Word: dollarization
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...From European villa-rental agencies to African safari operators to most American cruise lines, many summer 2008 prices were set in dollars up to six months ago. So even if the dollar continues its downward trend, costs are confirmed now for travel later...
...Travelers can take advantage of lock-in prices to save on travel outside Europe, too. Kenyan luxury-safari group Governors' Camp, www.governorscamp.com, released their dollar rates back in March for visits through the end of 2008, including stays at their new gorilla-spotting and trekking lodge in Rwanda. So has Johannesburg-based CC Africa, www.ccafrica.com. Its 2008 itineraries - featuring golfing and gourmet safaris throughout southern Africa along with scintillating new journeys in India - were priced back in August...
Senator Chick Grassley's investigation of multimillion-dollar ministries does raise First Amendment issues, but they're easy to deal with [Nov. 26]. While the government can't investigate whether Prosperity gospel is good theology, it must act upon probable cause if it believes that commercial activity is being conducted under the guise of religion. Otherwise, Ford Motor Co. could simply rename itself the Church of Our Ford and decline to pay taxes and comply with the Fair Labor Standards...
Talk is cheap, and economists and laymen alike have a strikingly poor record of predicting recessions. But there are good reasons to be concerned that the economy is weakening. They involve struggling banks, the collapsing housing market, the volatile stock market, oil prices, the weak dollar and lots of nervous investors in far-off lands. All of which relate back to the financial condition of the people swarming the nation's malls...
...enough to bring on a recession--semiofficially defined by the National Bureau of Economic Research as "a significant decline in economic activity spread across the economy, lasting more than a few months." Will it, though? The equation must factor in global demand for U.S. exports, the path of the dollar, the price of oil and other influences that make it more or less impossible to solve. What seems clear is that the borrow-and-spend era has come to an end, or at the very least a prolonged pause...