Word: dollarization
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Dates: during 1980-1989
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With hard currency in short supply, black markets are booming. In Marxist Mozambique, drivers of the People's Taxi Service will happily switch off their meters and cruise all day for payment in dollars. No wonder: the black market pays up to 1,000 Mozambican meticais to the dollar, compared with the official exchange rate of 42. "To Africa's sickness, pestilence and disease, add corruption," says Senegal's President Abdou Diouf. "It is endemic to this continent...
...response thus far has been mixed. Zimbabwe has taken steps to reduce food subsidies from $200 million annually to $58 million. It has raised the price of bread 25% and milk 50%. In addition, the government has raised taxes and devalued the Zimbabwe dollar in order to qualify for $375 million in IMF and World Bank loans to improve railroads and roads. Before General Buhari's coup, Nigeria had hoped to receive a threeyear, $2 billion IMF loan. But like the Shagari government...
Harvard will probably complete a multi-million dollar deal to purchase computer equipment within the next two months, administrators said yesterday...
...history." Several developments are behind this trend. With 95% of all U.S. households now owning at least one camera, the home shutterbug market is all but saturated. Cameras, moreover, face increased competition from home computers, video recorders and other entrants in the race for the so-called leisure dollar. As a result, many experts doubt that U.S. camera sales will ever again reach 1981's peak of nearly 46 million units...
...banks had one reason for calling major national default "unacceptable" during the '70s: How could entire nations, with tens of millions of citizens, default on billion-dollar loans Now their reason for comfort is different, as stated by Platten. They've gone so far that the Western governments cannot let them fail. No one even wants to guess at the full effects of an international banking failure, but the scenario described by Data Resources Inc would surely be a conservative estimate of the outcome...