Word: dollars
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Dates: during 2000-2009
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...Columbia don’t find the band very funny. In fact, Columbia’s athletic department found them so unacceptable, it prohibited HUB from reading its halftime script at the game on November 3. The band planned to call Columbia out on their new, 100-million-dollar athletics campaign. The crew was to quip that with all that money, the school could buy real lion mascots. As if that wasn’t enough, they added that other departments might have to use drastic methods to get dough—such as the Statistics department playing the lottery...
...Economic Forum in Davos, Switzerland, late last month, the perspectives varied according to geography. "The U.S. economy is on steroids," said a worried Pascal Blanque, chief economist at the French bank Credit Agricole. Blanque fears an America bulking up on dangerous deficits, a lax monetary policy and the falling dollar. "The European economy is on tranquilizers," retorted Laura D'Andrea Tyson, dean of the London Business School and former chair of the Council of Economic Advisers in the Clinton Administration. She argues that Europe is both too complacent about its weak growth and strong common currency, and too slow...
...addition of 10 new E.U. members this year, by the tussle over a new European Constitution and by the collapse of the Growth and Stability Pact, which imposed rigid discipline--overly rigid, critics say--on governments to curb deficits. Europeans are concerned about the impact of the falling dollar on their exports, but they have yet to take action to stem the tide. "Be patient with Europe," pleaded Blanque. After all, he said, economic-reform efforts in France, Germany and elsewhere are under way, but they will take time to yield tangible results...
...much time, said Tyson and Naim. "Europe has a tsunami coming its way this year," warned Naim. He predicted that as the weak dollar undermines European companies, European countries will be paralyzed by a clash between businesses urging far greater flexibility and unions and other groups seeking protectionist barriers. "This is the clash we're going to see emerging powerfully in Europe in the next 24 months," Naim said...
There are other risks, none greater over the long term than the estimated $521 billion budget deficit. That's the biggest ever in dollar terms and, at about 5% of gross domestic product (GDP), the largest in more than a decade. The U.S. current-account deficit, which measures the combined balances on trade in goods and services, income and currency transfers, is also at a record high: about $550 billion for 2003. Last month the International Monetary Fund warned that these deficits pose "significant risks" for the U.S. and the world economy. Why? Because they are so large, they could...