Word: dollarization
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Dates: during 1980-1989
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With the Dos Santos government committing an estimated 80% of its budget to military needs, the economy has been thrown into chaos. These days a dollar will buy more than 1,500 kwanza on the black market, or 50 times as much as at the official exchange rate. At bank rates, a sack of potatoes costs $100. Some 750,000 squatters jam the garbage-filled streets of Luanda, where many scrounge through trash cans for food and live in shacks. Even a confidential Soviet report on the capital acknowledged its "sense of hopelessness...
Charles Schultze, a senior fellow at Washington's Brookings Institution, was slightly less troubled by the recent trade data. He countered that in view of the long lag between a falling dollar and an improvement in exports, there was no reason to expect the trade deficit to have fallen very much by now. In any event, the majority of the board members agreed that the trade gap would surely begin to narrow by year's end. "If something doesn't turn around soon, then we don't know anything," said Alice Rivlin, director of economic studies at Brookings...
...persistent trade deficit has several underlying causes. While the dollar has fallen from its peak by more than 40% against the Japanese yen, it has dropped just 6% in relation to the Taiwanese New Dollar and has actually risen 3% against the South Korean won. In addition, import prices have not risen nearly as much as they were expected to. Typically, when the dollar weakens, foreign manufacturers boost prices of products sold in the U.S. because the money they receive from American consumers is worth less when converted into other currencies. So far, though, prices of imports, not including fuel...
EROTIC, BRUTAL, horrifying, and singularly comic, Blue Velvet marks an awesome return to form for director Lynch. In the course of his relatively brief career he has given us Eraserhead, an unsung underground classic, The Elephant Man, a bittersweet beauty-and-the-beast parable, and Dune, a $40 million dollar turtlewaxed Edsel. In Blue Velvet Lynch demonstrates with grace and the sheer momentum of genius that he is our most valuable, audacious and unabashed cinematic exorcist. He takes fear, his and ours, and smears it on the big screen. His canvas is dazzling, replete with hyperorganic imagery and an almost...
...timing of the American decision could not have been worse. The Labor Party under Prime Minister Bob Hawke had already begun to suffer an alarming drop in popularity, most notably because of a crisis in foreign exchange. Emergency measures had to be enacted to shore up the plummetting Australian dollar. Treasurer Paul Keating voiced his fear that Australia was heading for "banana republic" status. And so, in light of looming economic disaster, the government introduced the so-called "horror budget" which called for massive federal cutbacks...