Word: dollar
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Dates: during 1970-1979
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...steals from it instead of serving in it. It's unfortunate, but that's the way it is." From policemen to Cabinet officers, officials routinely ask for and get bribes, ranging from the $2 that will persuade a traffic cop to tear up a ticket to the multimillion-dollar fraud allegedly perpetrated by the former head of a government tourist fund...
...Everybody accepts the fact that Presidents grow rich in office," says a university professor. Indeed, the President's salary is one of Mexico's best-kept secrets. Miguel Aleman Valdes, for example, made multimillion-dollar investments in Acapulco real estate that turned the Pacific Coast city into a famous tourist attraction...
...that would include draconian measures. Says Grove: "The ideal program would be very sharp fiscal and monetary policies buttressed at the outset by wage and price controls. The controls would be cosmetic, to convince people that the program is really going to work." Okun scorns this as the "trillion-dollar cure," meaning that it would cost the nation that much in lost production. He believes that such a solution would be "disastrous" because "it would have broad ramifications on the confidence in our whole institutional structure that would resurrect the darkest days of the 1930s...
...dollar was again the primary victim of this classic inflationary flight into goods. West Germany raised the value of its muscular mark by 2% against other European currencies to discourage speculators from dumping dollars to buy marks. But all it took was some news about the U.S. trade deficit to send the buck plunging sharply anyway. Most members of TIME's Board of Economists expect the dollar to fall further. So long as inflation in the U.S. remains steeper than in other leading industrial countries, says Economist Otto Eckstein, "the dollar is indefensible...
...this week's annual meeting in Belgrade of the finance ministers and central bankers of the 138-country International Monetary Fund, another step may be taken to dethrone the dollar as the world's chief reserve currency, and replace it with a collection of monies that will give more economic and geopolitical power to hard-currency nations, including West Germany and Japan. In an attempt to remove from the money markets some of the excess dollars that provide cannon fodder for speculators, the IMF would replace as much as $40 billion with its own bonds. Now there...