Word: dollarization
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Dates: during 2000-2009
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...years we've been hearing that the U.S. dollar's days as the world's dominant currency are numbered. Remember when the yen was going to supplant it? Then came the euro. Next up: the yuan...
...Beijing Replacing the Dollar? In a sign of growing concern over the U.S. economy, the head of China's central bank proposed implementing a new currency-reserve system that could ease the country's reliance on the dollar. Experts say the move underlines China's desire to take a leadership role in the global response to the financial crisis. Still, few analysts expect the dollar to be replaced by what Zhou Xiaochuan called a new "supersovereign reserve currency" in the foreseeable future. China, which holds nearly $2 trillion in foreign-exchange reserves, is the U.S.'s largest creditor...
...resolution, motioned to vote on the resolution at a later meeting. “[Harvard’s] behavior is not Veritas behavior, it is embarrassing and pitiful,” said Reeves. “It’s just not fair for a multi-billion dollar university to take bread out of children’s mouths. Hopefully we can see some more enlightened leadership in the future.” Harvard’s offer of early retirement may be perceived as coercive by workers who feel pressured by the possibility of layoff, said Stephen A. Helfer...
...here's why Defense Secretary Robert Gates kept discussions on the Pentagon's 2010 budget so secret that he swore the military's high command to silence ahead of the budget's unveiling. Aiming to shift military spending priorities from billion-dollar Cold War-era weapons to the simpler armored vehicles and spy drones needed for the "wars we are in today and scenarios for the years ahead," Gates on Monday proposed, among other things, to end funding of the advanced F-22 Raptor fighter. That cut alone will spark fierce resistance on Capitol Hill, but it's only...
...Some will say I am too focused on the wars we are in and not enough on future threats," Gates told reporters. "But it is important to remember that every defense dollar spent to overinsure against a remote or diminishing risk - or, in effect, to 'run up the score' in a capability where the United States is already dominant - is a dollar not available to take care of our people, reset the force, win the wars we are in and improve capabilities in areas where we are underinvested and potentially vulnerable...