Word: dollarization
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Dates: during 1980-1989
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...paid by us in Europe." His meaning: U.S. shortfalls are the prime cause for continuing high international interest rates; these, in turn, could squelch the hesitant economic recovery in Western Europe. As a side effect, the level of interest rates has powerfully augmented the value of the U.S. dollar against other major Western currencies. Mitterrand therefore called for a "new Bretton Woods" conference among the allies, meaning an attempt to return to the kind of stable exchange system between Western currencies that prevailed from 1944 until...
...real issue is the contract itself. And here the bargaining stances are so fat apart that even if negotiations started tomorrow a strike on June 19 or more probably next September when students return could not be ruled out. Bozzotto's union what a one dollar an hour across the board pay increase free medical insurance and a set of so-called "dignity demands" specific contract language ruling out elimination of employment positions. stricter adherence to seniority-based promotion and an end to alleged harassment of workers who take sick leave. The union also wants contract clauses prohibiting sexual harassment...
...worked smoothly for some 20 years, but by the late 1960s it was coming apart. The problem was that large American balance of payments deficits, caused by factors that ranged from rising U.S. imports to hefty outlays for foreign aid and the Viet Nam War, were creating a huge dollar glut abroad. By the end of 1970, foreign countries held some $36.4 billion in dollars, far more than could be redeemed out of U.S. gold reserves, which had slipped to just $11 billion...
President Nixon dealt a death blow to Bretton Woods in August 1971 by cutting the link between the dollar and gold and allowing world money markets to set temporarily the dollar's value. Four months later, the U.S. and its major trading partners agreed to an 8.57% dollar devaluation, an action Nixon called "the most significant monetary achievement in the history of the world." But in February 1973 the U.S. devalued again by 10%, and its allies responded by letting their currencies float freely against the dollar. The Bretton Woods era of fixed exchange rates was over...
...would throw his shoes into the sprinkler and tease him until his younger sister Wendy chased them away. A terrible student (the loyal Wendy would sometimes get up at 5 a.m. to correct misspellings in his English papers), he found comfort in fantasy. Whenever he or Wendy got a dollar, they would march down to the drugstore and buy ten comic books, which they would then read in a shed behind their stucco house on Ramona Avenue. Several carloads of comics were passed on to his sister Ann's children a few years ago, but they have since been...