Word: dollarize
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Dates: during 2000-2009
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...wedding gifts to buy. Luxury retailers without an international presence are the ones struggling. "Tiffany's end results were pretty good because they don't only sell to clients looking for affordable luxury but to very rich customers who are not necessarily impacted by the U.S. dollar," says Dave Sievers, retail practice leader at Archstone Consulting. He foresees luxury spending stabilizing or even increasing as 2008 progresses. For this fiscal year, Tiffany predicts at least a 10% growth in worldwide net sales...
...Bilmes argues in her new book “The Three Trillion Dollar War,” with economist and Nobel laureate Joseph E. Stiglitz, this price tag does not take into account the long-term and macroeconomic costs of the war. Her estimate includes decades of future veterans’ compensation payouts; oil price hikes as a result of supply disruption; and the loss not only to families but to the economy when productive Americans are injured or die young...
...trillion estimate is not without its critics, including University of Chicago economist Steven J. Davis. In an interview, he rejected the claim that the war caused a five to ten dollar per barrel increase in oil prices, citing evidence to the contrary from historical price shocks such as the first Gulf War and the Iran-Iraq...
...while anti-narcotics forces continued to work to wipe out coca's drug-related cultivation, destroy the labs that process it into cocaine and intercept traffickers. But this month's INCB report seeks to end that uneasy arrangement. A big reason is that despite the decades-long, multi-billion-dollar drug war in Latin America, cocaine production has remained stable at best. Criminalizing even traditional coca use may be the only means agencies like the INCB feel they have left to salvage the anti-drug mission. Consuming the raw, unprocessed leaf, says the INCB report, abets "the progression of drug...
...Finance Minister Fukushiro Nukaga did say this week that "excessive exchange rate moves are undesirable." But, in relative terms, the yen is not as weak as it was in 2004, when the government last intervened. Central bankers in Japan believe a rate of 100 yen to the dollar is not excessive appreciation but rather a form of normalization and adjustment. However, though the continuing weakness of the dollar stems from America's subprime crisis and is beyond Tokyo's effective control, its consequences on Japan's economy will be significant. Says Stuart Giles, director for Global Coverage Group at Credit...