Word: dollarization
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Indian Prime Minister Manmohan Singh visited Moscow this week to negotiate a multibillion-dollar arms deal, meet the Russian President and Prime Minister and seal a new civilian nuclear deal with Russia - which the Indian press hailed as even more advantageous than India's similar technology-sharing agreement with the U.S. Singh told a Russian news channel, "We have been able to get equipment and technologies from Russia which were not available to us from any other countries...
...past 38 years, the world has been engaged in the historical experiment of a monetary system based on a single currency (the U.S. dollar) that has no link to gold. This arrangement was shaky in its early days, in the 1970s, but seemed to work passably well for the next two decades. Lately, though, the dollar standard has been blamed for everything from China's huge buildup of dollars to the financial crisis of 2007 and '08 and a future of rampant inflation that hasn't materialized yet but that many doomsayers are convinced is on the way. And while...
...Iraqis have been killed - Iraq's natural resources are only now emerging as spoils of war. As U.S. troops prepare to withdraw from the country next year, some of the world's biggest energy companies, among them ExxonMobil and Royal Dutch Shell, are racing to lock up multibillion-dollar deals with officials in Baghdad that will allow them to exploit the country's giant oil fields. The deals will not only allow Big Oil to return to Iraq for the first time since Saddam nationalized the industry in 1972. By modernizing a production system wrecked by conflict and embargoes, Iraq...
Since a ten-dollar limit was imposed on all gifts, students were encouraged to be creative in their searches for the perfect (cheap) gift, said Bloom, who gave her lucky target a photoshopped picture. One student was given, well, a box of tissues—perhaps the fact that his Super Sexy Secret Secular Santa is competing against him for a leadership position sheds some light on that particular transaction...
...sought to reduce its budget for 2010 by $12 million, even though expenditures have risen due to the falling dollar and increasing subscription prices. But the letter says Harvard’s libraries have been strained by a “period of neglect” stemming back to the 1990s...