Word: meltdown
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...greenback has also shown surprising resilience amid the financial meltdown, since investors continue to see it as a safe haven in bad times. Even after some recent losses, the dollar is 15% stronger against the euro than it was in mid-2008. The dollar has maintained its popularity in part because most major currencies don't look much more attractive. Investors judge the value of a currency relative to others. Though the U.S. economy may be in its worst condition in almost 30 years, the rest of the industrialized world isn't any better off. "The dollar should be much...
...financial meltdown has turned into global economic crisis, the human cost in terms of lost jobs and displaced workers is growing at a terrifying pace. The International Labor Organization (ILO) predicts that 38 million people around the world could lose their jobs this year alone, sending unemployment rates in Europe and the U.S. into double digits for the first time in years and slowing - or in some places reversing - the massive jobs growth of recent years in Asia. Alarmed by the social and political consequences, governments, companies and labor unions in countries across the globe are scrambling...
...doctrine that markets know best: when government keeps its hands off free enterprise, capital migrates to its most productive uses and society prospers. But its elegant models rely on a bold assumption: rational decisions by self-interested individuals create efficient markets. Behavioral economics challenged this assumption, and the financial meltdown has just about shattered it; even former Fed chairman Alan Greenspan confessed his Chicago School worldview has been shaken. "We couldn't have planned a better marketing campaign for behavioral economics," MIT's Ariely quips. (See the best business deals...
Protesters wanting to deliver a message to world leaders in London for this week's G-20 summit gathered outside the high walls of the Bank of England in the heart of London's financial quarter on Wednesday and demonstrated over everything from the meltdown in the financial system to the growing threat from climate change. Some people got a little too excited; after protesters broke windows at the nearby headquarters of the Royal Bank of Scotland - which recently needed a government bailout to avoid going under - one or two people looted the lender's computer equipment. A few dozen...
...years - securing the freedom of prisoners in the 17th century, protesting the lack of rights for women in the early 1900s and railing against an unpopular tax just under two decades ago. As always, the mood today was mercurial. Organizers of the gathering, a movement calling itself G-20 Meltdown, had promised a "peaceful and fun street party." For much of the protest, that's what they got. While anarchists, many dressed from head to toe in black, threw paint at the bank and beer cans and insults at police, most kept their protests peaceful. By late afternoon, with police...