Word: economist
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Dates: during 2000-2009
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Some liberal economists have maintained that the stimulus bill in February was not big enough to fill the economic crater left by the financial crisis. Obama aides refused to endorse that position, even after Obama began planning another stimulus effort in September. Though the Great Recession is officially over, credit remains scarce, unemployment hovers above 10%, commercial real estate is crashing, home foreclosures are rising, and many state and local governments are teetering on the brink of insolvency. The nation, in other words, is out of the operating room but not yet home from the hospital. "If we go back...
...left the country drowning in red ink. National debt is expected to rise to 125% of GDP in 2010, the highest in the euro zone. "If you want an example of a political élite that thought membership of the euro zone was a panacea," says Simon Tilford, chief economist at the Centre for European Reform in London, "you don't need to look further than Greece. They're in very serious trouble." (See pictures of the global economic crisis...
...have to make absolutely positively sure that this recovery evolves into a self-sustaining economic expansion, and that is what this is all about," says Mark Zandi, an economist for Economy.com who has advised both Republicans and Obama. "If we go back into recession, it's going to blow out the budget, and it's going to cost the taxpayers a lot more...
...Gold is the one currency a central bank can't print," says Martin Murenbeeld, a veteran gold watcher who is chief economist for Canadian money-management firm DundeeWealth. Gold's big attraction as a pillar of the global monetary system is that it isn't beholden to national politics. The downside is that its supply increases fitfully, with no regard for the state of the world economy. That's why John Maynard Keynes called the gold standard a "barbarous relic," and why you won't find anyone outside the goldbug fringe calling for a full return to the gold standard...
...many countries, economic reform can be a good thing. Even draconian changes to paper currency can help governments draw a line between "bad economic policies of the past, often after taming a hyperinflation," says Marcus Noland, an economist at Washington's Peterson Institute of International Economics. However, this being North Korea, one of the most repressive and impoverished nations in the world, that's not the case. The government announced that it would limit the amount an individual can exchange to just 100,000 won - or less than $40 at black-market exchange rates - and any amount above that threshold...