Word: dollarization
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Dates: during 1980-1989
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...giant bird, one a towering fountain of water, one a large video screen showing the face of George Washington and a message that "the measurement of the American dream is The Dollar." The other two are -- well, it is hard to say what exactly. Nick Patsaouras, head of the design committee, says that all will be "radically changed" before a final winner is chosen. . Some Los Angeles citizens devoutly hope so. Says Susan Kirvin-Cox, spokeswoman for the city's Visitors and Convention Bureau: "We need to get away from that wacky, weird image that everybody...
...Government said the trade gap widened to $12.5 billion in June, from $9.8 billion the previous month. Both sides of the balance sheet showed that overseas producers were once again grabbing a larger share of the market. U.S. exports, which had been rising robustly thanks to the downsized dollar, slumped 2.4%, to $26.8 billion. Imports arrived in a fresh wave, rising 5.7%, to $39.4 billion...
...loan associations are racked by troubles in the farm belt, depressed conditions in the oil patch and unwise real estate ventures all over the country. While the large majority are solidly in the black, the weakest institutions are in such bad shape that they threaten to exhaust the multibillion-dollar Government insurance funds that protect depositors. If that happens, taxpayers will have to come to the rescue. Federal regulators are confident they can clean up the mess before it overwhelms the financial system, but if the U.S. falls into a recession in the next year or two, the problems...
...months consumer prices will rise by as much as a 6% annual rate, compared with last year's 4.4%. But others voice concern that the hike in the discount rate could damage the economy. Democratic Senator James Sasser of Tennessee is concerned that higher interest rates could strengthen the dollar and widen the trade deficit. A rising dollar tends to make U.S. exports less attractive to overseas consumers at the same time that imports become less expensive for American buyers...
...jump in the discount rate did give a short-term boost to the dollar. In one day, the value of the greenback jumped from 1.90 West German marks to 1.92, its highest level in 18 months. But by week's end foreign-exchange traders sold dollars and drove the value of the currency back down. They calculated that U.S. trading partners might intervene to prevent the U.S. currency from rising...