Word: dollarization
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Dates: during 1980-1989
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Taylor had worked for First Chicago for eight years, and was employed in its wire-transfer section, which dispatches multimillion-dollar sums around the world via computers and phone lines. The bank's biggest customers routinely call this department to transfer funds, often paying money directly into suppliers' accounts. As at most banks, transfers require that a First Chicago employee call back another executive at the customer's offices to reconfirm the order, using various code numbers. All such calls are automatically taped. Taylor had access to the codes and knew the names of the appropriate executives at various corporations...
DESCRIPTION: Dollar cost of crime, treatment and lost productivity related to drugs and alcohol...
...reduction of the deficit suggests that the 40% fall in the value of the dollar against major industrial currencies over the past three years, which has made U.S. exports less expensive in foreign countries, is at last having a substantial impact. Among the products selling particularly well in overseas markets: aircraft, office equipment and telecommunications gear. Says U.S. Trade Representative Clayton Yeutter: "The lower dollar has thrown open doors that were closed to American exporters for much of the decade." Says Robert Ortner, an Under Secretary for Economic Affairs at the Commerce Department: "This is a genuine export boom...
Meanwhile, imports continue to rise, even though the decline of the dollar has made foreign goods more costly in the U.S. One reason: the export surge has encouraged American industry to go on a binge of investment in new equipment, much of it imported. In 1982 foreigners filled 14% of U.S. capital- goods orders, excluding automotive equipment. For the first three months of this year, that share rose...
...York and Chicago, helped make the U.S. an innovative leader in the world marketplace. But suddenly the character of that sporting competition has turned warlike. Set off by recriminations over which side was responsible for the Oct. 19 crash, the trading centers have become locked in a multibillion-dollar struggle for turf and influence that is frightening away investors and harming business for both. "I have nothing nice to say about Chicago. They've ruined everything," declares Dudley Eppel, 57, a stock trader for Wall Street's Donaldson Lufkin & Jenrette Securities. Says Richard Dennis, a hyper-wealthy futures trader...