Word: dollarization
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Dates: during 1980-1989
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...Madrid confronts at home are even more nightmarish than those that worry bankers abroad. Inflation, which stood at 60% as recently as August, has reached nearly 100% and is expected to climb further next year. The peso has lost more than three-quarters of its value against the U.S. dollar in the past ten months. In a country that reveled in growth rates of 8% or higher for four years, the economy has come to a virtual standstill. Next year will be even worse: gross domestic product is expected to decline 2% or more. The unemployment rate is between...
...result, Mexicans began to lose confidence in their currency, rushing to buy dollars and thus undermining the peso. But López Portillo would not devalue the peso-a humiliating gesture, in his eyes-until it was too late. By February, when he finally allowed the Mexican currency to decline in value from 25 a dollar to 50, huge amounts of private money had been taken out of the country. In a final attempt to salvage the situation, not to mention his reputation, López Portillo nationalized Mexico's 57 private banks last September, blaming them...
...1890s offered Lounging Coats, Smoking Jackets and Negligee Coats at $6.50 for those planning to entertain at home. If he chose to venture outside, the man about town sported gloves of choice skins and correct shades, each pair selling for one dollar. Other gentlemanly accessories included silk neckwear at 50 cents a piece...
...latest technological advances, including a rumble seat and leather interior. Serious recreation seekers could reach Bermuda in only 45 hours, aboard the new twin screw S. S. Bermudia. And to take home to the family, the 1908 Harvard Yearbook bound in Crimson and lettered in Gold sold for one dollar...
...celebration winds up with a midnight fireworks display at Waterfront Park in Boston. All outdoor events are free, while admission to practically every indoor event comes with the onetime purchase of a three-dollar button...