Word: dollarization
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Dates: during 1980-1989
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...economic outlook fuzzier. One of the strongest stock rallies since the crash suddenly fizzled when the Government announced that the U.S. trade deficit had hit a record $17.6 billion in October, up 25% from September. The news threw the world's currency traders into a frenzy, and the dollar plummeted to its lowest levels against the Japanese yen and the West German mark since the 1940s. The turmoil could not help pushing urgent questions into the minds of every reader of the financial pages: What is going on with the U.S. economy, and what is going to happen...
Their views on the U.S. economy for 1988 were far from uniform, but the majority opinion was firm and a bit surprising. Despite the stock crash, the plunging dollar and the scary new trade figures, most of the economists insist that America will muddle along next year with no recession, no significant rise in unemployment or inflation and only a modest increase in interest rates. Their median forecast is for growth in the gross national product, after adjustment for inflation, to slow only slightly, from 3.4% this year to 2.7% in 1988. Asserts Sam Nakagama of the Manhattan-based consulting...
...crash; the Commerce Department reported last week that retail sales in November were up a meager .2% from the previous month. But the forecasters felt confident that other sources of growth besides consumer spending would power the economy in 1988. In particular, the experts were convinced that the falling dollar, by making American products cheaper, will fuel a continuing surge in U.S. exports...
...succeed the late Mayor Harold Washington, whom he had served as city council floor leader. Evans' backers also packed the galleries of the council chamber to oppose Alderman Eugene Sawyer, a black with ties to the white machine that Washington had fought. "Uncle Tom Sawyer!" some spectators shouted, waving dollar bills to dramatize their charge that Sawyer had sold out to Washington's enemies...
Despite the plethora of poorly designed and shabbily constructed buildings, there have been some intriguing additions. The most stunning development project in London, indeed in Western Europe, is the multibillion-dollar regeneration of the Docklands, the decayed wharf district along the River Thames in the City's east end. Today the government-sponsored project boasts attractive apartments and offices, and even an airport...