Word: dollarization
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Dates: during 1980-1989
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...interest rates have in turn blocked the hope of an economic recovery by dampening investment and demand. A vicious cycle has set in: the continuing recession increases Government outlays for welfare and unemployment benefits, lowers the Government's tax receipts and raises the cost of financing the trillion-dollar federal debt...
...kept the bar at the stock exchange restaurant open until 8 p.m., an hour after its usual closing time. The one-day spurt eclipsed the old mark of 35.34 set on Nov. 1, 1978, when President Carter announced his emergency program to boost the value of the dollar on foreign exchange markets...
Perhaps most important of all, opponents argue that the worth of land simply cannot be measured in dollars and cents. "The idea that man can assess the value of a piece of land doesn't take into account what we've learned about ecology in the last 40 years," says Maitland Sharp, conservation director of the Izaak Walton League. To be sure, there is no way to calculate the dollar value of the view from a mountaintop, the solitude of a forest or the airy freedom provided by a piece of open land near a crowded city. There...
...current horse fever. Heir to a Liverpool-based soccer betting operation, Sangster has used his winning touch at breeding to go from riches to phenomenal riches. In provident exile on the bucolic Isle of Man, a tax haven in the Irish Sea, he now runs a multimillion-dollar equine empire, Swettenham Stud, from a 100-room mansion called the Nunnery. Though a reticent man in public, he is hardly that at home. His two trophies from the French Arc de Triomphe wins are the centerpieces on twin dining-room tables. The walls of the bright, airy living room are covered...
...horse must still win races to acquire value. But the big payoff is now in the breeding barn. In the '50s a horse who won $1 million in purses was worth $1 million as a stallion. Today a million-dollar winner is worth $20 million at stud. One outstanding example is Northern Dancer, whose offspring Sangster often buys. Almost gelded because of his questionable conformation and rank temperament, the 1964 Kentucky Derby winner is now the world's greatest living superstud: 85 of his progeny (one in five) are stakes winners. His going rate...