Word: dollarization
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Dates: during 1980-1989
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...operative question is how long the Germans and the Japanese will loan us money," Thurow said, adding that when when they stop payments, "Toyotas will be priced like Mercedes. Mercedes will be priced like Lamborghinis, and Lamborghinis will be priced like an MX missle." A declining dollar will make it impossible for Americans to continue importing goods, and thus end the trade deficit, he said...
...Remember Bangledesh has no problem with trade deficits, only their workers earn, in terms of the American dollar, 20 cents a day," the economist told an audience of executives at a computer conference at the Charles Hotel. He predicted an American shrinkage in standard of living, of about 8 or 9 percent...
...deficit, the closely watched barometer of America's competitive woes, failed to improve as much as investors had hoped: the imbalance between imports and exports fell from the record $16.5 billion in July, but only to $15.7 billion in August. Investors concluded that if a 30% drop in the dollar over the past two years has failed to help cure U.S. trade problems, then perhaps the currency would have to fall further. And any greater drop, they reasoned, would surely aggravate U.S. inflation and interest rates...
...frantic selling that gripped the New York and London exchanges much of the day reverberated through every other market, eroding the dollar's value and pushing up the price of U.S. treasury bonds and gold in a migration to safehaven securities...
Analysts said traders also were growing increasingly confident that no crisis for the dollar and international monetary cooperation was imminent. They noted that stocks rallied in Japan and that authorities in West Germany, where interest rates had been rising, lowered an important financing rate...