Word: dollarization
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Dates: during 1980-1989
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...magret de canard with a fine bottle from neighboring Burgundy for about $40. Geneva also has good Chinese, Vietnamese, Korean and Indian restaurants, not to mention modest brasseries that offer a delicious newly caught perch for about $10. Any American who wants to take advantage of the strong dollar (now worth 2.8 Swiss francs, up from 1.7 five years ago) will find the Rue du Rhone lined with windows displaying Rolex and Patek Philippe watches, Gucci and St. Laurent clothes. Booming Geneva is also second only to Zurich as a Swiss banking center...
...stumbling and then bouncing back last year, the U.S. economy should settle down to a steadier, healthier pace in 1985. That was the optimistic forecast of TIME's Board of Economists when it met to survey the business outlook for the year. Despite concern about the instability of the dollar and the huge U.S. trade and budget deficits, the economists predicted that growth in the gross national product, after adjustment for inflation, will be a solid 4% this year, a middle course between the harrowing extremes of 1984. Growth last year ranged from 10.1% in the first three months down...
...optimism in the financial markets was tempered by worries about the fate of the dollar, which last week gyrated wildly. At first, it took off on its swiftest, steepest climb since 1978. By Tuesday afternoon it had risen 2% against the West German mark and the French franc and more than 3% vs. the British pound, which sank to an all-time...
Then currency traders were taken aback by bulletins concerning the testimony of Federal Reserve Chairman Paul Volcker before a congressional committee. Volcker said that Western central banks had not acted "forcefully enough" to halt the dollar's ascent. Some traders took that to be a call for stepped-up Government intervention...
...central banks of West Germany, Britain, France and all the other major industrial countries launched a joint campaign to defend their currencies by selling dollars on the exchange markets. Though the Federal Reserve would not publicly confirm it, the U.S. joined the battle to rein in the dollar. Said a senior Administration official: "We spent tens of millions and the Europeans spent hundreds." By Wednesday afternoon the banks had unloaded at least $1.5 billion and sent the high-flying dollar into a nose dive. It dropped 4% compared with the mark and franc and 6% against the British pound. Even...