Word: dollarized
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...from China's booming economy, in the swelling urban middle class, are also increasingly pushing the authorities to grant them more rights and freedoms. It's a contagious process. Last year's protests by thousands of citizens in the coastal city of Xiamen against plans to build a billion-dollar chemical factory ultimately forced the cancellation of the project. And the protests directly sparked copycat demonstrations against planned mega-projects in Shanghai as well as Chengdu in Sichuan province, which occurred just a few days before the earthquake devastated the region in May. "Chinese are trying to get government...
...actually consumed each year. Despite all the volume, the claims realized through open interest pale in comparison to the actual consumption of oil. The futures market is much smaller than the real oil market. When you consider margin, the amount of money actually invested is even smaller. Indeed, one dollar invested in a long-term position in the futures market carries the leveraged weight of more than $300 in the physical oil market...
...Unfortunately, the price set by the all-too-small futures market transcends oil to influence the entire American economy. Our oil-dependent economy is shaped by oil's arbitrarily determined price. In many ways, oil has become a pseudo-currency. Similarly, with oil traded internationally in U.S. dollars, the dollar is pegged against oil. While squeezing American industry, high oil prices also devalue the dollar. With the state of our economy reflected in the price of oil, it has become a new standard for valuing America. We are slaves to this black gold standard...
...Still, Musharraf's exit is likely to provide the coalition a significant if brief popularity bump. The Karachi Stock Exchange rose 4%, and the rupee rose marginally against the dollar. But with inflation at 25%, alarming levels of capital flight, soaring costs of food and fuel, and rising unemployment, the economic outlook remains bleak. And as Pakistan-based Taliban become more confident, Islamist militancy is a growing concern...
...move to oust Musharraf comes at a difficult time for Pakistanis. The economy is approaching a meltdown, with inflation at 25% and the rupee falling to a record low against the dollar. There is also concern that the longer the controversy over Musharraf's fate goes on, the greater distraction it will prove from the challenges of Islamist militancy. That threat was underscored 10 days ago when fighting broke out in the Bajaur tribal agency along the Afghan border. Pakistani military jets and helicopter gunships have been targeting an estimated 3,000 armed militants in the area. More that...