Word: dollarization
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Dates: during 1980-1989
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RETAILERS IN YOUR VICINITY should soon have Hawks and Doves by Neil Young; Dirty Mind by Prince; The Wanderer, by Donna Summer, who just wandered from Casablanca Records to Geffen Records, with million dollar lawsuits and counter-suits trailing in her wake; Heart by Heart, a mix of live hits and new studio-recorded songs by Seattle's contribution to womanly rock & roll, All Shook Up from Cheap Trick, who recently left baseball-stadium-sized audiences in Japan in just that condition; a new album from indomitable bluesman Muddy Waters; another from state-of-the-art New Wavers Talking Heads...
...took almost too long to squeeze the punk rock rationale through the multi-million dollar movie needle...
...Paul Volcker for pushing up the cost of borrowed money, he was not alone in the attack. Both at home and abroad, critics are taking a hard and skeptical look at the U.S. monetary policy that Volcker introduced Oct. 6, 1979. As part of a program to defend the dollar and fight inflation, he signaled a significant shift in strategy. Previously the Fed had attempted to keep interest rates steady and certain, but that led to an overexpansion of the money supply. Under the new monetary strategy, which was immediately dubbed Volckerism, the Fed pledged itself to a tighter control...
...Meltzer, who believe that excessive money growth is the main cause of inflation, argue that the Reserve Board is still paying too much attention to interest rates and has reneged on its promise to level off the expansion of money. And many economists in Europe, where confidence in the dollar is crucial, join in the critique. Grumbles Kurt Richebacher, the chief economist of West Germany's Dresdner Bank: "The volatility of the U.S. money supply is not just awful; it's gruesome...
...means unique. As high inflation and slow growth crimp the ability of businesses to make a profit in the U.S., more and more American firms, large and small alike, are turning to exports to boost sales. They are having success in part because the decline of the dollar has made U.S. goods increasingly attractive in foreign markets...