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...currency, China is searching for ways to diversify. Beijing's main concern is that the dollar will inevitably weaken, eroding the value of its holdings, due to the growing U.S. budget deficit that is expected to swell to more than $1.75 trillion in 2009, the country's largest debt load as a percentage of GDP since World War II. "This is the tip of the iceberg," warns Joseph Tan, the chief Asia economist for private banking at Credit Suisse. "It doesn't look promising for the dollar." (Read "How China Is Capitalizing on the Economic Crisis...
...surprisingly, the yuan agreements have so far drawn an indifferent response from the private sector. Intel, the world's largest semiconductor maker, has manufacturing facilities in both Malaysia and China. Yet so far Intel hasn't used the currency-swap facility Malaysia has in place with China. Much of Intel's internal trade is still transacted in dollars, according to Loo Cheng Cheng, a Penang-based corporate-affairs executive with Intel. According to Citigroup's Chua, companies in South Korea, which was the first to sign a swap facility with China, have so far also declined to utilize it. Indeed...
...health of national economies by how many dollars are stashed away in their central-bank vaults. The international prices of everything from crude oil to cocoa beans are denominated in dollars. The dollar is a universal medium of exchange because it is liquid, readily available and backed by the largest economy in the world. There has been little reason for global commerce to function any other way. (See pictures of the global financial crisis...
...civil lawsuit filed in New York's Supreme Court said Merkin "duped individual investors, non-profits and charities into believing he was responsibly managing their investments, when in actuality he was dumping them into history's largest Ponzi scheme." (Read a brief history of Ponzi schemes...
Fairfield, Madoff's largest "feeder," with some $7 billion invested, was run by socialite Walter Noel. Through this entanglement of feeder funds, international hedge funds, sub-partnerships, and pension funds, with thousand of unsuspecting investors, Madoff was able to keep his house of cards standing much longer than he otherwise could have with his band of family members, small-time accountants, and clerks furiously cranking out false statements...