Word: dollarization
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Dates: during 1980-1989
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...campaign season haunted by the specter of billion-dollar deficits, many presidential candidates are being forced to respond to questions about how they would balance the federal budget. Since announcing a plan to raise taxes would be a political kiss of death, the candidates are looking for less painful alternatives...
...pessimists. Though many analysts expected the October stock-market crash to bring economic growth to a halt, the Government said last week that during the final three months of 1987, the U.S. economy expanded at a robust 4.2% annual rate. The surge was propelled in part by the falling dollar, which enabled American manufacturers to sell more goods overseas. The volume of exports grew 20% during 1987, while import growth slackened to less than...
...South Korea, Hong Kong, Taiwan and Singapore are known, posted a $38.4 billion trade surplus with the U.S. last year, up more than 20% from 1986. To narrow ( the gap, U.S. officials have tried, with little success, to persuade the four to strengthen their currencies relative to the U.S. dollar, so that their exports would no longer be such bargains to U.S. consumers. Last week the President retaliated by eliminating the countries' special trade privileges, which had allowed them to import many products into the U.S. duty-free. But the Tigers still have a one-year reprieve before the policy...
...product groups to give them pizazz not normally seen at IBM. Example: the Information Systems & Storage Group will be rechristened IBM Enterprise Systems. What's more, a new generation of top management is emerging. One notable leader is Ellen Hancock, 44, who in taking over IBM's multibillion- dollar telecommunications division becomes one of the country's most powerful women executives. All told, IBM's adversity is prompting the company to think in untraditional ways. More surprises are no doubt in store. "We're not through," says Akers. "This is far from...
...California-based Bechtel Group has confirmed that it actively sought the billion-dollar construction job, which was to have been privately financed. Bechtel sources say Wallach was involved in the deal as legal counsel for Bruce Rappaport, a Geneva-based international oilman, who was to handle the pipeline oil sales. Citing his closeness to Meese, Wallach contacted several Administration officials to see if money earmarked for Israel by Congress could be used to insure the pipeline against an Israeli attack. The project was abandoned when proposed lenders asked for guarantees of repayment even if the line was damaged...