Word: dollarization
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Dates: during 1980-1989
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...might not prop up the U.S. dollar abroad, but it could give the buck more weight at home. An alliance of Congressmen and business groups wants to replace the dollar bill with a gold-colored coin bearing the likeness of Christopher Columbus. The change would boost business for vending machines and could help the blind distinguish a dollar from larger denominations. It would also save money: coins last 13 times as long as the average greenback's 18- month life-span...
Although legislation was introduced in Congress last fall, so far the campaign for a hard dollar remains a shiny dream. "We're talking strictly public inertia," admits Jim Benfield, a lobbyist for the Coin Coalition, which includes copper interests and convenience stores. About half a billion of the last dollar-coin attempt, the forlorn Susan B. Anthony dollar that was issued eight years ago, collect dust in vaults across the country...
...instance, my term bill last semester--$8000, plus two dollars for lost keys, one dollar for the library, and another two dollars to cover the cost of giving me a copy of my transcript. Now, no intensely self-respecting institution such as Harvard would ever demean itself so far as to nickel-and-dime the same students who pay over $16,000 each year to live in overcrowded dorms. Unless tradition was involved...
Consumer confidence has suffered along with the market. Reports indicate the dollar value of Christmas sales will wind up 2% to 5% higher than 1986 levels. Because inflation was an estimated 4% to 5% in 1987, sales volume was thus essentially flat. Many stores did well, but it generally took steep discounting to entice shoppers to buy. Even on Beverly Hills' Rodeo Drive, signs proclaimed price cuts of up to 50%. Says Faye Ahrabi, assistant manager of the Chatelaine boutique on Rodeo: "If you didn't have a sale, you didn't make money." The situation is unlikely to improve...
...index of leading economic indicators, fell 1.7% in November, its steepest slide in more than six years. Economists noted, however, that falling stock prices accounted for much of the decline. The fate of the economy may depend on what happens to the trade balance. Most experts expect that the dollar's fall will lead to a surge in exports and a drop in imports. If that happens, less domestic consumer spending will be needed to keep the economy healthy. "There is a risk of recession in 1988," concedes Lawrence Chimerine, chairman of the WEFA econometric forecasting firm in Bala- Cynwyd...