Word: dollarization
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Dates: during 1980-1989
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...Steve showed up at his bingo parlor in a lavender tuxedo. He put Aretha Franklin's Freeway of Love on the p.a. system and began to dance down the aisles. Steve led a conga line around the hall, stopping every so often to toss dollar bills into the air. The women shrieked and grabbed for them, and when they did, Steve Blad, 5 ft. 8 in., 250 lbs., began gyrating in a pelvic dance. His fat belly rolled, while the women began gyrating right back at him. He kept up this routine. One day they tore off his clothes. "Thank...
Among the U.S. assets being ogled by foreign interests these days, publishing companies have been popular buys. Reason: such enterprises, notoriously risky if started from scratch, can be bought at a relative bargain price because of the dollar's decline over the past three years. Last week Hachette, France's largest publishing house, helped itself to two generous slices of the U.S. market in just four days. First Hachette agreed to pay $448.6 million to purchase Connecticut-based Grolier, the publisher of the Encyclopedia Americana. Then the French firm paid $712 million for Diamandis Communications, the owner of a dozen...
...news hit the financial markets last week like a right cross from Heavyweight Champ Mike Tyson. An unexpected rise in the U.S. trade deficit ! knocked down the dollar against foreign currencies and sent the U.S. stock and bond markets reeling. Combined with an alarming surge in producer prices, the disappointing trade figure for February increased the odds that the Federal Reserve Board might feel compelled to raise interest rates to stabilize prices and defend the dollar. With that, the threat of a downturn -- and another stock-market crisis -- loomed once again...
...most part had been expecting a continued improvement in the trade balance, were stunned to see that the February deficit was $13.8 billion, an increase of 11% from the $12.4 billion shortfall recorded in January. Within minutes, currency traders in Western Europe drove the value of the dollar down by about 2% against both the West German mark and the Japanese...
Some economists are convinced that only a further drop in the dollar can substantially reduce the trade deficit -- by making imports more expensive and American goods cheaper overseas. While economists have been calling for a weaker dollar for years, they are less certain about precisely how far the dollar should fall. The major industrial countries are reluctant to allow any additional dip in the dollar. The U.S. knows that a falling greenback could bring rising inflation and interest rates, while America's trading partners are worried about their export industries. Just before the trade report was released last week, finance...