Word: foreigners
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Dates: during 2000-2009
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...past few weeks, another rival to the dollar - created in 1969 but dormant for most of the time since - has made a spectacular re-entry onto the world scene. It goes by the ungainly name of special drawing right (SDR), and it is the currency not of some foreign rival but of the Washington-based and traditionally U.S.-dominated International Monetary Fund (IMF). It isn't even really its own currency, since it derives its value from a "basket" that contains dollars, euros, yen and pounds. (See 25 people to blame for the financial crisis...
Shift those foreign dollar reserves into SDRs, the reasoning goes, and global finance suddenly becomes much more balanced. By no longer needing to load up on dollars, countries like China would have less incentive to run big trade surpluses with the U.S. This line of thought goes back to English economist John Maynard Keynes - the source of seemingly every important economic idea of this crisis-racked time - who first proposed what he called "supernational bank money" in 1930. During the economic turmoil of his day, he kept refining the idea and proposing odd names for the currency - first "grammor...
...scientist and author of A Life Decoded: My Genome: My Life is a past TIME 100 honoree Energy Secretary Steven Chu, a Nobel Prize--winning physicist, has acted quickly to help implement President Barack Obama's ambitious agenda to invest in alternative and renewable energy, end our addiction to foreign oil, address the global climate crisis and create millions of new jobs...
...years ago, the Chinese called it their Going Out strategy. State-owned companies in key industries were encouraged by the government to plant the flag of Chinese capitalism around the world by purchasing stakes in foreign companies. China was flush with cash and full of optimism--naive optimism, it turned out. Beijing's fledgling sovereign wealth fund China Investment Corp. poured $3 billion into New York City--based private-equity firm Blackstone in return for a 10% stake in the company--just before the bottom fell out of U.S. debt and equity markets. That deal was followed...
...past two months, Chinese companies have sought to buy assets abroad at an unprecedented pace. Aluminum Corp. of China (Chinalco) has announced plans to invest $19.5 billion in Rio Tinto, one of the world's largest mining companies. If completed, the deal would be the biggest foreign purchase any Chinese company has ever made. In late February, Hunan Valin Iron & Steel Group of China purchased a $771 million stake in the Australian iron-ore exporter Fortescue Metals Group. And China Minmetals, another state-owned firm, offered to pay $1.2 billion in cash for Australia-based Oz Minerals, the world...