Word: dollarization
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These days, China and the other countries participating in what some have called Bretton Woods II export so much more to the U.S. than they import, they find themselves with hundreds of billions of dollars that they don't know what to do with. Up to now they've been content to recycle most of them by buying Treasury bills and other U.S. securities. The U.S. has enjoyed the low interest rates that have resulted, while China, the gulf states and Japan haven't wanted to face the consequence that by selling dollars, they would decrease the value of their...
...forever. It should unravel; that's the way of economic change and progress. But there's no plan in place to make it happen in an orderly fashion. The fear that the ensuing adjustment might be even more chaotic than in the 1970s probably explains most of the dollar's recent decline. It's not that we Americans have gotten a lot poorer. It's that we might be about...
...create a lifelong remembrance." But Novak is the sappiest. At the helm of KFC, he carried around floppy rubber chickens in his briefcase, so he could give them out and surprise a deserving employee. Novak would then autograph the chicken and hand the befuddled employee a crisp hundred-dollar bill. Which brings up the obvious: no stunt or roadside chat says "Thank you" quite as well as cash...
When Deborah Bial answered her phone in a rental car in Chicago, the unfamiliar voice on the other end asked the founder of a nonprofit for urban high school graduates if she were alone and sitting down. He then told her that she would be receiving a half-million dollar grant through the MacArthur Fellows Program...
...summer movies, complete with high-budget special effects (for example, Salvador Dalí, at London’s Tate Modern), easily digested storylines (Hopper, at the MFA), and big-name stars (Cezanne and Picasso, at the Musée d’Orsay). Granted, you snack on a 12-dollar turkey-and-avocado sandwich instead of 4-dollar popcorn, but you enjoy the A/C for two hours and walk out into the bright sunlight all the same at the end. Perhaps you’ll discuss the experience with your date (“So, did he really...