Word: greenbacker
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...rugs and blankets known as tais. Don't expect to haggle over prices. The recent introduction of the U.S. dollar as the country's official currency has confused many, and the stall owners prefer for now to keep prices fixed until they can master the true worth of the greenback...
...that as it may, this author stands by the greenback...
WHAT IT MEANS FOR THE U.S. The growing discontent over Europe's currency system could prove disastrous here, because many foreign investors holding euros would probably switch to dollar-denominated investments. That might help bonds and to a lesser degree stocks, but another consequence would be to thrust the greenback's value even higher, further debilitating manufacturing in the U.S., which has already lost 785,000 jobs in the past 12 months. The record U.S. trade deficit would spiral higher...
...What It Means for the U.S. The growing discontent over Europe's currency system could prove disastrous here, because many foreign investors holding euros would probably switch to dollar-denominated investments. That might help bonds and to a lesser degree stocks, but another consequence would be to thrust the greenback's value even higher, further debilitating manufacturing in the U.S., which has already lost 785,000 jobs in the past 12 months. The record U.S. trade deficit would spiral higher...
...What is Asia to do? As Taiwan's ill-fated committee showed, there aren't a lot of ideas out there. Taiwan has let the value of its currency slip, while the Thai baht and the Philippine peso are trading at six-month lows against the greenback. This makes their products cheaper overseas, which would normally boost exports. But that hasn't happened. Korea and Malaysia are planning fiscal stimulus packages a la Japan. But as Japan's record shows, pumping cash into public works projects is a somewhat expensive way to keep an economy crippled. For the most part...