Word: dollarization
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Dates: during 1980-1989
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...contribution was the image taken from advertising or tabloid journalism: grainy, immediate, a slice of unexplained life half-registered over and over, full of slippages and visual stutters. Marilyn Monroe repeated 50 times, 200 Campbell's soup cans, a canvas filled edge to edge with effigies of Liz, Jackie, dollar bills or Elvis. Absurd though these pictures looked at first, Warhol's fixation on repetition and glut emerged as the most powerful statement ever made by an American artist on the subject of a consumer economy. The cranking out of designed objects of desire was so faithfully mirrored in Warhol...
...structure a deal." A caterer on the subject of specialty bar mitzvahs: " 'Mr. Wonderful' is one of our biggest themes . . . Of the traditional variety. Top hat, white gloves." There are even old jokes. Broderick: "What's real money to the rich? she would ask. Usually in bed. A dollar ninety-eight, I would say. Talk of money always made me uncomfortable...
...Monopoly. For one thing, Japan's incredible export machine has created a huge pool of excess capital. Japan's trade surplus with the U.S. in 1986 alone was $58.6 billion, and exchange-rate changes over the past two years havesharply boosted Japanese purchasing power in the U.S. The dollar has depreciated in value against the Japanese currency by some 40%, from 260 yen in February 1985 to 153 yen last week. That makes even Manhattan prices seem reasonable. Example: a building that cost $100 million, or 26 billion yen, two years ago would now set back the buyer a relatively...
SASC's report, which will probably be releasedlater sometime this month, will address the sameissues Murphy examined on his trip to SouthAfrica, focusing on how Harvard should spend themillion-dollar fund, Mitter said...
...plunged briefly as investors dumped speculative takeover stocks. This time, big institutions and foreign investors evidently believed the scandal poses no particular threat to their current strategy of snapping up basic industrial stocks, which the buyers think will be helped by a growing economy and a falling U.S. dollar. Says Byron Wien, a stock strategist for the Morgan Stanley investment firm: "The continued strength of the market shows that most investors do not believe the system is evil...