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...dollar seems to have as many lives as a cat. Even before 2008's financial crisis, as the dollar slumped against other major currencies, countless pundits and economists predicted its demise as the global economy's No. 1 currency. The doomsayers seemed vindicated when the U.S. economy descended into the worst recession since the 1930s, with its financial sector in tatters. How could an already weakened greenback maintain its value as American economic prowess withered? But then - surprise! - investors around the world decided the good old greenback was a safe haven in a time of great uncertainty. The dollar...
...That strength turned out to be temporary. A ballooning U.S. budget deficit and escalating government debt has made the dollar currency non grata in many quarters once again. An index that measures the greenback's value against a basket of major currencies, including the euro and yen, has fallen about 15% from a three-year high reached in March and is now hovering near a 14-month low. Economists and analysts expect the dollar to lose a lot more ground. Daisuke Uno, chief strategist at Japan's banking giant Sumitomo Mitsui, believes the Japanese currency could strengthen...
...world's largest holders of dollars, doesn't appear likely to allow its currency, the renminbi, to significantly appreciate against the dollar any time soon, despite increasing political pressure from Washington to do so. China's Commerce Minister, Chen Deming, said at the recent Canton Trade Fair, a major showcase for China's manufacturers, that the "basic stability" of the yuan exchange rate needed to be maintained so exporters can have a predictable business environment. Another source of stability is the difficulty central banks have disposing of dollars they already hold. Dumping dollars on world markets would only depress...
...Kong infatuation aside (how did he always know I was going home to eat alone and study until I fell asleep on my Orgo textbook?), I like to consider myself a “normal” now, no longer a nerd, who has to compensate for her dorky major. Proof? I’m now an Economics major. I wear contacts. I generally shower once a day. It’s hard to say whether the concentration switch triggered my nerd-to-normal switch (indulge me for a second and let me believe this switch has actually already occurred...
...public life and social fabric in Italy, where only 23% of respondents answered "No" to the Gallup poll question. But the largely rhetorical battles like the one over crucifixes mask the reality that Italian life is ever more secular, and the ethnic and religious fabric is in fact undergoing major changes with the arrival of immigrants, including many from Muslim-majority countries. Buttiglione, who called the court's decision this week "abhorrent," referred to the role of immigrants in Italy today, apparently also to the plaintiff in the crucifix case, a Finnish-born mother of two married to an Italian...