Word: dollarization
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Dates: during 1980-1989
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...addition, the outdoor Heptagonals (for the men's and women's track teams) are slated for Harvard's new multi-million dollar track later this season...
Treasury officials, however, quickly pointed out that there has been no change in the Reagan Administration's opposition to fixing the dollar's value. Said one senior aide: "The basic view remains that intervention against market forces is like spitting into the wind...
Nonetheless, American officials are not totally happy about the overly strong dollar. During the past year alone, the U.S. currency has risen an average of 15% against those of its trading partners. Says one key Federal Reserve official: "As a central banker, I like a strong currency. I also like chocolate sundaes, but that doesn't mean that I want one every hour." The high dollar value has hurt U.S. exports of farm and industrial goods, pushing up the U.S. trade deficit...
Among the most serious problems facing the American farmer is the strength of the dollar, which is making American agricultural products too expensive in world markets. U.S. farm exports last year were off 13%, to $38 billion, compared with a record $43.8 billion in 1981. Cargill, one of the world's largest grain traders, has shown in recent weeks how topsy-turvy world agricultural trade has become. The company briefly considered buying Argentine wheat at $113 a ton and selling it to U.S. flour mills. Even with about $19- per-ton freight charges and $8-a-ton duty, the Argentine...
...that ended as the '80s began. The 1981-82 recession hit farmers along with virtually everyone else. Their exports were then hurt by the strong dollar and stiff competition from growers in such places as Canada, Europe and Argentina. By 1983 U.S. agricultural sales abroad had tumbled, and land values, which serve as collateral for loans, were dropping fast. The price of Midwestern acreage fell 15% last year and is expected to decline an additional 8% this year. Notes George Irwin, chief economist for the Farm Credit Administration: "The security supporting farmers' loans is disappearing at the same time...