Word: dollarization
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Dates: during 1980-1989
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Kronberg, the project's director since 1976, coordinated funding for the multimillion dollar renovation from a variety of city, state, federal and private sources...
...could all but ignore the rest of the world. That view has long been obsolete, and events last week provided fresh and painful evidence of how closely American interests are tied to decisions made in other countries. On international money markets, nervous traders sent the formerly high-flying dollar into one of its sharpest and fastest tailspins ever. The plunge caused fears in some quarters that a protracted slide in the currency's value could be getting under...
...importation of more cars from Japan would probably raise the U.S. trade deficit and could hurt the dollar, which was already sliding rapidly last week. The British pound, worth just over $1.03 on Feb. 26, fetched $1.24 on Friday. In all, the dollar has lost 6% of its value against the currencies of major U.S. trading partners in the past three weeks. "It's never been as wild as this," says Christine Patton, a senior vice president of Manufacturers Hanover Trust who runs that bank's foreign exchange operations...
Though an extended flight from the dollar would rekindle U.S. inflation and cause chaos in world money markets, Washington has so far shown little concern. Indeed, Reagan was in a buoyant mood Thursday when he clanged the opening bell for trading at the New York Stock Exchange. He was the first American President to visit the exchange while in office. "We are not worried about what the dollar has done," said one Administration official. "There are limits to how far it can fall...
...PLAIN folks, sending a telegram overseas usually costs about a dollar or two. But last week Washington spent $1.5 billion on a message to our allies and the Soviets. By okaying funds for the controversial MX missile and thereby ending years of rancorous debate, Congress showed for all the world its readiness to back President Reagan's peace through strength rhetoric with action...