Word: dollarization
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Dates: during 1980-1989
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...fact is that Harvard, like the South African government and other multi-billion dollar entities, plans its budget at least in part by anticipating revenues from various sources. At Harvard, one (admittedly piddling) of those sources is the Senior Gift, and one (not so piddling) is the total alumni contribution each year. Warren himself tacitly recognizes the importance of this latter source when he says "a donation to the Class gift is an individual recognition of the necessity for annual giving and a pledge to further that cause." Warren can't have it both ways: either donations are unimportant...
...some kind of loser?" Spitting at the people who give you this hassle won't help, but sometimes if you give them a dollar they'll at least go away...
...Japanese economy has been growing at a 4% rate over the past six months, and could face ! inflationary pressures. The West Germans, traditionally fearful of even a whiff of inflation, might boost interest rates to guard against price rises. If many countries tighten up at the same time, the dollar will be no less vulnerable than...
Defending the dollar and restraining inflation will take resolve and courage on the part of the Fed, especially in an election year. But Greenspan can probably muster the necessary determination if he thinks back to the early 1980s, when inflation got completely out of control and it took 20% interest rates to halt the price spiral. No one -- Republican or Democrat -- wants to experience a repeat of that episode...
Inside the coliseum, spectators can watch snake handling by professional snake wranglers. There is also snake milking, butchering, gutting and skinning, the last done with the help of visibly squeamish volunteers from the beauty pageant dressed in blood-spattered lab coats. Three-dollar bus tours for those who want to see the snakes in their natural habitat leave every hour. A cook shack is busy producing corn dogs ($1) and deep-fried rattlesnake meat ($1). Take a bite; it tastes like turtle...