Word: dollarization
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Dates: during 1980-1989
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...share of criminals behind bars ... If you break the law, you must pay for your crime." She charged that because of the Reagan Administration, "the rules are rigged" against too many Americans. "It isn't right that a woman should get paid 59? on the dollar for the same work as a man." Turning to cuts in student-loan funds, Ferraro bluntly addressed Reagan: "You fit the classic definition of a cynic; you know the price of everything, but the value of nothing...
...when she is not training, has been a kayak gypsy since she was 17. "It takes six to eight years to get really good," she says. She made the Olympic teams in 1976 and '80, supporting herself by lifeguarding, teaching school and selling handmade sweaters and caps. Every dollar and krona she has earned, she says, has gone into kayaking; "I've never bought a stereo...
...vigorous dollar has drawbacks as well. It adds to the burden Third World borrowers face by raising the cost of the dollars they need to repay their debts. It also has been punishing U.S. farmers and companies whose products have a hard time competing with low-priced foreign goods. "Exporters are just taking it in the neck," says Jerry Jasinowski, Chief Economist for the National Association of Manufacturers. Indeed, U.S. trade deficits that could reach $130 billion this year have cost some 1.2 million U.S. jobs since...
What now worries some experts is the chance that the dollar may come crashing down. That could happen if skittish investors decide that the currency is greatly overvalued and suddenly start to sell. Such a run could blunt the U.S. recovery by draining off cash needed by American industry. Many observers believe, however, that the economy's vigor makes a dramatic pull-out unlikely...
Still, forecasters have grown wary of trying to predict just where the high flying dollar might next be headed. Said Board Member Sam Brittan last week: "There could be a sharp drop in the dollar over the next six months, or there could be a gradual drop, or it could move even higher. The only honest answer is that we do not know." Having been consistently amazed by the dollar's surge, the experts now prefer to let the currency do the talking. - By John Greenwald. Reported by Christopher Redman/Washington and Adam Zagorin/New York