Word: portese
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These sources of support may not last forever. Warren Buffett warned in a New York Times editorial in August that the unrestrained buildup of U.S. government debt - and the likely need to print money as a result - would inevitably undermine the dollar's value. "Unchecked greenback emissions will certainly cause...
Despite all the nervousness, the dollar is not necessarily destined to decline. Large budget deficits don't automatically lead to weaker currencies. In the early 1980s, the dollar strengthened even as the Reagan Administration embarked on a spending spree, because higher interest rates attracted foreign money, pushing the dollar up...
And what would take the greenback's place? Economists say that China's suggestion of turning to SDRs might be viable, since SDRs are already considered a core part of central-bank reserves. But global traders would have to begin denominating transactions in SDRs instead of dollars, and there is...
Iceland gets some support for its conspiracy theory from Richard Portes, an economist at the London Business School. In March, after he published a favorable report on Iceland's economy, Portes says a senior figure at a major hedge fund phoned him. "He spent half an hour trying to tell...
To restore investor confidence, Icelandic banks and government officials have emphasized their economy's unflagging strengths in a charm offensive directed at ratings agencies and investors. Iceland is the fifth richest country in the oecd; the prices of its largest exports, aluminum and fish, are at record highs. "The Icelanders...