Word: dollarization
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...Harvard’s endowment investments fell 27.3 percent in the fiscal year ending June 30, bringing its total value down to $26 billion—an $11 billion drop. Faust reminded audience members that payout from the endowment will decline by 8 percent in dollar value for at least this year and the next. Harvard’s other two income streams—tuition and fundraising—also shrank, with gift receipts down 8 percent. Over the past year, massive budget cuts across the board resulted in slowed faculty hiring, 275 layoffs, early retirement incentives, as well...
...couple sold their business to General Mills for $6 million. Nancy stayed on as vice president, and her taste for bright colors and classic clothing continued to inform a brand that has become a billion-dollar empire, with devotees including First Ladies Barbara Bush and Michelle Obama...
...happy to remind you, "Those are the colors of the team!" Spend enough time with him, and you may end up convinced that the whole of creation was designed to color-coordinate with the Cowboys jerseys. But at the end of the day, the real Cowboys color is dollar green...
...currency. As I said, we need our export sector to recover - late last year I had more unemployed workers in one province (Guangdong) than you have in your entire country - so forget about pressuring us to revalue the renminbi. We allowed it to increase in value against the dollar during the Bush years, but until there's evidence of a global economic recovery, we're not budging on currency. So continued silence on that front is golden...
...Second, we still buy a whole lot of your Treasury debt, though this is less of a weapon than is often portrayed in your press. (We have to recycle the dollars we earn from trade somewhere, and your Treasury market remains the largest and most liquid in the world. Plus, we, like the Japanese before us, have no real interest in seeing your interest rates rise and growth slow, particularly not now, and that's what would happen if we went on a T-bill buying strike.) But holding your debt does give us leverage, and we have some decisions...