Word: dollar
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Dates: during 1970-1979
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...conservative, grandfatherly economist of 73, has be come a national folk hero. Barbara Walters nags him for an interview. He twinkles, touches another match to one of his hundred or so pipes, and declines. International bankers claim, perhaps extravagantly, that his reappointment is needed to steady the stumbling dollar. American businessmen have raised him to near sainthood, even those who do not necessarily agree with all of Burns' tactics but want him to stay. Housewives, engineers and preachers write Burns that the nation needs him. He has become a soft-voiced beguiling problem for Carter...
...foreign exchange dealers it was a week to remember-or better still, forget. Not since the currency upheavals of 1973 have the world's money markets been in such turmoil. Once again the source of the trouble was the U.S. dollar. After slipping steadily in value all autumn, last week it went suddenly into a free-fall plunge that sent it skidding to postwar lows on money markets from Tokyo to Frankfurt. When the dust finally settled at week's end, a dollar could buy only 241 Japanese yen, 2.14 deutsche marks or 2.06 Swiss francs. Since January...
...immediate reason for last week's plunge was a growing belief among foreign exchange dealers that Washington is complacently prepared to let the dollar bears do their worst. As the dollar's autumn slide gained momentum, dealers began anxiously watching for signs that the U.S. was prepared to step in and buy up dollars to support their price. When news leaked out two weeks ago that U.S. Treasury Secretary W. Michael Blumenthal had met secretly in Paris with European monetary officials, currency traders assumed that a dollar-propping agreement would be announced at last week's monthly...
...drop: a jump in wholesale prices, a rise in the trade deficit, a threat of higher interest rates that would pull money from stocks into bonds. Last week, when the Dow fell 8 points, the favored reason was worry over a continuing drop in the value of the dollar on foreign money markets. All these factors do indeed have some influence, as does the perception by investors that the Carter Administration does not have a grip on the complexities of directing the U.S. economy. But the basic reason for the market's malaise is that in a time...
...First National City Bank -New York City's biggest bank, second largest in the nation and the world (after Bank of America). It is not, obviously, your friendly, flexible Bert Lance lending and saving shop. It is a hard-nosed company that will as swiftly foreclose a multimillion-dollar high-rise as a mom-and-pop delicatessen if the mortgage payments lag. Considering the cost of Manhattan real estate and the sensitivities of its stockholders, Citicorp might well have elected to erect yet an other no-frills cereal box as its new showplace...