Word: dollarization
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...city where money is paramount. The police arrested more than 500 beggars last year, some of them adults who organized and dispatched children to panhandle at the city's railway station. The town's most popular pastime seems to be currency juggling, with the Hong Kong dollar selling up to double the official rate...
Even as the economy quickened, though, a major problem was looming offshore: a $145 billion U.S. trade deficit. The prime cause for the yawning gap between exports and imports was the strong U.S. dollar. American businesses found it increasingly difficult to compete in foreign markets because their wares were too expensive. At the same time, low-priced imports pummeled U.S. industries at home. The trade imbalance held back the economy and raised protectionist fervor to a level not seen since the Great Depression. More than 200 anti-import bills surfaced in Congress, including measures to keep out shoes and textiles...
...pledged in September to create a $300 million war chest to help U.S. companies finance exports. Treasury Secretary James Baker met with finance ministers and central bankers from Japan, Britain, France and West Germany at New York City's Plaza Hotel and agreed to help bring down the runaway dollar. Prodded by Government intervention in foreign-currency markets, the dollar by December had declined 18% from its peak in February...
...long. After starting 1985 at 1211.57, the Dow Jones industrial average broke the 1300 barrier in May, smashed 1400 in November and surged to a peak of 1553.10 on Dec. 16 before settling at 1543.00 at the end of last week. The advance was fueled by the billion-dollar money managers who handle the investments of pension funds, insurance companies and bank trust departments. By the end of the year, even the most cautious of these institutional investors were under pressure to join the rush rather than risk missing the greatest bull market of all time...
...stock surge was in part the product of encouraging economic signs: falling interest rates, low inflation, sagging oil prices, a declining dollar that will help reduce the U.S. trade deficit, and enactment of the Gramm-Rudman law to slash the federal budget deficit. The market was also driven by merger fever, as opportunistic investors pushed up the prices of companies thought to be takeover targets...