Word: europeanization
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Dates: during 1970-1979
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...many ways, the European press was acidly critical. Wrote Stockholm's independent daily Dagens Nyheter: "As a document of the emotional climate of the late 1970s, [Carter's] speech should be historic. It is also historic in its lack of concrete means of effecting a cure." The cover of Der Spiegel, the West German newsmagazine, had a cartoon of a countrified Carter standing atop an empty oil barrel in front of a sign reading U.S.A.−LAND OF UNLIMITED POSSIBILITIES. The President was shown painting out the un from unlimited. Stem, West Germany's largest illustrated weekly...
Coming on top of the energy speech, the Cabinet shake-up stunned commentators and ordinary citizens abroad. Disappointed with U.S. inaction on energy, European political leaders generally were happy to see Energy Secretary James Schlesinger go. They cheered the firing of Treasury Secretary W. Michael Blumenthal, who has never lived down his brief willingness a year ago to allow the dollar to fall to its lowest levels ever. They applauded his replacement by G. William Miller, who as chairman of the Federal Reserve Board showed a tough-minded determination to protect the dollar by tightening up on money policy, even...
Even so, Carter's handling of the mass firings caused Europeans to cluck in wonder. A high-ranking West German Foreign Ministry official asked: "Is this serious, or is this just a great religious exercise for the soul?" Oslo's middle-roading daily Verdens Gang called the Washington situation a "circus" and a "balancing act without a safety net." Concluded London's conservative Daily Mail: "From this side of the Atlantic, Jimmy Carter's frenzied efforts to revive his personal standing with voters before the next presidential election look more like a narcissistic charade than...
When news bulletins of the Cabinet shuffle reached Europe, the telephone on the desk of Treasury Under Secretary Anthony Solomon, who handles day-to-day defense of the dollar, began ringing incessantly. European central bankers and Finance Ministry officials demanded to know what was going on. Solomon could not provide inside information on what would happen next. Deprived of top-level advice, foreign money managers followed their instincts and bought some dollars to head off any major upset in the international exchange markets. The Federal Reserve Board also poured some $2 billion into the foreign exchanges to buy dollars...
...Europeans, who equate the strength of a currency with the prestige of a country, the weak and wavering dollar is symbolic of the Carter Administration. A declining dollar also does serious damage to the U.S. economy by pushing up the price of imports and making it more expensive for U.S. companies to operate abroad and thus directly challenge their European and Asian competitors. Unless Carter rallies and the U.S. demonstrates real signs of strength, the dollar will continue to tremble, and investors abroad will live by their old watchword: "In gold we trust...