Word: greenback
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Dates: during 1970-1979
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...apartment at 625 Morse Street where Patty and Yoshimura were captured, the FBI discovered a single greenback-denomination undisclosed-that was stolen from the bank in Carmichael. It was a "bait bill"-a piece of currency, whose serial number has been previously recorded, that bank tellers often surrender to stickup men in the hope that the loot may be traced...
...American dollar has been declining irregularly on world money markets for the past five years, but never in the postwar period has its value against major European currencies sunk so low for so long. Since last September, the greenback has fallen roughly 13% against the Belgian franc, Dutch guilder and West German mark, and has lost 20% of its former worth in French and Swiss francs. Last week U.S. currency fell below the level of four francs to the dollar for the first time since 1973-and the consequences of its slump were making some disturbing waves...
...strangest aspect of the dollar's slump is that it continues despite wide agreement among fiscal experts that the greenback is now drastically undervalued. According to the West German Statistical Office, a dollar in the U.S. now buys as many goods as 2.94 marks will in Germany-yet the dollar was being traded in Germany last week for only 2.33 marks. The most immediate reason is that for months, American interest rates have been dropping, while in Europe rates were rising. Seeking the highest return, investors, including American-based multinational firms, have been dumping dollars and buying into currencies...
...economy continue to improve. But nobody expects a strong rebound, much less a return to the robust exchange rates of the 1960s. Too many dollars spilled out by years of U.S. international deficits are still sloshing around the world, and as long as that continues, the once mighty greenback is likely to remain an invalid abroad...
...place where inflation has not made the dollar cheaper is the Government's greenback-manufacturing Bureau of Engraving and Printing. Rising paper and ink prices have pushed the cost of printing 1,000 bills of any denomination from $7.76 to $11 in the past three years. To cut costs, Bureau Director James A. Conlon wants to re-introduce the $2 bill, which was retired from circulation in 1966-by which time it was being issued in such small numbers that it had become a curiosity...