Word: dollarization
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...dollar seems to have as many lives as a cat. Even before 2008's financial crisis, as the dollar slumped against other major currencies, countless pundits and economists predicted its demise as the global economy's No. 1 currency. The doomsayers seemed vindicated when the U.S. economy descended into the worst recession since the 1930s, with its financial sector in tatters. How could an already weakened greenback maintain its value as American economic prowess withered? But then - surprise! - investors around the world decided the good old greenback was a safe haven in a time of great uncertainty. The dollar...
Look at our political debates today. Is it liberal or conservative to oppose multibillion-dollar payouts for the bankers and insurers who flushed our economy down their gold-plated toilets? Our conception of politics is broken if it cannot account for the fact that Michael Moore and Glenn Beck come to some of the same conclusions while having very different philosophies. Yet pollsters and the media still rely on it, to frame politicians and themselves...
...obvious example, which will be front and center when U.S. President Barack Obama makes his first visit to China on Nov. 15, is the exchange rate of Beijing's currency, the renminbi (RMB). After allowing it to rise against the dollar by about 15% earlier this decade, China has since the onset of the crisis kept the RMB's value tightly pegged at about 6.8 to $1. Economists differ on how greatly undervalued the RMB is. The International Monetary Fund and World Bank contend that it's about 15%-25% below where it would be if it were allowed...
...steadfast Obama cheerleader - wrote a column ripping Beijing for its "outrageous" currency policy. He was followed late last week by Martin Feldstein, a former chief economic adviser to Ronald Reagan, who made a similar argument in the pages of the Financial Times. Both noted that the RMB-dollar peg is badly hurting economies in Europe and East Asia and that if Obama raises this issue in Beijing (as he surely will), he'll have tacit backing from a lot of precincts...
...economic problem for countries like Australia," says Anthony Richardson, a marine biologist at the University of Queensland in Australia. If the deadly box jellyfish that plague the country's northern beaches migrate south to the Gold Coast, it could have huge implications for the region's multibillion-dollar tourism industry. (See TIME's special report on the environment...