Word: dollarization
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Dates: during 1980-1989
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...Vries' prophecies carry clout, in part because he has exhibited a phenomenal knack for predicting just about every rise and dip in the value of the dollar. De Vries has forecast U.S. balance of payments results so accurately that the Federal Reserve once launched an investigation to find out if some of its staffers were leaking the figures before the official publication date. All the Fed learned was that De Vries has a "secret formula" for calculating trade balances that he vows never to reveal...
Twenty minutes and eight dollars (including about a dollar tip) later, Arthur is on his way back to Cambridge. By 11:30 p.m. he has already grossed more than $90. With about four hours of working time left, he hopes to clear $120, about twice what he makes on an average night. "This is like the best night I've had in three months. Jesus Christ--and I'm only out about nine bucks on gas. That's cause I got the radio...
World currency markets were relatively calm last week. The dollar and the British pound were the strongest of the principal currencies. The strength of the pound was due to Britain's plentiful North Sea oil deposits, which will be worth even more if petroleum prices again increase. It is also kept robust by the country's 16% interest rates. British exporters, however, complain that their goods are now overpriced in foreign markets in comparison with products priced in weaker currencies. The dollar was robust largely because it remains, despite U.S. economic problems, the world's "refuge currency...
...ailing institutions like Main Bank in Houston. Not any longer. Last summer Britain's Midland Bank unveiled a plan to buy California's Crocker National Bank, the nation's 14th largest (assets:$16 billion). In the past two years, overseas investors have also grabbed such multibillion-dollar banks as New York's Marine Midland and California's Union Bank. Some lawmakers say that the buying binge has gone far enough. If the Crocker deal is approved by the Federal Government, foreigners will hold the purse strings to more than 15% of the $1.6 trillion...
...week held hearings on foreign bank activities in the U.S. Critics argue that it is risky to let non-Americans absorb too large a segment of domestic banking. They contend that foreign-owned banks may not always cooperate with U.S. monetary policies to dampen inflation or prop up the dollar, particularly if the home country disapproves. Warns New York Congressman Benjamin Rosenthal: "The present open door to foreign interests is a dangerous and unwise policy that threatens the integrity of the U.S. banking system...