Word: dollarization
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...Similar price battles have been launched in toys and electronics, with Walmart's chief merchandising officer, John Fleming, proclaiming, "We're going to be the price leader for this holiday season." Best Buy's executive vice president of customer operating groups, Mike Vitelli, says his company will match competitors "dollar for dollar." (See 10 big recession surprises...
...troops currently in Afghanistan. "If this war is important enough to expand and fight, then it ought to be important enough to pay for," Representative David Obey, a Wisconsin Democrat who chairs the House Appropriations Committee, tells TIME. "If we don't, we run the risk of devouring every dollar that would otherwise be used to rebuild our own economy." He argues that the domestic initiatives of both Harry Truman and Lyndon Johnson stalled because of the wars in Korea and Vietnam. "We don't want that to happen again," Obey says...
...outgoing chair of the 23-campus 450,000-student California State University system, warns, "California is on the verge of destroying the system [of higher education] that once made this state great." Disinvesting in higher education is an economic mistake says the UC Berkeley law school graduate, "For every dollar the state invests in a CSU student, it receives $4.41 in return...
...special role in the global marketplace. One week later, it's becoming clear the country may be special for another reason. While much of the rest of the planet frets about a coming rise in inflation - a consequence of economic recovery, massive stimulus spending and a weakening dollar - Japan faces the opposite problem: a potentially devastating bout of deflation...
...falling by 2.5%, wages falling by about 2.0%, winter bonuses falling by about 14%, and the Nikkei (stock market index) going down," he says. "All the growth we're seeing is because of arithmetic." Complicating matters is the strength of the Japanese yen, which has gained 6% on the dollar in the last three months. Prices generally decline in a strong currency environment; a rising yen cuts into Japanese firms' corporate profits and margins and makes companies less competitive abroad...