Word: dollarization
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Dates: during 1980-1989
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...international trade deficit that hit a record $123 billion in 1984. Though Americans spent freely early in the year, they were favoring many foreign goods over domestic products. As a result, production in U.S. factories stagnated. The main reason for the import binge was the strength of the dollar, which until the last few months seemed to be rising inexorably. Between 1980 and last February, the value of the dollar climbed by more than 60% against an average of major currencies. That increase devastated many American manufacturers by making their exports more expensive abroad and imports cheaper...
...have defected from the forces of darkness. The agents of Satan, he rants, include the Kennedys, Sears, Roebuck, the Rothschilds and the Council on Foreign Relations. On and on the babble continues: "Elton John and the Beatles actually sang in the secret language of witches . . . The pyramid on the dollar bill was the Illuminati's seal: The blocks of stone symbolized its organization...
...strong dollar enables most American executives abroad to live the good life, but not everywhere. Lagos is the most expensive city in the world for foreigners. According to a survey published last week by Business International, a Genevabased consulting firm, the Nigerian capital is 46% more expensive than New York City, largely because of a booming black market...
Tokyo rates as the second most expensive city, 18% above New York, although the dollar's strength means that prices there are less exorbitant than in the past. Anyone who needs another reason not to go to Tehran will be happy to know that it now ranks third, 16% above New York. American cities, including Chicago (No. 5), San Francisco (No. 6) and New York (No. 7), claim five of the top ten spots...
...master plan for the world economy. Reagan during his first term preached reliance on the free market to promote global prosperity, and devoted much energy to denying that gargantuan U.S. budget deficits were damaging the world economy by keeping interest rates high and forcing up the value of the dollar. To some of the other summiteers, he seemed to be following a go-it-alone, nationalist line...