Word: dollarization
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Dates: during 1980-1989
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...equally tough: the levy on foreign autos is 230%. At the moment, China is strictly limiting imports because of concern about its trade deficit, which ballooned from $1.4 billion in 1984 to $13.7 billion last year. Moreover, Peking two weeks ago devalued its currency by 15.8% against the U.S. dollar. That could discourage imports by making them more expensive...
Only five years ago the U.S. was on top, with a positive balance of $140.7 billion. But as the dollar steadily gained strength from 1981 to 1985, Americans began buying more and more imports, and the U.S. trade deficit hit a record $148.5 billion last year...
...whether the statue is too small or too big or too corny, it is by far the most American of all the country's patriotic shrines: unabashedly showy, technically impressive, evangelically democratic, & erected with private funds--and now privately restored as well, with $70 million from a quarter-billion-dollar treasury raised by a showy, impressive, all-American son of immigrants named Lee Iacocca...
Another attraction is the program's minimal cost. Tuition for eight credits, or two courses, is only $200. The summer program is subsidized by a $25,000 grant from the Ukrainian Studies Fund, a multi-million-dollar community chest for higher education...
...that's the rub. The U.S. has yet to resolve itself into a firm stand against Nicaragua. We certainly don't feel strongly enough to send our own soldiers and most polls show that Americans don't favor funding the Contras. A $100 million out of a trillion dollar budget is a mere trifle for the House to spend in order to relieve some of the pressure about the threat to the south placed on them by Reagan and other conservatives...