Like a street beggar putting a few quarters and a dollar bill into the paper cup.
The real Fed Funds rate averaged 3%-plus, leaving gold to drop three-quarters of its real dollar value inside 20 years, as the real value of cash-on-deposit doubled.
FORBES: Real U.S. Interest Rates Deeper Below Zero Than Even In 1970s
The situation is even worse in Indonesia, where the rupiah has lost more than three-quarters of its value against the dollar over the past six months.
The results have been terrific: a world-class integrated data platform, expanded consumer and customer databases, online, self-service systems, strengthened product fulfillment, new ways of onboarding customers more quickly, and cultural acceptance of a shared services model leading to 13 consecutive quarters of double-digit million dollar annual operating margins.
FORBES: Want Cultural Change to Stick? Change The Way You Operate
As The Economist points out, it is the second multi-billion dollar write down in successive quarters.
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However, the model also suggests that, if lower interest rates are to revive the economy, a cut of 2.5 percentage points (the size of the cut until this week) would normally be expected to have lifted share prices by 22% within a year, reduced long-term bond yields by three-quarters of a point, and left the dollar 5% weaker.
That's because his strongest rival in the race is, irony of ironies, the most steadfastly conventional filmmaker of this year's nominees, Clint Eastwood, whose "Million Dollar Baby" is being hailed in some quarters as, amazingly enough, a masterpiece.
The yuan, pegged at 8.28 to the dollar since 1995, is considered cheap in many quarters and ripe for revaluation.
In the first three quarters of 2002 compensation consumed 65 cents of the Roadway Express revenue dollar.
Resistance remains stiff in many quarters against new technologies despite being cheaper, more empowering, and likely to produce hard dollar benefits.
But additional weakness in the dollar relative to the euro should work to the firm's advantage over the next few quarters.
Although three-quarters of Brazil's public debt is in local currency, around a third of this is indexed to the dollar.
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