Word: dollar
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Dates: during 1970-1979
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...decade or more, leaders of Europe's Common Market countries have toyed with the tempting idea of forming a monetary union. Each time, attempts at linking national currencies were abandoned as premature because of widely different rates of inflation and economic growth within the European Community. The foundering dollar, though, has overshadowed these objections. Spurred by West German Chancellor Helmut Schmidt and French President Valéry Giscard d'Estaing, the Common Market is moving rapidly and seriously toward a new monetary scheme that would stabilize currencies of the nine member nations and thus enhance trade among them...
...same period of last year. Yet last week the Commerce Department released June's trade figures and, though the monthly deficit was still $1.6 billion, it was the best one-month total in more than a year and showed a $600 million improvement over May. To blame the dollar's dilemma on the stymied energy bill also seemed a reach. It is undoubtedly a disgrace that the world's largest industrial nation and principal importer of oil has no comprehensive program of energy development and conservation. Nevertheless even without such a program, oil imports so far this year have dropped...
...root of these woes is inflation, while the collapsing dollar is pushing up prices even more. Not only do companies have to pay higher prices for foreign-made heavy machinery, engineering equipment and other high technology goods that have now replaced oil as the largest single category in the nation's import bill, but individual consumers are also being hurt. In the past year, the price of Volkswagen Rabbits has climbed 12.6%, and Japanese Toyotas are up 13% this year. Rising prices for imports likewise give domestic manufacturers an excuse to raise their own prices. This in turn sends more...
Washington's reaction to last week's sell-off was ho hum, with officials arguing that it was not as bad as the confusion that gripped international money markets between October and April. Said one high U.S. economic policymaker: "The right yen-dollar relationship has never been found"; and he predicted that the dollar could go to 180 yen before Japanese exports would be adversely affected...
Under Secretary of the Treasury Anthony Solomon managed to be upbeat, suggesting that fewer dollars would be pouring overseas in the future, because the weakening economy is now starting to drag down the U.S. growth rate to a level closer to that of the rest of the world. The reasoning is in sharp contrast to the White House's yearlong drive to persuade West Germany and Japan to pump up their economies rather than to have the U.S. rely on a slowing of its own; and it is typical of the wavering signals that the Administration has been sending...