Word: dollarization
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...China's huge currency reserves and its vast holdings of U.S. securities make it a key player in the U.S. financial markets. If the Chinese decided to shift any of their money out of the U.S. or the dollar, it would cause a huge upheaval, potentially sending the dollar skidding and hurting markets even further. For the moment, though, China hasn't given any hint that it's unhappy about owning rapidly depreciating U.S.-dollar assets. (The greenback has actually strengthened in recent days, but some caution that this is temporary...
...decline of selected financial firms’ stocks, known in finance as “short-selling,” is now banned in the United States and Britain. According to South China Morning Post, Chinese banks were recently told to suspend lending to U.S. financial institutions. The weak dollar caused import prices to surge by 20 percent from last year, which should have helped local enterprises; it has provided an advantage to some businesses but it also increased prices for most American consumers...
...future risks for China, most analysts believe, are tied more to the second-order effects - the global macroeconomic fallout from the crisis - than to the subprime credit crunch itself. "China's exposure comes from its concentrated bet on the dollar and the risk that the U.S. policy response to a slowing economy and investors' aversion to U.S. debt will combine to put pressure on the dollar going forward," says Brad Setser, a former U.S. Treasury Department official now at the Council on Foreign Relations. That would mean further upward pressure on China's currency, the renminbi, at a time when...
Corsi had also planned to deliver a $1,000 check to Obama's half-brother George, who lives in a slum in Nairobi. One Republican ad has accused Obama of abandoning his brother, who was recently reported in Italian Vanity Fair to be living on a dollar a month. But George Obama has repeatedly denied that he said any such thing or that he feels abandoned by Obama. George Obama is currently in school studying to be an auto mechanic and says he has plenty...
...hour each way, to help her mother care for her father, who has Parkinson's disease. Even with a paid internship, Makolin says, it's tough to pay for ever-pricier food on top of an increasingly expensive commute as well as her own housing and utilities bills. "My dollar box of mac and cheese isn't a dollar anymore," she says. Like many food bank patrons, Makolin says the food bank has enabled her to stay in school...