Word: dollarization
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Dates: during 1980-1989
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Little more than a year ago, Japanese companies seemed invincible in the American market. Because the dollar was so strong, Japanese products were relatively inexpensive in the U.S., and Americans seemed to have an insatiable appetite for Toyotas, Sonys and Nikons. But now that the dollar is diving, the prices of Japan's goods are suddenly on the rise in the U.S. As the dollar hit a record postwar low of 174.60 yen last week, Japanese manufacturers fretted that their exports would be devastated, and rival American businessmen broke into broad smiles...
...recommendations immediately stirred a fire storm of controversy. Said Representative Peter Rodino, a New Jersey Democrat who chairs the House Judiciary Committee: "Wholesale testing is unwarranted and raises serious civil liberty concerns." Agreed Democratic Representative Charles Schumer of New York: "Trying to stop organized crime's multimillion-dollar drug business by creating a police state in federal office buildings would be virtually ineffective and would create one crime to stop another...
...lever down; it is all in the elbow and in her whispered incantation: "Seven-seven-seven-se ven." Both of them admit that they will squeal for any jackpot from 50 cents up. At one point, when they have pooled their money with a third friend to play the dollar machines, all three squeal together and draw a crowd five deep. "How much did they win?" people ask. "$100," comes the reply. "Oh, shoot," says a hardened gambler. His contempt delights them more than their jackpot, which they duly pump back into the machine...
...College Archie C. Epps III, a member of the distributing committee, confirms that "the $50,000 figure was batted around earlier on, but that's not the amount we received." Harvard's conservative investment policies account for the less-than-hoped for sum generated from the million dollar endowment, Epps says...
Income is generated from the interest on a new million dollar public service endowment. Public Service Program $18,110 Cambridge Youth Enrichment Program $10,000 CityStep $3515 Cyclists Fighting Hunger $3000 Office of Career Services/Lamont Fellowship $2000 Francis de Celle $1500 Currier House Dance Marathon $500 Centro Presente $500 Children's Theater $500 Suzuki Program $500 Money spent this year: $43,000 Funding held over until next year...