Word: dollarization
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Dates: during 1980-1989
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...name of industry--and the almighty dollar--businesses seek to buy Harvard and bend its brainpower to their private gain...
...human rights, disarmament and the military-industrial complex. "We would never do five-page reports like Heritage because the problems the country faces are too serious, and we have too much respect for the legislators," says Director Robert Borosage. Nevertheless, when I.P.S. completes a planned three-year, multimillion-dollar expansion, it intends to hold more congressional briefings and press briefings. "We want to take a much more visible role," says Borosage...
Last March the Brazilian government launched a bold attack on a 255% annual inflation rate by freezing prices, raising wages and creating a new currency unit, the cruzado, which was officially pegged at 13.8 to the U.S. dollar. Now the government's war is taking a new turn. Brazilian federal police have conducted dozens of raids across the country aimed at shrinking a rapidly growing black market in U.S. currency. The widespread illegal activity seemed to indicate rising fears among the citizenry that President Jose Sarney's well-publicized anti-inflation campaign might be running out of steam...
...Dollars have long served as an inflation hedge in Brazil in bad times. The irony was that they now seemed to be serving that purpose in good times. The government's recent policies beat inflation back to a 1.2% monthly rate in July, and wage increases gave consumers the wherewithal for a huge spending binge. But the buying spate has created shortages -- at official prices -- of such items as automobiles, meat and eggs, leading merchants to ask for under- the-table sweeteners, meaning renewed price pressure. When the raids were launched, illicit greenbacks were selling in Brazil for 88% more...
...revenue needs of World War II, the top rate on the highest incomes was a confiscatory 94%. Among those offended: a movie actor named Ronald Reagan who had just begun to earn big bucks. His anger at discovering that he could keep less than a dime of each additional dollar he earned played a part in his postwar conversion from New Deal Democrat to conservative Republican...