Word: dollarization
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Dates: during 1980-1989
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Senator John Danforth of Missouri, who heads the Senate's International Trade Subcommittee, expressed concern about the U.S. trade deficit. Danforth avoided attributing the strength of the dollar to the federal budget deficit, but he said, to the general agreement of the Canadians, "Something has gone terribly wrong with the international trading system. This is not free trade as we envisioned it." A telling comment on Danforth's view emerged at the beginning of the week during a meeting with Secretary of Commerce Malcolm Baldrige, when the Canadians learned that talks with Japan on telecommunications had been suspended that very...
Whenever business executives get together these days, the talk quickly turns to the strong dollar. Says Peter Peterson, former chairman of Wall Street's Lehman Bros. and Commerce Secretary during the Nixon Administration: "I am on five company boards, and on four of them there is much more discussion about the dollar than ever before." Peterson, who was a guest at the meeting of TIME's Board of Economists, called for quick action to stop the rise of the dollar and help American exporters. His program...
...billion would be helpful. If the reductions included freezes and a cap on cost of living increases for programs like Social Security, the moves would send "the kind of signal the financial markets really need to get long-term real interest rates down." Lower rates would make the dollar less attractive to foreign investors...
Currency Market Intervention. Peterson believes that if the first three steps are implemented, fundamental causes of the dollar's strength, like interest rates, will begin "moving in the right direction" and the dollar will decline in the long run. "Then," he says, "exchange-rate intervention can help the trend along." Peterson warns, however, that "if the fundamentals are moving in the wrong direction, intervention could prove expensive and futile...
...Hearst Corp.) acquired the programming of the defunct Entertainment Channel, A&E is in the midst of a major push for viewers and visibility. During the first three months of this year, the network is introducing 45 new programs or series and has launched a multimillion-dollar national advertising campaign to promote them. More than 12 million cable homes now receive some or all of A&E's 20-hour-a-day schedule, usually as part of their basic cable service. Though viewership is still a tiny blip on A.C. Nielsen's meters, A&E is hanging...