Word: dollar
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Dates: during 1970-1979
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Central banks and private holders are reluctant to accept any more dollars, whose value declines almost daily. OPEC countries in particular are attempting to put new oil earnings into marks, yen or gold. Says Washington Economic Consultant Harald Malmgren: "The Arabs have learned that they pump oil out of the sand, hold the dollars, and the dollars turn back to sand." Nervous central bankers also fear that dollar holders will suddenly try to move large funds into another currency or into gold. Warns Karl Otto Pohl, president-designate of the German Bundesbank: "If this mass of dollars ever begins...
...despite attempts by central banks to diversify their currency holdings, 77% of all official reserves are still dollars; thus many governments have an interest in holding up the value of the dollar...
...dollar is being eased out of the cornerstone position it has held since World War II, gold and some strong currencies are moving in. The American campaign to remove gold from the world money system has failed;, as one example of bullion's continuing monetary role, the seven-month-old European Monetary System that links seven Common Market currencies has gold as a centerpiece. Fritz Leutwiler, the president of the Swiss National Bank, quotes from the Book of Job: "I have made gold my hope or have said to the fine gold, Thou art my confidence." Some leading Americans...
While world moneymen continue slouching toward a new financial Bethlehem, it becomes clearer that the only real way to restore the dollar's health is to cut America's inflation. As long as prices continue climbing at a rate of 13% in the U.S., compared with 6% in West Germany, the dollar will sink and the mark will rise. In such circumstances the dollar is lost, and attempts to save it will only ruin the nation's industry by making such exports as computers, airplanes and chemicals vastly too expensive in Japan or Germany, and imports like...
...long-playing saga of the declining dollar has demonstrated -that a weakening currency fosters a vicious circle. The dollar's decline not only causes more inflation in the U.S. but also gives OPEC an excuse to push petroleum costs still higher, because oil prices are set in dollars. As the latest run on the dollar continued to lose momentum, officials in Bonn and Washington recalled that in the battle of the buck the next round of speculation has always come more quickly and been more ferocious than the last...