Word: dollarization
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Dates: during 1980-1989
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...worst unemployment since the Great Depression (12 million jobless) as well as budget deficits that may reach an unprecedented $180 billion in fiscal 1983. High unemployment plagued Western Europe as well, and the multibillion-dollar debts of more than two dozen nations gave international financiers a severe fright. It was also a year in which the first artificial heart began pumping life inside a dying man's chest, a year in which millions cheered the birth of cherubic Prince William Arthur Philip Louis of Britain, and millions more rooted for a wrinkled, turtle-like figure struggling to find...
...robust rise of the dollar, which on average gained 11.4% against the world's major currencies, added to the protectionist pressures. As American exports became more and more expensive and therefore less and less competitive in foreign markets, fears of a record trade deficit mounted. A copious influx of foreign capital, some in flight from economic and political instability abroad and some attracted by the high real rates of return in the U.S., held the dollar up. As West European governments kept their own interest rates high in order to stem the outflow of capital, their economies worsened...
...prospect of a prosperous selling season was even dimmer 49 years ago, when Sears, Roebuck & Co. published its first Christmas catalogue. In that Depression year, unemployment was almost 25%, and the Sears "wish" book carried the blue eagle of the National Recovery Administration on its cover. The dollar as we know it today was worth...
...Brittan, assistant editor of London's Financial Times, pointed out that the recent downturn in the value of the U.S. dollar and the British pound should help ease protectionist pressures both in the U.S. and throughout Western Europe. The U.S. and Britain, whose exports have suffered from overvalued currencies for more than a year, are now expected to be less inclined toward curbing imports. Reason: foreign-made goods will become relatively more expensive, and thus less competitive, in the U.S. and British markets, thereby helping to stimulate sales for domestic manufacturers and reduce demands for protectionist measures...
...space suits can be. In a report as bluntly critical as any issued by NASA since its post-mortem on the disastrous 1967 launch-pad fire that killed three astronauts, the space agency has found alarmingly sloppy oversights on a key aspect of the shuttle program: the multimillion-dollar space suits that NASA hopes will let astronauts leave the shuttle's protective confines and work directly in orbit. Any failures in the suits, which in effect are mini-space capsules, could threaten the astronauts' lives...