Word: dollar
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Dates: during 1970-1979
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...present crisis began in September, when intense speculation forced the government to cut the overvalued peso loose from its two-decade mooring at 12.5 to the U.S. dollar. Wary of Mexico's swollen, $24 billion debt and mounting balance of payments deficit, investors began a precipitate capital exodus, dropping the value of the peso more than 40%. In late October, renewed trading forced a second round of devaluation, tumbling the peso to 24.5 to the dollar-half its previous value. Inflation bounded, approaching an annual rate of 30%. Worse, the government has announced huge jumps in the price...
Legal gambling seems to have had little impact on the multimillion-dollar illegal numbers racket, even though New Jersey, Maryland, Massachusetts and Rhode Island have introduced their own numbers games to compete with the illegals. The most successful of these, run by Maryland, has closely patterned its game after the illicit version. Players choose a three-digit number and can bet on it daily in multiples of 500; the payoff is 500 to 1 in cash, up to $600. It is a more honest game than the numbers rackets. Winners are always paid, which is not always the case...
When benevolent Tycoon John Beresford Tipton passed out checks in the 1950s television series The Millionaire, the recipients wound up with a cool $1 million tax free. No such luck awaits the million-dollar winners of state lotteries. Though the lottery commissions hardly emphasize the fact, they arbitrarily dole out their millions in installments of $50,000 a year over 20 years, all of it taxable. A winner with no other earnings to boost his tax rate further will end up with, at best, about $30,000 a year. In short, what you see emblazoned on the ticket...
...million-dollar misunderstanding may not be the only jolt for lottery winners. Many are soon besieged by relatives, charities and causes that want to share the presumed riches. One Air Force sergeant who won the Maryland lottery was asked to contribute to UFO research. Dominic Barisano, 63, won the jackpot in Massachusetts, only to give away so much to his four children, 13 grandchildren and eight brothers and sisters that he had no money to pay his income taxes. Says his wife Concetta, 61: "I'm a little sorry we won. One of my grandchildren told...
...will it? Can we rely on students' selfish instinct for money grubbing? Maybe students today are more altruistic. Perhaps they will resist the attraction of the high dollar return on Shakespeare and Fine Arts and continue preparing themselves for lives dedicated to those non-monetary goals of Health, Justice, and Corporate Happiness...