Word: dollarization
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Dates: during 1980-1989
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...been taken over by the Federal Deposit Insurance Corporation. "We're here," she says, "until things are cleaned up." The closing is a severe blow to Dannebrog, a farming village of 380, where the landmarks are groves of giant sycamore trees, a Lutheran church spire and the Silver Dollar Bar. Ray Johnson, owner of Johnson Grocery, may drop plans to double his store's size by moving it across Main Street to the building where the Lions Club meets. Says he: "The closing of the bank is going to hurt our community so much that, unless we get another bank...
...glut of domestic raisins and Effird's farm is worth half what it was just three years ago. Pat Ricchioti, 65, a grape and fruit farmer with 3,000 acres near Madera, was also gloomy. "I never thought things would drop this far," he said. "I put away a dollar for a rainy day--and that rainy day is here." "We're pretty close to the bottom," conceded Jan Ennenga, 25, program director for the Modesto Farm Bureau. Reflecting the area's optimism, however, Ennenga predicted, "Things should begin to get better soon...
...much more slowly in the rest of the world, was one factor. The pileup of debt in poor countries during the 1970s, and the difficulties they have had in repaying it during the '80s, has crimped their ability to buy American-grown food. The remarkable strength of the U.S. dollar against foreign currencies is perhaps the biggest cause of all; it forces overseas buyers to pay out more francs, pounds or yen to buy American wheat, corn or soybeans. The muscle-bound dollar is primarily an ironic consequence of gargantuan U.S. budget deficits, which keep American interest rates high...
...nine of the past ten years, food prices have risen no more than prices generally. The increase in food prices last year was about 4%, almost exactly the same as the rise in all consumer prices. One reason: farmers today get less than 30 cents of every dollar that Americans spend for food; the rest goes for labor, processing, packaging and transportation costs...
...finance foreign trade by U.S. corporations. The Administration wants the private financial community, not the taxpayer, to help companies like General Electric, Bechtel Group and Westinghouse finance their sales abroad. The ^ financial community contends that the end of ExportImport would hamper international traders who are struggling against a strong dollar, subsidized foreign competition, and a growing U.S. trade deficit...