Word: dollarization
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There's little disagreement that by picking up the banks' half-a-trillion-dollar repair bill, taxpayers got a rotten deal in the financial meltdown. How to make sure they're not forced to pay a second time is unclear. A levy on financial-market transactions, stretched beyond foreign-currency trades to cover stocks, derivatives and other clever instruments, might offer twin benefits. By slapping an additional fee on each transaction, the tax "would naturally drive [investors] toward those that are more sensible, more profitable, more rational," suggests Julian Jessop, chief international economist at the consultancy Capital Economics in London...
Electronics giant Best Buy isn't taking the challenge sitting down. Vitelli says his company is ready to match prices offered by Walmart and other retailers. "We watch everybody," he says. "We're competitive with them dollar for dollar." Best Buy offers a wider and deeper assortment of electronic products and services than many competitors, Vitelli notes, giving...
Library expenditures grew by 25 percent between 2004 and 2008, and the libraries experienced heavy budget cuts last year after both the University endowment and the dollar fell, leading the Harvard College Library—the largest unit within the system—to seek a $12 million cost reduction...
...consequences of spending so much more than is taken in. That needs to change. And though Hu Jintao and the rest of the Chinese leadership aren't inclined to lecture visiting Presidents, he might gently hint that Beijing is getting a little nervous about the value of the dollar - which has fallen 15% since March, in large part because of increasing fears that America's debt load is becoming unmanageable. (See TIME's special report "Obama After a Year: What's Changed, and What Hasn...
...what happens when you're the world's biggest creditor: you get to drop hints like that, which would be enough by themselves to create international economic havoc if they were ever leaked. (Every time any official in Beijing muses publicly about seeking an alternative to the U.S. dollar for the $2.1 trillion China holds in reserve, currency traders have a heart attack.) If Americans became a bit more like the Chinese - if they saved more and spent less, consistently over time - they wouldn't have to worry about all that...