Word: dollarization
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Dates: during 1980-1989
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...rate I was following a trail of dollar bills that led up Fifth Avenue when I came across a bag lady pushing a shopping cart full of greenbacks. The "do not walk" signal was flashing at the intersection, but one of the rotating wheels on the bottom of the cart had gotten stuck and the poor old girl was pushing it around in circles in the middle of the street. Gallantly I offered her assistance, staring down psychotic foreign-born cabdrivers until we reached the safety of the curb...
Such expertise is badly needed. A large number of American Indians still live under depressed conditions, and unemployment on some reservations runs as high as 60%. In recent years, though, several tribes have won multimillion- dollar settlements of long-standing claims against the U.S. and state governments for illegally seizing land. Most tribes shared the settlements among their members, but a few frugal, forward-looking chiefs sought more profitable ways to spend their people's windfalls...
...most important cause of the trouble is the 17-month rise of the yen against the dollar, which has hurt Japanese exporters. In response, Prime Minister Yasuhiro Nakasone's proposed fiscal-1987 budget, calls for increased public spending and a one-year emergency program to develop jobs for 300,000 workers, or 16.5% of those who are unemployed...
...second half of the book do the authors reach the heart of their argument and the most interesting material in their book. The Strategic Defense Initiative, they assert, is an impractical, useless project. Only its usefulness to various special interest groups keeps it alive: the Europeans crave the billion dollar high-tech defense contracts SDI will bring them; arms-controllers such as Paul Nitze want a billion dollar bargaining chip; and right-wingers led by Assistant Secretary of Defense Richard Perle see it as a billion dollar way to violate the Anti-Ballistic Missile Treaty and jettison the SALT agreements...
Much of that expected rise in economic activity will be the result of the falling value of the U.S. dollar, which has declined 20% against the Japanese yen and 21% against the West German mark in the past year. Heller pointed out ( that the Reagan Administration's policy of allowing the greenback's value to fall against those currencies has finally begun to stimulate U.S. exports by making American products less expensive overseas. That may soon improve the distressing U.S. trade deficit, which reached $170 billion last year. Nonetheless, the trade statistics do not yet show a clear-cut trend...