Word: dollarization
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Dates: during 1980-1989
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...getting as rich as their mentor. Those who subscribe to the Market Letter presumably bought stock hours before he issued the sell order and then took a fall when prices began to tumble. And even many of the "early warning" customers found themselves hard-pressed to earn top dollar in the frenzied selling that the phone calls triggered. But it's hard to feel too sorry for anyone who swallowed the Moses...
Those who don't have an ear for music will be able to remember a line in the moderato of the Shostakovich that sounds just like the theme from Million Dollar Movie. The Tubin, similarly, contains rhapsodic, whistling tunes of the Bohemian life. And Gaudeamus Igitur--well, a trip to the Hasty Pudding might be just as good...
...dominates both the minds of America's leaders and the nation's political discourse, one homily in particular has received the nodding assent of liberals and conservatives alike: government can't solve problems by "throwing money at them." Yet the same leaders who preach the impotence of federal dollars in the war on poverty and social inequality show remarkably little skepticism about the effectiveness of the dollar in winning military battles...
...seemed like the ultimate success," Reagan recalls thinking, and the attitude was commonplace. Boys worked as store clerks for ten hours a day to earn a dollar. Before Reagan got the tryout at WOC that took him by bus weekly from Illinois to Iowa through the football season, he considered seeking a $12.50 a week post at Montgomery Ward, where his father Jack sold shoes. In those days, $12.50 was a good wage: at the big new A & P in Dixon, four cans of evaporated milk cost 19?; the price of 3 Ibs. of coffee...
...greatest fear of the European economists is that Reagan's policies will result in more U.S. inflation, which would mean more instability for the dollar. The dollar's wild gyrations during the first three years of the Carter Administration disrupted international trade and made governments uneasy about continuing to hold U.S. currency as their chief reserve asset. Some $800 billion is held overseas, and Europeans are anxious to see the value of these funds protected. One of the few bright bits of financial news for the U.S. in 1980 was the strength of the American currency on international...