Word: dollarization
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...economy grew nearly 5% in the first quarter, while unemployment has fallen to 4.7%, the lowest since 2001. But the price of gas isn't a mere macroeconomic figure. It's a pocketbook item that consumers feel every week. The economy required about 27% less energy to produce a dollar of GDP last year than it did in 1986, according to the Department of Energy. But gas prices are hurting consumers because real wage growth has declined over the past four years. The American Automobile Association estimated that the average driver's fuel costs will increase...
...hurting workers, they are devastating a number of industries, most notably the airlines. Already buffeted by bankruptcies and labor disputes, the major carriers had made steady progress in shedding excess capacity and lowering labor costs. As a result, jets are fuller. But the till is still empty. Every dollar increase in the price of a barrel of oil translates into a $365 million immediate increase in fuel costs for the 11 major airlines. Even hyperefficient JetBlue has gone into the red. "High oil prices and continued losses will probably be a slow grind to liquidation for some airlines," says Vaughn...
Economists are worried that companies are reaching the limit of being able to transfer energy-price increases to their customers in the form of surcharges. FedEx just raised its fuel surcharge on air deliveries from 12% to 13.5%. Even local pizza parlors, which have been adding a dollar or two to the bill, will reach the push-back point if the upward trend continues. "The pain at the pump this summer is going to be on truckers, taxi drivers, limo drivers, airlines, shipping companies. The question is, Do they pass it on?" says Joe Stanislaw, an independent energy adviser...
...Indian kid finally do something wrong?” Everyone’s a pundit when it comes to Viswanathan, waxing self-righteous. Viswanathan has even been compared to Barry Bonds and the Duke lacrosse team. To be sure, some degree of criticism is warranted, even needed. Half-million dollar book deals are not signed every day—by a seventeen-year-old, no less—and this type of success must necessarily be yoked to a high level of scrutiny, lest we cheapen true achievement. But treating Viswanathan with the same lack of judiciousness with which...
...public service campaign may seem unusual, but in many ways it simply reflects the country's desperate economic situation. During the oil crisis of the early 1980s - when Nigeria was awash with petro-dollars and its president boasted to his neighbors that his country's problem was not poverty but how to spend all its money - the Naira was almost worth $2. Since then, though, military rule, corruption and mismanagement have crippled the country's economy and its currency. One U.S dollar is now worth around 140 Naira...