Word: dollarization
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...that eviscerated markets last week. The earlier rout was caused by continuing fears that governments were not sufficiently committed to prevent the world's finance and banking sector from collapsing - worries temporarily allayed by rescue plans announced over the weekend in Washington and Paris, and detailed in trillion-dollar-terms Monday. But the confidence those measures inspired in global markets has given way to more classic concerns among traders of a looming economic downturn - or quite probably recession - undermining the business activity and results of traded companies. That souring of spirits was evidenced Wednesday with indices sliding across Asia...
...amid the shocking developments of the past few months, the dollar has surprisingly gained strength. It has rallied more than 16% against the euro since its trough in early July and made impressive advances against the Australian dollar, South Korea's won and other currencies. There's a fairly simple explanation for this: it's not that people want to own dollars, its just that they want to own the alternatives even less. There's certainly nothing mysterious about the dollar's recent strength against the euro. Between July 1, 2006, and July 1, 2008, the dollar lost 19% against...
...such thing as ‘too mean’. And hey, not to sass back here, but since when did mistrust of everything ain’t white become a party plank for us?” “Probably about the same time trillion-dollar deficit spending and torture did. Let me ask you: When has the miscegenation card not worked? Bang that drum: Have you seen these crowds Sarah’s been drawing? Talk about fired up.” “Listen, lynch-mob fired-up is not the same as Rock...
...digits. For a nation already struggling with a bleak economic reality, it was a less-than-reassuring display. Several news organizations quipped about such a literal "sign of the times," while the satiricial newspaper The Onion offered its own brand of gallows humor: "If everyone just donated one dollar, we would have enough money to buy a new clock...
Luckily, citizens won't have to pitch in. New York real estate firm The Durst Organization, which owns and operates the clock, plans to install an updated model sometime next year that can display a quadrillion dollars. In the meantime, the company has hacked the current display to provide a temporary solution - replacing the dollar sign at the front of the number with an extra digit...