Word: dollarized
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Dates: during 2000-2000
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Money drives the culture. Television has recently hit on the old successful formula of big-money quiz shows. The new ones give away millions to people who know which Presidents' faces appear on different dollar bills. (The most candid of these shows is called Greed.) The likable and funny fellow who is host of Win Ben Stein's Money may turn out to be the symbolic spokesperson of the age. He challenges contestants to match his wealth of information and simultaneously implies that education for its own sake is preposterous. If you're so smart--Stein asks merely by existing...
While we expand, we also contract. America Inc. has become a term for describing the unending mergers of vast companies--multibillion-dollar mergers, real money today. Oil companies, car companies, food companies, banks; everything comes together. Media companies become telephone companies. Telephone companies become software companies. Book-publishing companies are swallowed whole by companies that make music, movies and magazines. Nothing is wrong with these adhesions in principle, but some "products," like books, suffer. Not long ago, the large book publishers would take on a number of excellent but unprofitable manuscripts as a kind of intellectual duty, pro bono work...
First, mutual funds, including index funds, the most popular form of investment, own very few of these newly created billion-dollar stocks. The mutual funds, stung previously when they created single-focus Latin American funds and Asian funds, have been loath to initiate Internet-only mutuals. And judging by a scan of the holdings of the largest funds, they spent more time trying to imitate the old-line Standard & Poor's 500 index than mimic the hot stocks that individuals have chased successfully. Now they have to scramble to own these red-hot stocks and dump the laggards if they...