Word: dollarization
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...after the Shah's ouster, the average Iranian is no better off materially. And it would appear that the country has swapped one set of constraints on personal freedom for another. There is still abundant evidence of overcrowding and wretchedness. Two pounds of meat that cost just over a dollar in 1978 now costs $12 on the open market. Medical services have deteriorated, foreign travel is difficult...
Last winter the U.S. dollar was rising powerfully, setting records against the French franc, the West German mark and the Italian lira. During the long, hot summer, though, the dollar has sweltered and gone limp. Main reason: fears that the U.S. economy may be stagnating. Since late February, the dollar's value has dropped 25% against the British pound, 10% against the Japanese yen and 14% against the lira. Last week the greenback lost ground in four of five trading sessions, closing Friday at its lowest level in more than a year against the German mark and the French franc...
...addition to the sluggish economy, an important factor in the dollar's weakness may be fears that President Reagan, because of his recent brush with cancer, will not be able to serve out his full term. Says Alfred Roth, the chief currency trader at New York City's Chemical Bank: "So much of this market is not just economics. It's pure psychology, and Reagan's health has done a lot to hurt the dollar." Agrees Pierre Rinfret, a New York-based economic consultant: "Confidence in President Reagan's leadership made the dollar a strong, upbeat currency for roughly three...
...lessons from such professionals as Baum, Prudhomme and Abe de la Houssaye, the Cajun proprietor of New York City's excellent Texarkana, indicate that authenticity is not enough. They all quickly realized that native dishes had to be re-created in larger-than-life versions to command top dollar. Says Baum: "Above a certain price, the public wants to see evidence of skill, and dishes they do not think they can make at home." Adds Barbara Clifford, the Texas-born chef partner in Manhattan's Yellow Rose Cafe: "My mother made home-fried potatoes swimming in oil. That...
What they seem to want, more than anything, is to get out of the house for dinner. Nothing is more American today than avoiding a home-cooked meal. According to figures compiled by the National Restaurant Association, the average family spent 39.5% of its food dollar on restaurants in 1983, up from 33.1% in 1970. The typical American now eats out 3.7 times a week. From the trendy bistros of Manhattan's East Side to the ubiquitous "franchise row" that lines the main drag on the outskirts of Anytown, U.S.A., eating...