Word: market
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...fall's financial panic. When investors around the world got scared late last year, they poured money into U.S. Treasury securities that they perceived to be safe. That drove up the dollar. Then, after a few months, investors began taking risks again, putting money back into the U.S. stock market and into all sorts of investments in the rest of the world. So the dollar fell. (See 10 things you didn't know about money...
Then there is the creaky contraption that is the global monetary system. Since the early 1970s, the world's major currencies have generally been allowed to float freely against one other, but lots of emerging-market countries link their currencies to the dollar. They began doing this to secure a bit of stability in turbulent currency markets...
...problem is that after a decade of strong growth in China in particular, we now have an unbalanced system in which the dollar is overvalued against the Chinese yuan (among other emerging-market currencies). That has contributed to big U.S. trade deficits and, as China built up a huge stash of dollars it needed to put somewhere, to the credit bubble that precipitated the financial crisis. There's widespread agreement that this setup has to change but little agreement about how to change it. Which is a risky situation...
...that physics matters, the Filipino is the favorite for the Nov. 14 Las Vegas bout. His payday, it is said, will be about $18 million. Back in the Philippines, you can pun on Pacquiao with pakyaw - a verb, pronounced the same way, that means "to monopolize, to corner the market, to take everything at wholesale in order to maximize profit." Pacquiao knows he wants more than he has, more than boxing can give. At the stadium, he retails anecdotes from his life to a couple of Filipinos and repeats what seems to be both an assertion and a lesson learned...
...decision - made him a local star. After that, energy alone seemed to carry him through six inconsistent years, a period in which he still managed to win two world titles in fights in Southeast Asia. Finally, a Cinderella-like twist got him noticed in the U.S. market. In June 2001, Pacquiao stepped in as a last-minute replacement at a fight in Las Vegas to win the IBF super-bantamweight title by TKO. Soon after, he walked into the Wild Card Gym in Hollywood and met the owner, Freddie Roach, who would transform the way Pacquiao fought. (See more about...