Word: dollarization
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...When rumors that the new Roosevelt Administration would devalue the dollar led to widespread flight from dollars into gold, the Fed raised the discount rate, setting the scene for the nationwide bank holiday proclaimed by President Franklin Roosevelt on March 6, 1933, two days after his Inauguration - a "holiday" from which 2,500 banks never returned...
...brink of collapse, many were surprised to learn that fully a fifth of China's currency reserves was composed of their bonds. Small wonder. Having spent much of the past decade intervening on currency markets to prevent the appreciation of its renminbi, China has accumulated a huge hoard of dollar-denominated bonds. No foreign nation stands to lose more from a U.S. financial collapse...
...according to FinAid.org publisher Mark Kantrowitz. Students at community, technical and for-profit schools have been the hardest hit. Federal Stafford loans were up in the second quarter compared with 2007, but loans made to parents through the PLUS program, which looks at credit history, plummeted--down 29% in dollar volume. Since May, the Education Department has spent some $5 billion buying loans in an effort to reignite private lending...
...leaders, said parents of children who dropped their pants were among the most avid supporters of the ban. City spokeswoman Rose Anne Brown admits she wasn't among them. Legislating morality doesn't make sense, she said, though she acknowledges the law could work and wishes she "had a dollar for every time we made Torrey [her youngest son, now 25] pull his pants up when he was growing...
...among large, medium and small stocks, bonds and some cash in safe short-term securities. It's more important now than ever before to include in this mix some foreign stocks and bonds. If this crisis deepens, the costs could prove so staggering to the U.S. government that the dollar might plunge or interest rates might rise. Foreign holdings won't be immune to such fallout. But they will at least offer a buffer. "Give up the ability to hit a home run to make sure you don't strike out," says Dan Moisand, a financial planner in Melbourne...