Word: worthlessness
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...know you’re doing big things when meager American currency, with its virtually worthless hundred-dollar bill, is too small for you. Just look at the newly re-ghettofied Jay-Z. The video for his “Blue Magic,” the first single off his upcoming album, juxtaposes the gritty streets of Harlem against a plush world more akin to Jigga’s own, replete with champagne bottles, Rolls Royces, 500-Euro banknotes, and yes, even some bling! More prominent than the bling and the foreign currency is the crack. Not to say there?...
...little positive to say about the current state of Russian moviemaking. "Russians seems to be good at bringing knowledgeable people to Russia and then ignoring every bit of wisdom they offer up," he says. "And corruption is just an enormous obstacle. A contract in Russia is essentially worthless. If someone decides to misbehave, you have little chance to bring a lawsuit...
...iron fist. Certainly, there are similarities between today's protest movement and that of 1988. Although the previous strikes are now glossed with a patina of democratic yearning, their initial motivation was also economic. Back then, the military regime demonetized the local currency, rendering millions of people's savings worthless. Small groups began marching over a six-month period, a stop-start effort that culminated in August 1988 with tens of thousands of people thronging Rangoon's streets. But the military quickly sent bullets into the crowds. By 1990, elections won by future Nobel laureate Aung...
...foundation is shaking, there are scant buyers for the lower-grade issues built on top of the pooled mortgages, and the values of those CDOs have plummeted. Losses in the subprime market drove Bear Stearns to declare two of its hedge funds, once topping $1.5 billion, all but worthless, and banks as far afield as Germany and France have frozen funds or received bailouts because of exposure to U.S. mortgages...
...problem is, now that this market has collapsed, figuring out who owns all this worthless paper. Think that's easy? Two weeks ago, no less than the CEO of BNP Paribas, the big French bank, said, in effect, no worries, folks. Its exposure to this stuff was, as he put it, "negligible." Yet last week, BNP had to shut down three of its own investment funds because of its exposure to investments linked to the subprime debacle. When the CEO doesn't know, that is the very definition of "not knowing what we don't know...