Word: dollarization
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Dates: during 1980-1989
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...Harvard announces the formation of a million dollar fund to help educate needy Angolans...
...University Treasurer Roderick M. MacDougall '51 tells reporters that the new Angolan scholarship fund has absolutely nothing to do with the release of a Harvard student the day before. As an example of the University's longstanding tradition of helping Africans, MacDougall points out the million dollar fund to help educate Black South Africans--which, he adds, also had absolutely nothing to do with pressure on the University...
Congress could help reduce the too high dollar by cutting the federal budget deficit, which hit a record $221 billion in fiscal 1986. The Treasury's need to attract foreign money to finance this deficit keeps interest rates in the U.S. high compared with other countries. That in turn puts upward pressure on the currency, because so many investors are buying up dollar-based securities. But TIME's board expects the slow progress in making budget cuts to continue next year. The deficit in fiscal 1987, which ends next October, will probably ease to $190 billion -- still well above...
...current level, the debt could reach $800 billion by 1991, Feldstein estimated. More ominous, U.S. debt could suddenly hit a critical point at which foreign investors become concerned that their money is concentrated too much in one place. Any sudden loss of confidence, said De Vries, could send the dollar into a steep fall. A plunge in the dollar could ignite a run-up of interest rates and a recession. Said De Vries: "It's going to take a miracle to solve this problem without a really significant slowdown in the U.S. economy, but I don't think...
TIME's economists expect that foreign resistance to U.S. debt is more likely to grow gradually, allowing the dollar to decline at an orderly pace. Said Feldstein: "I think we can get there without a shock." But even if it happens smoothly, the necessary further decline of 20% to 30% in the dollar will be bitter medicine for U.S. consumers. By making imports more expensive, ! the weak dollar will hamper the growth in the standard of living. "There's no question we will be poorer as a nation because of this, or rather we will get richer more slowly," said...