Word: dollarization
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Dates: during 1980-1989
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...Marshall McLuhan and the spirit from Peter Pan. He liked to think of himself as a bridge between the New Left and the hippie counterculture, between "Off the pigs!" and "If it feels good, do it." He was never more himself than when he taunted the capitalists by showering dollar bills from the visitor's gallery onto the trading floor of the New York Stock Exchange...
...Angeles narcotics officers seized three Zurich-bound suitcases stuffed with $2 million in currency, there was little hard evidence to implicate the venerable granite-walled banks of Switzerland in such schemes. Since then Swiss banks have been chastened by the disclosure that their accounts were used in a billion-dollar money-laundering operation. The resulting political scandal, in which the Justice Minister was forced to resign, ranks as the worst in modern Swiss history...
...announced that it will introduce stiff regulations on bank-note trading to prevent drug traffickers and other criminals from using the country's famed secret bank accounts. The commission also published a 28-page report that faulted Credit Suisse, which handled the bulk of the money in the billion- dollar scheme, for inadequately supervising its accounts...
Money laundering is not a crime in Switzerland unless it can be shown that the cash flows from criminal activities. Yet Switzerland is a magnet for money launderers because of its legitimate multibillion-dollar trade in foreign bank notes. As much as 3,000 lbs. of foreign currency arrives daily at Zurich's Kloten airport. Much of the cash represents earnings from tourism, which each country's banks exchange for local currency. Swiss authorities are investigating charges that Lebanese currency dealer Barkev Magharian, 35, and his brother Jean, 44, both of whom are now in custody, took advantage of that...
Although Tsongas is working for a solution for Massachusetts, the problem of an increasingly unqualified work force and low productivity is national in scope. The United States trade deficit remains high, even with the fall of the dollar...