Word: dollarization
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Dates: during 1980-1989
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Relatives of a deceased Harvard professor have decided to drop four multi-million dollar lawsuits which the scholar brought against tobacco companies in June...
Beyond the four $5 million suits introduced by the late scholar, several $1 million dollar lawsuits brought against the same companies by Bullitt's 14-year-old son, David M. Bullitt, will also be dropped...
...Rite Photo in midtown Manhattan, bargain hunters contend not only with the usual bewildering selection of cameras and lenses but also with a choice of prices for the same item. The popular Nikon FE-2 camera, for example, costs either $279.50 or $239.50. What's the difference? Top dollar buys a camera backed by an authorized U.S. Nikon distributor. For the lower price, a buyer gets the same machine but with only Bi-Rite's guarantee...
Many gray-market retailers, including 47 St. Photo, contend that they are sharing with American consumers the benefits of the dollar's purchasing power abroad. Despite its recent downturn, the dollar is still worth 19% more against many foreign currencies than it averaged from 1980 to 1982. That should mean cheaper imports in the U.S., but many American distributors have decided to pocket the profits rather than lower their prices. Yves Saint Laurent's Opium perfume, for example, has climbed from $135 an oz. in 1980 to $165 an oz. today, although the cost of the perfume to the importer...
Baker's new international policies, however, cannot be separated from the domestic economic situation. The high value of the dollar and the staggering interest rates that have made the debt problem much more serious are both largely due to the high American budget deficit. Without some action to bring that down, all the moves started in the past month will not succeed. The importance of deficit reduction could be seen last week when the dollar rose in value against the Japanese yen, despite a massive attempt by the Bank of Japan to stop the increase. World currency speculators are still...