Word: dollarization
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Dates: during 1980-1989
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Then we held a dollar bill out and asked people passing by if they wanted it. "Excuse me, would you like a dollar?" we asked. For 45 minutes, we could not find any takers...
Others were more confused than our mailbox patrons. "What, a real dollar?" they would ask. "What's the catch?" As we were explaining to one young woman that there was no catch, a destitute-looking man joined our conversation. "A real dollar?" he said in a gruff voice...
...billion in debts. But last week Funaro, who proved unable to rein in Brazil's runaway economy, was dumped by President Jose Sarney in favor of the more pragmatic Luiz Carlos Bresser Pereira, 52, an economist and businessman. Bresser Pereira promptly devalued Brazil's currency 8.5% against the U.S. dollar in an effort to boost export income, which should improve the country's ability to pay its debts...
...Chairman Paul Volcker, who said the U.S. central bank was moving to push American interest rates higher. At week's end major U.S. banks raised their prime rate from 7 3/4% to 8%. Taken together, the U.S. and Japanese actions will make it more attractive for investors to hold dollars and less attractive to hold yen, which should strengthen the collapsing dollar against the surging...
...Council is one of the richest student enterprises around, operating on its yearly budget of $20,000 provided by termbill charges. It doesn't take long with a council ledger to begin wondering, however, how serious the student government is about getting full value for each student-supplied dollar...