Word: dollarization
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...there were no bailout? All he wants from the rescue package is to assist the owners of banks and brokerage firms. If this were not the case, he would have stipulated that every company must hand over a specific number of shares to the government for every bailout dollar it receives. Colin Segal, Sydney...
...something funny happened as the Europeans smugly watched the American behemoth stumble: the not-so-almighty dollar began to rise. Since mid-July the greenback has gained more than 16% against the euro. And why? Because for all its troubles, the U.S. still looks like a safer and ultimately more profitable haven than Europe, with its irreducible jobless rate of about 8%, or those trendy emerging markets that have now crashed back to earth. You would have thought the U.S. would be hemorrhaging trillions by now; instead the rest of the world is learning to love its currency again...
Topping Roberts' list of challenges: calling Verizon's and AT&T's billion-dollar bets on delivering TV service through fiber-optic lines. Verizon has signed up 1.4 million video subscribers, a good many of them in the Northeast, where Comcast rules. By 2010, Verizon expects its video, phone and Internet effort, dubbed fios, to reach 18 million households. AT&T is following along the same track, while EchoStar and DirecTV continue to add satellite-video subscribers...
...also from regional financial centers, including Dubai and Singapore. And since financial services are such an important part of the U.S. economy, accounting for a massive 15% of New York's alone, any diminishing of its status as a financial center will have big repercussions on jobs. The dollar too may lose its long-held status as the currency of choice for central bankers everywhere. Snower of the Kiel Institute believes that in the future, "this will be seen as a historic period in which the U.S. will give up some of its reserve-currency role." Asian and Middle Eastern...
...advantage in having the rest of the world use your currency is that you can borrow easily: that's why the U.S. government and U.S. companies have long been able to borrow cheaply and why mortgage rates in the U.S. have historically been low. If the dollar has to share top billing with other currencies, it will be harder for the U.S. to finance a profligate lifestyle and run big deficits, as the nation currently does. Expect mortgage rates to shoot up and your overseas vacation to get a lot more expensive. In the past, Snower says, "the U.S. could...