Word: digitalizing
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...British pound and Italian lira dropped during much of the 1970s, while the West German mark and other Continental currencies rose. Yet at the end of the decade West Germany was enjoying a massive trade surplus and manageable inflation. Britain and Italy, meanwhile, languished under trade deficits and double-digit inflation. Sir James Goldsmith, the British financier, witnessed the process firsthand. Warns he: "Like drugs, devaluation gives you a breather, a small kick. Then it becomes an inflationary merry-go-round to , hell." Only when Britain began pumping large amounts of North Sea oil in the late 1970s...
Fighting recurrent bouts of triple-digit inflation, Brazil has accumulated an unsupportable foreign debt of $110 billion. In February, President Jose Sarney declared that the country would stop making interest payments on its medium- and long-term commercial bank loans, a stunning action that sent shock waves through the international banking community. The financial crisis has forced Brazil to curb imports and go all out on the export front. So far, the results have been unexpectedly impressive. In July alone Brazil achieved a record monthly trade surplus of $1.4 billion. The Brazilians still rely on sales of such basic goods...
...careful to alter his old, not new i.d. The University changes the last digit of replacement bursar's cards and accepts only the most recent number...
...inflation. But as inflation has abated in the '80s, the practice has only increased. At last count, in May 1985, the Labor Department found that 5.7 million workers, or 5.4% of all those employed, held more than one job. That was up from 4.9% in 1980, the double-digit-inflati on year, and the highest proportion in more than two decades. The number of moonlighting women in the labor force jumped 40% between 1980 and 1985, to 2.2 million, three times as many as those holding multiple jobs...
...most obvious sign of the country's economic troubles is the return of runaway inflation. After being frozen by the government for much of last year, prices are rising at a 545% annual rate in Brazil, the highest level ever for a country that was notorious for its triple-digit inflation earlier in the 1980s. As prices have leaped, interest rates have surged to more than 700%, dealing a devastating blow to business. Economists predict that Brazil's real growth rate will be cut in half this year, to less than 4%. The trade surplus, which provides the only cash...