Word: dollarization
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Dates: during 2000-2009
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...krone's strengths also reflect the current weaknesses of rival currencies. The yen and the Swiss franc had been doing pretty well amid the chaos. The Japanese currency, for instance, rose more than a fifth against the dollar in the last four months of 2008, as previously big-spending investors cashed in risky assets overseas and brought their earnings home. But that's changing. Japan's economy is in freefall. In its latest assessment of the global economy published March 19, the International Monetary Fund forecast the country's output shrinking by 5.8% this year, much more than...
Lastly, Geithner got to the "Public Private Investment Fund" for the securitized assets now clogging the banks' books. The plan envisions creating five investment funds under five outside asset managers. Those managers will get dollar-for-dollar matching investments from the government to buy what were once triple-A rated toxic assets from the banks, and can apply for loans from the government to further leverage their purchases...
...without a change in policy, Obama is on track to accomplish exactly what he promised to change during the campaign, creating a massive burden for the next generation to fund politically popular policies in the short term, like tax cuts and spending programs. (Read "How to Understand a Trillion-Dollar Deficit...
...commercial vehicles and cars have slumped, and debt from the company's purchase last year of luxury brands Jaguar and Land Rover is weighing on Tata Motors' balance sheet. Tata argues that the Nano is exactly the right car for these difficult times. "If I had conceived a million-dollar supercar today, I think you'd have every reason to question whether that's the right product at the right time in the planet that we are living in," Tata told TIME during a March 5 interview. "What has happened in the changing global economic situation reinforces, if nothing else...
After weeks of playing sudoku with match schedules and wrangling with the Indian government over scheduling clashes with the upcoming general election, the powerful Board of Control for Cricket in India (BCCI) announced Sunday it would hold its billion dollar Indian Premier League (IPL) outside India. The decision marks an unexpected climax to a weeks-long dispute between the BCCI and the Indian Home Ministry. Dates for the IPL, which features the best players from around the world, had long been set for April and May, the only time available for a 45-day tournament during the 2009 cricket calendar...