Word: dollarized
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...have had a happy time in the financial markets, which have led to some considerable excesses which are going to have to be repaired. We’re going through that process right now.” Volcker expressed doubts about the strength of the US dollar. “A truly global financial and trade system depends upon a stable single currency. You can argue that the dollar has de facto provided that, but I think that what’s going on now raises some questions,” he said. He also offered a dig at current...
...more specific, buying it. In September another dizzying array of multibillion-dollar deals became public, notably Dubai's bid to acquire a 20% stake in NASDAQ, the high-volume New York City-based stock exchange known for its listing of star tech firms including Apple, Cisco Systems, Dell, Microsoft and Yahoo! Dubai's move demonstrates the fulsome financial power of a region possessing tidal liquidity--as much as $2trillion, by some estimates--built up by two years of oil prices topping $60 per bbl. "Nothing can stop them," says Hassan Heikal, CEO of EFG-Hermes, the region's leading...
...India lead a wave of nations roaring into modernity. Iraq is a shambles, Iran a menace. Leading oil companies in the U.S. and Europe are gloomy about their ability to open up sufficient sources of oil to meet the demand. This cauldron of uncertainty is helping push the dollar down and energy prices...
...most cases, is trying to avoid with her lawyerly answers. Her refusal to support higher Social Security taxes on the wealthy is a perfect example. "For the life of me, I don't understand what my opponents are trying to achieve," she said. "It is potentially a trillion-dollar tax increase." Clinton's point seems solid on several grounds. There are higher priorities than Social Security in 2008, especially if you want to enact universal health insurance or a real energy-independence plan, both of which will require revenue increases. And why start the negotiations now, in the Democratic primary...
...odds with Bush than Chirac had been: Even more strongly than his predecessor, Sarkozy wants to shut the E.U. door to Turkey's membership, which is directly at odds with what Washington wants. Nor would Bush have much time for Sarko's complaints about the disparities in the dollar-euro exchange rate. Instead, expect the two men to emphasize their agreement (hardly new) on fighting the good fight in Afghanistan, gradual French reintegration within NATO, and doing something about thuggery in Darfur and Burma...