Word: dollarization
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Dates: during 1980-1989
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...squad of Guardian Angels in red berets helped propel the 39-year-old electronics technician through the turbulent crowds outside and hustle him back to his bachelor apartment. Still ahead lies a September sentencing of up to seven years in prison for illegal possession of a gun, plus multimillion- dollar damage suits filed against him by three of his four victims...
...upsurge is all the more remarkable in light of the 20% decline in the value of the U.S. dollar against an average of European currencies since early 1986. That has made almost everything more expensive for an American in Europe. In Rome, for example, a double room for three nights at the King Hotel near the Spanish Steps that cost $246 last year now goes for $333. A taxi ride from a hotel on London's Hyde Park to the West End theater district, which cost about $4.50 two years ago, now runs closer to $5.75. During the same period...
Colonel Diaz, meanwhile, had barricaded himself with a group of armed supporters in his garish million-dollar Panama City mansion -- a domicile the newly religious and repentant military man now admits was paid for with bribes. "This is an illegitimate government that has created an institutionalized crisis," he told TIME. "I knew that the only way to change the system is to get rid of Noriega." He hopes he can foment a rebellion that will bring down the general. In addition to his accusations concerning Torrijos, Diaz charged that Noriega helped rig the 1984 presidential elections and that the Defense...
Ronald Reagan is getting on. Air Force One is ready for retirement. Economic summits in Venice are old hat -- Jimmy Carter was there for one seven years ago. The dollar is tired and limp, and Paul Volcker about to become a memory. Congress is slower, windier and crankier. Even the 17-year locusts sound unhappy to have emerged again along Washington's troubled streets...
...Benn man to man: "Well, as you will have figured, with a brain like yours, the object is to recover money from Uncle Harold. That's the overall game plan." From the sidelines, Kenneth comments bitterly, "Basically, he didn't even want what they wanted -- the money. As many dollar bills as it would take to fill the Grand Canyon wouldn't have been enough for them. Plant morphology satisfied him. So how were they to understand one another...