Word: dollarization
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Dates: during 1980-1989
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...British are coming, most by air, a few by sea. So are the Japanese, the French, the Germans, the Italians. Not to mention the Australians, Brazilians, Thais and Taiwanese. As the U.S. dollar lingers near its lowest post-World War II levels against such foreign currencies as the Japanese yen and the West German mark, large crowds of visitors from overseas are streaming onto U.S. shores this year, cameras and shopping lists at the ready. From California's redwood forests to the South's Gulf Stream waters, from Malibu to Maine, foreign tongues are echoing through all the familiar...
...debilitated is the dollar that some Europeans -- not just the jet-set crowd, mind you -- are dropping in on New York City just for a weekend, blitzing the stores along Manhattan's Fifth Avenue and queuing up for Broadway shows. "We've been to Majorca, Crete and Yugoslavia," says one of the whirlwind invaders, Phil Stevens, 43, a carpet fitter from Britain. "But," he crows, "America is so cheap this year...
...from 1987. Next in line are 1.6 million Britons (an 18% increase), 1.1 million West Germans (10%), 585,000 French (8%) and 350,000 Italians (10%). The only major countries not participating in the upsurge of tourist traffic to the U.S. are Canada and Mexico. The Canadian dollar has not gained nearly as much ground against the U.S. dollar as the European and Japanese currencies have, and the peso has fallen 45% against the greenback in the past year...
...tourism season swings into full gear after the Memorial Day weekend, U.S. hoteliers, theme-park operators, tour organizers and car-rental agencies are bracing for a flood of revenue, certain that the visitors will bring plenty of money to spread around. A Government survey done in 1986, when the dollar was 25% stronger, showed that an overseas traveler spent an average of $1,358 ($340 on gifts and souvenirs alone) while in the U.S. This year visitors are expected to inject some $10.7 billion into the U.S. economy. Partly because of this infusion, revenues for the U.S. hotel and motel...
...hesitate to spend money. Like Americans who stocked up on Burberry trench coats, Gucci loafers and Hermes scarves in Europe back when the U.S. currency was king, tourists in the U.S. are seizing upon a host of unbeatable deals made possible by the fallen dollar. Clothing, cameras and cosmetics are among goods that are often 20% to 30% cheaper in the U.S. than back home. Sometimes the savings can be even greater. A pair of Levi's 501 jeans selling for $76 in West Germany, for example, can be bought for less than half that price in Los Angeles...