Word: dollar
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Dates: during 1970-1979
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Should the U.S. care? Emphatically yes. It is true that monetary gyrations hurt the U.S. less than other nations who are far more dependent on foreign trade. But the dollar's decline injures America's foreign relations by angering friendly countries that fear the effects of a rise in their own currencies on the exports that are all-important to them. The dollar slide could accelerate world inflation: when other countries act to keep their own currencies from rising against the dollar, their moves, for complex technical reasons, increase the money supply in these countries -an inflationary force...
...long argued that West Germany and Japan should stimulate their own economies through domestic growth, thus reducing their trade surpluses and taking some pressure off the dollar. That would indeed help, and some progress is being made. Presidential Trade Negotiator Robert Strauss will visit Tokyo this week to put the finishing touches on a U.S.-Japanese agreement designed to permit more U.S. imports into Japan, and commit Japan to pep up its economy; it would enable Japanese consumers to buy more of the goods now being exported to the U.S. But West Germany has consistently rejected pleas to speed...
Since oil imports are, more than anything else, responsible for the dollar hemorrhage, action by Congress on Carter's energy bill is now more urgently needed than ever. Though the bill is hardly likely to cut oil imports as much as Carter claimed-that is, a more than 50% reduction by 1985-it is a necessary first step, and passage by Congress is an essential precondition to restoring foreign confidence in the dollar. Unless Congress is willing to send a credible energy bill to the White House, the rest of the world can be pardoned for doubting whether...
...many Americans, the international hand-wringing over the sagging value of the dollar abroad is as mystifying as a voodoo ritual. If the dollar's fate overseas is considered at all, it is thought to be a problem for foreigners and international bankers and not for those concerned with the day-to-day matters of Main Street. Nothing could be further from the truth. The dollar's tumbling exchange rate affects Americans and their economy in a number of practical and mostly harmful ways. Among the areas of greatest impact...
...Living costs abroad. Americans traveling or residing overseas have felt the effect of the dollar's drop most immediately and directly, especially in such countries as West Germany and Switzerland, where the greenback's decline against local currency has been severe. In Switzerland the franc has risen 25% against the dollar in the past year. A tourist couple may well spend $45 for a not particularly lavish dinner with a bottle of wine, v. $36 a year ago-even though the price of the meal in Swiss francs has not changed. In West Germany, where the inflation rate...