In economics, a monetary policy in which the value of the local currency is determined by the foreign exchange markets, with some intervention by the government (or its allies) in the event of excessive or dangerous movements.
Usually the term is applied when the country ignores long term shifts in value, but intervenes directly to avoid crises.
Usually the term is applied when the country ignores long term shifts in value, but intervenes directly to avoid crises.
Most of the nations in the world have neither a hard peg nor floating currency, but something in between--a dirty float, in which trade is under some restrictions.
by abu yahya July 11, 2008
the amount of goods and services that a country exports, minus the goods and services that it imports *in a calendar year*. In 1999 Japan exported much more than it imported, so it had a trade surplus. The same year, the United States imported more than it exported, and therefore had a large trade deficit.
While Japan had a trade surplus and the USA had a trade deficit, both had something called a trade balance, which was negative for the USA and positive for Japan.
A country can have an overall trade deficit (like the USA in all years since 1980) and still have trade surpluses with individual countries (e.g., the USA occasionally has trade surpluses with Brazil).
While Japan had a trade surplus and the USA had a trade deficit, both had something called a trade balance, which was negative for the USA and positive for Japan.
A country can have an overall trade deficit (like the USA in all years since 1980) and still have trade surpluses with individual countries (e.g., the USA occasionally has trade surpluses with Brazil).
Usually, when a country runs a trade surplus it tends to export the excess foreign currency back to the deficit country as portfolio investment. In this way, the foreign currency retains its value.
by Abu Yahya February 14, 2009
Act passed in 1933 which regulated banking. Named for Sen. Carter Glass (D-VA) and Rep. Henry Steagall (D-AL 3rd). Also known as the Banking Act of 1933. Motivated by the Great Depression and one of the pillars of the New Deal.
Glass-Steagall prohibited commercial banks from engaging in underwriting securities, i.e., banks that accepted deposits and loaned money at interest were not allowed to issue bonds or new public offerings of stocks. The Act also authorized the creation of deposit insurance.
The Banking Act of '33 was strengthened in 1956 when bank holding companies were barred from the insurance business.
Between 1982 and 1999, banks were deregulated until the same corporation could take deposits, create credit, borrow from the Federal Reserve, underwrite stocks and bonds, operate a hedge fund, and sell insurance.
Glass-Steagall prohibited commercial banks from engaging in underwriting securities, i.e., banks that accepted deposits and loaned money at interest were not allowed to issue bonds or new public offerings of stocks. The Act also authorized the creation of deposit insurance.
The Banking Act of '33 was strengthened in 1956 when bank holding companies were barred from the insurance business.
Between 1982 and 1999, banks were deregulated until the same corporation could take deposits, create credit, borrow from the Federal Reserve, underwrite stocks and bonds, operate a hedge fund, and sell insurance.
Glass-Steagall was repealed in stages between 1982 and 1999.
In 1990, the largest bank in the USA--CitiBank--held assets of $369.1 (2009 dollars); by 2009, it held over 5x that. Bank of America is now 13.24 times its size in 1990. The repeal of Glass-Steagall undeniably worsened our problem with banks that were too big to fail.
In 1990, the largest bank in the USA--CitiBank--held assets of $369.1 (2009 dollars); by 2009, it held over 5x that. Bank of America is now 13.24 times its size in 1990. The repeal of Glass-Steagall undeniably worsened our problem with banks that were too big to fail.
by Abu Yahya April 05, 2010
(BUSINESS) a closely-held corporation has all or most of its stock owned by the management of the firm. In many cases, it has no stock at all (see "going public"), in which case it is a private company.
Usually people say "private corporation" to mean any company that is unaffiliated with the government, or any company run mainly for profit. It's impossible to buck this trend, so corporations with no issues of stock, or negligible amounts of stock held by the public, are called "private companies" despite the fact that not all companies are corporations. Cargill, Inc., for example, has annual revenues of $117 billion, but no shares available for trade. On the other hand, PricewaterhouseCoopers and Ernst & Young are private companies but not a corporations. They are limited liability partnerships. The term "closely held" would not apply to them since partnerships do not issue stock.
Usually people say "private corporation" to mean any company that is unaffiliated with the government, or any company run mainly for profit. It's impossible to buck this trend, so corporations with no issues of stock, or negligible amounts of stock held by the public, are called "private companies" despite the fact that not all companies are corporations. Cargill, Inc., for example, has annual revenues of $117 billion, but no shares available for trade. On the other hand, PricewaterhouseCoopers and Ernst & Young are private companies but not a corporations. They are limited liability partnerships. The term "closely held" would not apply to them since partnerships do not issue stock.
Koch Industries is a super-sized, closely held corporation with two owners--Charles and David Koch, heirs to the oil refiner Fred Koch. Thanks to this peculiar status, magazines like Forbes are not allowed to report ANY financial statistics of the company at all (sales figures are suspiciously rounded to "$100,000,000,000.00").
Publix Super Markets (at the other end of the spectrum) is closely held--by its 125,000 employees.
Publix Super Markets (at the other end of the spectrum) is closely held--by its 125,000 employees.
by Abu Yahya September 02, 2010
*noun*; from Greek, θεός {god} + δίκαιον (justice). Literally, "the justice of God." Specifically, the attempt to explain God's ways to mortals.
