Word: dollarization
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Dates: during 1980-1989
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...founder and owner of ComputerLand, William Millard, 53, built a billion-dollar business on an old-fashioned notion: it is better to be feared than loved. Since the firm's start in 1976, Millard has ruled his 1,100 employees and more than 800 franchisees with an autocrat's hand, making unilateral decisions and railing against anyone who challenged his judgment. Until recently, that style worked wonders. ComputerLand (1984 sales: $1.4 billion) is the world's largest chain of computer stores, with 820 outlets in 24 countries, including China. Profits are expected to reach $20 million this year. Millard...
Last week the family revealed that it has completed the sale of 90% of its remaining silver hoard, amounting to some 53 million oz., for $320 million. The sell-off represented a multimillion-dollar loss for the Hunts, whose combined wealth had slipped from more than $5 billion in 1980 to about $2.2 billion before the sale...
...international lenders agreed to grant Mexico an emergency six-month extension on nearly $1 billion of IOUs. While those events unfolded, the sharp impact of another new Washington strategy was being felt around the world. Spurred by a U.S. commitment to reduce the foreign exchange value of the dollar, the greenback tumbled last week to its lowest level in several years against other major currencies...
...bills. Pressed on around the Department of Agriculture. What pikers! They have only 240 million bushels of surplus corn stored away. A nod down Independence Avenue to NASA. It would take one of their space shuttles nearly a year and a half in orbit reeling out end-to-end dollar bills to equal the current Debt...
...development. The Federal Government, of course, has a role to play in solving the trade problem. The most important thing Washington could do is to reduce the current $200 billion budget deficit. Perhaps half of this year's projected $150 billion trade deficit will be caused by the strong dollar, which is the result of the budget deficit. Some legislation should also be re-examined to make sure that it does not hinder trade. Example: antitrust rules that overrestrict cooperation among U.S. firms. Finally, the Government should take a tough stance when countries violate trade rules. In the past...