Word: dollarization
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Dates: during 1980-1989
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...celebrations for the 100th birthday of the Statue of Liberty, Reagan had seemed the most popular President in years. But after a steady flow of congressional hearings on the Iran-contra arms scandal, of war threats in the Persian Gulf, of huge budgetary and trade deficits, of a declining dollar and a crashing stock market, his own stock fell. A CBS/New York Times poll at the end of November reported that 45% of the citizenry approved of the way Reagan was doing his job, down from 52% only six weeks earlier...
...bear market would lead once again to a major recession -- or worse. As in 1929, many of the experts declared that the economy was fundamentally strong and predicted better times ahead. But the market recovered only a fraction of its October losses, the record trade deficits continued, and the dollar kept sinking. It was partly a question of public confidence, and the ebullient optimism that had helped to re-elect Reagan now appeared a thing of the past...
...this year, compared with 1,044 in 1985. The 2 1/2-year waiting period for a Mercedes-Benz has shrunk to six months. "Canceled orders used to be simply unheard of," says Gottfried Plangg, of the firm's NATO sales division. "But now everybody's nixing orders placed when the dollar was high...
...military has tried to boost morale as well as spending power. Since the last low-dollar period, in 1979-80, the Army has improved the way it computes cost of living allowances. They are now adjusted monthly and take more prices into account. The Army provides financial advice and such services as family- emergency funds and low-interest credit. Despite the decreased value of the dollar, say Pentagon spokesmen, there has been an increase in requests for extensions of West German tours of duty. But some observers worry about whether that trend will continue in the face of new pfennig...
...Come to Europe and broaden your horizons,' " says Major Dennis Pinkham, a public-affairs officer at European Command. "Now that word is out that things are tough, that's kind of a bitter pill to swallow." With many economists predicting even harder times ahead for the shrunken dollar, the pill is most easily washed down with cut-rate beer in the barracks...