Word: dollarize
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...move toward quantitative easing has been expected in recent weeks, as Japan's Prime Minister Yukio Hatoyama and his administration have pressed the central bank to take steps to contain deflation, prevent another downturn in the economy, and to tame the runaway yen, now at 86 yen to the dollar compared to 93 a year ago. On Nov. 27, the dollar fell to a 14-year low against the yen, triggering concerns that the currency could start to unravel progress that stimulus spending has made on the economy this year, in part by wreaking havoc on export competitiveness...
...incentives are more tangible than cash. Conservationists are considering cash payments to farmers in the Brazilian state of Mato Grosso to stop them destroying the forest for agriculture. But with 120,000 households around Ulu Masen, even a multimillion-dollar sale of carbon credits might amount to only $100 to $200 a year per family, estimates Linkie. The money might be better pooled to build schools, bridges or other projects that would benefit the entire community. However it is distributed, a very clear message must be sent to the local communities, says Linkie: "You're getting this [money] because...
Plain old niacin--a B vitamin--may be better at unclogging arteries than an ingredient in Merck's multibillion-dollar cholesterol drugs Zetia and Vytorin, according to a recent study. It's the third trial in two years to question the pills' effectiveness. Patients are growing skittish: sales of both drugs fell to $4.56 billion in 2008, down 12% from the year before...
...days in China, President Barack Obama set a constructive tone for the future. He welcomed the emergence of China as a new force in the global economy and rebuffed suggestions that its rise should be seen as a sign of American decline. Chinese officials expressed concern about a weak dollar but committed to working with the U.S. to stabilize the global system. Hardly anything concrete was accomplished, but the trip cemented the centrality of the U.S.-China economic relationship and the fact that the two economies are, for now, intertwined. (See pictures of Obama's trip to Asia...
...China Is Not Happy, and the source of that unhappiness is an overly dependent relationship with the U.S. The two governments share some of those anxieties. Beijing worries that the continuing struggles of the U.S. economy will impair a $338 billion market for its exports and imperil its dollar-denominated investments. China pegged its currency to the dollar years ago in order to hitch its wagon to the world's most dynamic economy but today worries that a declining dollar will impede China's growth. Many in Washington and on Wall Street believe that China's currency policy gives...