The surprise hit stock markets in Asia and the U.S., while sending investors scrambling for safe havens like the U.S. dollar. Experts have since engaged in a rabid round of speculation over what the Dubai debt crisis might mean for the world economy. Some see the problem as little more than a big real estate bust. "I don't see what the big deal is," Willem Buiter, economist at the London...
...made redundant and now live on benefits as a result of the credit crunch brought about by our banking fraternity. Like many, I felt disappointed that, after being rescued with billions in taxpayers' money, they were still trying to give each other annual million-dollar bonuses. But then I felt better - I too was to receive a Christmas bonus: an extra ?10 in my December unemployment benefits. I can now almost afford a haircut. Joe Field, LONDON...
...incentives are more tangible than cash. Conservationists are considering cash payments to farmers in the Brazilian state of Mato Grosso to stop them destroying the forest for agriculture. But with 120,000 households around Ulu Masen, even a multimillion-dollar sale of carbon credits might amount to only $100 to $200 a year per family, estimates Linkie. The money might be better pooled to build schools, bridges or other projects that would benefit the entire community. However it is distributed, a very clear message must be sent to the local communities, says Linkie: "You're getting this [money] because...
Plain old niacin--a B vitamin--may be better at unclogging arteries than an ingredient in Merck's multibillion-dollar cholesterol drugs Zetia and Vytorin, according to a recent study. It's the third trial in two years to question the pills' effectiveness. Patients are growing skittish: sales of both drugs fell to $4.56 billion in 2008, down 12% from the year before...
...days in China, President Barack Obama set a constructive tone for the future. He welcomed the emergence of China as a new force in the global economy and rebuffed suggestions that its rise should be seen as a sign of American decline. Chinese officials expressed concern about a weak dollar but committed to working with the U.S. to stabilize the global system. Hardly anything concrete was accomplished, but the trip cemented the centrality of the U.S.-China economic relationship and the fact that the two economies are, for now, intertwined. (See pictures of Obama's trip to Asia...