Word: dollarization
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Dates: during 1980-1989
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Rome Reporters Walter Galling and Leonora Dodsworth find that the strong dollar hasn't changed their lives. Says Galling: "There's a little thing here called inflation." Munich Reporter Franz Spelman recalls the sad days of the wilting dollar. "Just eight years ago," he says, "some Germans, remembering the CARE packages that Americans sent after World War II, began giving the families of needy U.S. servicemen toys, clothing and furniture...
...bankers, travel agents, hoteliers and shopkeepers. In Europe, center of the friendly invasion, the magazine's reporters buttonholed American travelers to learn about the latest buys. They, along with Senior Writer Otto Friedrich, an enthusiastic vacationer who wrote the story, also drew on their own experiences coping with a dollar that used to be weak and is now strong...
...century piece in mint condition and at a good price, but it had just been bought by another American, who was paying an additional $500 to ship it to New York. Maybe the exchange rate is getting a little too favorable." Phillips, a budding oenophile, is hoping the healthy dollar will help expand another horizon. "In the U.S.," she says, "I was known for finding the best cheap wines. Here in France, I'd like to become famous for knowing the best cheap expensive wines...
Rome Reporters Walter Galling and Leonora Dodsworth find that the strong dollar hasn't changed their lives. Says Galling: "There's a little thing here called inflation." Munich Reporter Franz Spelman recalls the sad days of the wilting dollar. "Just eight years ago," he says, "some Germans, remembering the CARE packages that Americans sent after World War II, began giving the families of needy U.S. servicemen toys, clothing and furniture...
Many economists believe that the dollar is now overvalued by as much as 50%. And while the American currency could fall just as far and just as fast as it has risen, experts do not foresee rapid changes. Says Edward Yardeni, chief economist for Prudential-Bache: "It is quite possible that the 1980s will prove to be the dollar's decade to move up, just the way the 1970s was the dollar's decade to move down...