Word: dollarization
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...think the youth vote is going to change this time around,” said Timothy P. McCarthy ’93, a lecturer at the Harvard Kennedy School who studies politics and social movements. “But if I had a dollar for every time someone has said that to a reporter over the years, I’d probably be able to retire...
...Julia C. “JC” Guest adopted an eco-friendly design style, as she searched for “vintage” clothes at the Garment District’s Dollar-A-Pound pile. With Al Gore ’69 as her fashion inspiration, Guest decided to forego her muse’s stark suits and focus on his environmentally friendly message. Guest created a shockingly complex dress for a rock-bottom price of $5.40. Several distinct patterns merged in this layered-tank dress, which Guest finished with buttons down the back—a detail...
...practical one. As Frank Rich ’71 said in The New York Times, “Bashing the NEA, like boosting school prayer, is a high-profile, low-cost way for the Gingrich G.O.P. to distract the faithful while avoiding the hard choices about cutting multibillion-dollar entitlements that might really downsize the budget.” The NEA got cut off at the knees because it was easier—and much more popular—for House Speaker Newt Gingrich to blame Robert Mapplethorpe for our problems than actually to solve them...
...Meanwhile, an appreciating currency?the yen hit a 13-year high against the dollar on Oct. 24?is hurting Japan?s exporters. This week, Honda cut its annual revenue forecast for the 2009 fiscal year to $5.2 billion, a 19% decline compared with FY2008 results. Sony announced that its profit dropped 72% in the first half of the year. Help may be on the way. But Aso must convince a divided Japanese parliament to pass his stimulus package amid growing skepticism that it will be too little, too late...
...Finding jobs for millions of unemployed is "the biggest challenge [China's] leadership faces" says David Dollar, head of the World Bank's China office in Beijing. The current crisis has greatly accelerated a process that was already underway as China's economy has been shedding low-level factory jobs to transition to manufacturing higher value-added products and jobs in the service industry. "In a way, the crisis could work out well for China. It has the potential to help in rebalancing the economy away from production" to the creation of more jobs in the service sector, says Dollar...