Word: dollarization
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Dates: during 1980-1989
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These days, however, Mitchelson might want to reconsider. Since he won a highly publicized divorce settlement for actor James Mason's wife Pamela in 1964, Mitchelson has built a multimillion dollar practice helping the likes of Joan Collins, Tony Curtis and Zsa Zsa Gabor get unhitched. Perhaps Mitchelson's chief claim to legal fame was the concept of palimony, which he introduced by arguing in 1970 that Michelle Triola, Lee Marvin's live-in lover, might be entitled to some of the actor's property. The California Supreme Court endorsed the palimony principle...
...growth rate of exactly 2% and inflation starts to slow. But as a practical matter, it rarely works out." If credit is too tight, the resulting interest- rate run-up could trigger a recession. And if the Fed allows inflation to quicken, the markets will grow panicky and the dollar could grow shakier...
...weaker dollar will make the Fed's situation even more precarious. If foreign investors fear that the U.S. financial system will become unstable, they may cut back their investments in Treasury bills and other dollar- denominated securities. The Fed would have little choice but to boost interest rates to make the currency more attractive. Since September the dollar has lost about 5% of its value against the currencies of major industrial nations, and now trades at about 125 yen. This has wiped out most of the gains it made during the first nine months of last year...
...lower dollar also means a decrease in the standard of living for many Americans. Prices of all imported goods will rise, as will those of many American goods whose producers see a way to increase profits and still compete. According to Thurow, there would be a serious risk of the United States heading "back to double-digit inflation" and suffering "a noticeable reduction in the American standard of living...
...real issue isn't whether it might be more efficient in the short-run to let the market decide the value of the dollar. It is whether we should be satisfied with eliminating the trade deficit by compromising future competitiveness and our present standard of living...