Word: dollarization
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Dates: during 1980-1989
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During Richard Nixon's third year, with the Viet Nam War effort failing and inflation rising, there was speculation about his being a one-term President. His response was what became known as the "Nixon shocks." He devalued the dollar, imposed wage and price controls, and announced he would visit China...
Even financially prudent countries believed that going into debt made economic sense. They borrowed five-year money on the assumption that their economies would grow faster than oil prices. Since the loans were mainly in dollars and inflation in the U.S. was depressing the value of the dollar, the borrowers believed that they could repay loans taken today with cheaper dollars tomorrow. Everywhere, going into debt was seen as the means to put off painful, belt-tightening decisions...
...less than a year later the U.S. Federal Reserve moved to dampen U.S. inflation by restricting the money supply. Tighter credit in the U.S. boosted world interest rates to new postwar highs, while declining inflation in the U.S. and a rush of foreign money into the country strengthened the dollar. No longer could loans be paid off with ever less expensive greenbacks. Quite the contrary. Moreover, since the biggest borrowers-Argentina, Brazil, Mexico and South Korea-carried floating interest-rate tags (which change with prevailing rates) on most of their loans, servicing costs climbed out of sight. Between...
...role in similar discussions. At a California conference last spring. President Bok and a small group of university officials and corporation executives drafted a set of informal gindelines for research relationships, designed to stimulate wide spread discussion of the tops Harvard which has entered into several multi million dollar pacts is now building on those proposals as it reviews a set of formal rules for future, agreements with business...
...switches, and occupied the space of a two-car garage. Yet ENIAC (for Electronic Numerical Integrator and Calculator) was, in retrospect, a dimwit. When it worked, it did so only for short bursts because its tubes kept burning out. Built to calculate artillery firing tables, the half-million dollar ENIAC could perform 5,000 additions or subtractions per second. Today almost any home computer, costing only a few hundred dollars, can outperform poor old ENIAC as a "number cruncher...