Word: systemic
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...continue to invest in dollar assets to preserve the value of their holdings. Besides, replacing the dollar would demand a level of cooperation among the world's major economic powers that is difficult to achieve. Although China and Russia reiterated their calls for reform of the global currency system at last week's G-20 summit in London, the issue barely got any talk time. (See pictures of London protesting the G-20 summit...
...influence, the U.S. economy will slowly lose its preeminence and the dollar its stature as the undisputed world currency. Harvard's Frankel foresees that the supremacy of the dollar will erode over the next 15 years or so, with other currencies, like the euro, making inroads and forming a system in which multiple currencies share the world stage. "This is the last major crisis in which the dollar is viewed as a safe haven," Frankel predicts. Maybe next time I'm in Tashkent, I'll take along some Chinese yuan...
...sort of widespread tribalism within the United States that has never been experienced before, at least not in anyone's memory, and that may be imperative to the government's ability to render assistance to people who have absolutely no place to live. At some point, the federal welfare system could become insolvent because of the demands of those in need. The fact that people have bonds beyond their nuclear families may be the only thing that prevents that...
...which banks are in reasonable shape to make it through the recession and which are not. The test is based on unemployment reaching as high as 10%. If the number is likely to go well beyond that, the premise for evaluating the strength of key pillars of the financial system is deeply flawed before the evaluation process has been finished. The Administration wants to set measurements for whether large American private banks need to raise money. If 10% unemployment is a critical determining factor, many of the biggest financial firms will need extra capital. In the current credit environment, that...
...week. The more it is examined, the clearer it becomes why no senior person in the Administration wants to take on the issue of "how much money is going to be enough." The amounts by which all of the current programs to stimulate the economy, underwrite the banking system, and help millions of people with mortgages is so much larger that was planned just three months ago that it is not realistic to think that the Congress will provide another enormous infusion of funds or that the Treasury has the capacity to borrow them...