Word: dollarized
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...could bash their home country the hardest. Rogers called China "the next great country of the world," while comparing a debt-burdened America to the failed British Empire. Daley lambasted American economic policy as ill conceived and out of touch. Rogers warned his listeners against a declining U.S. dollar; Daley said the U.S. consumer, who has been the world's most important, was spent as an economic force. The severity of the criticism became so uncomfortable that one Chinese audience member took hold of a microphone and said: "You don't have to say bad things about the United States...
...support from external demand. A closed capital account and an undervalued renminbi (RMB) were icing on the cake for China's powerful strain of export-led growth. Moreover, to the extent that its currency-management objectives required ongoing recycling of a massive reservoir of foreign-exchange reserves into U.S. dollar - based assets, such capital inflows helped keep longer-term U.S. interest rates at exceptionally low levels. In effect, China's implicit interest-rate subsidy ended up becoming an important prop to bubble-prone U.S. asset markets and, ultimately, for the asset-dependent American consumer...
...knew how to make an entrance. Her dark hair cut in a severe pageboy, Ayn Rand would sweep into a room with a long black cape, a dollar-sign pin on her lapel and an ever present cigarette in an ivory holder. Melodramatic, yes, but Rand didn't have time to be subtle. She had millions of people to convert to objectivism, her philosophy of radical individualism, limited government and avoidance of altruism and religion. Her adoring followers--some called them a cult--revered her as the high priestess of laissez-faire capitalism until her death...
...inability of the Fed to raise rates along with the rest of the world is more bad news for the flagging dollar, and investors everywhere should pay attention. It now makes more sense to get out of the greenback and park money in higher-yielding currencies, since foreign-currency deposits will earn more in interest and could make additional foreign-exchange gains. Interest rates in Australia last week were raised a quarter point to 3.25%, and could go higher still. The unemployment rate Down Under recently fell to 5.7%, leading economists to expect another rate rise on Nov. 3. Meanwhile...
...turns out our very own Greenhouse Café's joining the bandwagon of affordable eats. In addition to their month-long specials, today they'll be serving up cheese pizza for a dollar per slice, according to HUDS spokeswoman Crista Martin...