Word: dollarization
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Dates: during 1980-1989
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...warm welcome for a troubled friend. In the past few years, countless U.S. diplomats and politicians have flown to Bonn in search of West German support for everything from shoring up the dollar to bolstering NATO's defenses. This time, it was Schmidt who needed a little propping up. His popularity in the polls is down, the West German economy is sputtering, and the defeat of French President Valéry Giscard d'Estaing deprived Schmidt of his closest European ally. In short, the Chancellor could use some signals of support from Reagan, and the White House knew...
Schmidt also complained about the impact of U.S. economic policies on Western Europe. He contended that America is fostering unreasonably high interest rates, which in turn inflate the value of the dollar abroad and raise the price of German imports, most notably oil. Over the past two years, Germany's balance of payments deficit ballooned from 9.6 billion deutsche marks in 1979 to 29 billion in 1980. The President told Schmidt that he expected interest rates to drop dramatically in the U.S. once his economic program was in effect...
...hallucination, just when the nation was most prosperous and ambitious, shooting spaceships at the moon. Sweet America cracked open like a geode. The bizarre catastrophe of that war shattered so much in American life (pride in country, faith in government, the idea of manhood and the worth of the dollar, to begin the list) that even now the damage has not yet been properly assessed. When the country came to, some time in the mid-'70s, it was stunned. In moral recoil from the military failure and the huge, lurid futility of the excursion, Americans did a humanly understandable...
...account for about one-fourth of the consumer price index, are up from a year ago, but the increases are tapering off because sales are slow. Good crops and heavy livestock production so far this year should moderate food price increases in the months ahead. Finally, a stronger U.S. dollar will make the costs of imported goods lower and keep pressure on domestic companies to hold down their prices. Walter Heller, President Kennedy's chief economic adviser, concludes that the U.S. is "virtually guaranteed a lull in inflation for most of the year...
...dollar's strength against the lira more than cancels out Italy's inflation of 20%, so vacations there will cost about the same as they did last year. Even at that, Italy is still a relatively inexpensive place to travel by Western European standards. A first-class meal, including a succulent pasta, a main course of meat, fish or chicken, a salad, dessert, rich espresso coffee and a good bottle of Chianti, can easily be found for less than $26 per person. A meal in a more modest restaurant can go for as little as $8. Gasoline...