Word: dollarization
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Dates: during 2000-2009
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...corruption and complicity in drug smuggling. The recent decline in the price of oil, the country's major export, stripped in a single month the already debilitated economy of one-third of its projected foreign exchange. And earlier this month the peso, which was worth 26 to the dollar in 1982, fell in only a week from around 530 to 750. By now, this fury of calamities has pushed Mexico to the brink of defaulting on its foreign debt of $98.6 billion. As De la Madrid recently warned, ''Dead men don't pay debts.'' Last week the country scrambled...
...jumped 80% since last month. Says Merle Richman, a Pan Am spokesman: ''There is a feeling that we are breaching a psychological barrier.'' If so, winning the breach has cost plenty. In order to woo back nervous travelers concerned about Arab terrorism, Soviet radioactive fallout and the declining U.S. dollar, airlines were engaging in extraordinary gimmicks and severely cutting their prices and profit margins. In the forefront of the European scramble to recover American business is British Airways. BA has waged a $6 million promotion campaign called ''Go for it, America'' to win back U.S. travelers. That effort reached...
...Sunday, Harrington had what Norman, with his prestigious talent, giant ego and multimillion-dollar business empire, never managed: perspective. Following a good shot or bad, his smile seemed to acknowledge the reality, so elusive to all athletes, that win or lose he was still being paid a lot of money to play a game. In his joyous acceptance speech on Sunday, Harrington recounted a telling anecdote from his second round. After a double bogey that could have taken him out of the running, he was walking to the next tee box when a fan reached over the ropes, patted...
...some extent, every economic transaction is psychological. There's no inherent value to a house, a stock or even the U.S. dollar--just the value on which a buyer and seller can agree. IndyMac bank failed because of a perception that it was dangerously overextended. Once the panic began, the reality was irrelevant. McCain himself has argued that eliminating a moratorium on offshore drilling would have a positive "psychological impact" that could reduce gas prices...
...opium crop in Nangarhar, for instance, was driven by the will and charisma of a local governor and owed little to Western-funded "capacity-building" seminars. The greatest recent improvements in local government have come about through the replacement of local governors rather than through hundred-million-dollar training programs. Since these successes are often difficult to predict, we should invest in numerous smaller opportunities rather than bet all our chips on a few large programs...