Word: euros
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...minutes of his wisdom. When he's not doling out advice, he's meeting with his economic "war cabinet," or giving speeches and blitzing every conceivable media outlet. He has traveled to the European Council in Brussels and before that to Paris for an emergency summit of euro-zone countries - even though he refused to adopt the euro during his 10-year tenure as Chancellor of the Exchequer. With marked success, his Treasury successor, Alistair Darling, has promoted the patented Brown rescue plan to the IMF, the G-7 and the G-20. Even U.S. Treasury Secretary Henry Paulson...
...Monday's global rally was ascribed to weekend announcements by the G-7 and agreements by the 15 nations that use the euro to intervene in the crisis with huge financial assistance, Tuesday's repeat came as those measures were backed up by actual figures in both Europe and the U.S. In Paris on Monday, French President Nicolas Sarkozy pledged $488 billion to underwrite loans between banks and inject capital into troubled banks and financial groups. Similarly, German Chancellor Angela Merkel said up to $651 billion would be used for similar uses - though primarily limited to underwriting lending between banks...
Though Britain is not part of the group that uses the euro, British Prime Minister Gordon Brown revealed a further pledge of $63 billion to partially nationalize the country's three biggest banks - a follow-through of his earlier approach that inspired the euro-zone plan. Ironically, Brown's quickness to act and sound tactics imbued the leader of Europe's most economically liberal and U.S.-inspired economy with the moral authority to urge his peers toward reform and greater regulation of their capitalist systems. On Tuesday Brown called for new international rules on trade, saying, "We must now create...
...Though the common rules adopted under the euro-group plan will still be applied at the national level at the discretion of individual governments, the action marks the first concerted effort to address the chaos in Europe following weeks of dislocated, often controversial responses by each country on a case-by-case basis. In announcing their plan, Sarkozy and his partners applauded both its comprehensive scope and the unity of support it enjoys...
...plunge in value, eroding China's huge dollar holdings. Besides, China is still earning billions a day through its exports and "has to do something with the money," says one senior Beijing economist who asked not to be named. He and others note that a sudden move into the euro is highly unlikely with European economies looking weak and exchange rate losses threatening...