Word: dollarization
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Dates: during 1980-1989
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...irony is that in the midst of shortages, almost everything is available-at the right price. Most Poles resort to an extensive black-market system where meat, food, clothes, jewelry, cars and appliances can all be had, provided the medium of exchange is not the zloty but the dollar, the deutsche mark or outright barter. Waiting time to buy a Polish-built Fiat can be shortened from four years to a few weeks if payment is made in dollars rather than zloty. The plumber, whose services are normally difficult to obtain, comes immediately if the bill is paid with...
...base in the party that would enable him to unify it behind his ideas. Looking to the future, Louis Koening, a political scientist at New York University, says: "The hope for the Democratic Party is to become a party of issues ?social, economic foreign policy, inflation, energy, the dollar, health costs. But party leaders have not emphasized issues ?they have stressed personalitites...
...Treacts to a billion-dollar telecommunications shake...
...help bolster the U.S.'s sagging financial accounts. In 1979 American travelers spent nearly $1 billion more overseas than the foreigners spent in the U.S., but this year the deficit is expected to narrow to only $200 million. That should help ease pressure, at least modestly, on the dollar...
...advantage of what appear to them to be fire-sale prices. While persistent high inflation is a relatively recent problem for the U.S., a number of European nations have wrestled with it for years, and their own prices have climbed to alpine heights. The late 1970s slide of the dollar against such key currencies as the West German mark, the Swiss franc, and the British pound has only widened the price gap. In Munich, a cup of coffee now sells for the dollar equivalent of $1.50; designer jeans in London go for $65 or more a pair; gasoline costs...