Word: dollarized
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Dates: during 2000-2009
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Castro: We do not like it. It is not the ideal. It is a need for a specific stage in history. We don't like any foreign currency circulating, not just dollars. We introduced the dollar out of need...
TIME: Forty years ago, you were full of idealism. When you won, you eliminated the vices of the Batista regime, among them prostitution and crime. Today we see prostitutes back on the street with the dollar economy...
...author's bio is to be believed, he was a taxi driver, saloon keeper, bullfighter (really?) and, most notably and relevantly, a boxing trainer and cut man. Toole (a pseudonym) was also the author of the story collection Rope Burns, best known for the short story Million Dollar Baby, which became a movie of the same name. Rope Burns was Toole's literary debut...
...most important, demand from investors has skyrocketed, especially from pension funds, which means you might be invested in a buyout fund and not even know it. The long-term outlooks and multibillion-dollar purses of institutional investors have always made them a match for buyout funds, which lock up money for five to 10 years, promising a high return in exchange. These days, there's even more interest because "alternative investments," which also include hedge funds, are all the rage. Pension funds that used to invest, say, 2% of assets in those vehicles now go up to 10%, and smaller...
...thieves. Next, the crooks needed to separate the money from the crime. In the old days, if you sold cocaine in Spain, you wound up with pesetas, which pointed to where the crime was committed. So you prewashed your loot into, say, German marks, and from there moved into dollars. You spun that money in and out of secret bank accounts (to obliterate the paper trail) and across borders, and eventually brought the money out the other end disguised as legitimate income. Done properly, it's next to impossible to tie your income to your crime. But these guys...