Word: dollarization
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Dates: during 1980-1989
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...toward the lawyers' fees. A dozen asbestos victims protested the high cost outside the courtroom on the trial's first day, although the huge proceeding will not necessarily affect what they are paid. A Rand Corp. study estimates that litigation expenses already consume 63 cents out of every dollar spent in asbestos lawsuits. Said one picket's sign: LAWYERS PLAY WHILE VICTIMS...
Today's election holds special significance, according to political observers outside the neighborhood, because of the influence the winner could exert over the multi-million dollar development plans for the area. And the new representative will wield the influence that comes with being part of the powerful Boston delegation...
...bomb explodes. The seriousness of the situation is often lost amidst the economic jargon. Technical disputes abound over the true extent of the problem, but almost everyone agrees that, despite phony supply-side arguments to the contrary, an increasing national debt fuels both high interest rates and an overvalued dollar. Aside from the fact that mortgage financing and business investments remain prohibitively expensive and will exert an increasing drag on the current recovery, high rates force the government to devote more and more taxpayer money to paying interest on the debt, thereby removing these funds from more productive uses. Furthermore...
...disturbing, the U.S. will become a debtor nation this year for the first time since 1917. Peter Peterson, former chairman of the Lehman Bros. Kuhn Loeb investment firm and a guest at the TIME board meeting, said that unless action is taken to bring down the deficit and the dollar's value, America could owe foreigners $1 trillion by the end of the decade. Observed Heller: "We're fattening our own standard of living today, at the expense of a leaner diet tomorrow when we have...
...economists unanimously agreed that a meaningful deficit-reduction program would act as a supercharger for the U.S. economy. It would lower interest rates, boost business confidence and eventually bring down the dollar's value and the trade deficit...