Word: dollar
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Dates: during 1970-1979
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...gold frenzy continues to weaken the buck, OPEC might again move to lift its dollar-denominated price of oil sharply. Uncertainty over just what the greenback will be worth in months ahead would slow much trade that is negotiated in dollars. Beyond that, economists disagree about whether gold itself poses any threat. Many believe, as Economist John Maynard Keynes said, that gold is just a "barbarous relic," a commodity like pork bellies that should have no more monetary impact than wampum beads. Yet in this real world, the bullion boom could ultimately prove highly inflationary...
...Deak-Perera Group, a major U.S. gold dealer, believes the bulk of the buying can be traced to three sources. Demand from the Middle East remains strong, he says, not only from OPEC governments eager to protect their oil profits from U.S. inflation and the decline of the dollar, but also from peasants and small traders for whom gold remains the most popular portable security. Demand from Europe is accelerating because inflation there is rising. Bullion fever has now spread to Switzerland, reflecting fears about inflation even in that land of granite-hard currency...
Volck' er i za' tion, n. 1: a process of money management whereby interest rates are kept high at a time of deepening recession; 2: a reliance on tight monetary policy in order to protect the value of the dollar abroad and quell inflation at home...
...Federal Reserve Board's new chairman is already making the rounds in Washington. Though he has headed the U.S.'s central bank for a little more than seven weeks, tall, taciturn Paul A. Volcker has lost no time in establishing himself as a staunch inflation fighter, dollar defender and hard-liner on interest rates. Since he took charge on Aug. 6, the key rates used to manipulate credit policy have shot up dramatically. The Fed last week raised the discount rate, which is the interest it charges on money that it lends to member banks, by a half...
...Three of them opposed the move, saying it would seriously worsen the slowdown in the economy. There are signs that the recession will be deeper and longer than was predicted only three months ago. So some economists dispute Volcker's assertion that "what basically is good for the dollar is good for the economy at home." They are fearful that in his zeal to raise interest rates to buttress the buck abroad, he will worsen the Interest rates have been rising through the industrialized world since July, as governments try to curb inflation. But the U.S. has been playing...