Word: dollar
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...personal defeat for Trudeau." Canadians are hopping mad at the state of their economy after ten years of his party's rule. Inflation is running at a rate of 8.6% annually; unemployment, at 8.5%, is at the highest level since 1940; and the value of the Canadian dollar has plummeted from $1.03 U.S. to a spindly 840 in the past 23 months. The federal government is running a deficit that is expected to reach at least $11.8 billion this year, and Canadians, like many Americans, are worried about a bloated, overpaid federal bureaucracy...
...imports. Two weeks ago, Energy Secretary James Schlesinger estimated that U.S. oil imports will rise 2 million bbl. per day by 1985, to around 10 million bbl., rather than drop 2.5 million bbl., as Carter had pledged. That prospect helped touch off another orgy of dollar selling abroad...
Nervousness about the weak dollar and inflation conspired to bring a startling break in stock prices. The Dow Jones industrial average last week tumbled more than 59 points, to 838, its worst one-week loss in history. Indeed, currency and stock markets seem to be getting locked into a vicious circle. When a plunge in the dollar causes stock prices to drop, foreign moneymen read the stock slide as an indication that Americans are losing faith in their own economy, and they unload still more dollars...
Investors' overriding worry, however, is not the dollar but interest rates. Last week the Federal Reserve Board acted to push the "Fed funds" rate at which banks lend to one another to nearly 9%, a level that Economist Okun believes-almost guarantees recession by making borrowing more expensive. Nor is there much hope that the rises in loan charges will stop. The Federal Reserve has been jacking up interest rates largely in order to contain an inflationary increase in the U.S. money supply, but so far it has failed. Money supply during the past month has shot...
...interest rates and the money supply to rise. So it is a destructive cycle: people borrow to stay ahead of inflation, and vigorous borrowing feeds inflation. So all economic troubles now come back to inflation-a great evil in itself and the main force that is driving down the dollar and the stock market, forcing up interest rates, frightening consumers and threatening recession. In selling his latest program to combat it, Carter has one potentially powerful asset: the prestige he won by his diplomatic triumph at Camp David. Richard Curtin, director of the University of Michigan survey of consumer attitudes...