Word: dollarization
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...land ruled by the dollar bill, it's perfectly fine to advertise to customers and attempt to take them for all they're worth. Everyone knows that marketing - the ads, commercials, T-shirts and arthritis talks in the backs of diners - is designed to get money from customers. The conventional lie is that marketing informs. Maybe it does, peripherally. It's really done to persuade. But is it fine to persuade patients, so you can squeeze more money from them? Is it fine to scare patients into tests and iffy treatments, to persuade people who aren't sick...
...trillion a year in benefits to the U.S. economy. Even the offshoring of white-collar jobs, despite the hardship it brings for laid-off workers, is a net gain for developed nations like the U.S. and Japan, as well as for the country where the jobs land. Every dollar of spending that U.S. companies transfer to India creates $1.46 in new wealth, according to McKinsey & Company, a management consultancy...
...opportunities elsewhere. They are on the lookout for signs that Americans will not welcome foreign purchases of domestic companies-they remember the Congressional opposition to the bid by CNOOC, the Chinese oil giant, for U.S.-based Unocal. If barriers are raised against the acquisition of U.S. assets, then the dollar will be dumped on the foreign-exchange market and money will flow into currencies in countries where such investments will be welcome. And if foreigners turn away from dollar investments, the economic repercussions will be severe. Without overseas buyers, stock and bond prices in the U.S. will fall...
...This outcome can be avoided. The biggest risk to capital markets is protectionist policies that reduce capital flows and discourage foreign investors from accumulating dollar assets. Economics is all about engaging in transactions that make both sides better off. U.S. capital markets need Asian investors, and Asians want to sell to American consumers. Trading goods for assets will improve the welfare of both. If roadblocks go up, the real losers will be Americans who would see higher inflation and sinking asset values...
Value of the euro against the U.S. dollar on July 13, an all-time high...