Word: dollarization
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Dates: during 1980-1989
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Even that moderate growth is by no means assured. To an uncomfortable ! extent, the expansion is dependent on exports, particularly to the U.S. Now that source of growth is threatened by the decline in the value of the dollar, which makes European products much more expensive in the U.S. So far, such premier exporters as West Germany and France have weathered the dollar's fall, but a further steep drop could be devastating...
...generate more internal investment and growth. Otherwise, Europe will remain hooked on exporting. At present the U.S. is the main engine of world economic growth, but that cannot continue indefinitely because the enormous American trade deficit is unsustainable. Warns Nils Lundgren, vice president of Stockholm's Pkbanken: "Either the dollar has to fall more or there will be more protectionism in the U.S." Both outcomes could undermine European growth. Concludes Mast: "We must stop telling the Americans what to do to help the world economy and start doing something ourselves. We have to grow...
...record. The only bright light in the dismal picture was the fact that the monthly deficit in December was only $10.7 billion, down dramatically from the $19.2 billion recorded a month earlier. That may be a sign, though not a definitive one, that the continuing slide of the U.S. dollar against the Japanese yen and the West German mark, which makes U.S. products cheaper abroad and imports more expensive, is finally having some effect on the trade balance...
...that precarious balancing act could collapse if the trade deficit continues to pile up at its present pace. Unless the decline of the dollar slashes the deficit soon, the Reagan Administration's measured trade initiative could be swept away by the more vociferous forces of outright protectionism...
WHAT'S NOT to like about a mega-million dollar, three-dimensional, outer-space music video starring Michael Jackson, directed by Francis Coppola, sponsored by Eastman-Kodak, and being shown, constantly, from here to eternity, in the Imagination Pavillion at EPCOT Center in beautiful Lake Buena Vista, Florida...