Word: snower
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...that policymakers everywhere will have to go back to the drawing board to figure out a more effective system of financial-crisis management. "Governments are making the same mistake over and over again. They're trying to deal with the crisis on a piecemeal basis," says Dennis J. Snower, president of Germany's Kiel Institute for the World Economy. He advocates a far more ambitious solution, including the creation of a new international agency that can act as a lender of last resort to stricken banks. In Washington, Robert B. Zoellick, president of the World Bank, concurs that only...
...important part of the U.S. economy, accounting for a massive 15% of New York's alone, any diminishing of its status as a financial center will have big repercussions on jobs. The dollar too may lose its long-held status as the currency of choice for central bankers everywhere. Snower of the Kiel Institute believes that in the future, "this will be seen as a historic period in which the U.S. will give up some of its reserve-currency role." Asian and Middle Eastern nations that currently hold on to dollars will want to diversify into other currencies, including euros...
...dollar has to share top billing with other currencies, it will be harder for the U.S. to finance a profligate lifestyle and run big deficits, as the nation currently does. Expect mortgage rates to shoot up and your overseas vacation to get a lot more expensive. In the past, Snower says, "the U.S. could live off the fat of the rest of the world. Now it won't be able...
...windfall to invest in Germany. Even if Schröder's measures get through the legislature - which is far from certain - they seem unlikely to create millions of jobs. "Given the magnitude of the problem of unemployment, they don't really address that particularly well," says Dennis J. Snower, president of the Kiel Institute for World Economics. He's particularly critical of the €2 billion earmarked for transport infrastructure. "Trying to improve the working of the economy by choosing a sector like that hasn't worked in most countries," Snower says. But there were some supporters, including...
George Mostow (Mathematics), Henry Pierre Noyes (Physics), Harold Pilvin (Economics), Louis Heilprin Pollak (History and Literature), Harald Anton Reiche (Classics), Cecil Jack Schneer (Geological Sciences), Harold Wondell Smith (English), William Snower, Jr. (Government), William Firth Snyder (Economics), Richard David Solo (Economics), Howard Marget Spiro (English), Ruch Eastman Welter (History and Literature...