Word: dollarization
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...world's fifth largest producer of petroleum, and the wealth that oil brings this former fishing village is evident in the foreign luxury cars that choke its highways, running on gas that costs just 45 cents a gallon. But a year ago, the government launched the multibillion-dollar Masdar Initiative, a combination clean-tech investment fund, property developer and renewable-energy start-up, all dedicated to preparing Abu Dhabi for the end of oil and positioning it as an unlikely green leader. (Read TIME's "Heroes of the Environment...
...Obama demonstrates that he's more interested in helping Haiti with green-energy projects like jatropha-seed oil than he is in making Bolivia eradicate more and more coca bushes, or more committed to steering U.S. aid toward micro-credit ventures for Mexican peasants than to building multibillion-dollar border walls to keep them out, it could go a long way toward making Latin America a more pro-yanqui messenger in places like the Arab world, where the foreign policy stakes are higher. "He's promised a historic change," says Saab. "So if he wants a genuine alliance with Latin...
...Japanese businesses and financial institutions, however, are in a good position relative to their foreign counterparts. Japanese companies have ample cash on hand at a time when cash and liquidity matter most. As mergers-and-acquisitions activity increases abroad, the appreciation of the yen (currently 90 to the dollar) can actually work in favor of Japanese businesses, making acquisitions more affordable as the market caps of their competitors decline. And banks, even with some financial constraints, are seeing lending increase, with growth of 3.7% in December from a year earlier. Positive news, to be sure, but not quite the stuff...
...poor. It is crucial that Harvard’s Black intelligentsia no longer permit the usual suspects of the criminal justice industry to control the policy discourse on questions of public safety that so disproportionately affect poor Black people. The Boston Foundation’s current twenty-six million dollar Street Safe initiative, led by Robert Lewis Jr., presents an excellent opportunity for Harvard undergraduates to volunteer in local community-based organizations in the effort to stem violence in the Black community...
...this is, of course, just one small piece of the broader, potentially trillion-dollar stimulus plan, but it's one that Oberstar swears has the best shot of fixing the economy. "We are facing a worldwide economic, financial meltdown," he says. "And these measures taken so far by Treasury to stabilize the bank system itself, free up credit, are either not working or working so slowly that there is no trust in the credit system. And you need something much bigger. You need to put people to work...