Word: dollarization
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Dates: during 1980-1989
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...dark clouds have begun to shadow even one of the few consistently bright spots in the economy: the steady wind-down in inflation. The inflation rate fell from 12% a year on the day that Reagan took office to outright deflation during March, when the purchasing power of the dollar actually inched fractionally upward. But last week consumer prices, which rose at an average annual rate of less than 2% in the first four months of the year, suddenly shot back up in May to a compound annual rate of 12.7%, pushed by increases in housing, food and energy costs...
...illicitly exporting $26.4 million in violation of Italian currency laws, and his name had become increasingly linked with Financier Michele Sindona, currently serving a 25-year sentence in the U.S. for his role in the collapse of New York's Franklin National Bank. Not long after the billion-dollar "hole" was discovered, Calvi disappeared from his elegant Rome apartment. He had been reported missing until his body, weighted down with 20 lbs. of stones, was discovered hanging from the iron grillwork of London's Blackfriars Bridge. Police say his death appeared to be a suicide, but they...
...dollar bill, the American eagle is represented clutching an olive branch in one talon, a sheaf of arrows in the other. Ronald Reagan has been trying to present a somewhat similar image of his policy toward the Soviet Union: a string of arms-control proposals coupled with unyielding resistance to Soviet expansionism. Touring Europe two weeks ago, the President waved the olive branch so heavily that he stirred talk of a "new Reagan"-flexible, centrist and eager to negotiate. But last week, almost on the eve of new U.S.-Soviet disarmament talks, he decided to highlight the other aspect...
There are now a few signs that people might be willing to lead the way out of the slump. Spending rose sharply at department stores and picked up in automobile showrooms in the spring as falling inflation stretched the buying power of the dollar. Retail business was up a strong 1.5% in May, after increasing .7% in April. Shoppers are spending, in particular on clothing and entertainment-oriented electronics products like video recorders and video games. Says Avery A. Haak, corporate economist for Dayton Hudson Corp. of Minneapolis, the seventh largest U.S. retailer: "I see some evidence that the consumer...
...franc's plight has been aggravated by the persistent strength of the dollar. As high U.S. interest rates draw funds into greenbacks, the dollar last week rose to its highest against the Japanese yen in several years, and set postwar records against the French franc, Italian lira and Canadian dollar. According to a closely watched indicator published by the Morgan Guaranty Trust Co., the dollar's trade-weighted value is now higher than it was in 1970. Fulfilling an agreement reached at Versailles, the Reagan Administration last week broke with its free-market doctrine, selling dollars in foreign...