Word: dollarization
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Dates: during 1980-1989
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...Billion-dollar cost overruns? Massive problems in paying for weapons? When Pentagon Analyst Franklin Spinney (TIME, March 7) raised these possibilities in explosive congressional testimony, his superiors loftily replied that these were merely "historical" problems that Secretary of Defense Caspar Weinberger's cost cutters have brought under control. Moreover, they hinted that they would shortly have proof in the form of a new report on weapons costs. Spinney's boss, David Chu, promised the Senate Armed Services Committee "a pleasant surprise." The Pentagon unveiled the document last week, and the chief surprise turned out to be how clumsy...
...farmers, more has become less. Record harvests of corn and wheat in 1981 and 1982 have created a glut of grain. The unsold carryover of last year's corn surplus alone is an estimated 3.4 billion bu. Even as supply ballooned, however, markets shrank. In 1982, a strong dollar and world recession caused a major decline in farm exports for the first time in 13 years. Farm debt has burgeoned, from $140.8 billion in 1979 to about $215 billion at the start of 1983, while net income fell from $32.4 billion in 1979 to $19.5 billion...
Labor Leader Marvin Miller has retired. Fewer cranky voices have been heard this spring, but there is no less talk of money. In recognition of cutting a billion-dollar deal with television, Commissioner Bowie Kuhn has been mentioned as a possible successor to Bowie Kuhn. The new diet fad, "weight clauses," has been somewhat annoying to fans who regard being in shape as the minimum requirement for being a professional athlete. Every Friday home game this season that Atlanta Third Base man Bob Horner does not warp the scale past 215 Ibs., he gains $7,692.31. Ozzie Smith, the Cardinals...
Taxes are, after all, not a choice but a necessity, both the essential duty of citizenship and the lifeblood of the community. Granted that a large share of the taxpayer's tattered dollar goes to pay for myriad blessings that he does not think...
...authorities is Armen Condo, a self-styled "maverick minister" who heads an organization called Your Heritage Protection Association, based in Orange County. With a dues-paying flock of 15,000, Condo took in an estimated $2 million in three years while preaching an unusual gospel: since the U.S. dollar cannot be redeemed in gold or silver, it is therefore corrupt, therefore not "real," and therefore nobody owes any taxes. Finally charged with tax and mail fraud, Condo last June was sentenced to eight years in prison and fined $92,000. He is still free on appeal, but the IRS, which...