Word: dollarization
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Everywhere you turn these days, there's cause for panic. The news is filled with talk of a global credit crisis. American homeowners are defaulting on their loans and housing-related stocks have crashed. The dollar is doing a disappearing act. Alan Greenspan, after years of artful obfuscation, has suddenly discovered a terrifying gift for clarity, warning that inflation will rise and house prices will tumble. Stock market volatility has surged. And now, feeding fears that the contagion is spreading, the British bank Northern Rock has suffered a near-death experience...
...that governs such trusts, would create an independent body, run by the UAW, with the sole responsibility of paying for the health care of GM's retirees and their spouses. It won't come cheap. Analysts estimate that GM could end up paying 60 to 70 cents on the dollar of its $50 billion obligation to establish the trust. But investors have been pushing for a VEBA since Goodyear set up a similar plan with the United Steelworkers last year. Wall Street, after all, hates uncertainty and loves cash flow, and a VEBA would once and for all limit...
...local papers when the crusade was finished. Having founded the Billy Graham Evangelistic Association in 1950, he took a straight salary, comparable to that of a senior minister of a major urban pulpit, no matter how much in money his meetings brought in. He was turning down million-dollar television and Hollywood offers half a century ago. He never built the Church of Billy Graham, and while he lived comfortably, his house is a modest place. If he had wanted to get rich, he could have been many, many times over...
...fire had wiped out a nearby Chinatown, 600 Chinese workers got permission from orchard owner George Locke to build and inhabit a new settlement. Some of these men were farm hands; others worked in the Sacramento-San Joaquin Delta, building levees by hand for as little as a dollar...
...That theme, however, is at first artfully disguised in the film, which was written and directed by Paul Haggis, prime author of Crash as well as the writer or co-writer of such excellent Clint Eastwood screenplays as Million Dollar Baby and Letters from Iwo Jima. Haggis is a man with a gritty, honest sensibility, particularly attuned to life as it's lived in our country at the lower edges of society. But he's also a pretty canny movie guy, initially presenting his material as a fairly conventional mystery, with the icily contained and taciturn Hank...