Word: dollarization
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Dates: during 1980-1989
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First, there is the cult of the body, whose origins extend to the physical fitness craze of the last decade, but since then it has hypertrophied into a multibillion-dollar industry of fad diets and workouts, swank running shoes and high-tech exercise equipment. Who has not known someone whose motto is "no pain, no gain" or someone who scrutinizes their muscles for their tone...
These are heady days as well for the U.S. dollar, which has risen 4% against the West German deutsche mark since the beginning of the month. The run-up is a side effect of rising interest rates, which the Federal Reserve has allowed to climb as a means of preventing inflation. But the U.S. and most European central banks decided last week to restrain the dollar by intervening in the currency markets. Reason: U.S. progress in narrowing its trade deficit is likely to be hampered by too strong a currency, since it increases the prices -- and reduces the competitiveness...
Perhaps the Undergraduate Council and the Office for the Arts should agree that after the first year they would fund only a certain percentage of a publication's operating costs, or that grants would work on a matching system--one dollar for every dollar raised by the organization itself. It's ironic at this institution where establishment and age are the rule that student publications are the exception to it. Jack Robbins...
Half of TIME's forecasters anticipate that the dollar will rise in value, and half expect the greenback to fall this year. The median prediction is for a decline from the current level of 125 yen to about 121. Estimates for the end of 1989 range from Kudlow's prediction of a robust 142-yen dollar to Wilson's forecast of a weakling 110-yen version. Says Wilson: "The biggest danger I see for the economy next year is a free-falling dollar...
...potential threats to the dollar, and by extension to the economy as a whole, are the U.S. budget and trade deficits. While the trade gap fell to an estimated $135 billion in 1988 from $170 billion the previous year, some economists fear that it will not keep narrowing at anywhere near that pace because the growth of U.S. exports will slow this year. According to this view, the dollar will have to take a real plunge if the trade gap is to be narrowed much further. This would make American-made goods less expensive for foreign consumers. Recently, the trade...