Word: economists
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Dates: during 1990-1999
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...down its value. According to the Wall Street Journal, the big winners have included billion-dollar hedge funds headed by such famed managers as George Soros and Julian Robertson; Robertson's Tiger Management fund reportedly raked in some $150 million in 10 days of trading. Says Peter Morgan, an economist for Merrill Lynch in Tokyo: "There is a feeling that speculative forces are challenging the central banks just as they did in 1992," when Britain was forced to devalue the pound...
...rate hikes would harm the economy, and intervention won't work, what can be done to strengthen the dollar? Some economists argue for doing nothing. "By a process of elimination, I come to the belief that a hands-off policy is best," says Robert Hormats, vice chairman of the international division of Goldman Sachs. "If the Federal Reserve raised rates and it didn't work, then they are really in a quandary" because the central bank would be under pressure to push rates even higher. Massachusetts Institute of Technology economist Rudiger Dornbusch concurs: "We should stop doing something every time...
Whatever happens, many experts agree that the dollar must increasingly share the stage with the yen and the mark as a worldwide reserve currency. "There is little doubt that the dollar is in transition to a less dominant status in the global financial system," says David Hale, senior economist for Kemper Financial Services, based in Chicago. Investment guru Jimmy Rogers likens the situation to the pound's decline: "When sterling started losing its role as the world's reserve currency, especially after the Second World War, there was a sterling crisis every year. It was a constant and ongoing thing...
...system fall into this trap? Primarily, says Nobel-prizewinning economist Milton Friedman, because it was "designed for a world that no longer exists." In 1935--or even in January 1940, when the first checks were mailed--the U.S. was a much smaller, poorer country, still ravaged by the Great Depression that struck with special savagery at the old. Those people lucky enough to have jobs were overwhelmingly male. Even more important, the world had yet to hear of organ transplants and the manifold other wonders of modern medicine. Once they were available, along with the better nutrition and sanitation that...
...demonstrate, he pulls out a pair of socks, a book of poetry and a copy of The Economist, the last three winners...