Word: dollarization
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Dates: during 1980-1989
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...March beside the equally plush University Place, gentrification crept further and further into Cambridge's traditionally blue collar neighborhoods. Penthouse condominiums in Charles Square and University Green reportedly sold for over $1 million, sending the price tag for one house on Mt. Auburn St. well above the million dollar mark...
Divestment has caught fire precisely at a time when the cult of the dollar has reached its height and arguments for the inherent morality and justness of capitalism ring most shrill. The movement urging Harvard to divest of its $580 million in South Africa-related investments is an important step towards infusing the free market with a needed dose of democratic decision-making and morality...
...Students at Harvard voted against Ronald Reagan for the same reason people outside Harvard did--he's as phony as a three dollar bill," says Michael K. Goldman, a Massachusetts Democratic consultant. The question to ask is, "Why hasn't the rest of the country caught up with Harvard University...
Since February, however, the dollar has fallen from its dizzying heights. It has dropped about 4% against the Japanese yen, 11% against the West German mark and 24% against the British pound. This trend will help American companies compete with foreign goods, and may eventually bring down the trade deficit...
...past three years more than $250 billion has flowed into the U.S. from abroad. That money has been a big help in financing the federal budget deficit, which will top $200 billion this year, and keeping interest rates from rising. If foreigners sharply reduced their investments, the dollar might plunge much more steeply than it already has, and interest rates would jump. While noting that some experts fear such an event, TIME's economists think that the odds are against it. Said Rimmer de Vries, a senior vice president for New York City's Morgan Guaranty Trust...