Word: dollarization
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Dates: during 1980-1989
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...loans has gone bankrupt, and the Treasury Under Secretary will have to concoct a plan to raise $60 billion to bail them out. In his spare time he will oversee the so-called Baker Plan for easing the Third World debt crisis and coordinate efforts to steady the unstable dollar...
...honeymoon, but he did not get even the quiet Florida fishing weekend he had hoped for. Just after American voters overwhelmingly chose him over Michael Dukakis, the world's financial markets sent Bush a message of their own: the Dow Jones industrial average plunged 75 points, followed by the dollar's drop to near postwar lows against the yen. Investors who had sat quietly through candidate Bush's repeated taunts to Congress to "Read my lips -- no new taxes" decided that President-elect Bush had no convincing plan to cut the nation's towering trade and budget deficits...
Within hours, the markets echoed that skepticism, accelerating the dollar's fall to a low rate of 121.52 yen. Improved trade figures did not stanch the bleeding; the damage was halted only by the purchase of $5 billion by foreign central banks, led by the Bank of Japan. Noted John Williamson, a senior fellow at Washington's Institute of International Economics: "Foreign investors are not happy. They read Bush's lips...
...rich, it must slash into defense (where Bush has vowed to pursue plans for new carrier battle groups and nuclear missiles) and into middle-class entitlement programs like Social Security and farm subsidies (which Bush has promised to protect). As President, Bush will also face urgent new multibillion-dollar spending requirements to salvage the bankrupt savings and loan industry and rebuild the nation's defective nuclear-fuels plants. As a practical matter, his "kinder, gentler" promises for better funding of child care, national parks and college-tuition programs may have to wait...
...meet its obligations, Manville must squeeze every possible dollar out of its sales of fiber-glass insulation, forest products and industrial goods. During its bankruptcy, Manville slashed costs and reduced its 26,000-worker payroll by 8,000 employees. The firm shut down its asbestos mine, trimmed money-losing subsidiaries, and sold its headquarters building near Denver...