Word: dollarization
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...spend his time. The bigger question is what Cameron thinks Britain gains from being such a pain to its European colleagues. One consequence is already plain: as TIME noted last week, in Paris and Berlin there is new energy behind Franco-German cooperation, and you can bet your bottom dollar that is partly because Merkel and Sarkozy have taken a look at Cameron, remembered the havoc Thatcher caused in the 1980s and thought, "Uh-oh. Is that a handbag he's carrying?" (Read: "Can France and Germany Fall in Love Again...
When people say, “but they’re just words,” they seem to be forgetting that it is the president of the United States who is saying them—someone who can back up such words with executive control of a trillion-dollar economy and thousands of troops. It is a plain reality that, in nine months in office, President’s Obama’s actions have had more of an effect on the world than a lifetime of work by most activists. This does not make the efforts of advocates...
...riding a wave of replenishment by U.S. automakers and manufacturers, whose inventories hit record lows earlier this year as a result of restructuring and a downward spiral in consumer spending. But it's unclear how long that can sustain a recovery north of the 49th parallel. "If the Canadian dollar stays where it is, the job numbers will go the other way [i.e., worsen]," says Jean-Michel Laurin, vice president of global business policy for Canadian Manufacturers & Exporters (CME), the country's largest trade and industry association...
...shown a big job improvement in September, but that has to be seen in the context of losing 210,000 manufacturing jobs over the past 12 months. According to CME, Canada normally sacrifices 25,000 jobs and $1.9 billion in revenue for every one-cent improvement against the U.S. dollar...
...timing is good," says David Zweig, director of the Center on China's Transnational Relations at the Hong Kong University of Science and Technology. "China has been very active to get as many commitments on energy around the world before the dollar devalues too much." In August, China signed a $41 billion contract to buy liquefied natural gas over the next 20 years from Australia. Last month, China's state-owned China National Offshore Oil Corp (CNOOC) entered talks with Nigeria to buy as much as one-sixth of the West African nation's proven petroleum reserves, the Financial Times...