The term was used by Gottfried Leibniz for his book {Théodicée} explaining how an omnipotent and benevolent God could allow suffering in the universe. Leibniz took the approach that this was the "best of all possible worlds," meaning that God could not have made this world better in any one respect, without making it worse in others.
In 1759, Voltaire published the novel *Candide* which was essentially a very long satire of Leibniz' views. The character of Dr. Pangloss is based on Leibniz, although it has been argued that Voltaire misrepresented Leibniz' views.
In common usage, the term *theodicy* refers to any defense of a thing based on the claim that whatever that thing does is the best possible. The obvious example is neoclassical economics, which insists that whatever outcome achieved by "the market," it is the best one that could possibly exist. It's a fallacy because it uses circular reasoning, and it is unfalsifiable.
The term was used by Gottfried Leibniz for his book {Théodicée} explaining how an omnipotent and benevolent God could allow suffering in the universe. Leibniz took the approach that this was the "best of all possible worlds," meaning that God could not have made this world better in any one respect, without making it worse in others.
In 1759, Voltaire published the novel *Candide* which was essentially a very long satire of Leibniz' views. The character of Dr. Pangloss is based on Leibniz, although it has been argued that Voltaire misrepresented Leibniz' views.
In common usage, the term *theodicy* refers to any defense of a thing based on the claim that whatever that thing does is the best possible. The obvious example is neoclassical economics, which insists that whatever outcome achieved by "the market," it is the best one that could possibly exist. It's a fallacy because it uses circular reasoning, and it is unfalsifiable.
Privileged and successful groups need religion for a very different purpose, namely legitimation. Their members are convinced that they deserve their good fortune and that the poor deserve their misfortune. {Max} Weber calls this the "theodicy of good fortune"...
Anthony Waterman in 2002 put forward the suggestion that Smith could be read as offering a kind of Augustinian theodicy of the market. According to him, Smith's idea could be interpreted as thus: just like God put governments in place to restrain sin, the institution of the market also restrains sin.
Nimi Wariboko, *God and Money: A Theology of Money in a Globalizing World* (2008)
Anthony Waterman in 2002 put forward the suggestion that Smith could be read as offering a kind of Augustinian theodicy of the market. According to him, Smith's idea could be interpreted as thus: just like God put governments in place to restrain sin, the institution of the market also restrains sin.
Nimi Wariboko, *God and Money: A Theology of Money in a Globalizing World* (2008)
by Abu Yahya March 23, 2009
(ECONOMICS) debt owned by a national government to all creditors foreign and domestic. Backed by the national government's power to tax.
Even after the International Monetary Fund worked out a bailout for Greece, other sovereign debt crises could still arise in Spain, Portugal, and Italy.
by Abu Yahya May 05, 2010
World's 3rd largest company (2009 sales: $310 billion); 2nd largest oil company (after Royal Dutch Shell).
Founded by John D. Rockefeller in 1862 in Titusville, PA as Rockefeller & Andrews Oil. Using combination of trust agreement and a holding company based in NJ, grew to totally dominate oil production, transport, and retailing. Standard Oil incorporated 1870.
Trust agreements revoked (court order) 1892; SO holding company broken up 1911 into 35 entities, including: Exxon, Mobil, Chevron, ARCO, Conoco, and Amoco. Amoco and ARCO were absorbed by British Petroleum, while Conoco merged with Phillips, Chevron merged with Texaco, and Exxon merged with Mobil.
Apologies to Urban Dictionary for misspelling the company's name "Exxon Mobile" in the definition for BP, p.l.c..
Founded by John D. Rockefeller in 1862 in Titusville, PA as Rockefeller & Andrews Oil. Using combination of trust agreement and a holding company based in NJ, grew to totally dominate oil production, transport, and retailing. Standard Oil incorporated 1870.
Trust agreements revoked (court order) 1892; SO holding company broken up 1911 into 35 entities, including: Exxon, Mobil, Chevron, ARCO, Conoco, and Amoco. Amoco and ARCO were absorbed by British Petroleum, while Conoco merged with Phillips, Chevron merged with Texaco, and Exxon merged with Mobil.
Apologies to Urban Dictionary for misspelling the company's name "Exxon Mobile" in the definition for BP, p.l.c..
Exxon Mobil operates 37 oil refineries in 20 countries; in the USA, it owns and operates about 12,000 service stations.
Exxon Mobil mostly evaded any significant financial responsibility for the 1989 Exxon Valdez tanker crash, the 2nd worst oil spill in US history (since eclipsed by the 2010 Deepwater Horizon blowout. That disaster cost the company about $4.5 billion, paid out over 20 years (or roughly 2% of profits over that time period).
Exxon Mobil mostly evaded any significant financial responsibility for the 1989 Exxon Valdez tanker crash, the 2nd worst oil spill in US history (since eclipsed by the 2010 Deepwater Horizon blowout. That disaster cost the company about $4.5 billion, paid out over 20 years (or roughly 2% of profits over that time period).
by Abu Yahya July 17, 2010