Word: dollarization
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Dates: during 1980-1989
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...mistaking them. Some look like a cake mold capable of turning out angel food for 2,500. Others look like a louvered back door from a tract house in Brobdingnag, or a creature from a 1950s horror movie-the wretched spawn of reckless radioactive experimentation, the amazing colossal sand dollar...
Many economists are starting to believe that the dollar has become overvalued and will soon begin to slip. Rimmer de Vries, an international monetary expert at the Morgan Guaranty Trust Co., predicts that the current account, which measures the net international flow of goods and services to and from the U.S., will swing from a $10 billion surplus this year to a $5 billion deficit in 1982. That deficit will in turn drive down the value of the dollar, perhaps by as much...
...moneymen, however, predict that the dollar will fall back to the depths reached in late 1979. International experts generally believe that the U.S. is finally confronting its inflation problems, and they are betting that this will mean a stronger dollar in the future. Says Joop van Kessel, an economist at the Amsterdam-Rotterdam Bank: "There is a general feeling that things are working for the best in the U.S. That confidence has a lot to do with Reagan's cowboy image and strong personality." Even European government officials, who have been battling to bolster their currencies, give Reagan...
While there are both benefits and drawbacks in a strong currency, the overall effects on the U.S. economy are positive. A weak dollar in the late 1970s permitted American companies to grow lax because they rarely had to worry about being undersold by foreign competitors. Now a strong dollar will force U.S. firms to hold down prices and boost productivity both at home and abroad in order to be leaner, tougher and more competitive. William MacKenzie is export manager for a small Los Angeles company that sells household appliances and building supplies to Europe, the Far East and Latin America...
Thanks to the sky-high value of the dollar, U.S. businessmen going abroad no longer need to take along a CARE package of cash. The annual survey by Britain's Financial Times reports that London, which last year was the most expensive destination in the world for an American, has fallen to 26th place among 100 major business cities. The cost of bed and breakfast at a first-class London hotel is now only $91.02, as compared with $137 in 1980. Brussels, fifth on the list last year, has plunged to 30th place...