Word: dollarize
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Dates: during 2000-2009
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...United Arab Emirates (UAE) were being hit this year by an outrunning stampede of billions of UAE dirhams - so-called hot money that one report valued at $55 billion - led by speculators giving up on hopes that the country would de-peg its currency from the U.S. dollar...
...short years ago - let's call them the Little Miss Sunshine years - things were looking up in the world of independent films. New titles debuted at Sundance and walked away with multimillion dollar theatrical deals. But as the number of films flooding the art house circuit spiked, audiences have sagged and theaters themselves have become more scarce. Declining box office receipts have resulted in a subdued festival marketplace, where lucrative acquisitions seem to be a thing of the past. For every art-house blockbuster like Juno (which took in $229 million globally) or big-ticket festival purchase like Hamlet...
...toxic mortgages around the world. It appears that about half the toxic mortgages were exported. Had they not been, the U.S. would be in even worse shape. Moreover, even as our economy went into a slowdown, exports kept the U.S. going. But the weaknesses in America weakened the dollar and made it more difficult for Europe to sell its goods abroad. Weak exports meant a weak economy, and so the U.S. exported our downturn just as earlier we had exported our toxic mortgages...
...currency markets are complex ecosystems, it seems unlikely that countries such as China and Japan that have already loaned America trillions will stop buying U.S. government debt any time soon. They have relatively few tools at their disposal to keep their economies on track other than tending to the dollar exchange rate. China recognizes it has little choice but to go on financing the ballooning U.S. budget deficit by expanding its foreign-exchange reserves from $1.8 trillion to $2.3 trillion over the next 18 months...
...message to dollar bears is clear: the grimmer the headlines are, the more misleading they can be. Selling the dollar short because of the financial crisis is not a sure bet. All economic news is relative, and right now the news is bad all over the world. Over the next several months, the greenback could even begin to look like a safe harbor in the midst of the global economic storm...