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...decision to create $250 billion in new SDRs marks a "major step" toward establishing the SDR as a global reserve currency, says Stiglitz. It's only a step, albeit enough of one to prompt Republican Representative Michele Bachmann of Minnesota to make the claim that Obama was out to ditch the dollar. Actually, the dollar would live on in an SDR-dominated world. It would no longer reign supreme, but neither would the yen or the euro or the yuan. Which might be the best long-run outcome the U.S. can hope...
...which already owns 9.3% of Rio, better access to the company's choicest deposits of copper, iron ore and bauxite. The secretary-general of China's Iron and Steel Association, Shan Shanghua, has already hinted that Chinese buyers could have some additional clout. This rankles some of Rio's major shareholders. "It's up to Rio to convince us that this does not transfer key pricing power over a key commodity to a big customer," says a large institutional shareholder. Chinalco has tried to allay such fears, and Chinalco president Xiong Weiping says Rio's corporate strategies and management practices...
Robert Gates The 22nd Secretary of Defense has served eight Presidents and is a past TIME 100 honoree In an eight-month span, Army Major General Mark Graham lost one son to suicide and the other to an IED in Iraq. By launching innovative programs and openly confronting his family's pain, Graham has become a leader in the campaign to reduce the Army's increasing suicide rate...
...with pulp plants, stud mills and palletmakers. A few decades ago, though, the mighty Columbia began delivering logs from Canada, then ready-made office paper from Asia. The financial swoon of 2008 was just a final insult to what remained of the town's manufacturing base. Most of the major employers have closed in the past six months or drastically cut hours and staff. The town, whose motto in the good times was "The Payroll City," is on the brink of economic ruin or, perhaps worse, of becoming a bedroom community for Portland, with no economic life...
...broker. But his more recent turn, as a general contractor, brought him face-to-face with an economic force he felt he could influence: illegal immigration. Although St. Helens has a relatively small Hispanic community - some legal, some illegal - the town is just 30 miles (about 50 km) from major population centers like Portland and Beaverton, close enough that out-of-town contractors with crews of underpaid, underdocumented construction workers began bidding on jobs around town eight years ago, says Mayo. Local contractors had a stark choice: either go out of business or stop paying their workers enough to support...