Word: dollarization
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Dates: during 2000-2009
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...quick replacement of the dollar as the world's No. 1 currency doesn't seem likely either. Statistics from the IMF show that the percentage of global currency reserves held in dollars has been declining in recent years - but only marginally. Dollars accounted for 64% of the world's currency reserves at the end of 2008, down from 67% three years earlier. There remains great incentive for countries with large dollar reserves, like China and Japan, to continue to invest in dollar assets to preserve the value of their holdings. Besides, replacing the dollar would demand a level of cooperation...
...Whatever world leaders decide, some economists believe that the dollar cannot avoid some deterioration. As other nations and regions gain in wealth and economic influence, the U.S. economy will slowly lose its preeminence and the dollar its stature as the undisputed world currency. Harvard's Frankel foresees that the supremacy of the dollar will erode over the next 15 years or so, with other currencies, like the euro, making inroads and forming a system in which multiple currencies share the world stage. "This is the last major crisis in which the dollar is viewed as a safe haven," Frankel predicts...
Madoff, in jail since March 12, awaits sentencing for his masterminding of the decades-long crime, a billion-dollar Ponzi empire built at least half on the backs of feeder funds like Merkin's and one charged last week, Fairfield Greenwich Group, with a civil complaint by William F. Galvin, Massachusetts Secretary of State...
...General Motors, America will remember CEO Rick Wagoner for his injudicious use of executive privilege. Wagoner and his colleagues at Ford and Chrysler gained notoriety for flying in three separate private jets to Washington, in order to ask Congress for a multi-billion dollar bailout. Four months later, Wagoner has resigned as a condition of this bailout and been replaced by Fritz Henderson, GM’s current president and chief operating officer...
Over five hundred walkers came together on Saturday for the Sixth Annual Walk for Haiti, successfully raising over $40,000 dollars for Harvard-affiliated international healthcare organization Partners in Health (PIH), according to Karen Fritsche, the walk’s co-founder. This year’s theme was “Housing for Haiti,” as 100 percent of the funds will be used to rebuild homes in Haiti, where land and infrastructure were devastated by two hurricanes last summer, Fritsche said. She estimated the three-mile walk along the Charles River raised enough money to build...