Word: dollarization
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Dates: during 1980-1989
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...roughly $500 per sq. ft. Those prices are still a bargain compared with costs in Tokyo, where office towers sell for an astronomical $20,000 or more per sq. ft. -- on those rare occasions when anything comes up for sale. Says Shigeru Kobayashi, owner of Japan's multibillion-dollar Shuwa real estate empire: "Bond buyers are holding paper, but I have buildings and land. That's the future." Kobayashi's son Takashi, head of the family firm's U.S. subsidiary, controls 26 U.S. buildings worth some $2 billion. Among them: the ARCO Plaza in Los Angeles (bought for $620 million...
...bedeviling relationship of foreign creditors with America the Debtor has shown up strongly in recent weeks. Foreign governments have intervened repeatedly to prevent the U.S. dollar from sinking even faster than it has so far. A weaker dollar would make American exports cheaper and imports more expensive -- and that would make the U.S. better able to repay its debts. But America's major creditors, who are also its major trading partners, are not wild about a further rapid slide in the dollar's value: such a precipitate decline would erode the trade surpluses that made them creditors in the first...
...City subway station, it was in part inspired by the life of Edmund Perry, a gifted black graduate of Phillips Exeter Academy whose violent death revealed a troubled double existence. Folks who found the Bad video too tough may be soothed by next year's Smooth Criminal. This multimillion-dollar minifilm has slam-bang special effects supervised by Colin Chilvers, who worked on the first three Superman films...
...Democrats, the race remains as wide open as a frontier town on a Saturday night. Senator Joseph Biden was supposed to speak to a new generation, but then so was new- formula Coke. Congressman Richard Gephardt tried to trade on protectionism, only to see that issue sink like the dollar. Governor Michael Dukakis made inroads by warbling about his "Massachusetts miracle," but that chirpy refrain badly needs a second verse. One small surprise is that Senator Paul Simon is holding his own, bow tie and all, despite (or perhaps because of) his genuine, unapologetic liberal views...
Flush with cash and encouraged by the falling dollar, investors from overseas are snapping up skyscrapers and shopping malls, corporations and forest land, refineries and casinos. Already, Manhattan' s landmark Tiffany building is Japanese, Brooks Brothers is Canadian, and Sohio is in British hands. Is foreign ownership a danger? See ECONOMY & BUSINESS...