Word: dollarization
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Dates: during 1980-1989
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...Pennsylvania Fish Commission reported numerous dead fish; ducks and geese, caught in the oil, had to be rescued and washed. Said Ashland Oil Chairman John Hall, who quickly declared his company would comply with federal law by footing the entire cleanup bill: "I expect it will be a multimillion-dollar problem...
...Currency Trader Randall Holland, the first working day of 1988 started last Monday with an urgent 2 a.m. phone call from Tokyo. Jolted out of bed, Holland, who works for Wall Street's Donaldson, Lufkin & Jenrette, listened groggily as an excited colleague in Japan reported that the U.S. dollar was moving in a sharp and startling new direction: upward. Skeptical of the currency's mysterious strength, Holland gave orders to sell part of the firm's dollar holdings, then went back to sleep. At 4 a.m. the phone jangled again. This time it was a London colleague calling to report...
Holland was right. "They" -- the central bankers of the world's industrial countries -- were launching a major surprise mission to rescue the dollar from its perilous slide. The Federal Reserve and other central bankers intervened by unleashing a flood of orders to trade Japanese yen, West German marks and other denominations for the dollar. The strategy worked stunningly, sending traders scrambling to move in the same direction. Said Holland: "You don't make money by challenging the Fed. You could get squished trying to do that...
...dollar, after opening in Tokyo Monday at a post-World War II low of 120.45 yen, rocketed to 129.45 by Thursday in New York. Against the West German currency, the greenback jumped from a record low of 1.56 marks on Monday to a week's high of 1.65. But no one could say whether the dollar's comeback could endure. The fragile currency backslid somewhat against the yen and mark on Friday in reaction to estimates that the U.S. budget deficit would balloon once again in fiscal...
...concerted central-bank intervention marked the most aggressive effort so far to moderate the decline in the dollar that was deliberately set in motion in September 1985 by the major industrial democracies. Since then, the dollar's 50% drop against the yen and the mark has made American goods cheaper -- and thus more competitive -- in world markets. But by last February the industrial countries proclaimed that the dollar's fall had reached a point of diminishing returns. The governments of Japan and West Germany, among others, began intervening in the market to cushion the sliding American currency. The U.S., however...