Word: dollarization
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...debt grows, lenders will be willing to take the risk of giving more money only if they can get more in return. And yet with the rise of China, India and Brazil, the world is awash in money looking for safe places. Even with the U.S. economy weak, the dollar remains one of the few truly safe havens, and that means interest rates could stay low for a very long time, which in turn means that our debts - however big - can be managed...
Like home mortgages, much of the debt never has to be paid down. Half of the debt of trillions of dollars is owed by the federal government to itself, and a quarter more is owed to the American public. Because of the unique role of the dollar as the global reserve currency, the debt the government owes itself can simply be rolled over endlessly. Only the interest payments are a must. As long as the dollar remains central to the global system - and there is little chance of that changing in the next decade - the U.S. will have the latitude...
...many Florida political experts, Crist should emphasize a gubernatorial record that's more Republican-friendly than his foes admit. "Crist did preside over one of the largest tax reductions in Florida history," says Sean Foreman, a political scientist at Barry University in Miami, referring to Crist's multibillion-dollar property-tax cuts. "He needs to define Rubio, but he also needs to define himself better, especially his experience vs. Rubio's lack of it. If he does that, I still think Crist hasn't lost this...
...wanted to double U.S. exports over the next five years and challenged China to adopt a "market-oriented exchange rate" for its currency, the renminbi. But the policies that Wen was criticizing are in many respects what China has pursued for years. The renminbi has been pegged against the dollar since mid-2008, and overseas economists say the currency may be undervalued by as much as 40%. Trade is a key component of economic growth for China, the world's largest exporter, and the government is wary of any sort of collapse that could contribute to unemployment. Efforts to boost...
...saying it was correctly valued and would remain "basically stable at a reasonable level" this year. "We oppose nations finger-pointing or even using forceful methods to compel a country to raise the value of its currency," he said. He also worried openly about the value of China's dollar-denominated assets, including $895 billion in U.S. Treasury debt. He warned the U.S. not to depreciate its currency to boost trade, as it would hurt the value of Chinese-held assets. The U.S. depends on China's Treasury purchases to fund its budget deficit, which is forecast to exceed...