Word: dollarization
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...Cambridge as a municipality is in extraordinary good shape fiscally. We have been thoughtful about not spending down to the last dollar, so we have about $94 million in what they would call “free cash.” That puts us in a position where we don’t have to look at layoffs or cutting programs or services or increasing the tax that we levy on our residents. The presence of the universities, just in terms of the intellectual capital, the people that it brings into the city that take advantage of our goods...
...more politically sensitive issue - on both sides of the Pacific - is whether China will continue to allow its currency to appreciate. The RMB is up almost 20% against the U.S. dollar since July of 2005, and that's part of the reason small, low-end Chinese exporters have seen their profits dwindle. A Chinese businessman asked Paulson after his speech whether the renminbi had appreciated sufficiently against the dollar. Paulson didn't answer directly, but in Beijing they know what the answer is: you bet it has. With Chinese growth slowing significantly and the economic pain spreading, "any further liberalization...
...what about the books that hit stores just before the financial crisis broke? "If the book is already out, you might have to market it a different way," says Weisser. That's the case for Paul B. Carroll and Chunka Mui, whose Billion Dollar Lessons, which chronicles the biggest business failures in the past 20 years, came out in September, right before Wall Street firms started collapsing. "They're seeing common threads of what got these companies into trouble, so they are applying what they know to the news headlines," says Weisser. Similarly, David Smick's book The World...
Since Kilpatrick's resignation, Detroit politics have been in turmoil. Federal authorities are investigating several members of the city council for alleged bribery involving a multimillion-dollar sewage contract, and a public shouting match between councilwoman Monica Conyers and interim mayor Kenneth V. Cockrel has become a running joke among residents...
...group of Harvard students and administrators charged with planning the College’s billion-dollar House renewal project hit the road late last week, heading south to Yale and Princeton to observe the two Ivies’ recent renovation work. Those on the trip said the tours, talks with project overseers, and input from students offered ample advice and put Harvard’s impending renovations in perspective. “At the beginning of a very large—and very expensive—Harvard House renewal initiative, the trip was designed to allow Harvard faculty and administrators...