Word: dollar
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Dates: during 1970-1979
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...plan is designed to shelter Community countries against fluctuations of the dollar, as well as other currencies, and thus also help stabilize the dollar itself. Schmidt's proposal features two devices: 1) a so-called boa of currencies, which would have more leeway than the old snake to let weaker currencies, such as Britain's pound and Italy's lira, initially move up and down within a broader margin than the stronger currencies; and 2) a kind of "mini-IMF" of pooled reserves from which the members could automatically draw funds to support their currencies and deter...
...instigation, four small countries called a separate caucus to sulk over what they regarded as West German and French highhandedness. British Prime Minister James Callaghan, who is reluctant to inhibit the pound in any case, argued that the scheme could be construed by Washington as a move against the dollar. Schmidt proved to be one step ahead of his critics. In a series of telephone calls to Carter, he apparently succeeded in getting Washington's blessing for the monetary idea. Said a ranking German finance ministry official: "We can't see why the British should be worried about...
...healthy economy cannot tolerate that pace. It wipes away most wage and salary gains, lowers standards of living and sets poor, middle class and rich to snarling at one another. It also weakens the dollar overseas: foreign moneymen rush to dump greenbacks out of fear that inflation will steadily erode their value. Last week the dollar slipped to a record low of 201 Japanese yen, down almost 17% just since January. The dollar's slide, in turn, makes U.S. inflation worse because it raises the prices that Americans pay for imported goods...
...made. Private bankers commonly echo Milton W. Hudson, vice president of Manhattan's Morgan Guaranty Trust Co., who says Miller has put on "a virtuoso performance." Foreign leaders agree. Typically, West German Chancellor Helmut Schmidt, who has long railed at Washington for failing to appreciate the dangers of the dollar's slide, feels that he has at last found a firm ally in Miller...
Dozens of local anchors are making more than $100,000 a year, and at least 16 make $200,000 or more (see box). Of course, stratospheric salaries were common at the networks even before Barbara Walters signed her million-dollar contract with ABC two years ago. What is new is that the pearly-toothed, cleft-chinned basso profundos who tell the way it was in your home town are starting to earn network-size salaries. "Only three or four years ago it was significant if an anchor earned $100,000," says Richard Leibner, one of a growing number of talent...