Word: dollarization
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Dates: during 2000-2009
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...Cellini, of Springfield, is accused of trying to shake down the Teachers' Retirement System and other firms for campaign funds for Blagojevich, and also of trying to extort one of the producers of the Clint Eastwood film Million Dollar Baby. He has been under indictment since October, the 13th person charged in the ongoing Illinois pay-to-play scandal that prosecutors said traces back to even before Blagojevich became governor. Cellini has denied any wrongdoing. (Read "The Fall of the House of Blagojevich...
Satyam Computer Services, the Indian I.T. and outsourcing giant that was nearly sunk by its founder's billion-dollar accounting fraud, has been sold to a smaller rival in an unusual auction in which bidders were unable to assess the true financial standing of the company...
Shift those foreign dollar reserves into SDRs, the reasoning goes, and global finance suddenly becomes much more balanced. By no longer needing to load up on dollars, countries like China would have less incentive to run big trade surpluses with the U.S. This line of thought goes back to English economist John Maynard Keynes - the source of seemingly every important economic idea of this crisis-racked time - who first proposed what he called "supernational bank money" in 1930. During the economic turmoil of his day, he kept refining the idea and proposing odd names for the currency - first "grammor...
...create $250 billion in new SDRs marks a "major step" toward establishing the SDR as a global reserve currency, says Stiglitz. It's only a step, albeit enough of one to prompt Republican Representative Michele Bachmann of Minnesota to make the claim that Obama was out to ditch the dollar. Actually, the dollar would live on in an SDR-dominated world. It would no longer reign supreme, but neither would the yen or the euro or the yuan. Which might be the best long-run outcome the U.S. can hope...
...South Africa Zuma's Path to Power Cleared South African prosecutors have dropped corruption charges against African National Congress leader Jacob Zuma, ending an eight-year legal saga in which Zuma was accused of accepting bribes to impede an investigation into a multibillion-dollar arms deal. The decision to drop the charges comes just two weeks before the country's presidential election, clearing the way for a near certain victory for Zuma. Members of the Democratic Alliance, South Africa's main opposition party, are demanding a judicial review, accusing prosecutors of "buckling to political pressure." Zuma, who had long called...