Word: dollarization
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Dates: during 2000-2009
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...turn to show it's no pushover. In the G-20 run-up, Zhou Xiaochuan, China's central bank governor, published a paper suggesting that alternative global currencies, like Special Drawing Rights - a unit of exchange used by the International Monetary Fund - be considered to replace the U.S. dollar as the world's de facto reserve currency. While some Washington officials rejected the proposal as impractical, China's leaders have been taking steps to show just how nervous they are about a weaker dollar as the U.S. runs up massive deficits to shore up its crumbling economy and financial system...
...agreements are an unusual step for China, which has historically used U.S. dollars to conduct its external trade. But with some 70% of its $2 trillion in foreign reserves parked in the U.S. currency, China is searching for ways to diversify. Beijing's main concern is that the dollar will inevitably weaken, eroding the value of its holdings, due to the growing U.S. budget deficit that is expected to swell to more than $1.75 trillion in 2009, the country's largest debt load as a percentage of GDP since World War II. "This is the tip of the iceberg," warns...
...right? But, of course, they didn't. Why? The money. It was just too good to let us, the simple-minded investors, foolish enough to think this was all on the up and up, know too much, to raise concern, to cause trouble with perfectly legal, unregistered, multibillion-dollar funds that worked hard to stay under government radar. Legally, they didn't have to say a thing...
...misconception is that every dollar a fan spends in a host city directly benefits the city. Some of the money coming into Detroit will leave it just as quickly. Take hotels, for example. The Marriott and Sheraton may be full, but a chunk of that revenue flows to corporate headquarters outside of the city. The same holds for national restaurant chains like McDonald's. And the NCAA takes about 65% of the revenues from game tickets...
...state of good repair (a visit to any subway station will indicate they're not there yet), the city doesn't have the power to enforce it. Similarly, the plan pushes new projects like the long-awaited Second Avenue subway line on Manhattan's far East Side. Those multibillion-dollar improvements were to be paid for in part by implementing congestion pricing in Manhattan - charging drivers to enter the most crowded part of the city. As an added benefit, congestion pricing would have helped unclog New York's sclerotic traffic, which now costs the city $13 billion a year...