Word: move
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Bottom line: the dollar faces a longer-term challenge, and the big players know it. Echoing a call made by Zhou Xiaochuan, its governor, in March, China's central bank advocated a new global reserve currency in its annual financial-stability report released last Friday. Raising concerns of a move away from the dollar as the world's reserve, the proposal for a "super-sovereign" coin nudged down the greenback vs. a host of major currencies. That may have been a tad more impact than Zhou was seeking: with something like two-thirds of China's roughly $2 trillion...
...reality, with 64% of the world's reserves held in dollars at the end of last year - way more than in any other money - a move to a new reserve currency would be both time-consuming and complicated. And since China holds so many dollars, selling even a small amount of its reserves would dent the value of those that remained. But despite the glitches, argument over the need for a new international reserve does little to lift sentiment in the dollar's favor. Its replacement might be an "implausible suggestion," analysts at HSBC wrote in a May note...
...budget sanity should first try a ballot measure to change the two-thirds vote requirement on budget and tax measures. "If a statewide initiative to eliminate the two-thirds majority requirement can pass, that will solve a lot of the problem," Chemerinsky says. "And then it makes sense to move on to a constitutional convention...
...first time: there's a lot of money involved. Depending on how it is structured, a tax on the most expensive benefits could bring in hundreds of billions of dollars over the next 10 years, the Congressional Budget Office has estimated. But it would be a politically treacherous move that would not affect only the wealthy. Many of those generous health plans are also part of union contracts - and in many cases were negotiated in lieu of higher wages - which means Obama might have to go back on his campaign promise not to raise taxes on those earning less than...
...almost inevitable that establishments will reopen, run by criminal groups," says Ian Payne, director of operations at the River Palace. "There is a huge, established customer base that still wants to gamble. People will get fed up after a few weeks." Whether moral crusade or canny campaign move, the decision to ban gambling in Russia and Ukraine is a risky play...