Word: moneyitis
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Those are strong words for what, going strictly by the numbers, has been nothing more than a retracing of the dollar rally that followed last 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...
...note that capitalism has just experienced the equivalent of a meteor near miss. But the second and third points demand more explanation. The reason a big federal debt undermines the dollar is that a government with really big debts will be tempted to inflate its way out by printing money to pay creditors. Printing more dollars (the process actually involves the Federal Reserve's purchasing government securities with dollars it conjures out of thin air) reduces the value of existing dollars. And a government in truly dire fiscal straits - Germany in the 1920s is the most famous example - may print...
...about traveling to Europe, maybe, because it's really expensive. Hope a somewhat weaker dollar will help revive this country's beaten-down manufacturing sector - as seems to be happening - but also hope a dollar slide doesn't turn into a collapse. And put at least some of your money into investments (foreign stocks, gold, other commodities) that stand a chance of thriving even if the dollar doesn...
...broad outlines of his history - his legend - have made the boxer a projection of the migrant dreams of the many Filipinos who leave home and country for work. About 10% of the Philippines' GDP is money remitted from overseas Filipinos: nurses, nannies, sailors, singers, doctors, cooks, X-ray technicians, mail-order brides, construction workers, prostitutes, priests, nuns. Some spend decades abroad, away from the ones they love, for the sake of the ones they love. Everyone in the Philippines knows a person who has made the sacrifice or is making it. Pacquiao gives that multitude a champion's face...
...thatch, to pursue boxing, even though he did love the sport. He left home at 14 because his mother Dionisia, who did odd jobs and factory work and hawked vegetables by roadsides, wasn't really making enough to feed her six children. He had to go off and earn money elsewhere, doing anything to relieve the burden on his mother - even if she wanted him by her side. As it was, he was often absent from school because the family needed him to help sell snacks and trinkets on the potholed lanes where nearly naked children with matted hair still...