Word: dollar
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Dates: during 1970-1979
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Tremors of foreboding spread through money markets from Tokyo to Bahrain. The dollar plunged steeply on initial reports that Iran would withdraw its deposits from U.S. banks, then rebounded in nervous surprise at the news that Washington was freezing the assets before they could be withdrawn. When rumors circulated in Europe and New York that Iran would counteract the move by refusing to accept dollars as payment for its oil delivered to any nation, the U.S. currency began to gyrate all over again. Brokers and traders passed the week wearing looks of astonishment at what might come next...
...interest rates much longer than expected. The almost inevitable result: a deeper recession than so far forecast. Despite slumping growth, the nation's oil import bill, which is projected to total $61 billion this year, would leap to $96 billion in 1980. That in turn would keep the dollar's value dropping, while provoking yet more demands by oil states for compensating price increases. The vicious cycle would continue to drag the economies of the U.S. and the world down and down...
...Swiss law, Swiss National Bank President Fritz Leutwiler declared that Switzerland would not tell its local U.S. banks what to do, implying that if Iran wanted its money, its lawyers could take the matter to court. Said he with a wink: "If American banks in Switzerland holding Iranian dollar accounts follow instructions from headquarters and apply the freeze, there is just nothing...
...testified, for example, that he had built Scotto a swimming pool cabana for free at his Catskills summer home. Scotto answered that he had paid $10,200 for this work but that he had paid in cash. Scotto also acknowledged that he acquired a 13% interest in a multimillion-dollar East Side apartment building for only $26. He dealt mainly in cash, he said, to thwart the continuous harassment by Government agents...
Some billion-dollar losses...