Word: dollarization
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Dates: during 1980-1989
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...added that the main interests of the U.S. in the Caribbean island were geopolitical and economic. Because Puerto Rico is not a state corporations operating in the commonwealth pay no federal taxes, and take billions of dollar...
...year ago, Constance Stepney's husband Roosevelt, 47, was making $85 a day as a dumper at one of U.S. Steel Corp.'s five local coal mines, confidently dubbed "the billion-dollar mine." But then U.S. Steel closed all the mines down. Now Roosevelt hangs around the house doing odd jobs and collects $188 a week in unemployment compensation to add to his wife's $112 weekly paycheck from her cashier's job. With a 13-year-old son, they are barely scraping along, fearful that the unemployment benefits may soon be exhausted. But Mrs. Stepney...
...last two Presidents to reappoint Martin, Kennedy and Johnson, would have preferred to name their own man to the job, but they stayed with Martin because of pressure from financiers around the world. Moneymen used to quip that Martin was worth his weight in gold because he kept the dollar strong...
...replace G. William Miller, who became Treasury Secretary during a wrenching Administration shuffle in which Carter fired four Cabinet members and then retreated to Camp David for a chaotic series of conferences about the future of his Administration. World money markets were so shaken and the dollar so weak at the moment that Carter had to turn to someone who epitomized stability and competence and inspired international confidence. Volcker, then the president of the New York Federal Reserve, was the obvious, if not preferred, choice...
Once he got into office, Volcker showed an independence from White House pressure that has pleased financiers but irritated both the Carter and Reagan Administrations. In the fall of 1979, under heavy pressure from world money markets as the dollar was falling sharply, Volcker abruptly changed the focus of the Federal Reserve's policy from manipulating interest rates to setting targets to slow the growth of money and credit. This helped push the prime rate to 21½% by December 1980 and sent the economy into recession. But the payoff was a sharp drop in inflation. Prices were increasing...