Word: dollarization
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...felt like the end of the world at the edge of the earth. It was 2002, and Argentina was in economic free fall. The peso lost 75% of its value against the U.S. dollar, and the nation had defaulted on almost $100 billion of debt. Bank deposits were frozen to halt panicked runs, and an enraged middle class took to the streets. The country went through five Presidents in just two weeks. Wall Street feared that the crisis, one of the worst in South America's history, would spread next door to giant Brazil--where the élite predicted financial...
...context of the past 30 years." In Brazil, Lula's election (and 2006 re-election) did not render the region's largest economy a leftist basket case. Instead, inflation has fallen from 12.5% in 2002 to less than 4% today. Brazil's real has climbed 56% against the U.S. dollar, and the São Paulo stock exchange, the Bovespa, is soaring. And since the U.S.-Chile free-trade agreement took effect in 2004, Chilean exports to the U.S.--including all that Cabernet--have risen...
Copeland wasn't Grassley's only pen pal. He also wrote to the Revs. Creflo Dollar, Benny Hinn, Eddie Long, Joyce Meyer and Paula White, in total six televangelists who are part of an evangelical subculture known loosely as Prosperity gospel. "Recent news reports regarding the possible misuse of donations made to religious organizations" prompted the probe, Grassley wrote. The ministers' responses are technically voluntary, but the Senator has asked for them in a month and has mused that the replies could lead to testimony under oath. If so, Grassley could end up wiping out what some consider a kleptocracy...
...other fearsome exchange rate, of course, is between the euro and the dollar. The euro has taken the brunt of the dollar's depreciation--the greenback has dropped more than 30% against the euro over the past two years. Naim foresees U.S. competitors grabbing European market share "and a wave of European companies investing in the U.S., where they'll find companies 30% cheaper." Blanque calculates that each 5% appreciation of the euro against all currencies translates into a loss of European-GDP growth...
...sliding dollar is good news for Poland. "We're the only ones not complaining," said Sikora, president of Poland's Bank Handlowy w Warszawie. Reason: Poland's external debt is in dollars, whereas most of its exports are in euros, which means it benefits coming and going. "We dream about this situation," Sikora said. Poland is the biggest of the 10 nations set to join the E.U. later this year, and Sikora is hopeful that accession will boost growth. Poland's lower labor costs give it a competitive edge, and it continues to enjoy some foreign direct investment, although...