Word: dollarization
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Dates: during 1980-1989
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...country that has failed to meet projected reductions in narcotics production. The first victim of that law, some Washington officials believe, could be Bolivia, which is to receive $48 million in U.S. assistance during the current fiscal year. "Bolivia's not going to get another dollar, so far as I'm concerned," Republican Senator Paula Hawkins of Florida, the amendment's sponsor, told TIME Correspondent David Beckwith after the State Department report was released...
...aircraft or by high-powered speedboats. By 1983, indeed, the system was running so efficiently that the market was glutted with cocaine, and the wholesale price of a kilo in Colombia plunged from $20,000 to $5,000 (it is now roughly $7,500). All the while, million-dollar bribes, backed often by threats, bought the coqueros official indulgence at home and abroad. "These are vicious people with huge amounts of money at their disposal," says Francis ("Bud") Mullen, head of the DEA. "That does inhibit individuals who would ordinarily support law enforcement...
...takes 300 kilos of coca leaves to produce three kilos of paste and one kilo of pure cocaine. The markup in price, according to current U.S. estimates, is no less dramatic. A dollar's worth of leaves costs a trafficker less than $3 as paste and a consumer on the streets of Miami $315 as white powder. Smoking the much cheaper raw coca paste has therefore increasingly become a popular high throughout South America. In Bolivia a matchboxful of paste, enough to make 100 cigarettes, sells for as little as 50 cents. Warns Dr. Ronald Siegel, a psychopharmacologist...
When the Reagan Administration presents its annual aid requests for El / Salvador, it consistently claims that for every dollar allocated for military assistance, three dollars have been allotted for the Central American country's economic and social development. Not so, declares a report issued last week under the auspices of the Arms Control and Foreign Policy Caucus, a bipartisan congressional group. The study says the lion's share of money over the past five years has gone to the military. It warns: "If U.S. aid is composed in the future as it is at present, the next five years will...
...television cameras whirred and photographers snapped away last week, a clerk at the Paris currency exchange wrote the historic numbers on the chalkboard next to the words United States: 10.0230. In Milan, another clerk scribbled in the new price for the dollar: 2003.40 lire. The U.S. dollar, which only five years ago was the world's weakest major currency, had just passed two important milestones: 10 francs and 2,000 lire to the dollar. In New York, London, Paris, Tokyo and almost everywhere else that currencies are traded, investors and speculators were betting on the dollar with an enthusiasm that...