Word: dollarization
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...Indians, Brazilians, Chinese, Russians and other entrepreneurs from emerging economies are now jostling for assets all over the world as they seek to become global players. As 2006 was drawing to a close, two other steel titans, one from India, the other from Brazil, were locked in a multibillion-dollar battle for an Anglo-Dutch firm, Corus, while Evraz, a Russian company controlled by billionaire Roman Abramovich, agreed to buy the U.S. firm Oregon Steel Mills for $2.3 billion to create the world's biggest producer of rails...
...Beijing at the head of a high-powered U.S. economic delegation that includes six cabinet ministers, the U.S. Trade Representative and Federal Reserve Chairman Ben Bernanke - and he's under pressure to deliver. The U.S. urgently needs Beijing to allow its currency to appreciate in value against the dollar, to put a dent in Washington's $200 billion-plus annual trade deficit with China. And Beijing is not inclined to comply...
...Beijing about closing down the dozens of factories churning out pirated movies: "This time they are really going to do something about it!" Strangely enough it's still possible to buy beautifully boxed sets of the first three seasons of Lost at stores all over Beijing for about one dollar a DVD. And Chinese negotiators like to point out to their U.S. counterparts that during the 19th century when American was going through its own period of economic adolescence, Washington spent decades ignoring pleas from Britain that it pass copyright laws...
...Democratic voices in the Senate will be that of Charles Schumer, co-sponsor of a temporarily postponed bill that would impose heavy tariffs on Chinese products if Beijing doesn't allow the renminbi to rise from what Schumer and others say is its current artificially low level against the dollar. Paulson may remind the Chinese, also, that the new Speaker of the House of Representatives, Nancy Pelosi, is not exactly known for her sympathetic stance towards Beijing...
...Chinese will no doubt point out in response that they have already let their currency rise almost 6% against the dollar in the year since it was unpegged. Being historically minded, they could also note that when the U.S. forced Tokyo to allow the yen to rise sharply against the dollar in 1985, Japan was plunged into a recession from which it is still struggling to emerge. Given the social unrest already plaguing an economically booming China, they might add, the chaos such a prolonged economic downturn could engender is frightening to contemplate. These arguments are of course...