Word: dollarization
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...These visits have a pretty good payoff. A 2005 analysis by the Rand Corp. found that for every dollar spent providing nurse visitors to high-risk families, the government could save nearly $6 in welfare, juvenile-justice and health-care costs down the line. Dividends for the families' well-being may be even higher. A study published in the Journal of the American Medical Association (J.A.M.A.) in 1998 found that children in upstate New York whose mothers were visited by nurses during pregnancy and two years after birth were 59% less likely to have been arrested 15 years later, compared...
...China's appetites are good news for manufacturers in demand-depressed Europe. Last Wednesday, Beijing's Commerce Minister Chen Deming arrived in Germany with executives from about 90 Chinese companies, on a multi-billion-dollar shopping trip around Europe. The delegates signed more than $10 billion worth of deals in Germany alone, and another $400,000 worth of deals on a brief stop in Switzerland. Next stop was Spain, where the Chinese party bought about $320 million worth of goods ranging from auto parts to olive oil. Finally, in Britain they signed deals worth about $2 billion, including ordering...
...That way he can turn his attention to what the White House says it is really focused on - Obama's first budget, for fiscal 2010, the outline of which is due to be released on Thursday. "I want to pass a budget next year that ensures that each dollar we spend reflects only our most important national priorities," Obama said on Tuesday night. The anticipated austerity of that budget, which will likely allow President George W. Bush's tax cuts for the wealthiest Americans to lapse and include a road map for health-care reform, will look all the more...
...last eight years, spending got way out of control. The White House couldn't put a check on Congress and the Congress wouldn't put a check on the White House, so everyone spent what they wanted and we ended up with trillion-dollar deficits," says Representative Jim Moran, a Virginia Democrat who nevertheless voted for the package. "We have a responsibility as Democrats to make sure that we don't do that sort of thing - that when the White House is willing to make tough budgetary choices, that Congress plays a constructive role." Apparently, that new responsible role doesn...
...Still, the traders are lucky to even have jobs in a country where 4 out of 5 people are unemployed and 7 out of 10 eat one meal per day or less. Governor Gono's incessant printing of Zimbabwean dollars has deepened the country's economic woes, turning what was once the breadbasket of Africa into a financial basket case. Just last month, he unveiled a series of trillion-dollar notes. The Cato Institute estimates the country's hyperinflation, one of the worst in history, exceeds 89 sextillion percent, or roughly a doubling of prices every 24 hours. Rather than...