Word: dollarized
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Goldman Sachs is a giant pig. A giant pig that blows bubbles through a wand shaped like a dollar sign. A giant pig that laughs at us when we invest in worthless dotcom stocks. A giant pig that happily watches us get carried away and burned by rising home prices. A giant pig that smiles widely when we have to fill our tanks with $4-a-gallon gas. Quite simply, the investment bank that is revered on Wall Street could just be a bunch of crooks, and greedy ones at that...
...layoffs and Harvard's financial planning in recent weeks, emphasizing that even the world's richest university is being forced to slash budgets, the staff cuts are not unprecedented. In 2004, while the endowment was growing, Harvard laid off over 200 employees, citing the need to eliminate multi-million dollar "systemic" budget deficits wrought by capital expansions and a slumping national economy...
...reality, with 64% of the world's reserves held in dollars at the end of last year - way more than in any other money - a move to a new reserve currency would be both time-consuming and complicated. And since China holds so many dollars, selling even a small amount of its reserves would dent the value of those that remained. But despite the glitches, argument over the need for a new international reserve does little to lift sentiment in the dollar's favor. Its replacement might be an "implausible suggestion," analysts at HSBC wrote in a May note...
Read "Is the Euro the New Dollar...
Summer camp is big business, a multimillion-dollar industry that provides child care (not to mention a break for beleaguered parents) for more than 3 million campers every year. But much like buying a car or choosing a college, this year parents have been more apt to shop around and try to find the best deals. "We've seen a great increase in parents going to camp fairs," says Peg Smith, executive director of the American Camp Association. "We think that is encouraging, because generally the last dollar a parent is going to cut will be one they spend...