Word: dollar
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Dates: during 1970-1979
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...value of the dollar determines much more than merely what the doctor in Houston must pay for his new Mercedes-Benz or the housewife in St. Paul for her Swiss chocolates. Prices of domestic goods go up because the competing imports are more expensive; the dollar's decline will add as much as 1.5% to the inflation rate this year. More important, a nation's currency is the symbol of its economic vitality and the instrument by which it exercises its world role. The fall of the once-mighty British pound from...
...fate of the dollar calls into question the way the whole world does business. The international monetary system is a precarious structure held together largely by paste, baling wire and confidence in the dollar, since it is the currency in which most international deals are made and which central banks keep in their vaults as reserves. During recent runs on the dollar, the first signs of financial panic could be seen. World money markets now resemble the urban ghettos of the 1960s, when a random traffic ticket or barroom scuffle could set off days of bloody rampages. The most implausible...
...apparent reason, one Monday morning seven weeks ago, bankers, corporate treasurers and speculators suddenly wanted to sell dollars, causing a mindless two-day dollar run. Washington policymakers are still frightened by the episode because they have no idea why it started. While not predicting The Crash of 79, the dramatic title of a novel that foretold the collapse of Western civilization after a dollar disaster, Henry Kaufman, a partner in Wall Street's Salomon Bros., warns that the attack on the dollar "has placed the entire international monetary system in jeopardy...
...currency tomorrow morning much less a year from now, have grown overly cautious. Instead of marketing the new product that may (or may not) bring a profit in three or four years, they are gambling in the currency markets in hopes of making an overnight gain on a falling dollar or rising yen. That is one reason why business investment and economic growth in most Western industrial countries are running at only half the level of the 1960s...
...hotel room $100 a night in Tokyo, increase the danger of protectionist trade wars as everyone runs to shield his market against low-priced U.S. competition. The Tokyo Round of trade talks, which has been dragging on for four years, is in danger largely because of the dollar. Finally, global inflation is being fired anew. Uncertain what the value of a product will be even a few weeks from now, both exporters and importers raise prices a little more to ensure against a possible loss from a currency change...