Word: greenback
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Dates: during 1970-1979
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...rise in precious metals is also powered by a lack of supply. The U.S. Government sells gold to support the dollar; but since the greenback has strengthened this year, traders figure that Washington might call off its gold auctions. Last month the Treasury cut its monthly offerings in half to 750,000 ounces, and the International Monetary Fund has reduced its monthly sales slightly, to 444,000 ounces. "Combine those two, and you take out almost 20% of supply," says a U.S. gold analyst.Soviets, who earned $2.6 billion the sale of 13.8 million ounces of gold through the Wozchod Bank...
...result of airfare deregulation, getting there has never been cheaper. In some countries, notably Portugal, Italy and Greece, the dollar will go farther than it did two years ago. And, while the greenback continues to wilt elsewhere, it can still be stretched to wrap a memorable, moderately priced vacation. In fact, for the traveler who will settle for country candles over city lights, who has an appetite for food and drink modest only in price, this kind of vacation can be more rewarding than the traditional tour of the fleshpots. It will take him to towns as old as civilization...
...with a hefty dinner bill, an expired Visa card and a waiter demanding extra identification for an out-of-state bank check. Blumenthal solved his predicament uniquely: producing a dollar bill, he invited the waiter to match the check signature against the neat W M Blumenthal inscribed on the greenback's lower right-hand corner...
...prices because oil is used not only for fuel but also as a raw material in chemicals, synthetic fibers and many other products. Rising fuel charges also will prod workers to demand more pay, which businessmen will pass on in higher prices. And as more dollars flow abroad, the greenback's value will tend to slump against other currencies, and Americans will wind up paying more for imports. The impact on the U.S. trade deficit, which last year reached a record $28.5 billion, will also be severe. In January alone, the deficit hit an eleven-month high...
...Iranian situation itself.) Blumenthal forcefully reiterated that the Administration remains committed to maintaining stable market conditions for the dollar. Currency traders took this as a sign that the U.S. was prepared to intervene massively in the money markets to prevent a dollar rout, and the slide stopped, though the greenback still closed out the week lower than it began it. In fact, the Schlesinger-Blumenthal performance accomplished little except to underscore the trouble that the Administration is having in saying or doing anything effective to deal with the Iranian oil problem...