Word: trillions
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...expensive to buy, Asian central banks have intervened in foreign exchange markets and done something they are loath to do: Actually increase the dollars in their foreign reserves. "Asian central banks are accumulating even more dollars," says Credit Suisse's Desbarres. According to Citigroup, China's foreign reserves ($2.13 trillion as of June, including forward currency contracts) have increased 11.9% since the collapse of Lehman Brothers in September, 2008. Hong Kong's foreign reserves have shot up by nearly 40% over the same period. Economists point out that this new pile-up of dollars will do little to reerse...
...result of its economic boom, China has amassed a staggering $2 trillion in foreign exchange - the largest reserves in the world - and is beginning to invest significant amounts abroad. Today, 37 Chinese multinational corporations rank among FORTUNE's top 500 global companies, up from just six a decade ago, while 450 out of the FORTUNE 500 American companies have production lines and a business presence in China. China has become the world's largest recipient of foreign direct investment. To fuel its economic boom, China's voracious and insatiable appetite for raw materials has led it to absorb large amounts...
...already knew all this, of course. It happened just last year, and in recent weeks, the news media have engaged in an orgy of commemoration and explanation of the Lehman collapse and its aftermath. So here's the $64 trillion question: What, if anything, have we learned...
...down costs for families and long-term government deficits. But his numbers are hypothetical. "If we are able to slow the growth of health-care costs by just one-tenth of 1% each year," he announced in a recent address to Congress, "it will actually reduce deficits by $4 trillion over the long term." (See pictures of the angry health-care debates...
...much more determination than House Democrats in holding the fiscal line. According to the official government accounting, which leaves out most of the systemic changes, the current House bill would moderately grow the deficit over the next 20 years, while the Senate Finance Committee bill would save nearly $1 trillion in the same period...