Word: dollarization
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Dates: during 1980-1989
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...poor performance was that the company's $8 billion debt, largely a legacy of the Geneen years, generated an annual interest bill of more than $600 million. In addition, ITT received a large portion of its revenues in foreign currencies. Profits were depressed because these currencies weakened against the dollar...
...Minister Margaret Thatcher had to rush to rescue the once proud pound from sinking below $1 in value. The pound has always been something of an anomaly in international currency markets. While it takes several deutsche marks or French francs, and hundreds of Japanese yen, to equal one U.S. dollar, the British pound is the only major Western currency worth more than a dollar. In 1949 a pound was worth $4.03, and as recently...
...several hundred thousand dollar system is similar to but less extensive than, networks at schools such as Brown...
...other hand, it is not difficult to envision a stalemated U.S. where deficits persist, interest rates remain high, the dollar remains high and manufacturing investment low. Productivity gains will remain low, imports will remain high, growth will remain low, unemployment will range from to 10 percent, and unemployment will be a battleground where competing interests fight for a bigger share of a pie which grows very slowly, and in so doing they will prevent enactment of some of the policy changes needed to get the pie (GNP) growing again...
...giving the modest stimulus to the economy that some of its critics are asking for." In fact, bank credit has been growing faster than monetary targets, yet instead of raising interest rates, the government for the past several months has been allowing the British pound to depreciate against the dollar and other strong European currencies like the German mark. But at one point last week the pound slipped to $1.12, and the Bank of England started raising some interest rates. The economic recovery has left untouched the 13% rate of unemployment. Brittan maintains that the government could halt the increase...