Word: dollarization
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Dates: during 1980-1989
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...abduction of Mug'n' Muffin by the latest bank in the Square didn't alarm me. The growing infestation of mercantile marauders stirred in me no more than a vague feeling of camaraderie with the old men that wander shopping malls shaking their heads at VCRs and two-dollar loaves of bread...
...those who work for him, Adnan Khashoggi is not a constellation but the very center of a mysterious and splendiferous universe. His is a dazzling and ostentatious realm of luxury beyond the dreams of Croesus, a shadowy sphere of deals, arms brokering and billion-dollar investments. But with Khashoggi's well-publicized role as the middleman in America's arms-for-hostages deals with Iran, light has been cast on the sometimes shaky financial state of his private and public dealings. Like the arms sales to Iran, several of his recent investments have been ill-conceived, botched deals...
...invested in ambitious development projects around the world, several of which have come undone. In Salt Lake City where Khashoggi launched a $1 billion real estate venture, his Triad America company is being sued by dozens of contractors and investors for $140 million. In the Sudan, his multibillion- dollar plan to turn the desert nation into a breadbasket failed when his friend President Jaafar Numeiry was deposed. Khashoggi is also suffering smaller indignities. French authorities last week seized his DC-9 because he had not paid a debt to a British corporation. In Marbella a strike by some 60 servants...
...business, he zigzags around the world on his jets the way others hop in a car to run an errand, because he must be there face-to-face. He believes that through the force of his personality, he can broker a billion-dollar merger or patch up a domestic tiff. Recently, in a conversation with a woman he had just met, she confided to him that she was in the final stages of divorce. "Stop!" he said excitedly. "Let me reconcile you! I am good...
Ever since 1914, when U.S. engineers connected the Atlantic and Pacific oceans by carving a 43-mile-long canal across the Isthmus of Panama, the two ! countries have been intimately linked. So great is American influence that the U.S. dollar is legal currency in Panama. Yet Panamanians are extremely sensitive to any slight from their northern neighbors, especially since their nation is due to take over full jurisdiction of the canal at the end of 1999. Thus diplomats scurried for cover last June, when Senator Jesse Helms of North Carolina, an opponent of the controversial 1977 treaty that turned over...