Word: dollarization
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Dates: during 1980-1989
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...degree murder. Federal investigators believe that the Mob, unable to "reach" the elder Masselli in prison, may have ordered the death of his son as a message to keep quiet. Masselli is also co-owner of Jo-Pel Contracting & Trucking Corp., which has been named in a half-million-dollar New York City landfill and excavation scandal. But investigators tend to discount this as a possible motive for Nat Masselli's murder...
Sudden moves in the market have often come at dramatic turning points in the course of economic policy. On Nov. 1, 1978, the Dow Jones average gained 35 points after President Carter unfurled a dramatic plan to shore up the value of the dollar in international commerce. On Oct. 6, 1979, the Federal Reserve Board announced a historic policy change by adopting a more monetarist approach for controlling the U.S. money supply. That had the immediate impact of sharply boosting interest rates. Within a week, the Dow dropped almost 59 points...
...many Mexicans, the govern ment's drastic prescriptions seemed near ly as bad as the disease: the imposition of strict currency controls, an effective freeze on most dollar accounts, sharp price hikes and the second peso devalua tion in six months. Most was Silva Herzog's admission that Mexico was unable to meet current payments on its huge $80 billion foreign debt, among the highest in the Third World. The statement raised the specter of a possible default that would have a domino effect on the international banking system. No one was more concerned than U.S. bankers...
...public confidence waned, Mexicans began converting their national currency into dollars at a rate of up to 25 billion pesos a day. Increased capital flight prompted last February's 40% devaluation. But the government immediately undermined the measure with sharp wage hikes that fueled inflation and led to a new run on the peso. López Portillo, who had earlier vowed "to fight like a dog to defend the peso," was thus obliged to decree a second devaluation on Aug. 6. To complicate matters further, the government froze all foreign-currency bank accounts in Mexico, then announced last...
...careers in both milieus (the Metropolitan Museum of Art, Lehman Brothers), has distilled from the darker lunacies of these worlds a novel of crackling humor and mordant observation. Its bigger-than-Barron 's protagonist is Oilman Buford ("Bubber") Gudge IV, who has been content to nurse his multibillion-dollar fortune in the Texas Panhandle until lust and vengeance propel him forth like a plague of pissants...