Word: dollarization
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Dates: during 1980-1989
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...behold: the Rust Bowl is resurgent. Thanks largely to a weakened dollar, which makes imports more expensive and American goods cheaper overseas, the output of U.S. factories rose 4.2% last year, twice the 1986 increase. Marching proudly under the MADE IN THE U.S.A. banner, companies are boosting their exports and winning back domestic sales lost to imports. Says Peter Jordan, an economist at Data Resources, a consulting firm: "American manufacturing is undergoing a major renaissance." In fact, business is so strong that some firms may soon face a shortage of capacity to handle the soaring demand...
Nonetheless, there was no denying that U.S. manufacturers faced some profound hardships, most notably the strong dollar. Between 1981 and 1985, the greenback's value climbed more than 50% when measured against the currencies of major trading partners. That made U.S. products prohibitively expensive for foreigners, while imports became dramatically cheaper for American consumers...
...executives remain wary of making capital investments. A common nightmare is that the dollar will regain its strength. Reports Lynn Michaelis, chief economist at Weyerhaeuser, a leading lumber and paper producer: "The strong dollar of 1985 is having a haunting effect when it comes to investing large chunks of capital." It takes about three years to build a large factory, and companies have no idea what economic conditions will be like when the plant is finished...
...along, perhaps, with his million dollar smile...
...showdown spotlighted the drug-related crisis of authority that rages through Latin America. Accused of taking million-dollar payoffs in return for allowing narcotics to flow through Panama, Noriega is a graphic illustration of the power of drug lords to intimidate and corrupt the region's governments (see following story). The general is believed to be closely tied to a cocaine trade that begins in the jungles of South America and ends in U.S. neighborhoods from Boston to Beverly Hills. That has helped make Noriega a prime target for U.S. law-enforcement officials and diplomats, who want the general brought...