Word: dollar
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Dates: during 1970-1979
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Paul "Green Giant" Volcker for President in '80 on a bold, anti-inflation platform that defends the dollar abroad, puts a nonpartisan squeeze on runaway Government spending at home, and effectively controls the excessive flow of money and plastic money into the U.S. economy...
Eurocurrency began as an offspring of the cold war. After the 1956 Hungarian revolt, Soviet officials feared that the U.S. would seize the dollar deposits that Moscow had in New York City banks, so they transferred the cash to London. After moneymen began lending the state less dollars to companies in Europe, U.S. bankers and businessmen recognized a promising new source of capital. The lending of hard foreign currencies soon spread out from London. Among the first to handle such loans was the Soviet-owned Banque Commerciale pour I'Europe du Nord in Paris, which has the telex address...
This trillion-dollar capital market has won both ardent fans and impassioned opponents. In its defense, commercial bank ers note that the Eurocurrency market readily supplies investment funds for multinational corporations and provides the mechanism whereby the OPEC countries ''recycle'' their new riches to poor developing nations. OPEC'S leaders, ever fearful of placing too much money in any one country, prefer to keep their petrodollars in short-term Eurocurrency deposits free from the long arm of any government...
...Guido Carli, former chief of Italy's central bank, that Eurocurrencies have become ''the root of all evil in the international monetary system.'' In this huge worldwide market, currencies can be traded almost instantly and without restraint. This fosters monetary instability, and since the dollar is such a large part of the system, the instability can drive down the value of the buck. Private bankers and corporate finance officers can wildly exaggerate any currency's weakness and cause its value to plummet as they unload billions of uncontrolled Eurodollars with a few telex messages...
...Propostion 13 and the shrinking dollar, it is especially important that we coordinate human service programs," Preusser says, adding that when she began on the City Council 150 agencies in Cambridge were receiving funds and "no one really knew how much money was coming through the city...