Word: dollarization
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Dates: during 1980-1989
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...that Chuck Spinney sought, or especially welcomed. Says Defense Analyst Pierre Sprey, whose reform theories have influenced Spinney's thinking: "He is an involuntary iconoclast." Spinney protests that he is no enemy of military spending; he just wants the nation to get value for its dollar. Says he: "My view is that our country has to be strong and that we have to have the military assets to ensure that strength." He adds a bit plaintively: "People have the idea that I'm out to find things wrong with the system, but that's just part...
There were also the inevitable social contretemps. Publisher Walter Annenberg, former U.S. Ambassador to the Court of St. James's, asked seven Americans, including Gerald and Betty Ford, to lunch with the royals at Sunnylands, his zillion-dollar spread near Palm Springs. "For every two friends you invite," Annenberg said, "you make 50 enemies." Hundreds of Southern California somebodies were upset about not being invited to Sunday night's 500-person bash on a Los Angeles movie sound stage. Nancy Reagan was hostess, and the President's pal Frank Sinatra rounded up the entertainment (Ed McMahon, Perry...
...generation of the franc, the pound, the lire and the dollar...
...justly claim that he has "stabilized" unemployment at about 2.1 million, or 8.9% of the work force, vs. 1.66 million, or 7.2%, under former President Valéry Giscard d'Estaing. But the cost has been considerable. The French franc has lost 32% of its value against the dollar since the Socialists were elected in May 1981. The foreign trade deficit has increased about 50%, to $12.7 billion, and the accumulated foreign debt rose to an estimated $37 billion at the end of 1982, compared with $25 billion in 1980. Giscard, who has been campaigning for local candidates, charges...
History helps to put in perspective. Two years ago the Montreal Alouettes of the Canadian Football League tried to lure Walker with a contract offer of $1.6 million. Still only a freshman, the Georgia star didn't bite, but he knew enough to take out a million dollar insurance policy on himself with Lloyd's of London. The annual premium reportedly cost his family...