Word: dollars
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Dates: during 1970-1979
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Gueiler-or whoever will be running the country in the months ahead-faces some hard, unpopular decisions. In essence, Bolivia is broke. A representative of the International Monetary Fund has recommended a devaluation of the Bolivian peso, which is artificially pegged at 20 to the dollar, to help solve a complex of economic problems ranging from severe inflation to a foreign debt of $3 billion. Natusch, unrealistically, had promised to attack these economic woes by raising workers' salaries "without provoking inflation and without devaluing the currency...
...cent, the VAT collects a total of $5 off a case of wine which eventually sells for $50. It serves the same function as a sales tax. But instead of taking all the money in one final sale, the VAT collects its taxes in nibbles--a dollar here and a dollar there...
...disappointment as one of the funniest events of the season, according to Gauthier, occurred in Cleveland--"We were all eating at Swingo's Restaurant and I killed this fly that was buzzing around the table and someone told Mack to eat it. We said we'd give him a dollar each, so he dipped it into some chocolate sauce and collected his money...
...drop in U.S. oil use should have given the dollar a needed boost on money markets. But the greenback twitched indecisively as traders remained mesmerized by the theatrics of the Iranian drama. Since the freezing of Iran's money in U.S. banks, some of the counterthreats from Tehran have been plainly bluster. "We have the dollar by the throat," chortled Banisadr. Not quite. Though the National Iranian Oil Co. announced that it no longer will accept dollars for oil, Iran needs the U.S. currency to pay for imports of everything from Australian wheat to Japanese machinery, which...
Iran has been trying to induce other members of the OPEC cartel to refuse payment for oil in dollars and instead to demand a "basket" of other currencies, presumably West German marks, Swiss and French francs, and Japanese yen. In fact, there is not nearly enough of these currencies available to pay for the huge oil transactions, and European and Japanese governments would wind up unavoidably having to expand their money supplies in a most inflationary way to accommodate the deals. Fortunately, the Saudis and other oil producers plan to continue accepting dollars. To ban them would cause...