Word: dollarization
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Dates: during 1980-1989
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...that portraits are not limited to paintings alone, he said. In addition to the standard oil paintings, the exhibit features sculptures, coins, drawings, prints, and photographs. The works include a 12th century B.C. gold death mask, Andy Warhol's "Marilyn," Walt Whitman's death mask, and a Kennedy half dollar...
...international currency markets, the action was only a shade less hectic. For the first time ever, the U.S. dollar slid below the landmark price of 150 ( yen to the dollar in Tokyo before rebounding to 153.25 yen at week's end, marginally higher than a week earlier. In Bonn, the dollar hit a 6 1/2-year low of 1.81 deutsche marks before microscopically edging back to close at 1.815, a 1.8% decline from the previous week...
...suddenly flew to Washington for a private 2 1/2-hour chat with Baker. The only visible result of their efforts was a four-paragraph communique that affirmed the two countries' "willingness to cooperate on exchange-rate issues." Translation: the U.S. would not explicitly commit itself to propping up the drooping dollar. One reason: the currency's decline makes imports more expensive and thus can help reduce the trade deficit...
...tide of imports has badly hurt domestic production. Along with its fourth-quarter figure, the Commerce Department announced last week that growth in the gross national product was a sluggish 2.5% in 1986, the lowest rate since the 1981-82 recession. The slump in the dollar's value, though, could prove to be less than a cure for that malaise. As the dollar falls and import prices rise, U.S. inflation could be rekindled. That in turn could lead to an increase in U.S. interest rates, which would hardly stimulate the economy and might blight the stock market's further advance...
Erdman, who has a degree from the Georgetown University School of Foreign Service and a Ph.D. in economics from the University of Basel, did what many other gifted men have done when confronted with enforced leisure. He wrote a novel. The Billion Dollar Sure Thing (1973) involved the President of the U.S. and his Secretary of the Treasury in a frantic effort to save the international monetary system. It was short on narrative technique but long on expertise. There was no panting sex, and the sharks wore three-piece suits. Yet Erdman, like Bernie Cornfeld, another tarnished golden...