Word: greenbackism
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...greenback form, George Washington, Andrew Jackson and Benjamin Franklin will make their way from the fists of graduates to the Student Loan Office. With an average debt of $14,487, Class of 2000 graduates who took student loans could spend the next 10 years paying Harvard back...
...raise short-term rates not just 25 but 50 basis points at its meeting Tuesday, the latest attempt to hamstring the swaggering U.S. economy just enough to keep inflation at bay. Businesses, especially capital-intensive ones like the dot-coms, have no love of more expensive money. But Father Greenback has sold the markets on his firm hand, says TIME senior economics reporter Bernard Baumohl, and a full half-point hike was the only way for Greenspan to reward that confidence now. "The markets were worried for a moment that the Fed was behind the curve, but Greenspan realizes that...
Much of the trouble stems from a single concern: the weakening U.S. dollar. The greenback had been the strong, silent type for the past six years, making European vacations and Japanese electronics cheaper, while at the same time attracting foreign capital to the U.S. stock-and-bond markets by the trillions. Although the dollar's decline amounts to only 3% against major currencies like the euro, it is off nearly 15% against the Japanese yen since March...
...financial transactions and services such as advertising and insurance were not offseting part of the gargantuan deficit in exchange of goods. The trade deficit, or excess of merchandise imports over exports, will be roughly $350 billion. So the U.S. is spilling too many dollars into currency markets for the greenback to maintain its present value against most other moneys, euro or no euro...
...rates again on Thursday without waiting for the next Fed meeting, a dramatic move that caught Wall Street off guard. It was almost unprecedented in Greenspan's term as helmsman of the U.S. economy. If the Fed has a big red panic button, this was it: Clearly Father Greenback had seen something that couldn't wait for November 15. But what...