Word: greenback
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Dates: during 1970-1979
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...appreciate the vicious circle in which inflation weakens the dollar and a drop in the dollar spurs more inflation. Treasury Under Secretary Anthony Solomon, with Blumenthal's support, argued against doing anything to prop the dollar until its rout had degenerated into a panic-by which time the greenback had sunk 18% against the German mark and 26% against both the yen and Swiss franc. Reports TIME Washington Economic Correspondent George Taber. "The U.S. this year paid a heavy price to learn something about world money markets. One of the tragedies is that there was nobody in the Treasury...
Since it opened on Memorial Day weekend, Resorts International's casino in Atlantic City, has been a greenback gusher, grossing $119.3 million-a take bigger than that of any Nevada gambling house. But last week it seemed as if the well might run dry. New Jersey Attorney General John Degnan issued a 115-page report urging that Resorts be denied a permanent gambling license when its temporary permit expires...
...officially endorses the monetary union as an important step toward the integration of Europe. In the short run the plan should help the dollar. Reason: European governments will usually not sell dollars in attempts to lift their own currencies and that will relieve downward pressure on the greenback. Instead, these countries will sell other European currencies...
...President Carter, despite the 20-year difference in their ages. Fukuda at least appeared to understand American irritation over the imbalance in trade between the two countries that has been one main cause of the dollar's tribulations. Ohira intends to continue and even increase support for the greenback (see box). But because Ohira, as chief Cabinet secretary to Premier Hayato Ikeda in 1960, was an architect of Japan's spectacularly successful drive to make Japan an exporting juggernaut, Washington is uncertain about how eager he will be to trim those exports at a time when Japan...
What the Saudis could do, however, is put a growing share of their monthly income from oil sales-and/or part of the interest from their present greenback holdings-into nondollar investments. So far, they have not shifted enough to hurt the dollar, though at times they have been tempted. At the height of the dollar-selling panic last month, stories floated around the currency exchanges that the Saudis were considering heavier nondollar investments. Then Jimmy Carter announced his Nov. 1 save-the-dollar program of price-bolstering purchases and high interest rates, and the reassured Saudis rushed to help...