Word: greenbacker
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...thought. For much of the post-1945 world, Mandelbaum argues, the U.S. has done what governments do. It has provided a degree of security to others, by damping down the prospect of global war and by leading the struggle against the proliferation of nuclear weapons. Its money, the mighty greenback, is the closest thing to a global currency we are ever likely to see, and the voracious appetite of American consumers has injected precious demand into the world economy at times - as, for example, after the Asian financial crisis of the late 1990s - when it was much needed. Crucially...
...Most of Asia is now facing currency headwinds. That's because the region continues to tie its fate to the U.S. dollar. After nearly three years of declines from early 2002 to late 2004, the greenback rebounded in 2005. Many of Asia's dollar-linked currencies have followed suit?especially those of China, Korea, Thailand, Malaysia, Singapore and India. The Japanese yen has been a striking exception, having weakened 14% against the dollar since early...
Over the past year, wild speculation and furious debate have turned the future of the Chinese currency, the yuan, into the hottest and most polarizing topic in the global economy. Pegged to the U.S. dollar since 1994?meaning that when the value of the greenback rose or fell, so did the yuan's?China's currency had come to embody the industrialized world's fears of a hypercompetitive mainland staging a hostile takeover of global manufacturing. Led by the U.S., critics accused China of clinging to the dollar peg in order to keep the yuan artificially weak, making its exports...
...China's, central bankers throughout the region have been trying to keep their currencies from appreciating against the dollar?an increasingly difficult challenge as their economies strengthened. Yuan reform could remove the first log from the logjam?the Japanese yen, Korean won and Thai baht all rose against the greenback immediately after China revalued. And within an hour of Beijing's announcement, Malaysia ended its 7-year-old peg of the ringgit to the dollar, which was imposed during Asia's financial crisis to help stabilize the faltering economy. Malaysia had to move almost immediately after Beijing acted, or else...
...company, Berkshire Hathaway, has acknowledged a $307 million pretax loss in the first three months of this year that's due to a $21.4 billion position in "currency contracts," which are derivatives that hit pay dirt when the dollar falls. Problem is, the dollar is rallying. The greenback--up 4% against the euro in the first quarter and an additional 8% since then--shows no signs of stalling, and Jim Bianco of Bianco Research estimates that Buffett's losses this year have surpassed $1 billion...